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1% MF challenge
Welcome to the 1% MF challenge. Your mission, should you choose to accept it, is to try and clear an extra 1% off of your mortgage in 2022. Why 1%? When faced with a debt that ends in several 000s, overpayments can feel like a drop in the ocean. Maybe you've been OPing for a while and feel like there is little left to…
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Overpayments resulting in unwanted recalculation
I am on the homeward straight and on a low interest fixed rate. I have been making annual overpayments with the intent of reducing the term. In previous years made the permitted 10% overpayment and a quick phonecall to request that the overpayment was applied to end of term. I wanted the monthly payments to remain the…
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Halving our income and still aiming for mortgage free!
Hi everyone, A long time lurker of DFW forum, and then here. Finally starting my own diary as I feel it will help keep me on track! As the title suggests we are halving our income as I have resigned my job in order to keep sane and support DD with home educating for the next year. The last two years we have managed to…
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Nearly, nearly there!
We are very nearly there with paying off our mortgage, hopefully in the next 6 months! However, I do have a question. Is there any benefit to keeping a very low balance on the mortgage? We used to have a mortgage where you could borrow back your overpayment at the same rate as your mortgage but don't have this on our…
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Fix Up, Look Sharp
Hi Everyone! I'm venturing over to MFW after a number of years on the DFW boards :) My husband and I bought our first house a few months ago. It is the kind of house that EA's would describe as "full of potential" - which means that it needs a lot of fixing up! - but we love it and are hopeful that with a bit a lot of…
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SLLM (Single Lady Large Mortgage)
Hello all SLLM - single ladies with large mortgages or single ladies who have previously had large mortgages or single laddies in the process of getting a large mortgage! So if you are a lady and own your own house then yes this is for you. Yes I could not resist it any longer. Ladies large mortgage is a loose term so if…
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Yorkielass starts again
Hi, I've had a couple of diaries on here in the past - but then got to the point where we were in a very fortunate position to be able to pay pretty much our full overpayment allowances and were on track to be mortgage free around 45, in a house we bought in 2018 and were part way through fully renovating, so I stopped…
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House Renovated now to Over Pay
So I've finally finished the major renovations and paid off all debts apart from the Mortgage, so now it's time to tame the mortgage beast. I currently have around 21 years left with £153k at a rate of 2.19%, around 4 years left on my fixed mortgage product. For the last 6 months I have been OP around £200 a month, my aim…
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Remortgaging after a title split?
Hi Everyone, So I have planning permission to split my house into 3 separate apartments. My house is currently on a mortgage. wanted to ask if anyone knows if it could be a simple process of legally preparing everything with Land registry and then just simply refinancing all 3 properties on 3 new BTL mortgages, if a lender…
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Mortgages After Probate?
Hello, I'm just needing a little advice really. My mother passed away in November and last week I was (finally) granted probate on the estate. I thought the mortgage would be a simple matter of just signing it over to my name and carrying on paying as I have but I have been told that it will count as a remortgage and I…
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New year, new goal
Starting a new diary as I didn’t update the old one for a while and it was closed. We had a pretty large mortgage of 395k taken out 7 years ago and I set myself the goal to be mortgage free by 50! My old thread had that title. Anyways to recap - we’ve been diligently chipping away at that and I’m pleased to say that today…
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Powers’s mortgage free thread
Hi everyone, I’ve been reading lots of MFW diaries and wanted to start my own, sorry it’s going to be long! background: met a nice man with a not so nice house that he still owned with his ex wife and was in negative equity. Eventually remortgaged it together in May 2017 with a mortgage of £68k. We’ve made some…
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Five year plan
Well I'm delighted to have the following offer now set in stone for five years having paid £999 for it in June before things went crazy... 5 Year Fixed Product end date 2nd Oct 2027 Interest rate 2.59% Loan balance £123,468.23 Up from 1.99% on my first five year fix and therefore an increase per month of about £36 I paid…
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Paying mortgage bi monthly instead of monthly
Hi, So I saw some info that stated if you divide your monthly mortgage payment and pay it bi-monthly instead of the whole amount at the end of the month then it will reduce your total amount and that you can pay your mortgage off earlier. Probably a myth so a simple yes it will or no it won't would be great. Thanks
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What would you do? ( Advice requested)
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Travelling On
2018 really is a “travelling on” year for me: the final push, as far as finances and organisation are concerned. But I still need to look after the rest of me, so here it all is, adapted from the review I did on the last few pages of my previous diary: Make good memories. Building on last year. Carrying on reconnecting…
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Squirreling Away Those Nuts
I have spent endless hours on this forum reading through countless people's diaries from start to finish, forever inspired by everyone's life goals, unexpected events and motivation to get those extra pennies knocked off their balance come month end! After much thought, I have finally decided it was about time to take the…
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Cautious journey to mortgage freedom
Hello, I'm a bit of a long term lurker here but finally have my own mortgage to overpay and so thought I would try to document the journey! I'm not very good with all the calculations, I mainly keep track of what I have paid in a notepad and use MSE's Overpayment Calculator to give me a rough idea of where I am. I am…
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How much balance to leave??
So I'm opting to clear my mortgage (bar a tiny bit) in July after my fixed rate ends. My HSBC mortgage adviser agreed it's a good idea to keep the mortgage running when it auto switches to a SVR rate of 6.99% until its end date of April 2034. But how much to leave in? Will £100 be ok. Just don't want it to end itself…
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10 years to go .... maybe, with a fair wind
Hi, I've been lurking on here for years, but finally decided I should post a diary - more for my own sake than anyone else's!! So a little about me and my house ... I'm a 40 year old single mum with a lively 7 year old son. We live in a fairly ordinary terraced house on the edge of a large northern city, just a close walk…