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Are we in a small minority?
I overheard someone at work the other day saying they had just finished paying the final payment towards a 25 year mortgage, this guy was in his late 50s early 60s in a well paid position so I'm guessing they either didn't know that overpaying exists or simply didn't have the motivation to pay off the mortgage earlier. I…
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Foxy's Mortgage Free Quest
April 2010 - Took out mortgage for £112,000 April 2019 - Current balance £ 74,026.70 Which means I have paid off £37,973.30 !! 17 years left to go...... :wow: Crikey! :hello: So - its been a tricky old path to get here. Lives and paths are never simple, are they?! My particular story starts with a divorce. I bought my…
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MF Dreams...Take2!
Hi MFW’s... It’s my second time here having started a diary many years ago. That seems like a lifetime ago now, marriage, baby and a new house/mortgage since then. Life is beginning to settle down again (DS now 20 months old) and it’s time to turn my attention back to making better use of of our money. Ultimately we want…
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Nervous new diarist with not one but two mortgages to clear!
I hope I am allowed to post as I have buy-to-let mortgages. (And as far as being a landlord goes, I am one of the good guys! Try very hard to look after my tenants!) It's quite daunting posting a new diary on here. I am wondering if anyone will want to read it! And whether I can stay the course and keep writing. Am in awe…
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Chip Chip Chipping away
Well after logging on today, I had a message containing a 10 year badge, so looks like I've been lurking around here for a while! I've just purchased my first property - 2 bedrooms, that met all my goals - Central to town :starmod: Bigger than current rented flat :starmod: Cheaper than my current rent :starmod: All things…
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Are people here aware that it is not usually financially sound to repay your mortgage early?
Because interest rates are at such a historic low, the correct decision to maximise returns is to not overpay on your mortgage, and instead to put the money into an index tracking fund, or any savings account which gives more interest than your mortgage, or even P2P lending would be a better choice. I've been wondering…
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Overpay mortgage or personal loan?
This is a fairly quick question as I suppose I'm looking for a binary answer. I have £70K repayment mortgage @ 0.75% variable (i.e. English base rate) with freedom to make unlimited overpayments through my employer. I also have circa £4.5K left on a personal loan for a car @ 11. 9% (when I applied for the loan, I was…
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FSCS protection with offset mortgages
Hello, I'm considering an offset mortgage, does anyone have any information about what happens if your savings cross the FSCS threshold and the bank goes bust? Do you lose the difference or are you ultimately not at a loss should this situation arise? Thanks.
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Plans for a Sea View
Hi All, I've been reading peoples diaries for a while now and thought it was time to start my own, mainly just for my own ramblings. I'm in my mid 30's (feeling 21 still even if I don't look it LOL), mum to DD who is 9 and DD who is 3, and been with DH for many many years and married for nearly 6yrs. Our mortgage is…
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On my way!
Hi all I've recently found this forum, but have been wanting to finish my mortgage early for ages! I started my 25-year mortgage back in 2003. So, expected to finish in 2028. I bought my first house near the height of the property boom in 2003, using a fixed rate mortgage. My plan was to stay for 5-years and then move-up…
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S&s ISa or pay into offset mortgage...I can’t fathom which is better....
Hi all, I have about £200k to pay on my mortgage, it’s on offset interest only, so I put £1000 a month against that. It’s ISA time, and I don’t know what to do...I’ve only been putting money into Ida’s for 2 years so only have about 60k (mine and wife’s)....I’ve got £20k from saving super hard this year, should i ISA it or…
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Advice on tracking overpayments and spreadsheets
A question for the more experienced MFW’s that have been here a lot longer than me. I have a spreadsheet that I use to record daily interest, mortgage balance each month, interest paid and balance reduction. Now I’m making mortgage overpayments and keeping a record how do I work out interest saved, cumulative interest…
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Jumping on the MF train
Hello everyone! Been a lurker on here a while and reading all the diarys it really has motivated us to get our finger out and tackle our mortgage. We got married and moved into our first house last year so things were a bit hectic money wise. We are both 30 y/o and 1 year into a 25 year mortgage with the balance currently…
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What are implications of reducing term on mortgage
I have made some overpayments recently (after investing my risk appetite worth under S&S ISAs). I am also a 6-7 months away from end of my fixed term period. Remortgage will give me a lower fixed term interest rate than what I am paying currently.. I am thinking whether to reduce mortgage term so that new fixed deal would…
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And now the fuse is lit...
Well... I have a house. And a mortgage. Took years and cost a fortune, as Batman said once. Don't talk to me about surveys (though this one at "so so" was better than many). Or surveyors (I wouldn't use this one again - seemed scared of ladders). Or vendors (though this one was great). Or estate agents (this one was truly…
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Stewby's Second Start.
Good evening. So... I was here a few years ago and everything was a bit messed up (finances and me) so I paid off my credit card and then started looking at the mortgage. Then I gave up as everything was getting a bit much... but I'm back. So, here it is.... Stewby's Second Start. So... finances are a lot more stable. OH…
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Make Me Mortgage-Free!
I’ve always enjoyed reading these - so here‘s my Mortgage Free Wannabe diary. I’m 36 and married with (recently) two children. DW and I have just confirmed the second re-mortgage of our house – bought in March 2015 for £230,500. Remortgaging to Santander in 2017 gave us a nice boost in equity, when it was valued at…
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Just kept going!
So I became mortgage free a few years ago through consistently over-paying what I owed. After I paid off the mortgage I said I was going to start just enjoying the fact I didn't have any debt repayments to make. May be it's just a hard habit to break but I am now mortgage free and for the first time this month have a six…
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5 year mortgage overpayment plan - first step towards MFWb55
I first joined this forum with quite a bit of debt and a target to be debt free by 35 (hence the username). Lots of things happened since then, it was quite a journey and now I'm back with the ultimate aim to be mortgage free by 55! Being on the dfw boards has really changed my whole attitude to money and was a major turn…
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Huge mortgage - ahhhhhgh!
Hi all, We have recently bought a house - house value a whooping £600,000 and a £300,000 mortgage. This is a huge house and the idea is that it is our forever house. It needs work though - it's cold and not nice aesthetically inside. We moved from a lovely house a year an a half ago and had no mortgage - it was just a bit…
