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Vetstudent buys a house!
Hi, Ive been reading your diaries for a while on here, and can finally start my own! I'm 24 and almost a veterinary doctor, and a entrepreneur with an online business too. I have just bought a 3 bed house as a renovation project with my fiance, who's also self employed. So budgeting is difficult as each month varies hugely…
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Single Mum of Two doing it by myself!!
I have decided to join the ranks! My mortgage journey has been quite long winded, going from owning a house with my ex, my brother buying him out and then finally me buying my brother out in 2016. I have always been committed to overpaying, but I think my initial mission is to get the monthly payment down rather than get…
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A little home to call my own
Hi all, I hope no-one minds me starting a new thread on MFW:) A bit about me: I am a full-time working mum just approaching her 45th birthday :eek: (how did that happen?) I currently live in a housing association house with my four kids ages 13-21. One is moving out this year and another is planning to move out in 2020 (I…
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11 years to be MF ready for retirement
I currently have just over 17 years left on my mortgage. My 5year fixed rate ends in May 2020 (2.55%). I owe £93,392 on my mortgage at the moment. I've been overpaying by £33.96 a month to round my monthly payment up to £600, thats £407 a year since 2015 when I took my mortgage out. I plan on retiring in 11 years so I need…
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calling all peeps with Tesco mortgage
Do you know how Tesco work out their ERC % when redeeming mortgage? I know there is a £90 exit fee. If on a 3 year fixed. For eg. In year 1 if you overpay above 20% overpayment allowance for that year then there is a 3% ERC. Does anyone know: if A) the 3% is on the original amount you borrowed. So ERC would be £3000 on a…
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Changing mortgage lender - did you do it?
Hi, I was just wondering how many of you have changed mortgage lender in your bid to become mortgage free? I was looking into it but I’m not sure if it’s worth it for us due to fees.
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Help us decide...
Ok, so I'm not sure I'm going to get a balanced view on this one but should we over pay or live in the moment a little, please help us decide. 15 years or so back I was in a fortunate position to become mortgage free in my mid 20's and took the opportunity to give up work and go back to university. It wasn't a big house…
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Overpay mortgage or loan?
Trying to work out what's best to do. We have a mortgage with Nationwide that only started this month Its a 5 year fixed rate of 1.79% with an outstanding balance of £220,000 (30 years to go :eek:) We also have a personal loan, interest rate is 4.5% with an outstanding balance of £5,800 (4 years to go) From next year we…
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Question about overpayments....
I am keeping a diary but wanted to ask a specific question. I have two buy to let mortgages that I am trying to pay off. Both are currently on a fixed rate so there is a maximum overpayment amount that can be made each year. They are with different companies. I paid the maximum amount off on each last week from my savings…
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MFW Diary - Take 1!
Hello! Brand new, squeaky-clean newbie here, although I've been lurking for a while. A wee bit about myself: from Scotland, live with my partner (hubbie in '14) and had our mortgage since 2009. We are young 'uns(!) and as such don't earn much. My OH works in an industry that's not done well with the recession, he was down…
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Fixed rate coming to an end - paying off a large sum
My Halifax 2 year fixed rate mortgage is coming to and end beginning of April. At that point it will sitting at £131,000 owed made up for £47,000 in an interest only part and the remainder will be on repayment (at start of the two year term it was sitting at £183,000). I plan to make a payment of £30,000 after it finishes…
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SF's road to mortgage freedom!
I can finally join in on this board! Bit about me: I joined MSE way back in 2006, aged 20, as a student looking to make her money go further. Since then, I've graduated, done a post grad, got a job, made redundant, got a temporary job, moved house, then got a permanent job and bought a house! Me and DH (we got married in…
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Thistle grasps the nettle! Again....and no sting this time!!
Hello there:hello: I've been dibbing in and out of the forum for longer than I care to remember and I've even dabbled in the odd diary here and there, but never managed to see it through, primarily because life always gets in the way. Who else recognises that feeling?!!:D Anyway, I've been doing some serious thinking about…
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Four and a half years until the money stops!
Ok, so I am back. Perhaps a little too early as the new mortgage doesn't start until the end of July, but there is nothing like being prepared before the challenge starts! So a little about me and my situation. Years ago I was on the MFi3 challenge and was on target to complete it when my husband decided he would much…
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Difference between overpay and part redemption
Hi All, Recently started overpaying our new Woolwich mortgage. I paid £500 and £600 directly as overpayments to Woolwich and heard nothing so I assume they received the payments? I paid £900 this month as an overpayment in the same way as the others and had a letter through saying it has gone through as a part redemption…
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Right, I'm doing this...but where to start?
Evening everyone! So I have decided that I really need to focus on this and make a proper plan, but I don't really know where to start! I've always been pretty good at saving and then decided that paying the mortgage off early was what I really wanted to focus on. I have made the odd overpayment here and there over the…
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Mortgage Free by 40?
Hi, This is my first MFW post so be gentle ;) ! I bought a house last year (jointly with the nice people at Nationwide BS) :) My original plan was to be Mortgage Free at 50 so I could start to think about winding down early and working part-time before retirement. I borrowed £90k on a £140K property. Currently paying just…
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Mortgage process
Hi! We are currently in the process of an mortgage application, the lenders have come back to us asking for my partners P45 from her previous job and and first pay slip from new employment. Looking at the lenders criteria it states- "Applicants must have been in their current job for a minimum of 3 months with 12 months…
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from end of fixed rate to SVR to redemption.
Is the SVR applied to the outstanding balance at the end of the initial period? For example overpayment has reduced the balance so when the mortgage goes to the SVR there won't be too much difference in the outgoing amount per month. Say fixed rate is 1.94% and SVR is 4.04% at present.
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Fixed term mortgage or not?
Our current two year fixed rate mortgage with Natwest finishes this August and I'm not sure whether we should go on another fixed rate or go onto a SVR. We have 26 years left on the mortgage but want to put our house up for sale at the start of 2020. Can anyone give me any advice, just want to make sure I make the right…
