-
Do you use savings to pay off some of the mortgage
Views and advice would be welcome. Both my husband and I own our own small business. Over the years we have done quite well and managed to save a little. This year it has all changed as our work has decreased therefore our salaries are smaller. One of us may even go out to work part time with someone else. Our mortgage is…
-
Early repayments of mortgages
I am trying to sort out my son's financial mess. He has two houses both mortgaged up to the hilt. The early repayment facility seems to be restricted to an extra 10% of the agreed repayment criteria each year. Am I correct in saying that you usually have an ability to agree larger repayments but that they would be subject…
-
Mortgage paid off - Anti-climax with the choice of freedom
Just shared our new expenditure and story of our next year here https://forums.moneysavingexpert.com/discussion/comment/73073702#Comment_73073702 After saving for 10 years and longing to clear the mortgage off it ended up being a bit of an anti-climax in the end, with no celebration due to me quitting my job. Having been…
-
Balancing multiple goals
I've been lurking on this board for some time and thought it about time I set up my own diary to maintain commitment and measure against my objectives. A bit about me: I'm 31 and so is my wife. We live in east London and have lived in our flat since 2010 which we bought on a shared ownership basis. In 2014 we staircased to…
-
Under the cherry tree, yet another MF wannabe!
Hello, I have been toying with the idea of creating my very own MFW diary for a while and have decided to take the plunge. It is a slow day at work and luckily MSE forums are one of the websites that haven't been blocked by IT. About me: OH and I live together, no kids, brought a house last year (FTB), don't have any…
-
New but not new - Year 1 of 5!
Hi! I'm a re-joining member of old.....and whilst I'm reluctant to give up my previous 10,000 post count, I also don't fancy ex husband following my every move as I go into this next exciting chapter of life! I was a DFW stalwart for years, but am pleased to announce am on the MFW journey....with vigour :D I've not been on…
-
Becoming MF then renting property for retirement
Hello all Been reading all your posts the last 8 months. To say I have learnt a lot is all thanks to you all. I am 8 months into my MJ journey, hoping to be MF in 9 years. Due to not understanding and being clued up on pensions I have only started (age 38) and hubby just seen FA to set one up. I am making contribution of…
-
Overpaying NatWest Mortgage
Hi All, I recently spoke with Natwest regarding overpaying my mortgage and their advice was as follows; If I overpay by anything more than £1,000 then my monthly payment would automatically reduce and my terms would stay as is. If I overpay by less than £1,000 then nothing happens to my monthly payment. In the latter, I…
-
Wannabe Mortgage Free by Twenty Three (2023 that is!)
Instead of achieving the dream of owning my home so no one could take it from me (memories of our home being repossessed when I was a child :eek:,) I got caught up in the bigger salary, bigger house and bigger living expenses madness. I had my wake up call :T when in late 2016 I lost my self employed business income and…
-
To pay or not to pay?
Apologies if this is the wrong thread, am not sure if it should be in Debt Free/Mortgages, Credit Cards etc.... but anyway here goes, I've been a stalker on these boards for a good few years and credit them completely with turning our finances and therefore our lives around, one day I will try and detail how we did it, but…
-
DC's on a mission to own Kingston
Hi everyone It's been a long time since I have posted on the forums but I have finally become debt free as of 23 August and I am now on a mission to own our house which is called Kingston. A bit about me: I am 36 and DH is 38 no kids yet and a dog called GW. We bought a 4 bed detached house in December 2013 and spent the…
-
End of the road
My first post on this board was Oct 2007, that was when my wife and I decided to tackle the many headed beast called a mortgage. We followed the advice and became DFW before starting and never stopped. Sometimes small amounts,sometimes larger when funds and circumstance coincided. 4 days ago we paid off the last 4k of the…
-
Forever Home - Not forever mortgage
Hello all, So I am returning after a looonng break from the forums. I cleared myself from around 20k of debt around 7 years ago and since then my husband and I have worked towards obtaining our 'forever home'. Now we are moved in a settling, I thought now would be a good time to turn my head back towards what I do best -…
-
Maybe mortgage free... how to avoid early repayment charges?
Ideally, we would like to pay our mortgage off in the coming months, in a lump sum payment, approx £91,000. Is there a way we can do this WITHOUT paying the penalty charges for early repayment? (We are with Halifax) For example, can we pay off say £90,900 and keep £100 on the mortgage at £10 a month, when our mortgage…
-
A quest of happiness, new adventures and mortgage freedom!
So, after sitting on it for a few weeks I'm committing my thoughts to paper (screen), and joining all you lovely MSE MFW diarists and readers. Currently life feels like it's in a state of flux, imminent changes are afoot and this has lead me to feel quite overwhelmed by what needs to be done. This diary is an attempt to…
-
Type of overpayment
Hi, I've just registered to manage my mortgage online and in the overpayment section I am greeted with three choices... A. Pay off my mortgage earlier by reducing my mortgage term B. Reduce my future monthly payments C. Keep my existing payment and term as-is. (At the next natural mortgage payment change, i.e. interest…
-
Overpayments
Morning I am looking at changing mortgage provider to First Direct that allow overpayments charge free it will be fixed for 2yrs. What I was thinking can I overpay to the point that I have say £10 left on the balance for when it reverts back to SVR on the 25th month and I settle the mortgage. I haven't technically paid the…
-
Chapter 3: the large London mortgage
Hello! I've had a few diaries before, never had too much by way of debt - but now myself and partner have a giant London-sized mortgage of £499,000. :o We're first time buyers and it's much bigger than anyone else's mortgage I've read on here — frightening. But the truth is, we're double-income, no kids, earning decent…
-
Investing as a route to being Mortgage free
Hi there, My partner and I have been slowly ramping up over payments on our mortgage for a short while now to a point we're at around £300pm. We are due to remortgage next March at which point we'll have around 77% LTV on a £250k house. 23 years currently on existing mortgage. As part of my reading on general F.I.R.E.…
-
KPI's on household finances
I keep businesslike Key Performance Indicators for my outgoings in the house. MPG, car milage, gas, electric costs are recorded every week and can be either over or under a set weekly amount. I aim to achieve 40mpg I aim for below 155 miles per week I aim to spend below £9 per week on electric and the same for gas. I am…
