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  • FIRST POST
    • SeekingFlight
    • By SeekingFlight 8th Sep 17, 11:33 AM
    • 9Posts
    • 39Thanks
    SeekingFlight
    Buying the Birdhouse - mfw 2017
    • #1
    • 8th Sep 17, 11:33 AM
    Buying the Birdhouse - mfw 2017 8th Sep 17 at 11:33 AM
    Greetings,

    Welcome to my first mfw diary it's nearly a year since I actually got my mortgage and yesterday i made my final over payment of year 1. Since i didn't spend as much on the move as i expected it was moderately easy to overpay the full 10% (more than that and i get penalised). Year 2 will be more of a push so i thought i would start a diary to help me keep focus.

    This is my first home and it's been a bit more of a struggle than i expected to keep on top of it's needs. It currently comprises of me (35), my partner (37) and a syrian hamster called Siri because he looks at me like he knows everything and i am an idiot.

    Y1 Breakdown looked like this
    Mortgage: £200,000
    Interest: 2.18% fixed for 5 years
    Monthly Payment: £815.16
    Regular over payment of £300 per month

    Y2 (Where i am now)
    Mortgage: £174,621.45
    Interest: 2.18% fixed for 4 years
    Monthly Payment: £780.11
    Regular over payment: £335.51 per month

    Things to do:
    1. SOA creation
    2. Review monthly budget
    3. Get on the make 10 a day challenge

    happy saving
Page 1
    • Silence101
    • By Silence101 8th Sep 17, 12:43 PM
    • 167 Posts
    • 273 Thanks
    Silence101
    • #2
    • 8th Sep 17, 12:43 PM
    • #2
    • 8th Sep 17, 12:43 PM
    Well done on overpaying 10% in the first year, it's always impressive seeing the numbers go down at the end of the year!
    09/2017 We might be homeowners by the end of the month...
    • SeekingFlight
    • By SeekingFlight 19th Sep 17, 1:04 PM
    • 9 Posts
    • 39 Thanks
    SeekingFlight
    • #3
    • 19th Sep 17, 1:04 PM
    • #3
    • 19th Sep 17, 1:04 PM
    It's my 1st Houseiversary

    They took my mortgage money 1 year ago today. Tomorrow i can start paying off the 10% over payment for year 2 and having done some working out i'm going to make an additional over payment each month instead in larger chunks. I have a 6 month buffer that i'm not willing to part with but i do shuffle the cash around.

    Currently i have a 12 month regular saver that pays out in October at 5% the money in it makes more in interest than the equivalent amount costs on the mortgage. So i'm moving cash out of the buffer and onto the OP until it pays out when i'll put the money back into the buffer and move the interest onto the OP.

    Sometimes i think i get it and sometimes it confuses me! I wish they had taught basic budgeting, pension info and explained compound interest in secondary school.
    September make £5 a day £0/£150
    SPC Member 581 - 2107

    "Remember not to do too many things at once" said me to herself.
    • pinkypig
    • By pinkypig 19th Sep 17, 9:17 PM
    • 582 Posts
    • 5,806 Thanks
    pinkypig
    • #4
    • 19th Sep 17, 9:17 PM
    • #4
    • 19th Sep 17, 9:17 PM
    What an amazing start. The very best of luck with your journey

    PPxx
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