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  • FIRST POST
    • Swash
    • By Swash 15th Mar 17, 6:42 PM
    • 99Posts
    • 195Thanks
    Swash
    On the road to freedom..
    • #1
    • 15th Mar 17, 6:42 PM
    On the road to freedom.. 15th Mar 17 at 6:42 PM
    Hello everyone!

    I finally did it! After saving up for many years on my own, I finally have my own home. This has been a dream of mine for many many years.

    Just 8 years ago I was jobless, miserable, and in debt. I had a lightbulb moment and decided to change my life for the better. I got myself a good job, cleared all of my debts and started to save, with the aim of buying a house and then paying off the mortgage.

    At the beginning of this month I completed on my very own home. My first payment came out he bank yesterday and today I made my first overpayment. My plan is to overpay as much as possible every month. I would like to have a more S.M.A.R.T target with regards to overpaying but if I'm honest I can't really figure out the overpayment calculator, or even how to make a chart that I can colour in

    My mortgage is £112500 at 2.84% fixed for two years. There is also a fee added on to this of £300. Shall I pay this fee off to make it easier to work out?

    Anyway, I'm going to concentrate my efforts on overpaying and keep track of my progress by rambling away on here. Hope I haven't bored you too much. Wish me luck
    "Nothing is permanent in this wicked world, not even our troubles".

    Overpayments: £223.57
Page 1
    • freshcotton
    • By freshcotton 16th Mar 17, 6:44 AM
    • 200 Posts
    • 510 Thanks
    freshcotton
    • #2
    • 16th Mar 17, 6:44 AM
    • #2
    • 16th Mar 17, 6:44 AM
    Well done on the purchase! Homeownership is a great feeling.

    mortgage overpayment calculators are pretty straightforward, have you tried the one on the MSE website? Iv spent many hours on that.
    Mortgage Start - August 2013 £145,000 ************ Balance at April 2017 - £59,000

    Target - Overpay by £2,500 each month ************** Mortgage free by December 2018!
    • edwink
    • By edwink 16th Mar 17, 6:52 AM
    • 1,557 Posts
    • 11,481 Thanks
    edwink
    • #3
    • 16th Mar 17, 6:52 AM
    • #3
    • 16th Mar 17, 6:52 AM
    Well done to you. Wishing you the very best of luck.

    We paid off our mortgage bit by bit and being mortgage free is a wonderful feeling because we are no longer having to worry if we make the payments on time etc. We threw every penny we had at it and finally it was gone. Best feeling in the world when you finally get there.

    Do you know how much you can overpay per month/year? Some lenders only allow up to 10% of what you owe per year. Might be worth checking if you don't actually know how much you can overpay. Our mortgage was a repayment and wasn't fixed so we could overpay what we could afford.

    Keep up the good work. I shall be following you on your mortgage free journey. Good luck

    Edwink
    Last edited by edwink; 16-03-2017 at 6:55 AM.
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    • Swash
    • By Swash 16th Mar 17, 12:05 PM
    • 99 Posts
    • 195 Thanks
    Swash
    • #4
    • 16th Mar 17, 12:05 PM
    • #4
    • 16th Mar 17, 12:05 PM
    Thanks Edwink and Freshcotton. I can overpay 10% per year a it is fixed for 2 years. I will have a go at the overpayment calculator. I'm hoping to pay at least £200 per month extra onto my mortgage, but I'm leaving my job at the end of the year so I also need to save some money just in case.

    It's a little daunting having triple figures so at the minute my first goal is to get into double figures. Is it sad that I'm excited to start?
    "Nothing is permanent in this wicked world, not even our troubles".

    Overpayments: £223.57
    • freshcotton
    • By freshcotton 16th Mar 17, 12:39 PM
    • 200 Posts
    • 510 Thanks
    freshcotton
    • #5
    • 16th Mar 17, 12:39 PM
    • #5
    • 16th Mar 17, 12:39 PM
    Excited? Wait till you play around with the mortgage calculator and work out the interest saved, that's the real exciting bit.
    Mortgage Start - August 2013 £145,000 ************ Balance at April 2017 - £59,000

    Target - Overpay by £2,500 each month ************** Mortgage free by December 2018!
    • Swash
    • By Swash 29th Mar 17, 11:27 AM
    • 99 Posts
    • 195 Thanks
    Swash
    • #6
    • 29th Mar 17, 11:27 AM
    • #6
    • 29th Mar 17, 11:27 AM
    Hello everyone. I haven't posted for a little while because I've been moving into my new home and decorating. I still have a long way to go but I guess I'll have to be patient. As you can imagine, this month has been tight for money due to buying furniture etc.

    I'm hoping to overpay £200 next month. I also need to save up a decent emergency fund as I am changing jobs at the end of the year so I need some savings just in case I can't start work straight away. 2 days until pay day!
    "Nothing is permanent in this wicked world, not even our troubles".

    Overpayments: £223.57
    • Swash
    • By Swash 18th Apr 17, 6:16 PM
    • 99 Posts
    • 195 Thanks
    Swash
    • #7
    • 18th Apr 17, 6:16 PM
    • #7
    • 18th Apr 17, 6:16 PM
    Hey everyone!
    So, payday has come and gone, I managed to overpay £200 this month so I'm happy with that. I did get £500 cash back that my solicitor has been hoarding for 6 weeks so I may still pay more towards the mortgage. It's sat in savings at the minute.

    I still need to get used to not having as much money in the bank, as my money was my house deposit. So I still feel like I'm skint even though I have quite a bit of savings still in the bank. I guess I'll have to get used to it!

    Hope everyone had a great Easter x
    "Nothing is permanent in this wicked world, not even our troubles".

    Overpayments: £223.57
    • Kittenkirst
    • By Kittenkirst 18th Apr 17, 6:31 PM
    • 1,277 Posts
    • 6,065 Thanks
    Kittenkirst
    • #8
    • 18th Apr 17, 6:31 PM
    • #8
    • 18th Apr 17, 6:31 PM
    Hi Swash, is the house starting to feel like home yet?

    £200 is a great start for overpayments, well done!

    Have you looked at doing a statement of affairs to look at where you could make savings with your budget? I found that a fab way to understand my income & expenditure

    Best of luck with your mortgage free quest!
    Emergency savings- £2170.20 /£4000
    Mortgage Oct '16- £170.995 LTV- 90% end date Nov 2041
    2016 OPs £255.50/£150
    2017 MFW #20 - OP £948.07/ £2150. 44%
    Jan- £68.21, Feb- £306.67, March- £272.01 April-£301.69
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