Hello! Brand new MFW...with the full 25 years ahead !!

jamtart6

Hello all!
Well I'm starting very early to be a MFW but I suppose that gives me a better chance at being MF right?? (hope so! )

Hoping to exchange on our very first house tomorrow, so fingers crossed, the first mortgage payment will be taken on 1st Jan (happy new year hey!). Obviously I do not want to be paying it back for the next 300 months of my life, so hoping to pick up some top tips from you guys!

One good thing is that we had budgeted to pay £700 per month, but as our deposit went up and prices went down, our monthly payment is £500. It would have been tight on £700, but I think if we aim to pay £600 a month for the first few years that £100 overpayment a month is a start...right???:o

I always remember my parents saying that they overpayed whilst they were both in full time employment, and a good job they did as they had no idea what was around the corner, so i think I'm going to try and do the same! I love a good challenge me

So anyway just wanted to say hi!!

poppyoscar_3

Welcome and good luck! I started mine on Jan 1st last year!

Have fallen off the wagon a bit lately due to change in circs, but will be clambering back on in the new year!

PO xxx

setmefree2

Welcome and Good Luck:D

Gillybean

Good luck!

Well done on being able to OP, every little helps!

TOPAZ_2

Welcome to the club

In the early months, there doesnt seem to be a huge change in the interest that you are charged - but as time goes on this snowballs into huge savings.

Good luck
Topaz

SmlSave

Hello :wave:

Nice to meet you jamtart6 and welcome to the club!

Do you think you'll move in before Xmas?

Don't be embarressed about a £100 OP, mine is only about £33 a month :rolleyes:

Welshlassie

Welcome to the club, any overpayment is better than no overpayment. I started off with a target of £10 per month earlier this year and have amazed myself by OPing almost £1000. So anything is possible.
Look forward to following your progress.

jamtart6

hi guys! thanks! well we are going to do the place up first before moving in because it needs it! its like an igloo in there at the moment. hoping to get the keys before xmas, but the way the solicitor is dragging his feet, who knows it could be new year!:rolleyes:

As we will need the extra ££ to do the place up in the first year, we may not make such large overpayments, but as you all say, any extra is a bonus! I was gutted when the mortgage man said we could only overpay 10% per year (I had high hopes and was being ambitious) when I realised that was like £9000k per year and we'd have to find around £750 extra per month if we wanted to do that, I realised 10% wasn't a small amount at all!!:rotfl::eek:

abouttimetoo

Hi Jamtart, welcome to the gang. I'm soooooo jealous of your position - I wish I had been able to OP from day 1 of my 1st ever mortgage.

Good luck with your plans :j

jamtart6

thanks abboutimetoo! I would NEVER have even known about overpaying (and many other things) had it not been for MSE! I am so thankful I found it at an age before I got roped into credit cards, catalogues and general bad debt!

pixelwife

Welcome to what will be a very exciting journey.

If you're anything like me, prepare to get addicted. Enjoy the journey - don't give up treats as you need some reward regularly to keep you on the overpayment trail long term, I find.

I wish you every success with your MF dream!

Pixelwife