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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…
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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…
