We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
MF in 3 months, But Now Need To Make Decisions
Options

planemad
Posts: 569 Forumite

I have always kept up with the MFW page.
I'm now in a position at 34 years old I only have 3 months left on my mortgage.
My wife and I alongside our 2 children under 5 have made sacrifices for the last 3 years. I have done thousands of hours of overtime but on average I have paid off an additional £2600 per month on my mortgage every month.
I tell a lie really as I have not actually overpaid the mortgage but kept the additional money in savings accounts to give me the security that I had money if needed but the view was it was the MF pot.
I now have some serious decisions to make this month on whether to actually pay off the mortgage or purchase a flat to rent where my wife can take the full income from (as she does not work) so does not use her tax free allowance.
Mortgage balance is £101,000 and currently we are sitting with £96k saved.
Mortgage is on a HSBC tracker with 14 years left and unlimited overpayments can be made. monthly payment is £500.
1 bed flats here are circa £110k and would give a monthly return of £625.00 ish.
Any advice my friends? Merry Xmas to ALL.
I'm now in a position at 34 years old I only have 3 months left on my mortgage.
My wife and I alongside our 2 children under 5 have made sacrifices for the last 3 years. I have done thousands of hours of overtime but on average I have paid off an additional £2600 per month on my mortgage every month.
I tell a lie really as I have not actually overpaid the mortgage but kept the additional money in savings accounts to give me the security that I had money if needed but the view was it was the MF pot.
I now have some serious decisions to make this month on whether to actually pay off the mortgage or purchase a flat to rent where my wife can take the full income from (as she does not work) so does not use her tax free allowance.
Mortgage balance is £101,000 and currently we are sitting with £96k saved.
Mortgage is on a HSBC tracker with 14 years left and unlimited overpayments can be made. monthly payment is £500.
1 bed flats here are circa £110k and would give a monthly return of £625.00 ish.
Any advice my friends? Merry Xmas to ALL.
0
Comments
-
Hi Planemad
I can't really offer any advise. I just wanted to say Well Done that's a huge achievement! I hope you take stock and enjoy it! I know it's not easy when your already planning your next goals but it's important.
Merry Christmas to you and the familyGOAL:- £400k in Savings by March 2026 SAVINGS: – £382,327 COMPLETE GOALS - Debt Free, Mortgage Free, £350k Savings Save 12k in 2025 #41 = £15,849 / £25,0000
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.8K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.8K Work, Benefits & Business
- 598.7K Mortgages, Homes & Bills
- 176.8K Life & Family
- 257.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards