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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…
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A Country Cabin
Hi, I've just bought a house after a (very) long time renting - and it's absolutely wonderful!! I have a garden to plant flowers in, rooms to make my own, and a front door where I can shut out the rest of the world (on the rare occasion that I want to). However, like everyone else, my journey has started at a high cost! My…
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£165k in 10 years. Can it be done?
Hi !!!128075; Any opinions? Success stories? Where to even start? (We are 2 adults with joint income of approx £80k and 2 young kids). Thanks!
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Want to be MF but need a bigger house!
I've been in my house for just over 4 years now and have switched deals a couple of times and now my current deal ends this Saturday. I have been accruing some savings as the interest rate on the savings was better than the interest paid out on the mortgage but that is no longer the case. I am still putting a total of £450…
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Avoiding early repayment charge
Hi there I am about to be in the position to clear my mortgage however I have £6k in ERC. Is there any way to avoid it? Thank you
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ive done it
at long last after 28 years with a mortgage my final amount sent off to virgin money a min after midnight soon as my fixed rate was up i think i will open a beer and have a smile the house now belongs to me feeling chuffed
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Up for a laugh? A 23 year old's guide on how (not) to be mortgage free
Hi folks! I'm a fervent reader of the MFW board, and have been meaning to get cracking on my own diary for some time to keep me on the MFW straight and narrow. Unfortunately, the time's never quite been right to do so before now; me and my partner are in a new build house which always seems to throw something up which we…
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Overpayment limits
Had a quick look through a few pages of threads to see if this question has been answered but couldn't see anything. How is everyone overpaying so much with limits on overpayments? We have just bought a house but can only overpay 10%, so about £75 per month. This will be just manageable now, and not much more than that at…
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Here I go again....
I cleared my main house mortgage a couple of years ago. The joys of being debt free were great. I did extensions on the house, did it up (all through savings), spent £50k putting my daughter through uni (at least 6 years before next child goes!) bought stupidly expensive jewellery, bought a stupidly expensive car - my only…
