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Mortgage Free - What Now?!
Finally got there - and of next month mortgage free! :j So question is - what next? Where do I put that £750 I'm saving each a month? My wife and myself are 44, have our own business (just the two of us) and two little girls (10 and 8). So looking to the future we don't have a great pension or any other properties. That…
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I want to break free
Evening all I'm a long time lurker and very sporadic poster on these MSE forums but the place I keep coming back to is Mortgage Free Wannabe! I'm fascinated by the idea of paying off the mortgage early but am still very much in a "how could I make this work" phase. A little about me... married & expecting my first baby in…
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i need help
Hi I am new to the forum so pls be kind. I have 16400 left on Mortgage with 19 months on term. I want to pay it off as the deal I was on has ended and they are taking an extra 105.00 a month off me in interest. I have tried re-mortgages and even speaking to current lender and no one seems interested in offering me any…
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Black Cat's Year
We actually hope to move house and increase the mortgage before paying it off early! Here's to a great 2016 :beer:
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Quick paying off question..
Hi All, I'm back in the mortgage game due to divorce...never thought I'd be here again but life has a habit of throwing us curve balls doesn't it ! My story is I have a £140000 mortgage on a £280k house, it's for 17 years and I have my first mortgage payment of £771 going out next week. I'm on a 2 year fixed deal of 1.99%…
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Pay off mortgage or invest in ISA
So I have a mortgage which should be paid off in four and a half years at 1.94%. I can reduce the capital as much as I like whenever I like, but it would make sense to run it out to its term even if I reduce it right down. I have received a large sum of money which I don't need for ready use. Question: Does it make more…
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Premature MFW
Hello one and all, if anyone actually reads this... My aim is for this to be a well updated diary with lots of posts, convos and tips being shared. Be nice as I have been reading diary's for a while with no intention of doing my own public diary but I'm spending a lot of time reading others and enjoying the long ones but…
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Mortgage neutral in 8 years!!!
I have been reading these diaries for a while now, picked up some great tips and very inspirational. We are just about to move to our forever home and taking on a rather large mortgage, so an ideal time to start our own diary. The rate on the mortgage is only 1.24% and we feel we can get a better return investing the…
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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…
