My Mf Journey
yvonne_alan_joshua
Forumite 12 Posts
Hi All,
I love reading all your posts's at the weekend, and know we could do more but i love travelling and dont want life to have passed us by and spent my time saving every penny am i on my own ??
Here's my story and bit towards being mf
First home bought 1990 £38000 endownment (claimed 4,500 misold) interest only 13.7%:mad: then came down over the following years, as did my parents merrily paid the mortgage for the next twelve years.
Next home bought 2004 put 50k down and now have a 130k morgage at 5.99% fixed for five years
fix ends and they offer me 3.95% for the next two years and tell me my payments will reduce by £260 pounds now im older and a bit wiser previously more money in the pot now i ask to keep my payments the same and this reduces the term to fifteen years (lightbulb moment)
fix ended again so we are now at 3.45% for the next two years ends 2013 and i have upped my payments by £15 to reduce the term again to twelve years
My plan is to be mf by the time im 50 ( 8 years ) i still have the endownment will is due to mature on feb 2016 and will use this to pay off 10% each year and try depending on interest rates to keep reducing the term each time my fix ends
I also have 5000k in a isa emergency fund and are debt free, apart from the mortgage.
xxxx
I love reading all your posts's at the weekend, and know we could do more but i love travelling and dont want life to have passed us by and spent my time saving every penny am i on my own ??
Here's my story and bit towards being mf
First home bought 1990 £38000 endownment (claimed 4,500 misold) interest only 13.7%:mad: then came down over the following years, as did my parents merrily paid the mortgage for the next twelve years.
Next home bought 2004 put 50k down and now have a 130k morgage at 5.99% fixed for five years
fix ends and they offer me 3.95% for the next two years and tell me my payments will reduce by £260 pounds now im older and a bit wiser previously more money in the pot now i ask to keep my payments the same and this reduces the term to fifteen years (lightbulb moment)
fix ended again so we are now at 3.45% for the next two years ends 2013 and i have upped my payments by £15 to reduce the term again to twelve years
My plan is to be mf by the time im 50 ( 8 years ) i still have the endownment will is due to mature on feb 2016 and will use this to pay off 10% each year and try depending on interest rates to keep reducing the term each time my fix ends
I also have 5000k in a isa emergency fund and are debt free, apart from the mortgage.
xxxx
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Replies
Now do you think you have missed out on life? holidays?
Its so easy to take a mortgage out over 35 years or go interest only as many have gone but you get to 40/45 and still have a huge mortgage and then there is one thousand othere things to spend your money on.
If you go on the mortgage board people are asking how can we get a mortgage upto 75/80 years of age OMG I want to retire by 65 at the latest and I am working very hard to achieve that.
Mortgage Free the best words you can say
Thats my goal pay off the mortgage then carry on putting the money away to build a nice nest egg for when we retire, i think the point i was making, is yes overpay your mortgage but remember have some fun along the way we dont know whats round the corner xxx