-
Originalmiscellany's MF dreams
So I have read all these forums avidly, and have never really contributed – something like 10 posts in 2 years! However I’m going to take the plunge and start a MFW thread. So, I bought our house (co-bought with a friend) in 2002 – 127,500 – with us each paying half the mortgage. At the end of the five year fixed deal…
-
Kill the mortgage before 73!!
Hello to everyone and thanks for popping in. A bit of background. Myself and DH are due to complete on our next home in the next few weeks. We are porting our current mortgage and borrowing an additional £23,000 making a total mortgage of £183,250. To borrow this extra money we had to agree to a term of 37 years!!! I will…
-
SF's road to MF/FIRE: Part I
I started a MF diary back in 2013 and it started off well; we managed to do fairly substantial OPs and reduced the capital well. But, since then, life and plans have got in the way. So, we are now aiming for mortgage freedom plus financial independence and retiring early (FIRE). It's going to be a long and exciting…
-
Mortgage free or a bigger house?
Hi all For as long as I can remember I have always wanted to be financially comfortable with little to no burden. I have always had it in my head that I would be mortgage free before I am 45 and I am somewhat on track being 29 and having 16 years left on my mortgage. I would like to get your opinion on my current…
-
Newbie
Hiya, i've decided to join after reading your inspirational stories. I'm 26 just got married and bought our second home. We have a house that we are renting out and see as a pension pot, the new hosue is our main home with a 141,000 mortage over 30 years. We have litterally just finished it this week , after a full refurb…
-
Southernman's two mortgage reduction journey
Hi all, I wanted to start this off more to motivate myself given the amount of secured debt i've lumbered myself with. I have been a part of the MFW forum for a few years now mainly as a lurker. I have a city centre flat which i rent out and have overpaid by about £300 a month. It was originally at £90,000 back in 2011 and…
-
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…
-
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…
-
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…
-
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…
-
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…
-
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?
-
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…
-
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…
-
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…
-
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…
-
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…
-
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?
-
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…
-
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…
