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Only 10% OverPay per year - Is it worth it?
Hi I am new here so trying to find my feet. Our mortgage only allows us to overpay by 10% of the outstanding balance per year. I have looked on their overpayment calculator and that only takes 4 years off our mortgage. Ours is still pretty big too. We have an outstanding amount of 189,000 and 26 years left. I want to try…
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mortage free or keep mortgage
Hi guys, am after a bit of advice please I've got £24k left on my mortgage - 2.75% rate - which means I pay roughly £50 a month interest I've got about £35k in savings so I'm lucky that I'm mortgage neutral now :-) £53k salary 45 years old ! 8 years left to go on mortgage (but 2 realistically) My dilemma is I'm thinking…
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Mortgage fraud and Emmetts solicitors
Can anyone advise whether Emmetts solicitors are a reputable company? My mother had her house remortgaged without her knowledge (by her now ex-husband) and is now up to her eyeballs in debt to the company, on interest only with another 8 years or so to go on the term. Of course by then, the mortgage company will repossess…
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Decisions, decions
Hello fellow mortgage free wannabess After reading your journeys for a number of years I have decided to,post as I have a first world problem, upon which I would greatly appreciate your thoughts, please 😀 To start off, a bit about me...full time employee aged 49, surviving (trying to thrive) the joys of the menopause.…
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Invest to clear mortgage or overpay?
Hi all, I’m saving aggressively in a S&S ISA with a view to paying off my mortgage when the fixed rate ends in January 2023 I’m currently paying £1200 per month into my S&S ISA risk level 5. Balance just shy of £16k at the moment. Would I be better maxing overpayments into the mortgage as I go to reduce investment risk and…
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the unbearable heaviness of mortgaging
It's all in the title, really. My bank and I own a two-bedroom flat in greater London. Current LTV 56%, so the bank wins, as they have the lion share. (Don't they always win?) I've just remortgaged and signed up for a full 25-year term, which I hope to reduce to 15 years or less. How? First step over the next 5 years:…
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Moving to be mortgage free
My husband has been offered a job transfer to Devon and after much discussion we have decided that this could work for us as my mum has decided to sell her house as well and move with us. In an ideal world this would make as mortgage free. Having only ever visited Devon for holidays the idea is scary to say the least.…
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Paying mortgage in full
I have £20,000 left to pay on my mortgage. The interest is 1.75% Barclays said i would pay £275 extra for paying it off early. Should I pay it in full ?
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Overpayment Addict
Hi everyone, I've been reading lots of your stories and decided I should document mine too for lots of reasons... 1. The motivation and support all you lovely people have given each other is amazing (I would like some of that please :) ) 2. Keep myself focused and see if I can push my overpayments higher 3. Share my frugal…
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Mortgage Free is in sight
Hi everyone, I'm after a bit of advice around future options for savings as I am quickly approaching MF status. I'm 34 and as of now I have an outstanding mortgage balance of circa £95,875 on my mortgage that has 29 years left on it with a monthly repayment of £522. It's currently on SVR as I have been saving like mad…
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Buying out an equity loan
Hi, I am a teacher and 10 years ago I managed to get onto the property ladder and buy a one-bed house using a combination of some inherited money (10%), a mortgage (50%) and a government-backed key worker equity loan (40%). Through years and years of scrimping and saving, I managed to regularly overpay and pay off the…
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For anyone on the MF Journey, a question ?
I have worked out my budget to clear the mortgage in 5 years but it leaves me with a weekly sum of £80 which is incredibly low. I would have savings obviously to pay for any unexpected disasters but do you think its possible or would it be too draining to micro manage every penny. particularly over the years. All expenses…
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Should I overpay on my Mortgage?
Hi all, First time poster here. I just turned 23 and am now getting serious about trying to clear this mortgage faster. Current situation is that my partner and I took out a mortgage for a flat about 16 months ago (May 2017). We had it fixed for 5 years given economic uncertainty of brexit etc. and managed to get 2.88%…
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Buying someone out of a mortgage help
So basically my wife bought a house with her sister 15 years ago I moved in 13 years ago and she moved out. Since then I have been covering the mortgage. How would we calculate a buy out amount. I assume the initial deposit back and the 2 years of payments? And a token gesture . Or would it go on the original purchase…
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Starting to overpay- again!!
Hi, I have now moved house and am again starting to overpay on my mortgage to shorten the term. The trouble is this time majority of my 30yrs mortage is on a .89 above base rate and the rest is on a 3yr fixed and 4.79 i think. So i told the bank that pls begin to pay off the fixed rate part: Im not sure if ive done the…
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Boo's MF Dream
Hi all, After being a long-time lurker, I'm finally putting my fingers to keys and starting my own diary. You are all so inspiring and I feel I have already gained so much knowledge reading many of your diaries. So a little breakdown of my situation: Property value: £500,000 Mortgage debt: £326,550 Interest rate: 1.41%…
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How did you do it?
Hi everyone,, I am keen to start over paying our mortgage, but we still have some outstanding debts that are interest free for approximately the next 2 years. Obviously, we are paying interest on our mortgage of about 3.4%- should I wait to pay off the debt THEN focus on the mortgage overpayments or over pay and reduce the…
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Mortgage free by 50...
Hi Am moving in to a house on Friday... most exciting part for me will be having a decent back garden so I can get a dog after years of waiting :j Have completed part 1 of mortgage challenge (£76,000 paid off in just under 10 ten years), now it's time for part 2 - similar figure to shift: £66,000 owed to First Direct on…
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Early Repayment Fees In Variable Rate Mortgage
I am very shortly due to begin my first step on the way to becoming Mortgage Free. I have looked into Making an Additional Payments under the 10% Penalty Free which is fine But it might be that i could wait until next October, when my Fixed Rate Term Ends and I would like to have an idea what the banks usually offer in…
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5 years and counting to freedom!
After a break of almost a year from reading and contributing to forums I have forgotten my password and my email account used within is no longer accessible so I'm starting from scratch with a different username etc. My circumstances are different since last year. My partner and I have sold our respective houses and bought…
