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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…
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My blog
Hi guys, I created a mortgage free diary on here last week and I cannot find it, can anyone help me?
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Mortgage Free
Everyone, I paid of my 125k mortgage 4 years ago aged 44, it was my main priority, I'm the main breadwinner in family of 4, housewife don't work. I work in IT which is a fickle industry, over 40 means you're over the hill, so i was very target driven plus i wanted to get to a stage where i have the upper hand in…
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Do banks really want us to stay in debt?
So, I have received a reminder, to start looking at renewing my mortgage deal before the current one runs out. It was a 2 year term, which is up in August, so plenty time to go get! I'm looking through the options, and as much as I would like to overpay/shorten the mortgage, it doesn't make much financial sense! If I…
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Melbourne Mortgage
Hi all I've been on and off MSE since 2006. In that time I have moved to Australia, completed a degree, and got a job in a field that I love. We purchased a house 5 years ago in a lovely part of Melbourne, Aus that needed quite a bit of work on it, and we are now half way through that. One OH, two DDs and one dog in the…
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Charge release--Scotland mortgage
Hi folks hope someone can advise. I recently paid off my First Direct mortgage and they have advised that I need to contact a solicitor for a "charge release". I am in Scotland Can anyone advise of approx cost or is this something that I can complete myself Thanks
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Paying off mortgage on flat
Hello, I have a general mortgage/investment query. I bought a leasehold one-bedroom flat in an outer-London borough in 2015 for £201,500. It has served me well for the past few years (as it provides a reasonably short commute to work), however, it is quite small and I can’t really see myself living there beyond another…
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First post, however one year in.....
Hi All, I would like nothing more then to become mortgage free, I bought my property for £108,000 with a deposit of £50,000 leaving £58,000 mortgage plus fees. By the end of 2017 I owed £57273.88 For a large part of 2018 I have overpaid I have just received confirmation that I now owe: £54400 wahoo! or YIKES! Using Martins…
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First step, in the long road to being mortgage free.
We bought our first house in July 2010, and being intially quite clueless about buying a house this forum was quite useful in helping me out. It was reading this forum that gave me the idea of being mortgage free, so I thought this would be a good place to keep a record. From the even before buying the house, the idea was…
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The Fun Starts Here.....
Hi! I've been reading some of your inspiring MFW diaries and I thought I'd start my own, to keep me on track. My husband and I have just bought our house, first mortgage payment due on 25th April. The mortgage is £115000 over 14 years but we'd like to pay it off much sooner if we can. Our initial plan is to make regular…
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Managing The Mortgages
At the beginning of my journey on this site I was a DFW and now we have grown up and see money in a whole new light, making much better decisions. :j Now you can see from our signature that we do have 2 loans but they are from family members and as such have no interest on them. And I should point out that these loans were…
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WWYD brexit/mortgage
My husband has been told by his colleagues that everyone should be locking themselves into a good mortgage deal ahead of Brexit. Now I can't massively argue with this advice for the average homeowner but we (mainly me) have been MFWers for the last 4 years. We've paid off £40k (in under 4 years) whilst only earning £50k…
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Pay Off Credit Card or Overpay Mortgage?
I have just arranged a new 5 year fixed mortgage with Santander at 2.19% with 103,400 to pay and 16 years and 6 months remaining. I’m overpaying by £100 and this will reduce the term by 2 years and six months. I have a 0% credit card with a balance of £2,200 with 16 months left until the 0% ends. This may seem like a silly…
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Thoughts on overpaying
Hello Forums, Would like to get some thoughts / ideas on the below situation and how the GF & I can begin to overpay our mortgage as soon as possible. Situation: We bought our first house in summer 2018. We paid 15% deposit and were able to get a 2 year fix at 1.7%. I am keen for us to overpay the mortgage in the remaining…
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Is it worth overpay 10% mortgage allowance?
Hello, I'd like to ask if it's worth to overpay 10% mortgage or you are better off with investing in a active/passive fund? I read so many arguments against both those options.
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Mortgage Free - Sort of !
A bit about myself 43 yrs old, Married both in good jobs (20 and 10 years service in each) and reasonably well paid 2 kids (9 and 5) I have an offset mortgage which is £ 65K oweing but I am fully offset and therefore don't pay a penny in interest. Am I classed as mortgage free or a wannabe ? I draw down the payments made…
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Pay it off with overpayment fee or pay of gradually?
We're in the very fortunate situation to be able to either payoff our outstanding morgage in full, however if we do that, we'd face a very 5% early repayment penalty. I've spend a long time looking at overpayment recalculators but I can't really work out if it's better to overpay at the beginning of each year the maximum…
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Eating the Frog
Hi all, I've lurked on and off for many years and seen some great successes and think now is a good time to write down my thoughts and let you all hold me to account. So a bit about me, there is me (35) oh (40) son (4) and daughter (1) in our little family. While childcare is expensive I don't find the day to day living…
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Using BTL to pay of mortgage ?
Hi, I could really do with some sensible advise. I have been left 120K. The person who left it to me was a real entrepreneur and would want me to do something clever with the money. From my research it would seem the sensible thing to do would be to pay off the mortgage debt......but I am wondering if there is some way I…
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Mortgage Overpayments - How Small or Large?
Hi, After reading the posts on here I've begun making small overpayments on my mortgage when I can, but wondered,what are the smallest payments people on here make at any one time? Do you put money into a savings account and let it build up to a sizeable sum first, or do you pay small sums directly off the mortgage? Jx
