-
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…
-
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…
-
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…
-
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…
-
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
-
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…
-
Potential Redundancy
Hi I'd like some thoughts on what my fellow MFWs would do in my situation .... I've been chipping away at my mortgage for about a year now. Not huge amounts, just whatever was left over at the end of the month - no more than £300 a month, plus a couple of other small lump sum amounts that have come my way. I love seeing…
-
Newbie MFW - Advice to clear Mortgage in next 4 years
Hi All, a very brief history, having 2 bankruptcy's under my belt, managed to get clear of all that and work our butts off at being financially good, now have a decent credit score, savings, credit card (paid off every month - IN FULL Martin!). Purchased a property almost a year ago £242K, had a lot of help (inheritance)…
-
Overpayment in the first year?
Hi We purchased our first property in October 2017 - we have £260k to pay back for 30 years. I am keen to start some overpayments as soon as possible - but we do have some home improvements to get on with as well - eg the kitchen needs modernising. Is it best to over pay now with the money we have saved or do the kitchen…
-
Trying to avoid a near life experience
Hi everyone, I've been a lurker on the forums for a few years and considered joining many times. Just over 18 months into our mortgage free quest I've decided to join to keep me accountable. A little bit about myself.....I live in the North of England with my SO and fur baby, we are 27 and 28 years old respectively! We…
-
The Plan
Ive called this 'The Plan'...because im terrible for constantly planning financials things, goals, spending etc. This habit followed my 20's of constant overspending with little thought to what I was doing and little enjoyment gained from doing so, I never want to be so wasteful again - I worked very hard and had nothing…
-
Should I overpay my mortgage with a loan?
So a couple of months ago, I wrote off my car, and we decided to upgrade a bit plus we needed another car so our au pair could get the kids to school - we'd moved the kids to a school a few villages along. I'm in the habit of overpaying the mortgage every month by £500-£800, but this simply needed a loan at this stage. No…
-
My "Out of the Rat Race" adventure.
As of yesterday I am totally Debt Free :j I also have a slight red wine head to show for it. There are some amazing people around these forums and my journey to debt freeness was made easier by reading inspirational diaries and also having the support of those who posted on my own DFD. So I have come to the conclusion that…
-
Coventry BS paying SVR on offset balance
I have a question about Coventry BS (CBS) mortgages I'm hoping someone can help me with. I'm interested in their 5 (at 2.15%) and 10 (at 2.59%) year fixed offset products. While discussing this with one of their mortgage advisers I was told that opting for the 5 year deal and then going onto their SVR with an offset at the…
-
The next £10k - Part One
Well hello there! Here's to a shiny new diary! I've been lurking on these boards for a long time, and felt it was time to start my own diary. There has been so much inspiration on here, along with lovely, like minded people. Although my OH is on board with my MFW [STRIKE]obsession[/STRIKE] goal, I do see their eyes glaze…
-
The Start of a New Adventure
I'm canaryfeather, a 25 year old who has had her eye on buying a small starter home in the city I work in for the last year. I found a tiny one bed house within walking distance from my work and yesterday the exchange finally went ahead! Completion will take place in just over 2 weeks and I thought that now was a better…
-
A question to the mortgae free wannabe's
Hi All, I, like most (all) of you wish to be mortgage free. I dislike having that axe above my head and after moving a couple of years ago that goal seems further away than ever. I am not put off though, I have a 30year mortgage, purposely so as it gives me more flexibility than a shorter term mortgage. I aim to pay if off…
-
The start of my journey to staircasing and becoming mortgage free
Hi all, I'm a long time lurker on the forums and decided that I'd like to join all of the journeys posted here into becoming mortgage free! It's my first post - please let me know if I've done anything wrong! However, all is not as it seems, as my situation is a bit different from the posts I've seen in here... here's the…
-
Here we go
Hello! I’ve been a lurker on these boards for years and have read many of your inspirational diaries, but have now decided to take the plunge and crack on with my own. Bit of background, we got a 30 year mortgage last year and have already paid our 10% yearly overpayment allowance. The plan is to do that again next year.…
-
Not enough for a mortgage
So my mortgage fixed rate is due to end in October, we owe £16,000 so not enough for us to remortgage onto another fixed rate. What’s our best options????
