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payoff mortgage with extra savings
Hello, I have 1 year worth of salary in savings and I was thinking to keep 6 months worth of salary and the rest to pay in the mortgage principle to reduce the interest. Also, not to add any balance in savings until I payoff mortgage to save on interest.. What would you suggest in this case?
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Wwyd?
Hi all I have been very lucky enough to be mortgage free for a few years now and have been living in my forever home for the past 3. Except my husband and I have now decided to split up. My dilemma is... do I move from here to somewhere smaller, not as nice and without my beautiful garden to remain mortgage free or do I…
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Courgette resets her sights
After a rather extended mfw hiatus, I think it's about time I re-sorted myself out and get back on track! DS3 goes to school in September and I've had a lovely few years being a SAHM with a bit of self-employed work chucked in. Our household income is very low though and I need to really start addressing at least my part…
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My Own Little Slice of Paradise
I bought my first home in November 2015. I had a large deposit (from a decade of saving, inheritance and gifts from family) and got a tracker mortgage with a great interest rate. I want to get it all paid off ASAP. However I also want to do some home improvements and also hopefully start a family soon. On a single income…
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A northerner's MFW diary
I got my first ever mortgage at the end of May and made my first overpayment today by phone. Hoping to chuck around £200 a month extra at it during the good times (I'm self employed so income can be variable) and then chip away with smaller amounts during more lean times, but I've got the ball rolling and it feels great.…
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Remortgage without a mortgage
Hi all. First time poster, and need some advice. We have been mortgage free for about 5 years. Now that our 3 children have all grown up and flown the nest, we have decided that we'd like to buy a holiday home in Turkey and would like to raise the money (100k) to do this using our house. I'm not sure where to start or how…
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The Truter's Mortgage Free Journey!
Hi, My name is Nick, and I'm a Mortgage Free Wanabee! We bought our current house in October 2011, when Mrs T was pregnant with our second son and thanks to a fruitful sale of our previous property and the generosity of my parents were in the following situation: Cost of new property: £218,000 Mortgage amount: £127,500…
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Halifax Reduced Contractual Payments
Hi, I have been overpaying my Halifax fixed mortgage and managed to wipe nearly 5 years off my mortgage, but recently due to a glitch in their system (charging interest on the mortgage fee) they have recalculated my mortgage and reduced my monthly contractual payment by nearly 20% by setting the mortgage to repay over the…
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How to make overpayments on TESCO mortgage?
As subject. I just changed to a TESCO mortgage, thread here: https://forums.moneysavingexpert.com/discussion/4722663 How do I go about overpaying the maximum 20% that I am allowed to without penalty?
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Newbie here - help re the £££ left after bills paid so can attack mortgage
Hi - As a family we have 2 adults working full time with 2 teenagers, and every month we have £2400 left after the bills are paid. In my mind we should be cash rich and able to pay more on the mortgage, but it's the age old problem that we spend to our means often spending a bit of next months. Debt has been paid down a…
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The power of habit
I am a lurker but now is the time to commit as I need to keep on the straight and narrow if I want to achieve my goals! The mortgage: now nearly four years in, with OPs made in the last three years to take it from £180k to £140k. Interest is 3.8%, as I fixed when the market was jittery. :mad: The near term goal: to get to…
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Overpayments
I am starting to get a bit dispirited about my overpayments. I save up to overpay £500 and this has happened most months this year. I am up to £3,500 overpayments, so seven times this year. However, what I don't understand is why my spreadsheets do not seem to completely take this into account. I have spreadsheets which I…
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WHY do you want to be Mortgage Free?
It might sound like a silly question to most you. Being mortgage free means you have freedom and no more monthly repayments. However, a lot of people seem to think it is the end of all payments. You'll still have to pay monthly payments for council tax, house insurance, tv licence, life insurance, utility bills, mobile…
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SVR cos below 25,000
My mortgage provider has written and advised my fixed rate ends Oct 31, which is great. They can't offer a further fixed rate because the remaining balance is under 25K, not great. The only option open to me with my mortgage provider is SVR :( Is there a list of the best SVR's with no set up fees over a short term period…
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Our Patch of England
Hello Anybody! I staggered around this forum as we saved for our house deposit, although my diary fell flat - a mixture of being busy and unable to update from home - in December of 2016 we hit our £20,000 savings target. I didn't actually think we'd make it, but a mixture of work bonuses and my DH's sheer determination…
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QB Wolf's long and winding road
Hello, I’ve spent a lot of this week trying to sort out my finances, cancelling un-needed things, sorting out utilities etc, managed to shave £800 off my debts in a month, credit card balance cleared!! Now I’ve started to think about my mortgage - details in my signature. I’ve decided on small targets and not to worry too…
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Over-Over payment - Worth it?
Hi Guys, I hope I'm posting this in the correct section here. Basically, in short, We can pay £7.3K off as an over payment without charge currently. I have in total about £20-23k I want to pay off as a lump sum the end of this year. So if we say I'll pay £21.3k off in total it means an over-over payment of £14k. My maths…
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Project 2018
I've been lurking a while so I thought I'd post my thoughts! We bought our house in 2007, with a mortgage of £235,000. The mortgage was ported from the previous property with part 4.5% and part 6.2% fixed (as this was pre credit crunch!) Repayments were a whopping £1500+ per month (ouch!) Nine years later the balance is…
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Lump sum or little and often over payments
Hi Could anyone please advise if I am better off making a lump sum overpayment of £1200 or making on over payment of £100 every month. Does it matter in the long run or does it all calculate out to be the same? Thanks Jules
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Mortgage free since 2011, best life ever!
Just a little catch up on how I am doing as a mortgage free badge of honour member:j We became mortgage free in on August 1st 2011 after years of overpaying, credit card tarting, scrimping and saving, squeezing every penny out of our budget and dumping it into our mortgage. Years of my partner saying "whats the plan?" and…
