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    • Mfw2016
    • By Mfw2016 25th Sep 16, 12:47 AM
    • 30Posts
    • 60Thanks
    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
    • 30 Posts
    • 60 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
    • 291 Posts
    • 3,426 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.

    D17/J18 £75.27/£140.00
    CCC - no clothes buying 2018
    Lunch 2work 9/22 J18; FoodNSD 12/31 J18
    • Mfw2016
    • By Mfw2016 11th Oct 16, 2:14 PM
    • 30 Posts
    • 60 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
    • 3,612 Posts
    • 10,210 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.

    CWP start 16st2lbs, current 15st5lbs, lost 11lbs
    Debt Free 21st December 2017, £15,000 paid off in 2017
    • Mfw2016
    • By Mfw2016 23rd Nov 16, 9:21 AM
    • 30 Posts
    • 60 Thanks
    Not been on for a while. Felt like nothing was going to happen for a long time as I had to wait for confirmation from the local council that I was eligible to buy the property - its a discounted "affordable" house.

    I went around and around again for weeks trying to find out who to speak to then, low and behold it was done and dusted in a 5 minute phone call and I had the paper in my hands 30 minutes later. That was on the 15/11. One week later I was asked if we can complete next Tuesday - 29th!

    We are all on track and i'm going in to sign tomorrow.

    All I have done since is work on my studying and on one of the weekends, I went to the old flat, opened most boxes and de-cluttered. I sent loads to the charity shop and loads to the tip but there are still over 20 boxes! I barely touched the kitchen stuff because everything was wrapped up nicely. I may just take each item out of the box, check what it is, see if I want it and if not, move it straight into another box to go back to the charity shop.

    Maybe next time i'm on here I will be saying its all done! Fingers crossed (and toes)

    • Mfw2016
    • By Mfw2016 27th Nov 16, 7:27 PM
    • 30 Posts
    • 60 Thanks
    Well the mortgage will be sent to the solicitors and providing nothing disastrous has happened over the weekend, we will be exchanging tomorrow and completing on Tuesday!

    Exciting times ahead but scary! I'm nervous but can't wait to move in.

    If all goes to plan, on Tuesday I will get the keys, go down and see if anything needs doing. The rest of the week will be studying and cleaning up and then next weekend, we get the hire vehicle and we move my things in. I also have to find some time to pack the bits I have at Mums house!

    Ooh an exciting busy week ahead for me!!
    • Maximum Saving
    • By Maximum Saving 27th Nov 16, 7:41 PM
    • 181 Posts
    • 333 Thanks
    Maximum Saving
    Hi there. It is great that you have worked out how old you will be when your mortgage is paid off. I am pleased that you have looked into how much you can pay in overpayments. In my experience overpayments can reduce a mortgage term.

    I began my 25 year mortgage in 2010. My first deal lasted for two years and close to the end of it I went to see a mortgage advisor. I had hardly paid off much in those two years. So I asked her how much per month my direct debit would be if I changed the term to 10 years. I began a five year fixed mortgage deal in 2012. Therefore it ends in 2017. Due to my overpayments I will be able to pay it off in 2017.

    I am allowed to pay up to £500 a month more that my direct debit amount. If I wish to pay more there would be a 5% fee. I am using Regular Saving Accounts and overpayments to help pay off my mortgage. I will be 44 years old when my mortgage is paid off.
    • Kittenkirst
    • By Kittenkirst 27th Nov 16, 7:44 PM
    • 1,711 Posts
    • 9,118 Thanks
    Remember you can use sites like freecycke & gumtree to donate bulkier goods which can save having to carry too much to the charity shop

    Good luck for Tuesday!
    2018 MFW #20 - OP £391.44/ £3000 13%

    Emergency fund £4K/ £6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    Overpayments 2016 £255.50 2017 £2600.40
    • Mfw2016
    • By Mfw2016 9th Dec 16, 9:05 AM
    • 30 Posts
    • 60 Thanks
    Hi all

    Well I got the keys and I moved in last Saturday - was a very busy weekend. Bought loads of my furniture. Have a few things left to get and I have a few bills that will need paying. No problem I thought, when my flat sells I'll get 2K back.

    Well fast forward less than one week and the flat sale has fallen through. It’s been 6 months and right at the last hurdle, they pulled out with no explanation whatsoever. Mum is trying to find out why after we have spent money getting papers from the council that they asked for and we have paid solicitor’s fees etc.

    I am devastated. The whole reason for selling the flat and for moving and getting my own property was so that I could release my parents from financial strain but it’s just not worked. They are 60+ and are now responsible for a mortgage, which fair enough is only for 12 years, but it’s still a mortgage and my dad wants to retire.

    I hoped that in doing this, they would be free and then when mum got her pension - dad could retire and they could go off cruising while they still had their wits about them, which is their favorite thing. Now the only choice is to rent it out and get someone in it helping to pay the bills.

    I don’t know what to do to help. A very sad day today.
    • Mfw2016
    • By Mfw2016 22nd Dec 16, 9:13 AM
    • 30 Posts
    • 60 Thanks
    Well the flat is rented, I received most of my cash back - the house is practically finished and I'm almost ready for Christmas!

    Funny how time can change things....x
    • Dolly Rocker
    • By Dolly Rocker 22nd Dec 16, 10:11 AM
    • 3,612 Posts
    • 10,210 Thanks
    Dolly Rocker
    Aw fab.

    I hope you have a fabulous Christmas.

    CWP start 16st2lbs, current 15st5lbs, lost 11lbs
    Debt Free 21st December 2017, £15,000 paid off in 2017
    • Mfw2016
    • By Mfw2016 24th Apr 17, 9:13 PM
    • 30 Posts
    • 60 Thanks
    Wow! 6 months since I started the diary! I only realised the other day I hadn't posted in what felt like forever! Took me a while to remember my name and my password

    Well, the bills are starting to settle but they are definitely higher than the flat. Mainly because I only have one provider for my internet and they put the price up at the start of April so I won't be staying with them beyond my contract unless they can reduce the price. My gas and electric are being overestimated as I have stairs! hopefully, they will re-evaluate it in 6 months and drop the price as I'll end up in shocking credit before I know it.

    My TV Licence is obviously in the first 6 months so should drop soon. Other than that, I am doing ok. I am paying Mum and Dad back for the money they loaned me on the car and I am paying for other bills that cropped up without me realising. The house is practically ready as is, just a tin of paint required at some point.

    The plan of action is paying the bills over the next 6 months and starting next January (all going to plan) I will start to increase money to mum, sending extra to the mortgage and creating a "Rainy Day" fund.

    I just hope that this is the case.....

    Until next time x
    • Tahlullah
    • By Tahlullah 25th Apr 17, 8:27 AM
    • 832 Posts
    • 4,761 Thanks
    What a shame it went wrong for you, but look, it's all good again. Time is great at sorting things out!

    Wishing you luck on your journey and getting settled so you can start to plan for your Mortgage Free day!

    Striving to be mortgage free.
    2018 MFW #135

    £100 of £2000
    • Mfw2016
    • By Mfw2016 9th Jun 17, 10:25 PM
    • 30 Posts
    • 60 Thanks
    Again life is getting away from me!
    I haven't posted in over a month and it feels like 5 minutes.

    I'm having a difficult month but its more a case of trying to get ahead of myself instead of letting myself get lead astray.

    I managed to negotiate my gas and electric down to a reasonable price and that's made things a little easier, but then I messed up with one of my calculations and I didn't put enough aside for my ground rent, so when that bill came through, I had half to find.

    I have managed to pay it without popping it on a credit card, but this is more the reason why I'm having a difficult month. I am trying to cope on just paying the basic bills this month, using my little pots of cash that I have and attempt to leave my credit card empty, mainly so I can throw more money at the interest-free card I have, to get it cleared before the introduction period runs out.

    So I am plodding along, writing shopping lists, keeping mindful of my fuel consumption and studying for two exams. They are the reason I am 'getting by' and not resorting to a big blowout down the shopping centre....

    Until a month time! x
    • Mfw2016
    • By Mfw2016 10th Jul 17, 1:46 PM
    • 30 Posts
    • 60 Thanks
    Haha! I estimated a month and here I am! Final exam is on Wednesday and then I'll be free from studying ����

    Still pottering along... just getting the bills paid, dealing with what little money I have left and trying not to splurge on things I don't need. However things I do need are getting bought. I purchased a microwave the other week. Trying to eat better, batch cooking etc but was finding it difficult not being able to reheat meals unless I had them for lunches at work. So that purchase helped.

    Bought some sandals on Saturday which were also needed as my summer shoes were none existent and it's been glorious weather here (until today).

    Also bought a printer yesterday for my home studying and signed up to HP Instant Ink scheme which should save me some pennies.

    Also not sure if I mentioned it but I cancelled my gym membership last month so the final payment has gone and I'm £30 odd better off each month.

    Not much else to report. Hopefully next time I'll have passed my exam and it will be nearly time for my first holiday in 7 years! I think I deserve it!!! Xx
    • Mfw2016
    • By Mfw2016 21st Aug 17, 4:45 PM
    • 30 Posts
    • 60 Thanks
    Been a while again - just a quick update this time as I need to run...
    I passed my final exam and bought the next course!!
    I don't do things by half do I?

    I am trying my best to pay off my credit card before the term ends and I am intending to pay the interest in full on my mortgage each month starting March next year. I've played with the figures and the amount is less than the amount i'm paying off my credit card!!

    • newbiesaver55
    • By newbiesaver55 28th Aug 17, 7:55 AM
    • 71 Posts
    • 45 Thanks
    Well done on passing the exams MFW2016! I hope to be studying when I'm much older than you - it's an investment in my career which should help with the ££ too for us both.

    I missed the bit about credit cards so I'll go and catch up on that.
    • Mfw2016
    • By Mfw2016 31st Dec 17, 6:25 PM
    • 30 Posts
    • 60 Thanks
    Wow! It’s been a while since I was here. The credit card is paid off and has been for a month now. I paid my mum extra money this month, leaving a bit left to pay vet bills which was needed. My health hasn’t been the best over the last few months, but hopefully we have got to the root of what is going on and I can sort it.

    Not paying any extra to the mortgage yet as still owe mum a significant amount, so will get as much of this paid off as quick as I can. I will jump for joy the day that is paid off as I will have so much money at my disposal and I can look at clearing the mortgage down rapidly then.

    I will be hopefully selling some bits in the New Year and the additional money will go to paying my parents.

    Hopefully the next time I update, there will be a large reduction in the amount owed.

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