Mortgage-Free Wannabe Welcome and Explanation

mookybargirl

Thanks for starting this board. We're looking for our first home now and we'll WILL be overpaying our mortgage.
We haven't decided if we'll use this to move to the ideal place where we'd love to live, but currently can't afford or whether we want to be mortgage free. Either way - it's fantastic that this has opened our eyes to what we can acheive with a few hard years in the beginning.

keith234

i hav now got £45 mortgage debts to halifax, if i was to pay this off they would charge me £175 on top, disgusting, so what i have to do is let it ride until the end of the mortgage about 6 years, the advisor was reluntant for me to leave so little in the mortgage as i 'would get loads of letters from head office saying pay of the mortgage for £175'.... as though that bothers me! i consider my self debt free now...what shall i spend my unused income on now? maybe buy to rent?

oh as for deeds, yes they are held electronically, but they want to charge £50 if i want a copy of them when the mortgage is complete...no thanks!

Socrates_3

This is a brilliant forum - I check it out regularly to remind myself of what we want to achieve as a family. I sympathise with previous postings with respect to the 'growing family, shall we move?' dilemma. Two active children, two elderly parents, and two working adults - we decided to move to an end of terrace which has been extended. It has three bedrooms - the children get the bigger rooms and we get the small room - except when the elderly parents stay (and eventually this may have to be permanent) and we sleep on the floor. House prices are inflated in our area and we are taking on £250k of mortgage (end of terrace costs over £450K). Some might legitimately say - move to cheaper area but our work is here, the children's friends and schools, our friends for years and years - it would break my heart to move away. So....I need this forum...we will have a mortgage pig, follow all Martin's advice to trim costs, overpay when we can, farm the children out to saturday jobs, keep chickens and grow vegetables!!

giger

I echo what the others have said and find this to be a great forum. We have recently moved house and jumped to a 125k mortgage which at first you find yourself happy thinking that you will be paying it off for 25 yrs. However, after a lot of our own research and now reading the posts here we find it is entirely possible to get this paid off in about 5 years.

The mortgage pig is also a wonderful idea, will hopefully turn out more fruitful the the chnage pot in the bedroom!

with a bit of help and encouragement i'm sure we'll all get there

Tustastic

This is an excellent thread. My highest ever mortage debt was £95K and I have got it down to £48K. Have offset it against my savings and reckon it will be gone in about 5 years.
But would it be a good idea to keep a small mortgage as a way of getting cheap money if I ever needed it?

tillson

Thanks to a bit of good fortune, I am able to pay off my outstanding morgage debt of £50000.00. I don't have any other debts at a higher rate of interest and will have a bit of money left over once the morgage has gone.

Will paying off the morgage represent the best use of the money? I don't fancy investing in anything high risk. My present morgage interest rate is 5.7%, so I think I would need to see about 6.9% pre tax return on any other sort of investment to equal paying off the morgage.

I have checked with the Building Societyand I do not have any penalties to pay for clearing the debt early.

Any advice / suggestions?

Thanks

hazelize_uk

Just been checking in after being away a while and read my own post from March when my mortgage was £43,898 as at today it is £31,400 can believe i've got rid of £12,498 in less than a year!!!! WOW! apart from paying extra chunks i've started being obsessed with keeping it a round figure!! everytime they add a bit of interest i'm compelled to round it off again meaning i'm paying even more extra payments than planned! Calculations still look good for 2008 which was my aim but a few months earlier i think YIPEE!!

pdpped

I have found a flexable offset works best for me. I have been a stoozer for about 4years and tried ISA's and high interest saving accounts. Started pushing money into my new Offset mortgage in May 06 it only takes 3day to get money back if I need it. Collected all my savings and put it all in the pot. It tracks the base rate plus 0.5% so very good deal when I am putting money in chunks every month.

Original Mortgage £71,000
Current Mortgage £44,454
Est March 2012

stash36

Keith234,
If you have to keep paying something to your "payed up" mortgage for 6 years just to avoid the fees, why not borrow back a grand or so and pay it at £20 month? Have a holiday. Sure you're totting up interest, but it gives you a bit of cash and you can look at it has having your deeds stored for a monthly fee.

Alion

Hi,

This is my first post on here. I have just bought my first house with my fiance and we have taken on a £200k mortgage to do so. I'm very keen to pay off as much as possible so that we can reduce our payments when we have a family, but he's not so keen and would rather live the life now.

But I'm looking forwards to having a bit of support in putting my money where my mouth is. I intend to be a stay at home mum and at present our repayments are not suited to a single income.