From Start to Finish - Diary of an MFW

oldndumb

No time like the present to be thinking about getting rid of the mortgage and having spent quite a while benefiting from the fantastic information given on other boards, I wanted to keep a diary of our route towards being Mortgage Free. If it is of interest or use to anyone else, so much the better. I have read through other people's stories and find them fascinating and useful for all sorts of reasons.

We (that is me and my OH 'youngnintelligent', unlike me) are FTBs who are completing TOMORROW. All very exciting and our first night in our new home will be Saturday followed by breakfast in bed from my two young boys on Sunday (Fathers' Day).
:beer:

This means that our diary really will start from the beginning and I have no idea where it will take us.

Here are the scary stats:

Mortgage = 225000 + 599 fees
25 year term
Post Office, 3 year fixed rate at 6.02%
Repayment = £1455 per month
Other debts = £3500 overdraft from paying stamp duty etc
Income = £3400 per month net with OH as full time mother but easing back into work from September

The house is a detached country cottage in mid to north Wales. Nothing spectacular yet perfect for us - 3 beds, good size garden, lovely village, great views, etc. No work needed urgently, but there are a few things we will need to put our minds to over the next few years.

Anyway, the first priority is to pay off that OD, but with no furniture, curtains or even utilities yet, it may take some time. Thanks for reading.

OnD

TOPAZ_2

Good luck in your endeavours - you will find lots of supportive people on this board, - we are all wishing you well.

Topaz

setmefree2

to the mf board and with your MF journey. After you have paid off the OD you probably need to build up some emergency savings - posters on the MF recommend roughly 3 to 6 months worth.....

Looking forward to reading your diary

Kind Regards

SMF2

StuartGMC

As above welcome and best wishes to you both on the journey ahead. I found that a diary here has helped a lot even late into our mortgage and the encouragement from others here plus the ideas available have helped to "up our game".

I look forward to hearing of your progress.

oldndumb

Thanks for the replies and for making me welcome. :T

First thing before the OD is a bottle of Champagne (sorry!) as we pick up the keys today.

The emergency fund thing is a very interesting one. Through my work I have illness and accident insurance plus we both have life insurance.

Worst case scenario is getting the sack but that is (I hope) under my control. Perhaps if i veer towards the three months savings rather than the six. Anyway, undecided and will read the advice.

Cheers,

OnD

dimbo61

As you and the OH are starting out (with 2 kids ! ) you need to save money where ever possible.
Quidco ! for contents /buildings insurance after using all the comparison websites ( moneysupermarket/go compare etc)
Who you have for gas/elec is also important duel fuel/paid by DD online deals etc
Read through all the paperwork that comes with the mortgage offer IE overpayments /interest daily/monthly/yearly ?? 10% allowed etc
Search buy & sell or e-bay for items for the house
Read which for best buys
As you are paying 6.02% interest you wont in todays ! market get a savings rate to match that.
Regular saver with Barclays 6% ( before tax !) OH name !! £250 a month would be a good start.
Good luck on the MF journey it takes time but is well worth it

evab_2

Good luck with the move and many happy years in your new home.