New mortgage, New MFW

gerretl

As of tomorrow, my partner and I will own our first house.
We have been renting at a mates rate for years, and we have the house of our dreams (barring the decor).
I am also getting a new job (at a lower rate of pay) but feel this is the best thing to happen to me ever.
Now I have a mortgage, I am an MFW. I thank the lord that this site exists. It has its fair share of conmen, and scammers ('Heres a system that really works...' followed by explanation of a pyramid system. If you want to do that, sell ancient relics in Eygpt), but the support and ideas on here make me realise I am in the same boat as everyone else.
I will pay for this house brick by brick.
I will pay every installment, but also I aim to overpay, using simple techniques, such as double ended mortgage plans, menu planning, bulk buying, eBay, Quidco, matched betting, competitions, old style saving. You name it, I will do it.
The good thing is, I know there are a whole load of MSE's on my side, when times get rough.

Kantankrus_Mare

Good luck to you Gerret but just remember to have a little fun occasionally as well

comping_cat

Good luck!!!! Get yourself a mortgage pig, thats been a great help to me in my MFW quest!!!!

Gingham_Ribbon

Well done on starting your mortgage off with such a great attitude. check the stickies on this board. There are some excellent ideas on lots of the threads too so have a browse.

lyric_grace

I too will soon be in the same boat (as of 4th Sept fingers crossed) and I too share your views, I will pay for the house sooner rather than later!!

gerretl

lyric_grace wrote:

I too will soon be in the same boat (as of 4th Sept fingers crossed) and I too share your views, I will pay for the house sooner rather than later!!

I will try and think of you, but thats the day I start my new job

dumpy

Good luck, I'm also trying to pay my mortgage off early (that interest makes me shudder)

I tend to put any payrises onto what I pay towards the mortgage ( I have a flexible mortgage, so can overpay whatever).

If I managed last month with £20 less then I can manage this month on the same money and put the £20 as an overpayment. If you've never had it to spend then you won't miss it!

Also February and March when there is no council tax to pay, I overpay the mortagage then as well. My monthly budget sets aside a payment for council tax so in these months I pay it off the mortgage.

It's amazing how small amounts do make a difference, I've got 21 years left onthe mortgage but all being well it'll be paid off in 5 more years! Hurrah!

clarew

good idea about the council tax-hadn't thought to do that...roll on feb+march!!

I am about to remortgage and shudder as i now have worked out our mortgage is increasing by £100 a month (based on 5.18%). I am being sensible though (taking extra shifts at work, buying tesco's 'weetabix' etc,) As we have only started recently with a large (171k) mortgage i am unable to repay much, but have been well inspired by the likes of funky gibbons and halloween queen to name a few. As they point out, every little bit helps!!

md_14uk

dumpy wrote:

Also February and March when there is no council tax to pay, I overpay the mortagage then as well. My monthly budget sets aside a payment for council tax so in these months I pay it off the mortgage.

:money: Genius! I love simple ideas and that is one of the best I've seen in ages!
I've always just paid the money into a savings account and then spent it on...oh I can't remember what I've spent it on!

This years two free months will be going on the mortgage for sure.

Thanks:T :T :T :T :T

Joe_Bloggs

There is no way your mortgage is increasing £100 a month due to the Bank of England rate hike, given the figures you have quoted.
J_B.

hornetgirl

Good luck gerretl - and welcome to the MFW club!