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Tackling what seems like the impossible
Hello, I'm brand new to the forum and I'm so glad I found this one. How did I not find it before?? A little bit about my situation; I bought a flat in London through the shared ownership scheme in November 2012 and stair-cased up to 100% in May 2015 so I have two mortgages - one from the first purchase and the other from…
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Just made first mortgage payment!
Wanted somewhere to celebrate - it has been such a long hard struggle to get onto the property ladder but now my wife and I are finally here and we made our first payment a few days ago. My wife finds it funny how excited I got when the money left our acc but it feels absolutely amazing knowing that every payment is going…
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Extend mortgage term and overpay
Hi all I am new to the forum and hoping that I can get an answer to my question that I can't seem to find elsewhere. I am coming off of a 5 year fixed mortgage and am looking at a new 10 year fixed remortgage, with a view to paying off most if not all within that period. The mortgage I am looking at has no restriction on…
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Diary of a madman
So after much deliberation and thinking of my routes (see my post history for previous questions), I've decided that a plain old overpayment is my best way. So my current mortgage details are: 20/03/2018: £146,922.15 Interest rate: 2.39% fixed for 5 years Current payment: £692.51 =============================== Before I…
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Becoming mortgage-free efficiently
This is a topic to discuss efficient ways to become mortgage-free in the context of lifetime financial planning and to support people who are doing it. As Martin wrote in his introductory post "Paying off your mortgage is the best risk-free way to use your cash". If unwilling to take any risk describes you, this topic…
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Invest or Pay off
We are in the very fortunate position of being able to pay off our £70K mortgage thanks to a retirement commutation. However a financial advisor suggested this may not be the best way of using the money and it should be invested instead as this would show the best return in the long term. The monthly payment is not a…
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Help with mortgage advice!
Hi I hope someone can help me with mortgage advice. My house is worth £350000. There’s a £208000 mortgage on it. There are 15 years left on it. We can afford to pay £1500 per month. I prefer fixed mortgages as I know what to expect and usually fix for 2 years. The best deal so far is Yorkshire building society at 1.39%. So…
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MeandO's mortgage-free musings
*sneaks in from DFW board* Hello, I'm MeandO, I'm thirty something [STRIKE]just[/STRIKE] :o and I'm a mortgage-free wannabe. :D To cut the backstory short, things kind of went like this: 2008: Married, mortgage free.:o 2011: Mini MeandO arrived. :happyhear 2013: Moved house > £60K mortgage with (now ex) husband. 2013,…
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Advice on paying off mortgage early
Afternoon all, Ive been a member of this site for years but never posted. Now my circumstances have changed im after some advice on what to do next. I am 37 and my wife is 31. We are due to have our first baby in October. We have been a bit care free over the last few years where money is concerned and havent really put as…
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Mortgage free in 2
Hello everyone, I have been a lurker for up to 3 years now. I have enjoyed following several diaries and think it is time to start mine. We are a family of 4. Still a one income family, hubby is still looking for a job (OH got a part time cleaning job from mid 2017). We have been trying for baby number 3 with no success…
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21 and looking to buy
Hi, Apologies if there’s an instant recognisable lack of knowledge regarding purchasing property here! I believe I will be inheriting around 50k and am looking to invest into property, in order to rent it out, as I am still living at home and am not looking to move out just yet. I have looked at buy to let mortgages but…
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Building Up Some Options!
Hi Guys Been a long time since I posted but have remained a lurker behind the scenes and have still been working on the money stuff a lot - today is the day for a shiny new diary :) Current situation is as follows: House value = £200,000 and Mortgage = £135,730 and 1.5 years into a 5 year fix, 14.5 years to go. I've…
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Reduced Mortgage Term
Hi I am new on here, although I am already on the debt-free wannabe thread as I have a (0%) credit card and an (intrest free) loan from a family member to pay off. However, after taking out a 25 year mortagage with my (now) husband in July 2005, we should have just over 12 years to go, but on Monday we reduced the term to…
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Mortgage free on 1 house or smaller mortgages on both
Hi I’m looking for some advice on how to use some savings that I have painstakingly built up for our next move. There has been some very frugal living to prepare for our next move. The savings, around £43000, would give us 67% LTV including equity from our current house. The other option is to use these savings to pay off…
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What you do? Stay invested or pay off mortgage?
Hi I consider myself reasonably financially savvy but just wanted to put this out there to hear what you guys think about whether to sell my investments and pay off the vast majority of the mortgage of not So about me Married mid 40s 3kids Household income £130k 2xdb pensions worth 20k per year at todays prices 1xdc…
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Not paying off mortgage completely?
My husband and I will be in the fortunate postiiton of being able to pay off our mortgage within the next couple of years. My husband has sold his business and we were planning on using the proceeds to clear off our mortgage. However my dad recommended that we don't clear the entire mortgage but leave an amount in case we…
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The final countdown
well were now slightly over 3/4 of the way to completing this challenge Chapter One https://forums.moneysavingexpert.com/discussion/3071580 Chapter Two https://forums.moneysavingexpert.com/discussion/3688361 Chapter Three https://forums.moneysavingexpert.com/discussion/4473857 Chapter Four…
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Should I pay the whole mortgage off?
Hi Was just wondering if I can quickly get your opinion on something. I took out a 35 year repayment mortgage in June 2011. Over the past seven years it has reduced from £94K to about £83K at £390 a month payments (paid so far approximately £21K interest). I haven't made any overpayments. My fixed rate deal has ended and…
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Mortgage free by 33
With 0 help from the bank of mom and dad I find myself about to be mortgage free by 33. myself and the hubby bought our house 5 years ago for 155K with 15% deposit, our mortgage payment is ~£650 and we overpay £1700 to £1900 a month. We went with first direct so we don't incur a penalty for overpayments beyond 10% and we…
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Mortgage free before my kids turn 18
Hi there folks. Long time reader, first time poster, brand new account. Short Story: We bought our first house in June 2016. It's nice 3 bed property in East Midlands and it will serve us well for several years unless something unexpected happens. Great value for what we got really and definitely works better for us than…
