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Aiming for 1200 overpayment this year
In August I remortgaged on to a better interest rate with the same company and they let me keep my repayments the same. This cut my mortgaged life from 19 years to 17 years. So I thought if I started some overpayments then I could reduce this further. I'm otherwise debt free and currently put away £600 in saving a month…
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Countdown to 60
Well, I was last a regular poster on here about 7 years ago when I had a tiny mortgage and a tiny home. Since then I've got a new job, extended my home, met my partner and am about to move in with him. I have a two part mortgage of M1 £148k and M2 - 11.5k, and a credit card of £3.5k. I've cleared £6.5K of card and aim to…
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Mortgage application planning advice
Sorry wrong board see Mortgage and Endowment Board
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Nearly finished
Hi Sorting out my mortgage should be done soon repayment mortgage with £4313 outstanding got my payments fixed £224 have been overpaying £100 -£200 p/m as well on nationwide bmr(allowed to overpay £500 p/m on product). I have £25k as overpayment. What do people do completely pay off ? Keep a nominal sum so can borrow back…
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#dreamer - mortgage free maybe
Hi all So stumbled across this forum today and I have spent a good few hours reading threads! Looking at the old ones from 5/6 years back and then flicking to the end page to see where and what happened to the present day. It has provided me with inspiration! My plans, I have a few, not sure what is do able as yet so just…
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Budget allocation
So the general consensus is that roughly spend/save/house should be roughly 1/3 of your monthly income? We are roughly 39%/25%/36% at the moment. We knew we were stretching ourselves when we bought the house and the balance is slowly returning through overpaying. At the moment annual costs like car insurance/tax (1 car)…
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Looking beyond mortgage-free
Hello all This is the first time I’ve done a post here so sorry if it’s in the wrong place! Long time reader of the website and forums, just resurrected a long forgotten user account to ask this question ! My OH and I have been overpaying on the mortgage for the last 5-7 years (got it in 2009), putting every extra bit of…
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The Mortgage Free in Three - Take 4 challenge (MFiT-T4)
Read our Mortgage Guides for fully researched, up to date help on cutting your mortgage If you haven!!!8217;t already, join the forum to join the challenge. If you aren!!!8217;t sure how it all works, view our New to Forum? Intro Guide. The Mortgage Free in Three - Take 4 challenge (MFiT-T4) First I must give a huge thank…
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Overpay on higher interest big pot or lower interest small pot?
Would appreciate a quick bit of advice. We have 2 Nationwide mortgage products on the same property (one was ported from old property when we moved). Both fixed for a few years. We owe: £120,000 @ 2.39% £40,000 @ 2.19% Product terms the same. Which one should I direct overpayments to? My first inclination was to the larger…
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Just another MFW
Hello everyone, So this is where my journey began..... 6 months ago we purchased a property for 195.00 @ 6% fixed for 3 years (over 30 years). We paid a £20000 deposit when we purchased the property and the Monthly repayments are £1200, these seem to be very high at the moment not sustainable in the long term. MB Dec 08…
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Take Off! Time to blast away this mortgage!
Hi all! It's been a long time coming, but finally I have started my own MFW diary! :D Now seemed to be an ideal time to start, as our first new mortgage repayment left our account yesterday so the countdown is on! First though, a bit about us.... myself, Mrs R. and little R have been living in our home for 2 years now. It…
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A new chapter begins, my quest to be MF!
So - it’s been a while since I was last around. A lot has changed!! I bought my first house in 2008 whilst living on my own. I found this board and became obsessed with paying off my mortgage. I got married in 2011 and in 2013 we made the decision to move house taking out an astronomically scary mortgage which started with…
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44 months to 40
I've been around the DFW boards for 9 years and in that time DH and I have paid off a lot of debt. We have been debt free for about a year now and it's so nice not to worry about paying other people. We've enjoyed having spare money, not that we have wasted it mind you, but we haven't been as careful as we could have been.…
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Restrictions on using money from re-mortgaging?
Hi, I own a flat which has no mortgage on it and worth around £250,000. I have a separate business opportunity which would need an initial investment of around £80,000. Question - can I take out an £80,000 mortgage on my flat and then use that money to put into this separate business investment? I know people remortgage…
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Mathematician needed
I need someone to work out whether its cheaper for me to pay off my mortgage now or wait the two years until its paid off in March 2021. My mortgage balance is £11,094.62, interest rate is 1.79%. I have just made an over payment of 10%. The early Repayment charge is 2%. Which is the better option? - pay the 2% Early…
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Mortgage free or bigger house?
Anyone here made or making this decision? Currently live in a two bedroom, mid-terrace house we got 3 years ago on the outskirts of London. We're happy with it but at times it can feel a little small with the baby and we plan on trying for another later this year. The current plan is to save for a loft extension once the…
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Decisions Decisions Decisions HELP !
Thank you for looking …. I was fortunate to retire last summer at the age of 52 years. My retirement included a lump sum and a monthly pension. You would think everything would be plain sailing. Don't get me wrong I am enjoying retirement. However the biggest dilemma is the financial aspect. Please I would welcome any…
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Help with a calculation please!
As a MFW, and nearly there, I have a question. I have enough money saved to pay off my balance, however... Am I better off paying off the balance now or in December, which is the last month of my fixed rate? balance is 59,795 at 2.99% apr. I am paying 373.09 p/m. If I repay now, I have an ERC of 1794.15 and an exit charge…
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How do I work out how many payments I have remaining?
So I have been making overpayments. We’ve recently had a payment revision notice come through as I think they are reducing the amount we pay monthly to keep the term the same (but we will just pay what we were anyway, but could stop if we needed to) Is there a way to calculate how many payments I have left? I assume I need…
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FT Mortgage - Lump sum early repayment - Help needed
Hi people I recently purchased my first property at the age of 28. The purchase price was £199,950. I deposited 20% with a borrowing of £159,950. I have a 2 year fixed rate deal at 2.34%. My monthly repayments are approx £704 with my first repayment being higher. I have the option to make 20% overpayment on the outstanding…
