-
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…
-
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…
-
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…
-
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…
-
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.…
-
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…
-
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…
-
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…
-
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…
-
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…
-
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…
-
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…
-
Littlefred's bid for mortgage freedom!
A seriously long time lurker here who has finally decided to give this diary malarkey a go! I'm 27 and its me and my 2 cats in the house and I see this staying this was for the foreseeable future! I bought my house in July 2009 with the mortgage of £103000 finishing in July 2034 and a loan from the bank of mum and dad as…
-
Famof3's 10 year Challenge
Hi everyone, I've been a long long long time reader of this forum and also the Debt free forum. I have to admit it makes me feel uncomfortable to talk about finances, but i'm hoping that writing this thread and keeping track of my journey will help me open up a bit and help me keep on track of my journey as well as getting…
-
The Crumpet family's journey to Mortgage Freedom:-)
Hi there, Long time lurker here, I've been inspired by so many diaries on here that I thought I'd start my own. After just spending an exhausting half hour working out this months Morgage overpayment on the very complicated financial system we have in our house, I thought a diary might help me to organise my thoughts…
-
Mortgage or Pension
I am paying extra on my mortgage by doing this will finish by September 2020. But I am thinking stop paying extra that would be about £800.00 per month and putting in the £800.00 plus more funds into my pension pot. The reason this would take my income below 40% income tax freshhold keeping me under £463500.00 every pound…
-
Long term MFW - 3 year starter plan
Hello everyone, I'm a longtime lurker on this forum, after reviewing the bank accounts today I've finally decided to stop procrastinating and start a diary :j So, basics first, our household consists of me, my BF, a greyhound, a cat and 2 chickens who think they're in charge...we are definitely done for pets now! This is…
-
Time to clear my only debt, the mortgage
Hello, I am long time lurker to these forums, and funnily enough the only other time i posted was about 5 years ago when i was concerned about getting a mortgage. Alot has happened in those 5 years. -I managed to negotiate a reduced rate on a 3 bedroom semi to 117k on a house that is now worth well over 160k as it needed…
-
Let the Adventure Begin
23rd August - Completion day Is it crazy that I feel genuinely excited to finally have a mortgage that I can start overpaying? MrMFW(2) and I somehow managed to get a deposit together on a £105,000 one bed flat (share of freehold) in sunny Wales with a 95% mortgage at a rate of 3.71% fixed for two years (shockingly high I…
-
My blog
Hi guys, I created a mortgage free diary on here last week and I cannot find it, can anyone help me?
