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MF before I'm 57!

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24

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  • McTaggus
    McTaggus Posts: 279 Forumite
    Sixth Anniversary 100 Posts Combo Breaker
    Hi! :hello:

    Welcome to the mortgage free journey! Your first post totally captures how I felt just five months ago! That initial sense of panic that sets in and makes you wonder what you've done! I love my new place, and still do 5 months on, but the debt keeps preying on my mind on a regular basis and keeping me awake - but that's a good thing, because it's giving me constant motivation to make sure I pay it off as soon as I possibly can!

    Wishing you all the best for your journey!
  • pollyanna24
    pollyanna24 Posts: 4,390 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Hello! I have a mortgage free diary on here, but haven't updated in a while.

    The reason how I stumbled across your diary is because I tapped AAT into the search facility and your post came up!

    I'm currently debating whether or not to start the course (as it's a lot of money), but I'm going to hijack your thread.

    I'm also single (bit older than you at 35), but I have the children (two of them, but no more ever!)
    Pink Sproglettes born 2008 and 2010
    Mortgages (End 2017) - £180,235.03
    (End 2021) - £131,215.25 DID IT!!!
    (End 2022) - Target £116,213.81
  • cat683
    cat683 Posts: 19 Forumite
    Hi Mfw2016!! :)


    Welcome to the forum and good luck with everything!! Getting the mortgage, moving and then trying to pay it up early :)
    It's an exciting time!
    Looking forward to your updates
  • Mfw2016
    Mfw2016 Posts: 34 Forumite
    I managed to make £25 yesterday which has gone in to the savings pots. There was some money made from selling clothes that didn't fit and I sold my old desk as it is too big for the new house and I didn't like it anyway!

    More money for the moving pot!
  • Mfw2016
    Mfw2016 Posts: 34 Forumite
    Wow! Hi Everyone!
    Cant believe so many people are reading this. I expected to just be talking to myself!

    Polly - AAT is definitely worth it - well it is in my case. Its one of the reasons I can start this journey.

    The initial nerves have ended - I just feel inpatient now!
    I want to get in and start messing around, fitting furniture in and being independent again....I hate waiting, especially for solicitors! I know they aren't the fastest....

    Need my mums house to hurry up and go through as its the source of my deposit.

    Grrrrr xx
  • Mfw2016
    Mfw2016 Posts: 34 Forumite
    Hi all.

    Its payday today :)
    Money sorted and £35 that I made in cash this month went across to the savings pot. £300 will follow tomorrow ( need to wait until new month ticks over) and then I have £200+ to spend next month on myself, however I could have storage costs to come out of this.

    I got told yesterday that when my life insurance has been paid for 3 consective months, I will get a £70 M&S gift card and if I take out building and contents with my provider, I can get a £50 Amazon voucher, which will be fabulous. I already get £750 cash back for taking out the mortgage so more money for me :)

    Had to pay my rent this month as mums house hasn't completed, but this means I'' get more money back later :)

    Ooh its a good day x
  • Mfw2016
    Mfw2016 Posts: 34 Forumite
    Grrrr. Got a salary increase right over when I started applying for my mortgage :j:j:j:j

    However, they calculated my terms on my old student loan payment. My student loan has increased by £12 per month once I got the rise, and by default they have now pushed my mortgage back out to 29 years :eek::eek:

    My payments will decrease, but that's not the point! I'm annoyed!!!
    How can a £12 increase on a expense cause them to have to increase my term by 3 years??

    Grrrrr
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Tenth Anniversary 1,000 Posts Name Dropper I've been Money Tipped!
    Hi Mfw2016,

    Just popping on to wish you good luck with the house & the move!

    That is crazy how that 12.00 has increased the term by 3 years :mad:

    I really don't understand it but that is coming from someone who doesn't have a mortgage so no surprise there :p

    Dxxx
  • NorthernMonkey1
    NorthernMonkey1 Posts: 352 Forumite
    Ninth Anniversary 100 Posts Combo Breaker Mortgage-free Glee!
    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
  • Mfw2016
    Mfw2016 Posts: 34 Forumite
    NorthernMonkey1 wrote: »
    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

    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 :)
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