uzubairu's Mortgage Free Journey
uzubairu
Posts: 1,200 Forumite
Hi,
I have been lurking on this forum for the last few months, reading other diaries and adding comments now and again.
This is my favourite forum, as it keeps me motivated reading other people's diaries.
The facts:
July 2006
Took out a £113,000 mortgage on a new-build. This was our second house purchase and the previous mortgage was for £30,000 so we had to plan carefully for the sharp increase in monthly mortgage payments.
We decided to take out a 10 year fixed rate of 4.79% with the Nationwide, so that we knew exactly what we would be paying each month.
The monthly payments were £646 and were manageable even on one income. Both of us are in employment with no kids (and no plans to have any).
January 2007
Since we were concerned about the size of the debt, we set about overpaying as soon as we could, and Nationwide allow £500 overpayments (max) on fixed rate products.
We don't have any other debt, apart from the mortgage, no loans, cars paid in full (mine's a 2007 Mini Cooper) and credit cards paid in full each month, so we have set about trying to get it paid off by the time the fixed rate deal ends in June 2016.
Overpayment is £500 per month by standing order.
We have recently reduced the term of the mortgage so that we can pay back even more each month, so the monthly payments are £765.
We hope to increase this figure next April to £900.
Since joining the 2008 MFW challenge I've been hooked and I've now decided to start my own diary. It won't be updated every day, but I will post info as and when I have some news or pass milestones.
I've just reached my 2008 target for overpayments (£5,000), so I am very chuffed. :beer:
I am now hoping that 2009 can be more rewarding.
Mortgage is currently £97,450 and we hope to have it below £88,000 by the end of 2009.
Year / Opening / Closing / Reduction
2006 / £113,000.00 / £111,807.06 / £1,192.94
2007 / £111,807.06 / £105,607.02 / £6,200.04
2008 / £105,607.02 / £97,343.47 / £8,263.55
2009 / £97,343.47 / £81,723.61 / £15,619.86
2010 / £81,723.61 / £61,785.38 / £19,938.38
2011 / £61,785.38 / £41,712.71 / £20,072.67
2012 / £41,712.71 /
I have been lurking on this forum for the last few months, reading other diaries and adding comments now and again.
This is my favourite forum, as it keeps me motivated reading other people's diaries.
The facts:
July 2006
Took out a £113,000 mortgage on a new-build. This was our second house purchase and the previous mortgage was for £30,000 so we had to plan carefully for the sharp increase in monthly mortgage payments.
We decided to take out a 10 year fixed rate of 4.79% with the Nationwide, so that we knew exactly what we would be paying each month.
The monthly payments were £646 and were manageable even on one income. Both of us are in employment with no kids (and no plans to have any).
January 2007
Since we were concerned about the size of the debt, we set about overpaying as soon as we could, and Nationwide allow £500 overpayments (max) on fixed rate products.
We don't have any other debt, apart from the mortgage, no loans, cars paid in full (mine's a 2007 Mini Cooper) and credit cards paid in full each month, so we have set about trying to get it paid off by the time the fixed rate deal ends in June 2016.
Overpayment is £500 per month by standing order.
We have recently reduced the term of the mortgage so that we can pay back even more each month, so the monthly payments are £765.
We hope to increase this figure next April to £900.
Since joining the 2008 MFW challenge I've been hooked and I've now decided to start my own diary. It won't be updated every day, but I will post info as and when I have some news or pass milestones.
I've just reached my 2008 target for overpayments (£5,000), so I am very chuffed. :beer:
I am now hoping that 2009 can be more rewarding.
Mortgage is currently £97,450 and we hope to have it below £88,000 by the end of 2009.
Year / Opening / Closing / Reduction
2006 / £113,000.00 / £111,807.06 / £1,192.94
2007 / £111,807.06 / £105,607.02 / £6,200.04
2008 / £105,607.02 / £97,343.47 / £8,263.55
2009 / £97,343.47 / £81,723.61 / £15,619.86
2010 / £81,723.61 / £61,785.38 / £19,938.38
2011 / £61,785.38 / £41,712.71 / £20,072.67
2012 / £41,712.71 /
0
Comments
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Uzubairu
Welcome to the happy clan of the diarists here on MFW
I only started a diary at the end of May, but found it great to jot down my musings and ideas on what we are doing both on the mortgage front and investments etc.
I'm sure it'll help you too, but, be warned it can be addictive - I eventually removed the opening line of my first post in which I noted "I may not post here regularly"
I look forward to reading of your progress and the plans as they develop, and things you learn along the way. Best wishes in the challenge and for your 2009 goals!0 -
Welcome to the gang! As Stuart says it can be really addictive posting here - and the other threads are such an inspiration. If you've not already given your details for the 2009 MFW thread then consider doing so - nice to have a target written down in black & white for everyone to see.
You seem to have your aim pretty well worked out - well done on that. You got a good rate for a 10 year fix too - there's a lot to be said for knowing exactly where your expenditure is set isn't there.
Looking forward to seeing your progress. 🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00
Balance as at 31/12/23 = £112,000.00SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
Thanks for your words of support.
When we finally decided that we wanted to move into our current home, I told my hubby that we had to fix for at least 5 years, as we didn't plan on moving in that time.
We were paying £250 per month on our previous mortgage, and I didn't feel comfortable taking risks with an increased payment and having to keep an eye on interest rates.
I think we have done the right thing, because we still get to do nice things and we can afford to overpay, because we know exactly what is going out each month.0 -
Well done on your progress so far:D
Good Luck0 -
Thank you setmefree2.
Although the monthly overpayment limit on my fixed rate mortgage is £500, I have paid a little more on 3 occasions this year with no penalty.
The most I have paid in one month is £750 (£250 extra).
It was a genuine mistake the first time I did it, because I changed my bill payment account and standing orders went out of both accounts during the transition period.
I panicked and phoned Customer Services and they told me that the penalty charge when it is made is applied automatically and would show on the account immediately. She assured me that no charge had been made, but she did offer to refund the extra overpayment if I wanted it back.
With this knowledge, I have sneakily paid a little extra on a few more occasions with no problems so far.
I've just sold some stuff on eBay that was sat in the garage gathering dust, so I have just sent another £175 to the mortgage account.
If I go through every single useless/unused/unwanted/no longer required item in the garage, there must be at least £500 worth of stuff to flog on eBay.
I'll see what I can get rid off in the next few weeks, to add to my January payment.0 -
I've joined the 2009 MFW thread and my target is to get the mortgage below £88,000.
It currently stands at £97,450.
I'm secretly hoping to get it to £85,000, but that would probably be dependant on profit share from our respective employers, and I wouldn't want to set an unrealistic target.
When I checked my Nationwide mortgage account online yesterday, the daily interest had fallen below £13 for the first time.
I check the balance once a day (interest is added daily).
It was £12.77. :T0 -
Ohhhhh another MFW diary! :j Good luck on your journey to MFness!Mortgage free as of 12/08/20!
MFiT-5 no 45You can't fly with one foot on the ground!0 -
When I checked my Nationwide mortgage account online yesterday, the daily interest had fallen below £13 for the first time.
I check the balance once a day (interest is added daily).
It was £12.77. :T
:rotfl:Welcome urabairu I think you'll fit in well here :rotfl:A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
Mortgage Balance = £0
"Do what others won't early in life so you can do what others can't later in life"0 -
If I go through every single useless/unused/unwanted/no longer required item in the garage, there must be at least £500 worth of stuff to flog on eBay.
I'll see what I can get rid off in the next few weeks, to add to my January payment.
I've just finished taking pictures and listing 22 items on eBay.
What a time consuming task.
Hopefully, if most of it sells for 3/4 of what I expect, I should have about £450 after eBay/Paypal fees.
I've still got another 15 items to go, and the garage is still full of c**p.
I might have to try a car boot sale too, although I've never done one. :eek:
gallygirl -I think it's great support group for like-minded obsessives. :rotfl:0 -
Good luck with your e baying!:D 0
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