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5 years to freedom?
My remortgage completed today, so it’s time to put in place a plan to pay it off. Unlike previous remortgages, I approached this one with the intention of it being my last, so I’d better put that plan into effect now. The numbers: Loan - £100,000 Term – 10 years Fixed rate – 5 years at 2.2% (or possibly 2.25%) Overpayment…
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Lump sum or regular payments?
Hi, We are looking to over pay our mortgage to greatly reduce the term and interest. Would we be better paying a regular monthly payment within our yearly charge free allowance or saving this and paying it off in a lump sum when we come to renew our deal (every 2-5 years depending on what we take out at the time) The…
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Council to Country
Welcome to my shiny new diary. I have lurked around these pages for years so I thought it was time to start my own diary and track my progress. I'm Mrs A and I'm married to Mr J. We have 2 lovely children a DD who is 3 and a DS who is almost 18 months old. We live in the middle ish of England (over to the west a bit) and…
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Mortgage free wannabe, or pension?
Since you are mostly mortgage-free wannabes round here it may not be the place to ask but, here's my dilemma. I'd value opinions from you sensible people :) I started with a mortgage of £220k in 2005. It's now down to £50k as I've been paying off as much as possible generally, had an offset mortgage for a while which…
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Mortgage calculator: Max overpayments
Hello MSE folks :money: Is there a calculator out there or an easy way of working out how quickly I can pay off my mortgage if I pay off the max 10% amount every year? So my usual monthly payments, and each year with the 10% lump sum added. At the moment I can find calculators that work out how much you'd save with a…
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Mortgage Free by 2023!
Hi all, So I am a long-time lurker and thought I would finally setup my own diary! OH and I bought our first place together in 2016. I was the ripe age of 21, only been out of University for 3 months and fortunately due to working through Uni (and saving) and OH having a flat we were able to purchase a house at £215k with…
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Five Year Plan
So I've been lurking for a while and benefiting from everyone else's threads so time I gave something back. Bought three bed semi in August 2010, dabbled with overpayments during the first two year tracker. Remortgaged ~£94k in May 2013 to a 5 year fix at 3.19% and since then have been hitting the 10% per year overpayment…
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Overpay now on 3.44% or next year on reduced %?
We have decided to overpay on our mortgage with the intention of clearing it earlier. We have a year left on a 3.44% fixed and around 157k left to pay over the whole mortgage period. We plan to reduce the term and the interest rate next year when the fixed rate ends. So my question is this - do we start overpayments now to…
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Balancing the books
Welcome to my diary. This is a diary for many things; paying off the credit card, building up savings pots, starting a small business, paying down the BTL mortgage and saving for retirement. There doesn’t seem to be a natural home for this diary on the forum, as I’m doing a little of everything, but as I have found the…
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Writing off the mortgage
Oh dear, I've already resorted to a punning title, let this be a warning of what is to come... I've been reading MFW diaries for months, finding a lot of inspiration and now I've decided to start my own. A little about me. I'm a mum of three, the youngest child was born in october so a very busy little household. My…
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Monthly OP or annual?
Hi, We are looking to make overpayments on our 16 year mortgage and our interest rate is fixed at 1.99% until September 2021. Realistically we can currently afford OPs of £100 pm. I've been looking through some of the threads, and it seems that it would work out better for us if we put £100 away in our savings account and…
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Halifax mortgage overpayments - not reducing payment OR term
Hello and good morning MSE! FIrst post, I have searched for similar answers before posting! I have a halifax repayment mortgage, taken out in 2007 (pre-financial crash) for 40 years. It was only a cheap property - I was a first time buyer. Over the last 6 months or so I have been making overpayments of around £600 a month…
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Playing with fire
Loooong-term lurker, first-time poster. :hello: There’s me, DW and 2 kids. We have a big mortgage (£238k/£320k on 1.99% until 2023), little savings (£1,800) and some credit card debt (£7k, all on 0%). We also currently have pretty terrible pension savings but I don’t want us (so-called) grown-ups to work beyond 60. Now…
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Anyone with a mortgage from Skipton?
Hi, We currently have a mortgage with Skipton Building Society and the interest is fixed at 1.99% for 3 years. As things stand, we have 16 years before we are MF, but we'd like to reduce this by making overpayments of £100 per month. I realise this isn't much, but we have to be realistic as to what we can afford, and it…
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Mortgage free.
if you really want to be mortgage free don't just consider overpaying . The current interest rate is around the @% mark so any over payments could be invested for growth of over that with ease. hargreaves Lansdown have an ISA that you can choose the funds or they will pick for you. No advice fee and easy to set up funds…
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Paying Lump sum mortgage Through 0% balance transfer fees
Hi, i have Natwest Mortgage and i want to make lump sum mortgage payment to bank. I am planning to use my Amazon credit card to make payment to Natwest for mortgage and then use halifax 0% balance trasnfer fee and rate to pay off Amazon credit card which used for Natwest mortgage lump sum repayment. Any advice if it works…
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New Diary For A New MFW Attitude
We have spent the past few years focusing on the YOLO, as the kids say, and not really making any progress with our mortgage plans so now it is time to get serious! We currently live in the first house that we bought and we want to go from this to our forever home. Our mortgage is a 10 year fixed so we can only overpay 5%…
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Village Lane Mortgage Diary
Hello! Long time lurker to this forum so thought it was time for me to join in with a diary of my own. I'm 31 and engaged and live with my partner in our first home which we purchased two years ago. We bought our house for 153k and I love it. It's nothing fancy and it's pretty small but making it a home without spending a…
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To pay bills weekly, monthly or yearly with offset mortgage?
Hi, I have an offset mortgage and was wondering is it better for me to pay things such as council tax on a weekly, monthly or yearly basis to give the most interest/savings on mortgage interest or does it not matter? To me it seems paying things yearly would be better as it leaves all the cash against the mortgage for a…
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Another mortgage free wannabe diary :)
So I just checked and I originally signed up to MSE Forums back in 2008! Back then I was looking to be debt free, which I managed in 2012. There’s a lot that’s happened since then and my current situation is as follows: Married in 2015 H born Sept 2017 B due Aug 2019 Brought our house in 2014 for £205,000 Have £135,583.83…
