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  • FIRST POST
    • DireEmblem
    • By DireEmblem 17th Jun 17, 10:13 AM
    • 283Posts
    • 181Thanks
    DireEmblem
    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
    • 1,982 Posts
    • 8,986 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 -£1274.71 so far
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