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    • Mfw2016
    • By Mfw2016 25th Sep 16, 12:47 AM
    • 18Posts
    • 15Thanks
    MF before I'm 57!
    • #1
    • 25th Sep 16, 12:47 AM
    MF before I'm 57! 25th Sep 16 at 12:47 AM
    Hi all.

    Today I signed up for a mortgage!! If all goes to plan, I will soon be the proud owner of my dream home and a 26 year mortgage!

    I currently can't sleep and I'm not sure why... Is it because of what I did today, or someother reason? Who knows! I will however make the most of not being able to sleep and I'll put a plan in to place to pay this mortgage off as fast as possible.

    I went in to the meeting, being told that the bank was willing to lend me the £80K possible over 33 years and walked out having it reduced to a term of 26 years, so in one day I've already reduced the term down by 7 years!!!

    However, 26 years still means that I will be 57 when its all paid off

    I made sure that the mortgage that I went for was one where I can make overpayments, and it was agreed that I can pay £7k per year extra without incurring any costs.

    A little bit about me. I am 31, female and buying on my own. I work in accounts earning £20k pa and unless anything changes soon, I don't see myself having children in the future. I don't have the patience nor the inclination. I am a career girl and I am exhausted running around after my baby niece for the afternoon!

    I can comfortably pay my mortgage and the property should cost me in bills, the same I have been used to paying when I was renting. This means that providing everything works out as I have estimated, I should have approximately £600 per month to put aside for an emergency fund, treat myself to a holiday (been 7 years since my last one ) and overpay my mortgage!

    I do not want to be still paying for a mortgage when I'm 50 let alone 57, so this diary will be my log of how I will work to budget, create an emergency fund and reduce the term on this massive loan I have essentially taken out!!!

    Please wish me luck! I think I'm going to need it!! Xx
Page 2
    • Mfw2016
    • By Mfw2016 5th Oct 16, 2:51 PM
    • 18 Posts
    • 15 Thanks
    Remember your payment term only increases if you keep the minimum payment. If you increase your payment back by £12, the term will drop back to 26 years
    Originally posted by NorthernMonkey1
    Thats a good way to look at it!
    I was going to make overpayments anyway once it finally starts so ill just increase it by the £12 as well
    • ScotinLondon
    • By ScotinLondon 5th Oct 16, 9:02 PM
    • 243 Posts
    • 2,865 Thanks
    Just found your diary.. will subscribe.
    Good luck with everything...

    I started ACCA three years ago and now am on the professional papers, hard but worth it and in some cases, enjoyable too.

    Keep plugging away with all the pots, things do have a habit of coming together.

    NSD J16 23/31; F16 19/29; M16 24/31; A16 24/30; M16 19/31; J16 20/30; J16 20/31; A16 25/31; S16 23/30; O16 3/31
    GC Mar-Jun £620.04/760; July/Aug £109.53/£140; Aug/Sept £138.88/£140; Sept/Oct £24.62/£140
    CCC 2016 £31.43/£400
    • Mfw2016
    • By Mfw2016 11th Oct 16, 2:14 PM
    • 18 Posts
    • 15 Thanks
    Another £100 went in the savings pot this weekend. I sold my chest freezer for £50 as there is no room for it in the new house so that went across. I also moved a spare £20 I had laying around and £30 which I would have paid on my TV subscription which I cancelled when I moved back to my mums.

    I had the valuation on the house approved on Friday and my mortgage application was approved yesterday so all things are looking up and going ahead.

    The flat (where my deposit is) is almost ready for completion so all is looking favorable and happy.

    • Dolly Rocker
    • By Dolly Rocker 11th Oct 16, 2:51 PM
    • 2,526 Posts
    • 6,636 Thanks
    Dolly Rocker
    Excellent! Love it when you get a wee bit extra into the savings pots.

    I can't wait till January so that I can start buidling up my savings again.

    Eeeeeek so exciting.

    ***Diet 27lbs/84lbs***
    ***Debt £6,186.67/£14,523.76***
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