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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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Another Freedom Diary
Hello everyone, I've been lurking here for a while and have finally decided to make a diary to keep me honest and focused. I bought my first house with my partner in March 2017 with the help of a H2B equity loan (and using the H2B ISAs to save our deposit) and now we want to get it paid ASAP! Our numbers: Price paid:…
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Conundrum
Hi forum posters, We have a bit of a savings/mortgage related conundrum which we can’t quite work out. We have £35k chunk of mortgage (added from a house move) which we can pay off from £40k of Premium Bond savings we have worked up. We pay base rate +0.99% on the mortgage with 18 years to go. We also have life insurance…
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Mortgage overpayment and early repayment fee
I have an early repayment charge on the overpayment that is more than 10%, but I accumulated some additional money and thought of using it to reduce my debt. Every overpayment calculator says that an overpayment is beneficial even though I have to pay an early repayment charge. For example, I overpay 5k on a 140k 21y…
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Capital Repayments
I've got a 10 year 2 year deal remortgage with Leeds of 40,000. The 2 year deal ends in July next year. I made a Capital repayment December last year of 4000 and kept the repayments the same. I'm restricted to paying 10% for the 2 year deal. The mortgage is now around 32,000. I want to make a capital payment again in…
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My New Frugal Life
Hi all, I used to post quite a bit under a different name on DFW forum but have lost my log in, also my situation changed dramatically so I'm taking this opportunity to create a fresh new log in and start my new frugal life :wave: I will be back with a quick intro and my plans a little bit later on :money:
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Advice on getting mortgage free
Can anyone advise me. I have a £31000 mortgage left on my £350000 house. I am looking to pay it off as soon as I can. I have £5000 in premium bonds, and I always overpay the mortgage by £200 a month - total of £580 each month. What should I do now my rate is coming to an end? I want a low % mortgage with no fee, and where…
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Conquering the debt mountain!
Hello, Long-time lurker, first time poster so be gentle. Currently facing into quite a debt mountain and thought it might be cathartic to share the struggle – the stories here are inspirational! My wife and I have been together three years, married for one. When I met her we bought into the relationship £22K of debt…
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Diary for my own accountability
Attempt 3,986 at keeping a diary, this is really just for me to keep track of things until the end of my fixed rate deal in January 2019 I promise myself that I will update once month Original mortgage Jan 2015 £183000 @ 5.19% for 2yrs Remortgage Jan 2017 £165995 @ 1.39% for 2yrs, 28yr term This first post is for totals…
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To OP or not to OP
Hi wise ones, so, i was overpaying my old mortgage but that was a no brainer as it was at 5.19% fixed for 2yrs but the new one is only 1.39% for 2yrs. I have a number of different accounts i currently move money around that pay between 1.5% and 5%. I haven't overpaid at all this year as i figured it was best to save and…
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bad mortgage advise
We have built a new house. We went to sort out a mrtgage before we started the build, the advisor told us that if we could get to the stage of a toilet and sink we could get a normal mortgage rather than a self build mortage with higher interest rates. So we started the build thinking we could get to this stage. The cost…
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And now the fuse is lit...
Well... I have a house. And a mortgage. Took years and cost a fortune, as Batman said once. Don't talk to me about surveys (though this one at "so so" was better than many). Or surveyors (I wouldn't use this one again - seemed scared of ladders). Or vendors (though this one was great). Or estate agents (this one was truly…
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Is it worth paying the mortgage overpayment charge?
Hiya fellow homeowners My mortage is fixed for another year. I've used up the 10% overpayment allowance for the year from savings I'd built up. Additional overpayments will have 1% charge. My interest rate is 1.74%. I have £1k plus £100 a month that I want to put into my mortgage. I'm wondering, since the 1% charge is less…
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I want to stop wasting money.
I want to stop wasting money. I buy as much as possible second hand therefore Paypal and charity shops. If I have to shop new it's at the cheapest shops or quality. I could always shop at the cheapest supermarket therefore Aldi and cheapest diesal therefore Applegreen. I eat out at the cheapest places such as Greggs and Mc…
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deed safety
we have just become mortgage free:j where would be the best place to keep the deeds when they come through? thanks in avance
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Something to aim for
Hi all, I've been a MFW for a while now, and often browse this board for inspiration. There are some v good ideas on here! I've been overpaying for years just by increasing my monthly DD, and have sometimes had an extra push to take more off the balance each month, but never sustained it. However, life has got complicated,…
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Mortgage free or keep rented property
Hi Myself and my husband own a property and also rent out another property which we have a mortgage on. Our original plan has always been to keep the rented property as a retirement pension as my husband is self employed. We currently have 18 years left on each property and the value of the rented property has gone up…
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On my way!
Hi all I've recently found this forum, but have been wanting to finish my mortgage early for ages! I started my 25-year mortgage back in 2003. So, expected to finish in 2028. I bought my first house near the height of the property boom in 2003, using a fixed rate mortgage. My plan was to stay for 5-years and then move-up…
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Buying a Bigger Birdhouse - MFW 2022
Greetings, Welcome to my first mfw diary :) it's nearly a year since I actually got my mortgage and yesterday i made my final over payment of year 1. Since i didn't spend as much on the move as i expected it was moderately easy to overpay the full 10% (more than that and i get penalised). Year 2 will be more of a push so i…
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Mortgage help
Hi everyone, Just wanted some advice. Here's my situation; I'm currently working full-time earning 25k a year with around 6k in overtime My mum who is 60 year old owns a property which is mortgage free, the mortgage was paid years ago so she owns the property 100%. She is currently working Part-Time earning 11k a year…
