My Mortgage Free Diary

Luckyinlife

Great stuff :] amazing :]

mpgsheep

March's update

part 1 - £95,919.82 - 3.09% interest for 2 years
part 2 - £140,773.82 - 1.5% over base tracker

Total - £236,693.64

mpgsheep

April's update

part 1 - £95,151.22 - 3.09% interest for 2 years
part 2 - £140,517.33 - 1.5% over base tracker

Total - £235,668.55

Had my bonus paid now, so holiday booked and front drive being done as we speak, emergency fund refilled too. So things looking good at the moment! Very lucky to get a raise too, looking to save the extra each month for now, keep some liquidity as think we are overpaying enough for the meantime.

mpgsheep

May's update

part 1 - £94,380.68 - 3.09% interest for 2 years
part 2 - £140,260.40 - 1.5% over base tracker

Total - £234,641.08

Front drive all finished, looks very nice. Had house valued afterwards, and apparently worth almost £100k more than what we paid 2 years ago - nice to be in, and made us think maybe we use some of that to convert the loft into a proper bedroom and ensuite, as what we do lack is a proper master bedroom. We haven't committed to that yet, but all discussions between my wife and I at the moment. Signed up to company sharesave yesterday for £100 a month for 3 years, good to have some longish term saving plans also. All in all life progressing nicely!

Luckyinlife

Wow amazing increase in value :]

would be a nice idea to convert the loft can only add a bit more to the house also :]

mpgsheep

Thank you, yes we are very fortunate and realise that. The question is now how to take advantage of this good fortune! If we remortgage to release some funds, then 2 options we see are:

1 - convert loft into a master bedroom with ensuite, and maybe a dressing room/other room.
Pros are we have a proper master bedroom and second bathroom, and hopefully add some value to the house.
Cons are we don't massively have a need for an extra room (already 4 bedrooms for the 4 of us..) but it would be nice, plus can see extra bathroom useful once my sons are older. Also we may not gain as much as we want to in value.

2 - buy a flat to rent out (buy to let mortgage or complete purchase). Firstly I need to speak to the bank to see if that is legit or not. Pros would be a good prospective long term investment, paid for by cheap remortgage money. Cons are that it means a longer time to pay off current mortgage, and additional monthly cost.

mpgsheep

June's update

part 1 - £93,616.19 - 3.09% interest for 2 years
part 2 - £140,010.7240 - 1.5% over base tracker

Total - £233,626.91

Is a little sad how much I look forward to seeing each month's payment credited! In recent news, recently started 2 new saving schemes. £100 per month in Company share scheme, matures in 3 years. Also putting £50 a month into ratesetter, always wanted to try it so figured would start small and see how it goes. Holiday in 3 weeks, work is hard but life is good.

mpgsheep

July's update

part 1 - £92,841.76 - 3.09% interest for 2 years
part 2 - £139,752.94 - 1.5% over base tracker

Total - £232,594.70

Back from a week Majorca, very little else to report! Hope everyone is enjoying the sunshine

mpgsheep

July's update

part 1 - £92,088.97 - 3.09% interest for 2 years
part 2 - £139,517.71 - 1.5% over base tracker

Total - £231,606.68

Latest thoughts are whether to fix part 2 of the mortgage yet. Can fix at 2.34% for 2 years, so very small increase (0.34%) but then security should interest rates rise. Hmmm....

mpgsheep

September's update

part 1 - £91,302.88 - 3.09% interest for 2 years
part 2 - £139,251.48 - 1.5% over base tracker

Total - £230,554.36

Still umming and ahhing about fixing the variable part!