My Mortgage Free Diary
mpgsheep
Forumite 236 Posts
Hi all,
After lurking here for 3 months, decided to finally sign up and start my diary. My wife and I bought a 3 bed maisonette (1st and 2nd Floor) in August 2008 for 168,000, with a 5% deposit, with Directline 30yr mortgage, 2yrs fixed at 6.89% (ouch!), and since August 2010 we are on the SVR, currently 1.5% above base (so 2.0%). This change in interest rate means our payments dropped from 1070pm to 623pm, however this coincided with the end of my wife's SMP, so we maintained our payments until now, as she has resumed work (3 days per week). This coupled with a new job for me, means as of January's payment, we will be overpaying by £400. The balance as of 30th November 2010 was £157,996.50, so a long way to go. At the moment am sure is a lot of redundancy in our finances, so am hoping to increase the overpayments as the year goes on, however also depends on the interest rate. Will get to work on my signature now!
After lurking here for 3 months, decided to finally sign up and start my diary. My wife and I bought a 3 bed maisonette (1st and 2nd Floor) in August 2008 for 168,000, with a 5% deposit, with Directline 30yr mortgage, 2yrs fixed at 6.89% (ouch!), and since August 2010 we are on the SVR, currently 1.5% above base (so 2.0%). This change in interest rate means our payments dropped from 1070pm to 623pm, however this coincided with the end of my wife's SMP, so we maintained our payments until now, as she has resumed work (3 days per week). This coupled with a new job for me, means as of January's payment, we will be overpaying by £400. The balance as of 30th November 2010 was £157,996.50, so a long way to go. At the moment am sure is a lot of redundancy in our finances, so am hoping to increase the overpayments as the year goes on, however also depends on the interest rate. Will get to work on my signature now!
Opening Mortgage balance as of 01.10.21 - £438,500.00 Current Mortgage balance as of 01.02.23 - £426,216.53
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Latest MSE News and Guides
Replies
Lightbulb Dec 2008 £146,000 by March 2026:eek:
MFi3T2 and T3 No 28 - Dec 2009 Start Balance £117,000
Current Position-Fully off set by savings since March 2013
All the best,
Spigs
Thought I would keep a record of what I am doing to add to my overpayment pot. So today I have listed 5 items on ebay, just clothing that is sitting in wardrobe taking up space and is never worn. So hopefully this time next week will be posting about how much it has sold for though in all honesty only expecting max £25 in total, but it all counts!
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 2037
Also updated my signature with "holiday fund" added. We (OH and I), decided that we want to do a uk based holiday for 3 of us in the summer (we have a wedding on the south coast to go to so going to tie in to save 2 trips), and we budget £1000 for this - i know its a lot, but is our utter max, we did same last year and only spent £700, and is a budget designed to cover EVERYTHING, and not just travel, accomodation etc but all outgoings. Then we would like to go to the Caribbean in December, and we would go all inc, so budgeting £3000 for now until booked. So any extras (ebay/selling phones etc) will go into this first, as well as £300 pcm. Once this has reached £4000, then we will start another savings project, or add the £300 to overpayments (obv depends on interest rates etc).
We had some money leftover from a project last year to start it with, and my OH just paid £24 in from our loose change pot, so currently stands at £493, which seems like a good start, only 2 months to go and will have the first holiday saved for.
Phase 1 - Emergency Fund - Complete :j
Phase 2 - £20,000 Mortgage Fund - Underway