To be a MFW, Phenom is from Day 1!

DaPhenom

Morning Ladies and Gentlemen,

I've been reading this forum when i can for the last six months, in preperation for taking on my own mortgage, so many inspiring stories, journies which are both unbelieveable at times, but also a sobering reality of the way the world is at the minute, this board is a place for a rare breed of wise folk. I must say i spent too much time getting engrossed reading, and nowhere near enough time replying to threads. However its time to come out of my shell.
In preparation for completion on Friday, i've decided to start my journey, which i have no doubt will an adventure.

So, a bit of an overview about me. Have been holed up with my parents for the past 2 years, being a real money saving guru while saving up a deposit. I'm single, no dependants, just me, lil old Phenom vs the mortgage. I'm 25, so young enough to make a real dent on the debt before being piled with the expenses of life.

I have a average income of around 19K but have versed myself well to living in a permanent state of budgeteering, as well as constantly finding ways to up my income, i feel like i'm on a mission to generate a little bit more now i've got a dream to be MF.

My mortgage will be starting at £79,349, i must say its a bit daunting taking this kind of debt on, having been debt-free since November 2007, but i can't put a price on spreading my wings, and i know i'm in control of my destiny. The rate is fixed for 2 years at 4.89%, with the ability to overpay by 10%. That leaves me with plenty of space to overpay and i'm going to get as near as i can to that 10%.

I've got my emergency fund in place to cover should the unthinkable happen, i've got everything sorted for the house, i'm very controlled in my spending and have ebayed off all the things that i had to think twice about taking to the house, so would probably come across quite minimalist, but hey, less clutter, less tidying, more free time!

Looking forward to starting my journey, following your journeys and one day being MF. Many thanks for reading.

LilacPixie

Welcome to the board

DaPhenom

Is anyone currently OPing on a Halifax mortgage? What options do they give for making overpayments?

pippa80

Hi DaPhenon - I'm also a day 1 mfw!

Good luck with yours - maybe we can compare notes as we go

LilacPixie

DaPhenom wrote: »

Is anyone currently OPing on a Halifax mortgage? What options do they give for making overpayments?

Not currently but we move in a fortnight and Halifax will be our lender. other than the maximum 10% I know not alot other than I can view the mortgage balance online.

cha97michelle

Welcome. I was just wondering who you were calling wise.

Congratulations on saving up for your own place. It will be a journey, but it sounds like there is a good head on those shoulders.

linz

Nice post Phenom. I agree with you in that you can live a simple life yet still enjoy yourself without needing to spend a bomb on holidays, mobile phones and other gadgets, going out etc etc. Good luck and i'm sure you're gonna do really well, you sound like you're already determined to get to where you want to be.

originalmiscellany

another new member, like people here, it's great to plot your progress and see how you're doing. Sounds like you've got a "prudent head" and will hopefully make decent inroads in your mortgage.

all the best

Secret_Saving_Squirrel

Good luck. I am with the Halifax and can overpay all I like but I know this varies between types of mortgage.

All the best,

Squirrel

DaPhenom

Many thanks for the support and compliments, its really is nice to be around like minded people.

And my defination of wise is making an effort to reduce debts for the greater good, making everyone here full of pearly wisdom .

Get the keys later today, and it will all begin!

DaPhenom

Completion now confirmed, and the MFW journey begins. Now need to think of a realistic target, going to start with Oping £200 and see how it goes.