Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

    • syntheticpulse
    • By syntheticpulse 17th Oct 16, 4:34 PM
    • 6Posts
    • 3Thanks
    Putting plans in place
    • #1
    • 17th Oct 16, 4:34 PM
    Putting plans in place 17th Oct 16 at 4:34 PM
    Hi everyone!

    After what felt like a lifetime of scrimping and saving, my now husband and I purchased our first house two and a half years ago.

    We purchased the best we could afford, up and coming area, pristine house overlooking a golf course with fab transport links for £115k, and a mortgage of £103.5k , on a fixed for 5 years deal at 4.79%.

    2.5 years on, we're nearly done with a P2P car loan (helpfully,car died about 2 months after moving in to above house and had to be replaced when we were flat broke!! Talk about timing.) and then at the start of August just gone we got married! Now all the 'big' expenses are done, and a few months ago I argued myself a 30% pay rise. It finally feels like things are OK, and not a total uphill struggle.

    The mortgage is currently just over £97k. I'd really really like it gone as soon as possible, because I'm 29 and my husband is 42 so there was always going to be a HUGE gap inbetween our retirement dates. I don't want life later on to be me working full time and him fully retired - I want to enjoy time with him.

    I've been thinking that once the car loan is gone next August, that money can go into an overpayment until the end of the fixed rate, then we can really up the payments. Once we're into a good LTV bracket, I may see if we are eligible to move into an offset mortgage deal which should allow us to save and reduce the mortgage even more whilst still giving us access to funds if we need them.

    I've had a play with the overpayment calculator, and it looks like if we really work hard, this just might be do-able around when I hit 40. Obviously this doesn't factor in any unseen life changes but touch wood, things will stay steady.

    I know I've rambled a bit here but seeing it laid out helps. I'd love to be in a position to drop down to part time so we can spend more time doing what we love (working with dog rescues!) together.

    Any tips greatly appreciated!
Page 1
    • Jessy103
    • By Jessy103 17th Oct 16, 5:01 PM
    • 525 Posts
    • 2,234 Thanks
    • #2
    • 17th Oct 16, 5:01 PM
    • #2
    • 17th Oct 16, 5:01 PM
    Good luck with your mortgage free journey!
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,348Posts Today

7,169Users online

Martin's Twitter
  • Wow miracles do happen. I've done a political twitter poll today and (so far) no one has attacked me after confusi?

  • I must admit I'd expected the same two to top both the 'best' and 'worst' PM (of the last 4) poll. Yet (and it's?

  • Today's Friday twitter poll 2: Which of the last four UK Prime Ministers would you say was the worst? (To pick th?

  • Follow Martin