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My Mortgage Quest: Go from 85% -> 60% LTV by October 2013
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Hi DJ Mike
I've just caught up with your thread and wanted to say congratulations on your new home and good luck with your mortgage plans. I know you say you are happy with the decorating etc and have your lovely new washing machinebut is there any other large purchases you need to make?
Are you paying the mortgage on your own? Have you thought about joining one of the challenges for that extra group incentive?
RegardsMFW Start Date 1.4.08. Updated 23.1.18. MFW date 1.8.18
Original Mortgage o/s £187,643 / £71,904 (-115,739)
Repay o/s £92,661 / now £55,900 (-36,761)
Int Only o/s £94,982, now £16,004 (-78,978)
Total daily interest £1 [a) £0.77 b)£0.23
Total OP's:2018 target £TBC YTD £1,9950 -
I have hopes to get a few items of furniture down the line... In particular I really want some nice wall units for the dining room that I can put my DVD collection in - solid wood kind, not the cheap tacky things from Argos/Homebase/etc.
However I'm taking a trip down to Dorset this weekend to pick up a nice leather recliner chair and a 6-seater dining room table from my Grandad, who doesn't need them anymore! Kinda chuffed about that as the dining table especially is rather lovely!
I'm actually joining the challenge in this very forum that starts in December and runs for 3 years - should be exciting to see if I meet my target!
And yes I'm paying off this mortgage on my own!Scary but I feel really accomplished!
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Hi DJ Mike,
I just wanted to wish you good luck on your quest. I've just started a new thread here about a very similar challenge I've just started (negative equity to LTV below 50% in 2 years), so I'll definitely be checking up on your progress for hints and tips.
All the best
DerekLTV50 Challenge: From Negative Equity To LTV Below 50% In Two Years
Mortgage At Start (30/09/09): £81,890.54 | Target Balance For 30/09/11: below £50,000 | Current Balance: [STRIKE]£81,338.16[/STRIKE] [STRIKE]£80,484.33[/STRIKE] £78,805.870 -
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DJM
Just caught up on your thread, best wishes with the planning and budgeting for both the OP and the other finances for planned costs in future, a holiday etc. Build in some short-term milestones in all aspects of the financial picture as these will help you maintain the motivation.0 -
A little update - I've produced my own Budget spreadsheet in Excel, which lets me track annual expenditure (insurance, fixed mortgage payments, TV licence, etc.) as well as budget for monthly allowances (food, petrol, phone bills, etc.)
In short, I have a very convenient and simple means of keeping track of everything I'm spending, whilst also having a figure on my screen each day which says how much I'll be able to put into mortgage overpayment at the end of each month.
This is incredibly helpful in keeping me above my £650/month target, as I'm going to make it my goal each month never to dip below it!
My goal for 2010 is to overpay by at least £8,000 - that's bound to shave off at least another couple of years from my mortgage!0 -
Just to say good luck. It sounds like you are making a really good start. Well done!0
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Just overpaid the remainder of the savings lump onto my mortgage - another £3,000!
I've also received a check from my landlady with (nearly all) of my deposit - less a bit for cleaning bills. Once that clears it's another £850 onto my mortgage!0 -
I got to say you have been very reserved with your spending! The temptation to have a new house and that amount of cash must have been a hard struggle!
Very inspirational stuff!0 -
A very well done on your great start MikeCurrently studying for a Diploma - wish me luck
Phase 1 - Emergency Fund - Complete :j
Phase 2 - £20,000 Mortgage Fund - Underway0
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