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Mortgage or pension extra payments?
Hope someone can help, thanks in advance. Since turning fifty this year I have become obsessed with the thought of paying off our mortgage, we currently owe £150,000, and are in a ten year fixed deal, with nine years to go, at a rate of 2.45%, and have found it fascinating entering different amounts into my lenders…
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For Sunshine and a Sea View .... eventually!
Hello, The plan is to pay off the mortgage of £90,472 in 36 months so that I can retire early and live somewhere sunny one day :) I have read many inspirational diaries over the past year that have motivated me to plan for the future, a big thank you to all for sharing your stories. I especially enjoy the posts from those…
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Mortgage free advice please
Hi all I'm new to this so I apologise if something similar has been asked. We have 8 years and 10 months left but I ideally want our mortgage paid off in 5 years. We owe £94,100, we currently pay £961 a month. Is it possible to get our mortgage paid off 3 years 10 months earlier? Thank you
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Can anyone work this out? out of interest
Hi I am just wondering after our five year fix is up how much the balance of our mortgage will be, would anybody be able to calculate this for us please? we would ideally like to move home around the time the fix is up. 5yr fix started June 2018 at 2.33% monthly payment £346.76 capital balance £54.588.59 repayment basis…
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Where am I going wrong?
I feel I am ok with money and happy bumbling along spending what I am spending on. However, it feels a bit like an Iceberg at the moment not knowing what problems I am storing up for myself. This was my 2015 Budget of what I spent my money on. Crit it and shoot it down. I have another 19 years until my pension so would…
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I want to stop wasting money.
I want to stop wasting money. I buy as much as possible second hand therefore Paypal and charity shops. If I have to shop new it's at the cheapest shops or quality. I could always shop at the cheapest supermarket therefore Aldi and cheapest diesal therefore Applegreen. I eat out at the cheapest places such as Greggs and Mc…
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Paying your final instalment on Mortgage
So come February 2019 I will be in the fortunate position of having paid off my mortgage. ;-) Having never been in this position before is there a set process that I will need to go through as want to make sure I'm paying no more interest to the mortgage lender and that all ends are tied off so to speak. Was wondering if I…
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If I overpay should I also reduce the term?
Hello everyone I appreciate this is probably a very basic question, but I’m new to mortgages and just want to make sure I’m doing the best, most effective thing with my overpayments... When I make an overpayment on an ad hoc basis, should I also reduce the term to maximise the saving? Or is it normal practice to just…
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Overpay vs Invest.
Can someone explain to me in simple terms why it's better to overpay my mortgage rather than invest the money? I don't need a retirement fund as I have a good NHS pension. My reasoning was that the interest rate on my mortgage is currently about 1.6% whereas if I invest I should be able to get about a 5% return. I thought…
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Mortgage Free
Knew it was going to happen soon but surprised to check mortgage balance this morning and found -£319.49 so lender owe us this amount and we are now mortgage free!! Now just need to figure out where to put £1k per month mortgage payment for best return!!
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Will this cause issues?!
Hi everyone I live with my Mum and we have decided to move house as she would like to retire. To enable her to do this I have decided to put 45,000 of my own money in to a house for us both and she will be putting in 130,000. So we will be mortgage free. My question is, how would this work with a solicitor? Do I give the…
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Our journey to a mortgage free world!
Hi, For around 6 months I've been reading this forum and, to be honest I've felt a bit guilty as until now I've been able to massively overpay the mortgage (compared to a lot of the diaries I've read). However, a mortgage is a long haul, ours is quite expensive, and I see things getting more difficult for a while, rather…
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New member
Hello all! I am in awe of your commitment. Finally decided I had better get my finances in order and my mortgage sorted out! I'm early 30s and dislike debt... Id like to become mortgage free in the next few years - so a spreadsheet is on my TODO list! Mortgages (B2L): £50,000 - 15 years left. Tracking mortgage (House worth…
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Early redemption/repayment on part and part mortgage
I have a part and part ex Woolwich mortage with roughly the same amounts outstanding on repayment and interest only basis with four years to run. I am in a fortunate poistion to pay off the repayment amount now and investments maturing in four years time to cover the interest only element. My thought is I can significantly…
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Mortgage free or staying put for the equity???
Am I better staying in my current house or downsizing becoming mortgage free and adding more money into my pension. Background Teacher, aged 50. Plan to retire at 60 with a pension of £9k and lump sum of £30k pension will then increase by another £9k + state pension when I'm 67 Current mortgage of £90k and have 16 years…
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Overpay Interest only Mortgage or ISA?
Hi I have about 12 years left on an interest only mortgage, I have been paying interest only for about 10 years. I want to start clearing mortgage but am not in position to change to interest one, My question is would I be better overpaying on Interest only mortgage, or saving in ISA or savings account and paying in lump…
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MF Quest
Hello all. I wanted to start a diary so I can keep track on how we are doing on our quest and also get any tips or thoughts from all the helpful people out there. Myself and OH bought our first house at the end of September. We took out a mortgage of £165,400 (75% LTV). Its just us two at the minute plus our house rabbit…
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Massive mortgage!
Hi all, I'm new to here, have been reading some threads and am inspired by many of your stories, however I am yet to see somebody with a massive mortgage! Is there anyone out there with a mortgage remaining over £200,000? Im nearly 40 and feeling like I will never repay my mortgage! Thanks!
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Building The Burrow!
Hello lovely MFWs! I thought it was about time I joined you all! Erm, technically I'm still a mortgage wannabe (despite coming agonisingly close to buying several months ago), life's changed a bit since then (will get to that in a moment!), but I hope it's ok to join in with all the fun and games as I head in the same…
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7 years remaining, lets do it in 5!
Today is the day that I have put the wheels in motion for the mortgage portion of my 5 year plan. I'm active over on the DFW section and have my plan laid out over there so wont bore you with the details. Essentially, I wanted to be completely debt free by the end of 2022, but this may spill over to October 2023 depending…