MFW in 5 years

golfiematt

we are paying 55k for a 2 bed terrace. yeah it is a fairly low price but your average price for that type of property is 80k around here.As its borrowed against my house it is in effect a cash purchase.

[Deleted User]

hey matt
sounds like you are doing great on the OPs and the 2nd property - I agree looking long term is also important and sounds like it should be an investment if you are renting it out- if its any consolation your 2 houses are less than my one little flat! oh the dream of being able to afford more than one bedroom where I live...
when should the 2nd one complete?

golfiematt

it will take 4-6 weeks to complete! im just lucky that where we live is fairly cheap compared to some parts and also that our house value shot up so much.Otherwise the bank wouldnt have even entertained the idea! my example just shows that even after the crash, prices are still way higher than 8 years ago when i purchased the property.

golfiematt

just been told someone has put a higher bid on the 2nd property, i think ill stick to paying out mortgage off for now, at least ive not spent any money on it yet in fee's, its a lucky escape!

Queen-Bee_2

Hi again GM - even if you miss out on this one, there'll be other opportunities. Can't see the market steaming ahead again for a while yet - in fact, there may even be better bargains further down the line. QB

golfiematt

thanks QB. hopefully there will be.

golfiematt

another £500 o.p'd bringing our figure below 35k woohoo! thats 10k lower than the start of the year, which was my unofficial target! now just need to find a way to pay for xmas!

golfiematt

£ 500 O.P. todAY! happy birthday me! thats 6k in over payments this year and over 13k in payments, well over 50% of our income. Xmas presents bought. still got over 1k on the credit card.

golfiematt

12/12/12. Challenge estimated remaining mortgage as of 12/12/10 is £33830 (e). so im still in the green!

golfiematt

-9 at 3.45pm today!. So much for the country getting warmer, ive never known it soooo cold! all xmas pressies bought, credit card dead on 1k (0%) so at least after all the expense this time of year things not any worse.
my aim next year is to keep going on the max £500 o.p a month as long as possible, get a new 0% c/c and bring the balance down a little.Although ive an operation on my ankle coming up in january which may keep me off work for 6 weeks!
All the best for xmas & the new year to everyone.