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New User and Info needed....
Hello All! I have seen many videos on how to get mortgage free in 5-7 years but most are American. I was wondering (and apologies if this has been covered before and i have missed it) if there are equivalent UK plans? Could someone please advise me in the right direction. Many Thanks!
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Worth paying the 3,300 to get a lower rate?
Hi there Great forum , have learnt a great deal . My current mortgage rate is 2.89% fixed for another 2 years (5 year fixed) . I was looking to fix for 10 years at 2.49% (with the same lender I am with now - HSBC) , to change now will incur a 3,300 charge . The current mortgage is 148k - can anyone advise how much I will…
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Mortgage Free in 10 years....
Hello one and all, I thought that i would put together a specific Mortgage-Free Wannabe diary to look at how I can over pay as much as possible on my Mortgage to reduce the term. I have recently bought my first family home (in Jan 2012) and want to start making a dent on the overall mortgage of £119500 which we have fixed…
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Mortgage Discharge
I had a mortgage with Bank of Scotland that l paid off in 2014. I recieved the Deeds for the property. I am now selling, actually sold, and about to buy another property. I have given the deeds to the lawyer who is dealing with it. She called today to say there was two morgages against the property, one from Halifax and…
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Time to Focus - Our best year ever?
Hello Lurking a while and have decided that starting a diary will help me achieve my goals - I say mine, but the vision is for us as a couple - my husband and I (no little ones, apart from our beloved moggie). I'm mid 30s, and he is early 40s. At the end of 2017 I came across a book - Your Best Year Ever, which has really…
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help to buy and the path to being mortgage free!
Hi guys, Really hoping the financially savvy people of the MSE world can solve a conundrum for me. I have three months left of a 2year fixed and I am starting to look around for my next mortgage product. I currently owe £160000 on a property worth approximately £280000. Unfortunately I also owe separately 20% of my homes…
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Is There A Benefit To Not Being Mortgage Free?
I am the family friend of a wealthy patriarch. We had a good money talk one time, and he told me that counter-intuitively, the best strategy for long-term wealth was to borrow as much as you can for as long as you can, and to downsize at the end of one's career. This goes completely against the logic of being mortgage…
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Minimalist Mandy
Hi all My first ever thread! Mse has helped me so much in past, and now it's needed again. I think my natural home is debt free diaries as every penny counts, but as my only debt is my mortgage, here I come. I have £33,529 mortgage with £15000 offset against it. This money is owed out in two years so expecting my interest…
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A Fresh Start
A new year brings an opportunity not to be missed for a fresh new start. I am going to turn 30 this year and have decided to sort out and organise my life. All aspects, health, finance, family, career, etc :o I’ve had a mortgage for just over 7 years, having bought a house with my (now) fiance. Two years ago we agreed that…
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Beginning of the mortgage
Hello, Probably the wrong forum given I have only just got my mortgage in February 2018! But I was wondering do you pay off any equity in the first few years? My mortgage payments are £521 per month. I owe £141,000 and my interest rate is fixed for 2 years at 2.69%. If I sell in say February 2023 (5 years of mortgage),…
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is overpaying mortgage a good idea?
I sold my London flat a year ago making £347k profit (after stamp duty and other costs) and bought a house with the proceeds but had to get a huge mortgage as well - £283k – to achieve this. Far bigger than the mortgage I originally took out on the flat 11 years previously (£160k) I did this because I'm earning well at the…
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Only a few months to go - should I pay it off?
Hi, I've been over-paying my mortgage by a lot. With interest rates so low I have done this rather than pay in to savings (it's a mortgage with no penalties for over-paying and I can draw down the over payment if needed, so I've treated this as my savings). I am still throwing everything at my mortgage, and reckon I could…
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Am I going about this the right way??
Hello I’m wanting a bit of advice on whether to wait 2 years to pay my mortgage balance off or if I should make monthly overpayments. So currently I am saving up so that in precisely 1 year and 11 months time I can pay the balance of my mortgage off. Deets below: Mortgage amount 50,500.00 Interest 2.99 - fixed term 5 year…
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Mortgage free by 50!!!!
I'm 36 now and a single mum.....I have a mortgage of 152,572 which is IO....I am overpaying by £70 per month already and I'm determined to pay it off by the time I'm 50!!!:T
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Lowells & EDF
Hello Good Peoples :) I am looking for a little help dealing with Lowells Finacial LTD. I sent a prove it letter about 10 days or so ago from a supposed debt to EDF Energy claiming i owe £1065. Lowells have send me a letter dated 16th July offering me a 50% discount. What letter, and section do i copy and paste to send…
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Paying off the mortgage beyond the term
I have an interest only mortgage that is due to expire in June 2020. In 2015 I decided to take the bull by the horns and to start paying it off. The mortgage balance in 2015 was £101,000 and since then with regular 4 weekly payments of £500 and some substantial blocks of savings/investments I now have it down to £37,000.…
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Should I sell my flat in London and be mortgage free?
Hello This is a financial/emotional dilemma! A bit of background: I am 47 and have a flat in Lewisham in London with about £90K mortgage left on it but plenty of equity. I left London 6 months ago to move to Lincolnshire to live with my boyfriend but have struggled to find work (comms) since. My flat is rented out up to…
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Regular Overpayments vs One off payments
Hi all, looking for some advice. I owe £88k on my mortgage and 12years left, paying the variable rate of 2.5%. I'm paying £668 p/m and can overpay by £600 p/m. Using the calculator that will bring me to 6 years. My question is, am I best to do that or to save the money and pay big one off payments. Maybe annually or even…
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smallholdingsister's strivings
Righto, so as Ed says later (ooh I can time travel!) One can't rebrand oneself on MSE. However... I do feel - and partly because of the experiences of another MFW who was getting somewhat robust criticism for not being hard core enough - that, well, I'm not nearly hardcore enough. So here I am. 43. Mortgage due to expire…
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What to do with inheritance
I’m looking to receive £60k inheritance or there abouts. I have a property in my sole name worth £220k and mortgage is £75k remaining (overpaying over the next 13 years to be mortgage free when im 55) Thing is.... I have £4K savings and wondered what to do with the £60k.... do I put it all off the mortgage (and save the…
