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99 weeks to go...
It's now 99 weeks to go until the mortgage is fully paid off. I was going to start a thread at 100 weeks, but then it slipped me by. When we moved here about 10 years ago we had an 18 year mortgage but have been consistently overpaying. We always celebrate £10,000 increments off the mortgage, either with a trip somewhere…
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Narwhals and mortgages
Hello, Two years ago, nearly to the day, I bought my lovely flat. With 5% deposit, and 15% help to buy, my little dream came true. Since then I have paid off £9,750.44 so left with £110,244.56 to pay off and the 15% help to buy - currently roughly £24,500. The original date for paying off was Nov 2038, with the current…
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Pay off residential mortgage or buy a new let to buy property?
Hi all, Hope you can shed some advice on this. We have been a bit fortunate to be in a situation where we can pay off our current residential property. We can then buy a new property for rental income. What I would like to know Is it better to buy a new property and pay as much deposit as possible? OR Pay off current house…
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Mortgage Free For A Happier Me
Hi Everyone Well, I've done it! I'm starting a mortgage free diary just a few minutes after becoming an MSE member. I'm going to give myself a :T We are a family of four and we want to be mortgage free for a happier, more relaxed, slower pace of life. I am 38 and DH is 37, we have two children, DD is 8 (going on 18) and…
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Room For Two
Well after almost a year DH, me and halifax finally found a house we could all agree on. DH and halifax get on quite well, but i've decided there not room in this relationship for three, so someone has to go, lucky for DH i've decided that its halifax :D We have a mortgage of 140000 over 25 on a 5 year fix of 2.51 moving…
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Use pension Lump sum to pay Mortgage?
We have a mortgage of currently around 48k I am now nearly 54. when i get to 55 i believe I could get at some of the funds. Would I be wise to use some of these funds to pay off the mortgage. my pension pot is currently around 150k. Or am i best off just paying the mortgage?
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Lump sum or monthly payment? Whats best?
Evening All Just found this site and am amazed at the wealth of information of all things money related. Im just wondering what youd do in my situation and why. We have a £90,000 mortgage on a £320,000 house with 10 years left to pay. Mortgage is with the Co-Op on a fixed rate for another 3 years. Monthly payment is (from…
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reduced term or recalculate
Hi, apologies if this has already been asked... I've made some small overpayments recently and wanted to check with Barclays that I understood what was happening. I don't! Firstly they told me they calculate interest daily, so I should benefit from the overpayment straight away. It was the next bit I didn't understand. I…
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Time to be a bit more sensible!
Long time lurker here and really enjoy reading the forum but not really posted at all in the 9 years I have been a member, this is about to change! To be fair one of the reasons for not posting is due to me thinking we are not in too bad a place financially and just tootling along without any major concerns really, but a…
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Made overpayments, had letter reducing my payment amount
Hi guys I am new to the mortgage boards and the MFW board....so "Hi" We recently completely on our first property and have a 5 year fixed mortgage of £132000 at 2.51% which allows 10% overpayments a year I have been using the Vertex mortgage calulator spreadsheet thanks to a board on here and have overpaid around £4200 in…
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Tiny House Movement
Being able to live mortgage/rent free is the dream. House prices and rent in the UK is quite frankly ridiculous. Many people are miserable working long hours in jobs they don't really enjoy to be able to afford to pay their mortgage/rent which is often more than half their monthly wage. They are left with little to no…
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Moving from a mortgage to mortgage free - deposit?
Hi there, I’m contemplating moving soon so as to be mortgage free and as I haven’t instructed a solicitor yet, would like to know how you pay the deposit on exchange?
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How to get onto the property ladder and the costs/implications of doing so?
Hiya, I'm new to the idea of a mortgage and would like some advice. I'm thinking of investing all my money into a cash lifetime ISA, how much will I need for a 10-20 year mortgage? I'm thinking I can save between £15,000 - £20,000 up for a deposit (including the 25% bonus). Will this be enough? How do mortgage deposits…
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bunty109's 109 months to mortgage freedom
So I prefer just plain Bunty, but somehow when registering here many moons ago, I had to add a number. I've lurked here for ages, and have been tempted to start a diary on many occasions, but now I'm starting to sort our remortgage it seems like a good time. December balance was £139,386 with 16 years left to pay. We've…
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Getting a loan / credit card to overpay on mortgage?
Hello, I'm in my first year of paying my mortgage, therefore as you can imagine the maximum amount I can overpay (10%) is far greater than I could ever dream of. I could however afford to pay that over a 3 year period.... which got my thinking..... is there sense in getting a loan to overpay by 10%? A colleague of mine has…
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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…
