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  • FIRST POST
    • Mfw2016
    • By Mfw2016 25th Sep 16, 12:47 AM
    • 25Posts
    • 44Thanks
    Mfw2016
    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
    • 25 Posts
    • 44 Thanks
    Mfw2016
    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
    • 285 Posts
    • 3,211 Thanks
    ScotinLondon
    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.

    SIL
    NSD J17 15/31; F17 20/26; M 19/23; A 17/30; M 17/31
    GC J17 119.36/140; F17 35.60/140; M 76.65/140; A 0/140; M 0/140
    • Mfw2016
    • By Mfw2016 11th Oct 16, 2:14 PM
    • 25 Posts
    • 44 Thanks
    Mfw2016
    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.

    Xx
    • Dolly Rocker
    • By Dolly Rocker 11th Oct 16, 2:51 PM
    • 3,099 Posts
    • 8,526 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.

    Dxxx
    Goals
    Debt free by Christmas 2017
    Save for Christmas 2017
    Goal weight of 10st 7lbs by Christmas
    Add to deposit savings
    • Mfw2016
    • By Mfw2016 23rd Nov 16, 9:21 AM
    • 25 Posts
    • 44 Thanks
    Mfw2016
    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)

    x
    • Mfw2016
    • By Mfw2016 27th Nov 16, 7:27 PM
    • 25 Posts
    • 44 Thanks
    Mfw2016
    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!!
    Xx
    • Maximum Saving
    • By Maximum Saving 27th Nov 16, 7:41 PM
    • 162 Posts
    • 316 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
    • 1,331 Posts
    • 6,314 Thanks
    Kittenkirst
    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!
    Emergency savings- 2660 /4000
    Mortgage Oct '16- 170.995 LTV- 90% end date Nov 2041
    2016 OPs 255.50/150
    2017 MFW #20 - OP 1090.99/ 2150. 50%
    Jan- 68.21, Feb- 306.67, March- 272.01 April-324.05 May 120.05
    • Mfw2016
    • By Mfw2016 9th Dec 16, 9:05 AM
    • 25 Posts
    • 44 Thanks
    Mfw2016
    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
    • 25 Posts
    • 44 Thanks
    Mfw2016
    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
    • 3,099 Posts
    • 8,526 Thanks
    Dolly Rocker
    Aw fab.

    I hope you have a fabulous Christmas.

    Dxxx
    Goals
    Debt free by Christmas 2017
    Save for Christmas 2017
    Goal weight of 10st 7lbs by Christmas
    Add to deposit savings
    • Mfw2016
    • By Mfw2016 24th Apr 17, 9:13 PM
    • 25 Posts
    • 44 Thanks
    Mfw2016
    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
    • 598 Posts
    • 3,924 Thanks
    Tahlullah
    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!

    Tx
    Striving to be mortgage free.
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