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FtbDreaming wants to clear £69,700 before Im 40 (2027)
Hello!!! Well I joined MSE in 2016 in the DFW forums and I’ve finally progressed through to my ultimate goal as a Mortgage Free Wannabe! My house purchase has gone through today and the £69,700 is showing up in my online banking so a good motivation to get it paid off. Ive bought the house I currently live in from the…
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New mortgage, are we mad!!
My husband and I are just about to embark on a new mortgage journey as we move to a detached home nearer to family and my employer. Its been a hard road to get here and we're both thrilled that we have this opportunity. We paid off our first mortgage on our first owned property in 2023. This time it's a smaller mortgage of…
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Mortgage
Hi i have and outstanding mortgage with 1year left, due to having to give up work to look after wife, I have been on benefits, and only paid the interest on the mortgage, I have PPension with a fund in excess of what I owe dan I use it and what are my pitfalls. Thanks
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At a crossroads
Hi all. Ive been an avid reader and sometimes contributer to the debt free wannabe pages for some time although not so much in the past year. Ive got to the point in life where excluding the mortgage, ive managed to pay off all debt. No loans, credit cards, student debt, hire purchase. Nothing. Its all gone and i must say…
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CAPITAL GAINS TAX ON BUILDING PLOT SALE
Our main residence is a small cottage which is surrounded by 3 acres of land. We have secured planning permission on a part of the garden and will be selling the land to a builder. The proceeds from the sale will be roughly 2/3rds of our existing outstanding mortgage, and we will pay the full sum, less costs of selling,…
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I think overpaying the mortgage from the get go is worth it for my mental well being.
My interest rate is 4% fixed for 5 years, it's a 30 year mortgage and a lot can happen in 30 years. I work in an industry that is renowned for layoffs, cutting overtime, cutting hours etc. I know full well that I should take the excess money I have and invest it in the stock market but I know I will have constant worry,…
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Merged: Saving pot for overpayments - is this the right thing? and final payments
This discussion has been merged.
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Overpaying my mortgage, yes or no?
I'm 6 months into my mortgage on my first home. I'm paying £1,000 a month with an interest rate of 4.6% on a 5 year fixed rate. I can overpay by 20% without penalty (I'm with Natwest) and I'm finding I can comfortably save a few hundred pounds a month currently. I'm putting some money into regular saver accounts that are…
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Pulling my frugal pants on.
We have 13yrs and £46,000 left on the clock and our mortgage is up for renewal. We have £7000 in saving, so will use that to offset it. So we are looking at £40,000 plus interest which such a lot of money. Goals 1) Record money spent, saved and extra money earnt 2) Be as frugal as possible. 3) Maintain as sense of humour.…
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Mortgage Free: The final countdown
Hello - Just signed up to Julicorn's MFW OP thread, but I felt I wanted to create a diary for this aspect of my financial life. Sorry for the thread title - @FootyFanDan and I were having some music banter over at the DFW diary's and I just thought it was a great idea for a thread title (pun included) Situation: As of the…
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Roll on October 2025!
Thought I would start my own thread! * Mortgage taken out c.10 years ago for £95,000 * Have had several rate changes in that time * Now on a 1.4% fix through until October 25, with currently 9 years left on the overall mortgage term * Have overpaid a lot pre 1.4% deal and since savings rates went above this, overpayments…
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The Unexpected Mortgage-Free Wannabe
The title of this diary may make no sense to you, so let me explain… I’ve lived in my current house on and off for the last 35 and a half years, since just before I turned two years old. My Dad passed in 2012 so I had been living here with my Mum and my eldest brother (DB1), up until August 2024. At the end of August, my…
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So close I can taste it …
After 2 years of hard saving, a lump sum from one of my pensions and a little help from mum & dad, I’m now within spitting distance of paying off the mortgage. 🥳 Just need another 5k, which I should be able to save within about 6 months. This feels like the last lap and I’m ridiculously excited 🤣
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DrCarrie's adventures in saving to be a mortgage-free wannabe
Hello, all new friends and old? I am here for a new adventure, and to document my adventures. To notice new obstacles and turn them into paths. I have never been a saver. I am 50 and have never been a saver. I have been a spender. I have cleared my debts 3 times and spent significant windfalls. I have had 2 mortgages and…
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Paying off mortgage from pension lump sum???
Hi, I have come up with an idea and I’m sure there are draw backs and would appreciate your feedback. I’m currently 51 and thinking about increasing my mention contributions quite significantly. If you assume my pension pot is on track for where I want it to be at by the time I retire, my question is, I’m in a position…
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Discount Duck’s Quest For Mortgage Freedom
My boyfriend lovingly (?) calls me his little discount duck - partly because I’m from Leicester (as in “Ay up me duck”) and partly because I am tight as a duck’s backside with money! This originally came from necessity, seeing my mum struggle when she became disabled and I was in my teens - working part time to be able to…
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I wanna be mortgage freeeee!
Hi folks I’m a long time lurker coming out of the shadows as our circumstances now mean that we have a real shot of getting rid of the mortgage early. Me and my husband were both made redundant in January. I found a job straight away and my husband has found one and starts early May. We got a pot of money from redundancy…
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Snug & Sorted: Our Race to Mortgage Freedom
Hello - welcome to my shiny new diary! I've refreshed this first post as of March 2025. Timeline so far: * First home in 2017, paid down mortgage from 228k 169k, thanks to the lovely support from people here and keeping up with a diary * Moved into forever home early 2024, mortgage now £295k!!!! * Lost any momentum over…
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Don't want to do this job for ever
So I am a couple of months into having my mortgage now and on the whole really like my house and realistically wouldn't need to move for many many years. I don't enjoy my job however and at the age of 35 don't want to be doing it for the rest of my working life. So the plan is to pay off this house whilst still having a…
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Mortgage Paid Off and Impact on Credit Rating
I find this very odd. I paid my mortgage off last month....and now my Equifax credit rating has taken an unprecedented hit because of it. I have zero other debts. It doesn't really matter, my rating would still be plenty high enough if I needed to use it....and I sort of get that if I'm not paying a mortgage off then there…
