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Funkygibbon's Mortgage Free Dream
Funkygibbon
Posts: 376 Forumite
Hello all!
A little bit of background first.
We have just bought our first house together and completed on Monday 23rd May 2011!
The balance is £131,495 and is 6.19%
My Fiancee is due on Thursday 2nd June! So we did cut it a bit fine!
We are hoping to start to make overpayments as soon as possible but will wait a few months to make sure all the sums I have done are working out!
Good luck to everyone else!
A little bit of background first.
We have just bought our first house together and completed on Monday 23rd May 2011!
The balance is £131,495 and is 6.19%
My Fiancee is due on Thursday 2nd June! So we did cut it a bit fine!
We are hoping to start to make overpayments as soon as possible but will wait a few months to make sure all the sums I have done are working out!
Good luck to everyone else!
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Comments
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Good luck on your journey!
Froggy's New Lillypad FundTotal so far: £ 10,009.770 -
welcome to the boards and good luck with your journey0
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Welcome! What's your plan on overpaying?
Have you got a stash of money for emergencies in the short term? (Apparently 6 months is needed)
And how much do you want to overpay per month or before December this year?
Look forward to you going great guns
Feb 2012 - onwards MF achieved
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 - 20370 -
Well already had a bit of good news!
I have changed the payment date to the end of the month. So before the first mortgage payment had gone out we will both have been paid twice. Means we will always be ahead of the payments rather than behind.
We are hoping to overpay about £50 a month at the beginning. This will be while the other half is on maternity pay. As soon as she is back at work we will revisit the overpayment amount and see what we can afford to overpay!
We won’t start doing any overpayments until we have paid all the bills for a couple of months. I have done an SOA so I will wait and see what my estimates are like compared to the actual payments!0 -
Welcome and good luck.
Getting the payment date right is a good step. I get paid on about the 26th and I have other money that comes in on the 1st. My council tax is the last day of the month, most of my other bills are the 1st or 2nd, the DD for my CC (pay off in full every month) is on the 5th, and my mortgage is the 6th. But my CB and TCs etc come in every 4 weeks so they drift through the month.Starting again 13/4/19Home loan 1: £21,102.50 Home loan 2: £7,698.99Total owed: £28,801.49
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Just had the letter confirming the change of dates for the payments! Means both of use will be paid just as the mortgage is due. It also means that we have a months wages to save, but she's already spent half of this on things we need for the house!!0
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Welcome to MFW!
Congratulations on the new house, new baby and new diary!
A
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Just getting ahead of myself a bit here, but how do people overpay their mortgage? Mine is with the Post Office/Bank of Ireland. Are there any MFW with the same mortgage company and if so, how do you overpay?0
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Good Luck and Welcome to MFW Mortgage Free as of 31/5/11 :j:j:j:j:j:j:j0
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Sorry Funky - I don't have a mortgage with them - when I had a mortgage with Halifax, I had to send a BACS to them which cleared our mortgage.
Fortunately this time I can direct bank transfer (First Direct) which makes life a lot more easy.Feb 2012 - onwards MF achieved
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 - 20370
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