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    • DireEmblem
    • By DireEmblem 17th Jun 17, 10:13 AM
    • 284Posts
    • 184Thanks
    Chip Chip Chipping away
    • #1
    • 17th Jun 17, 10:13 AM
    Chip Chip Chipping away 17th Jun 17 at 10:13 AM
    Well after logging on today, I had a message containing a 10 year badge, so looks like I've been lurking around here for a while!

    I've just purchased my first property - 2 bedrooms, that met all my goals -
    Central to town
    Bigger than current rented flat
    Cheaper than my current rent

    All things going well, I move in on the 31st of July, taking on the most debt that I have ever had

    I may also take a lodger to help lighten the burden and help me on this journey, but need to look into how this works re mortgage etc.

    So, now to work out how best to chip away at that 172k figure! I have kept back an amount that I worked out to be equivalent of 6 months of my salary, so I'm able to start saving from day 1. Very quick glance suggest that I shouldnt overpay in the first two years(2% charge, and interest on mortgage at the very least is less than a regular saver).

    Wish me luck!
    Last edited by DireEmblem; 17-06-2017 at 1:05 PM.
Page 1
    • A Frayed Knot
    • By A Frayed Knot 17th Jun 17, 10:21 AM
    • 2,027 Posts
    • 9,229 Thanks
    A Frayed Knot
    • #2
    • 17th Jun 17, 10:21 AM
    • #2
    • 17th Jun 17, 10:21 AM
    Good Luck from me and wish you well.

    Have a second glance at your mortgage as most (not all, but most) allow you to o/p 10% of balance at beginning of each year.

    But as you say, if regular saver interest % is more than mortgage %, then save, only drawback I can see here is if you were going to o/p more than regular saver allows you to deposit each month. I would then do both - save and o/p, unless of course, you have more than 1 regular saver
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/£4000, 2015/£6294.69,2016/£3186.80
    2017 £2422.71 + Phantom o/ps 2017 -£1367.81 so far
    • DireEmblem
    • By DireEmblem 2nd Jul 17, 9:14 PM
    • 284 Posts
    • 184 Thanks
    • #3
    • 2nd Jul 17, 9:14 PM
    • #3
    • 2nd Jul 17, 9:14 PM
    Thanks AFK,

    I've now had my mortgage confirmed, and I will finally get my keys on the 27th of July so not long now!

    I will be getting a lodger in September, and anything from that will be set aside for when I change my deal in 2 years time.

    Regular savers look to be key - 5% going by this site, so will be looking to contribute as much as I can into that.

    Current level of debt £173,500 - which does seem slightly daunting, but when I look at my repayments, and that only £164 of that is interest - the rest is technically going back into my pocket as capital repayment, so much better for me than £600 in rent!

    My mortgage free journey I guess only really starts when everything is signed, so I will be keeping a good track from the 27th of July.

    At the moment I'm just looking at what I can do to to reduce outgoings. The first item will be to do a massive shop, so that I have snacks etc in the flat, rather than relying on takeaway! I have a trick at the moment - everytime I have comfort food - say pizza for brunch after a night out etc, I put a pizza express in the oven that only costs a few quid, rather than pay for say dominoes, and the remaining change(to the value of £20 goes into my savings!
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