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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…
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Quick question
Hi folks Overpaying on our mortgage is definitely a goal once my/our current finance agreements are paid off. It's likely I'll be left with car payments only as it's a 5 year plan and then also the mortgage. I wanted to know if it's silly overpaying on a mortgage when you've still got debt on a car and if I should…
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Letter from my lender
Received a letter from my lender today, my mortgage has been paid off. I am Mortgage Free
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Always broke!
We owe £59,900 on our house (house is worth £76k). Even though my wife brings home £1600 a month and I bring home £1000 it feels like we are always struggling for money. I'm desperate to move house in a couple of years but have no idea how we will ever be able Tom afford the sort of home I'd like (ideally £220k), when we…
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15 year target!
So shiny new diary eeeek! Not sure how often I'll update but thought I'd join in. We bought last summer, FTB! Luckily had a large deposit so our LTV is around 47% and a 25 year term. We are fixed for five years so after 6 months settling in I started a regular overpayment in January. The overpayment is £100 so takes our…
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Quids in for a Limited Time
Hi. Let me introduce myself. I am an old time user and lately a frequent browser. There is me, my husband & my two kids age 17 & 15. I have £56,000 owing on my mortgage which is on a tracker rate of currently 1.14 which is really good I think. I do make the odd overpayment on it as it kinda gives me a happy feeling the…
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Dellusional MFW Diary
Hey MFW's! So I used to be DFW, lost my login's and am back years on with a shiny new name and a shiny new thread on the MFW board instead of the DFW. Been reading all your threads for a few weeks and ready to introduce myself. So my situation is a little backwards - we want to be MF but chose to buy a new house first.…
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Getting a Grip and Saving towards the mortgage
A potted history of me and mine - we are me, OH, DS (25) and DD (23) who since I last wrote has moved in with her boyfriend but I am still financially supporting as she is in her last year at university. Son is financially independent, still living at home but looking to buy his own place shortly. We have a large :eek:…
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Mortgage free or bigger house?
Hey guys, wanted to get your thoughts. I live in a mid-terrace, two bedroom property in London. Purchased the house 3 years ago and since the prices have rose significantly. The mortgage has 17 years left and I'm keen to get it completed as soon as possible as I work a high pressured job and can't wait for the day I don't…
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What is the most efficient way to pay off £110k 30yr term mortgage as quick as possible?
Hello all, I am trying to understand how to pay off mortgage quickly. Let's say for scenario you have £110k mortgage left over a 30yr term and you are making the 10% lump sum overpayments every year. How can someone pay off the £110k in a short amount of time as possible without penalties?
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Mortgage free asap
Have been lurking on this board for over a year whilst we saved and house hunted, now we have a mortgage of our own thought I would delurk. The intro may be long, I'll try not to ramble too much. So we bought our house 3 months ago, and took out a mortgage for £121,500 on a 10 year fix at 2.94%. 75% LTV when we bought due…
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taptofun
Howdy, I know this isn't at all related to mortgages and I've posted this on another forum, but I feel like this place is more my home than there... I checked my last two phone bills last night to discover some 'Third Party Charges' applied to my account by a company called taptofun. I remember receiving the text messages,…
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£195,000 mortgage
Just about to take on a huge new mortgage. Anyone in the same boat? Anyone done it before? Is it doable?
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Nram
Hi All I am sure the answer is around here somewhere but have started a new thread so I can keep a watch on it. We have a NRAM 'together mortgage' and have £120k left of the mortgage and £8k of the loan. We want to pay off the loan so we can move the mortgage elsewhere? Is this possible or will they apply the payment £8k)…
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Can overpay by £3600 a year but what counts as a year?
Apologies if this has been asked elsewhere. I can overpay by £3600 a year without penalty but what constitutes a year? Is it by tax year? Calendar year? Or literally over any twelve month period? Or perhaps it depends on the product?
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Got the dream house - now to pay it off
Hello MFWs, Ive lurked this forum for years and had a diary a long time ago under another name. So much has changed this then so a new username and diary inspired by my daughters favourite book. Theres me, darling husband, 2 crazy daughters not yet at school and a long suffering, aged cat. There might be some chickens in…
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Le cochon returns - we’re back!
So after an absence of several years we are back! We are now in a position to start to overpay again and I have DH properly on board at last. We moved into our current house in January 2011 and started making some regular repayments a couple of years ago and those are now £500 a month. We are also throwing anything…
