Just another MFW

Hello everyone,

So this is where my journey began.....

6 months ago we purchased a property for 195.00 @ 6% fixed for 3 years (over 30 years). We paid a £20000 deposit when we purchased the property and the Monthly repayments are £1200, these seem to be very high at the moment not sustainable in the long term. MB Dec 08 £157000ish.

Luckily we were able to pay 17000 in December, which brought the term down to 22years. MB April 09 £155000.

My OH's job is a bit risky at the moment but we plan to overpay as much as possible.

Regards Catsanddogs
July 2008 .......£175.000 :eek:
December 2010, .£126500, March 11 £113.000, March 2013 .£103.000, October 2018 .........£61.000, Feb 2019 59800.
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Replies

  • We can pay 10% per year, so the over payments will be going into a bank account until Dec 09.
    July 2008 .......£175.000 :eek:
    December 2010, .£126500, March 11 £113.000, March 2013 .£103.000, October 2018 .........£61.000, Feb 2019 59800.
  • SmlSaveSmlSave Forumite
    4.9K Posts
    Part of the Furniture Combo Breaker
    ✭✭✭✭
    Welcome and good luck on your journey.

    I'm in the same boat with the 10% and have to wait till Januray
    Currently studying for a Diploma - wish me luck :)

    Phase 1 - Emergency Fund - Complete :j
    Phase 2 - £20,000 Mortgage Fund - Underway
  • littlemissbossylittlemissbossy Forumite
    700 Posts
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    ✭✭
    Good luck, I paid mine off last Nov, it's well worth the effort.
    Don't wait for your ship to come in, swim out to it.
  • RosieTigerRosieTiger Forumite
    863 Posts
    Follow the sensible advice on the forum, if you may need access to some cash in the future, please amke sure you have savings to cover you.
    RosieTiger - Highest £242,000 Feb 2004 :mad:
    Lightbulb Dec 2008 £146,000 by March 2026:eek:
    MFi3T2 and T3 No 28 - Dec 2009 Start Balance £117,000
    Current Position-Fully off set by savings since March 2013
  • We started our journey in April and there has been little progress since really due to spending £1000.00 on the garden, £1000.00 on garage door, oh well it's gotta be done i guess!!
    July 2008 .......£175.000 :eek:
    December 2010, .£126500, March 11 £113.000, March 2013 .£103.000, October 2018 .........£61.000, Feb 2019 59800.
  • SmlSaveSmlSave Forumite
    4.9K Posts
    Part of the Furniture Combo Breaker
    ✭✭✭✭
    i dread to think how much we've spent on the garden :eek: but like you said it's gotta be done and hopefully we won't have to do it again soon!
    Currently studying for a Diploma - wish me luck :)

    Phase 1 - Emergency Fund - Complete :j
    Phase 2 - £20,000 Mortgage Fund - Underway
  • setmefree2setmefree2 Forumite
    9.1K Posts
    Mortgage-free Glee!
    ✭✭✭✭
    RolandChayer-WelcomeSmiley.gif and goodluck.gif with your mortgage free journey
  • I'm wondering what people think......?

    Now that we have done all the major stuff in the house, i rang the bank today and told them that i wanted to reduce the term to 12 years instead of 21. This has increased the monthly payment by approx £300 we are fixed for another 2 years and have the £300 x 24 monthly payments in savings, so are covered if we need to use it. A reduction of 9 years seems good to me and a possible saving of £60000.
    July 2008 .......£175.000 :eek:
    December 2010, .£126500, March 11 £113.000, March 2013 .£103.000, October 2018 .........£61.000, Feb 2019 59800.
  • I'm just popping into to update my signature.
    July 2008 .......£175.000 :eek:
    December 2010, .£126500, March 11 £113.000, March 2013 .£103.000, October 2018 .........£61.000, Feb 2019 59800.
  • clearmydebtsclearmydebts Forumite
    6.5K Posts
    Part of the Furniture 1,000 Posts Combo Breaker I've been Money Tipped!
    ✭✭✭✭
    Hi Catanddogs,

    You are doing really well. I didn't know that you could reduce your term while on a fixed mortgage. We are on a fixed mortgage but could afford to pay another £100. I wonder how much that would take off the term?

    Must check it out.
    Total (Aug 19):€58,567 Now:€26,947
    DFD:Nov 22/June 22
    Mortgage: €199,712
    MFD: March 2042/July 2034
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