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Lois_E begins a long MFW journey
Hello everyone. I've been lurking on here a little while and decided now was the time to join. You all seem so encouraging. I'm not sure how much of a challenge to set myself, so I'm going to begin with a mini challenge: keep a spending diary for the whole of May. I'll set a proper mortgage OP challenge after that, when…
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£170000 in 10 years
hi first post on mortgage free wannabe site -i have a £170000 mortgage on a house valued at around £230000 we have an interest only mortgage on £155000 and repayments on the other £15000 paying £676 a month total mortgage we are paying 3.88%variable rate.We received a small inheritance that we used to pay a lump sum off of…
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The Goal Mortgage free at 40
Hi all thought I would jump on the band wagon and get this debt paid off earlier . Current situation I am 32 years old and currently have a mortgage outstanding of just over 129k on my 210k house. ideally i want to be mortgage free before I turn the big 40 which I know would be extremely difficult Current mortgage details:…
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ok lets start this mortgage free journey
Hi all having been a browser since 2007 finally time to start this mortgage free journey! i know i know why didn't i start much sooner. mortgage 1 £61000 3.99% svr currently paying £443.00 per month overpaying £200.00 per month mortgage 2 £84000 2.74% svr tracking base rate paying per month £710.00 any help support…
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Anxious First Time Buyer
Hi everyone! Currently looking at acquiring my first home and I'm torn between choosing with my head or my heart. I currently have £30k saved up as a deposit for a 2 bed property but the prices vary wildly. I tend to side with cheaper options (as I can pay them off quickly) and expensive options (as I would see them as a…
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Pay off House or Buy to Let
Hi folks, wonder if you might be able to help me. I'm 31, engaged and into the second year of the mortgage on our first property ( 153k) We've been overpaying and have got our LTV down to 73% I work in the arts and earn £23k a year, my partner earns closer to 40 pre tax. Although I've never earned much, I've been a saver…
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What is the risk of buying house with Natural ground subsidence - Moderate - high level?
Hey! I'm in the process to buy a house. All the searches have been just made. The report shows that Natural ground subsidence is on Moderate-high level. Please, see on the attached image below. Is that something which I should consider? Should I make structural searches (which cost £800). Should I directly try to get a…
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Adding value before making over payments
I’ve spent a couple of weeks lurking around other people’s diaries so thought starting my own might help me (and in turn my partner) stay on track with reducing outgoings and saving money. Our situation is somewhat different to most of you that post on this board. Currently, we don’t make over payments on the mortgage,…
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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…
