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Offer accepted... thinking about being mortgage free already! My diary
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ViHan
Posts: 202 Forumite
Well yesterday my husband and I did what we have been trying to do for the last few years and made an offer on a house 
Our offer was accepted and the bank have given us a decision in principle but I am already thinking of being MF!
A little bit of History:
Family: Me, DH, the 3 degrees, all girls aged 9, 7, and 2
Dh works as a coach driver and he is away alot
I work from home in weight management
We saved up a 20k deposit and are looking to mortgage for just under 70k
I Don't Like Debt
We got into a few difficulties when we first married 14 years ago and since then we have one credit card between us and no finance/HP/unsecured borrowing.
Out comes my Mortgage Pig I think!
Our offer was accepted and the bank have given us a decision in principle but I am already thinking of being MF!
A little bit of History:
Family: Me, DH, the 3 degrees, all girls aged 9, 7, and 2
Dh works as a coach driver and he is away alot
I work from home in weight management
We saved up a 20k deposit and are looking to mortgage for just under 70k
I Don't Like Debt
We got into a few difficulties when we first married 14 years ago and since then we have one credit card between us and no finance/HP/unsecured borrowing.
Out comes my Mortgage Pig I think!
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Comments
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Congratulations! I look forward to reading about your journey.
Debt is such a burden, isn't it. I borrowed some money to do some study - I'm very glad I did, and it paid off because I wouldn't be in my current career if I hadn't done it, but the 5 years it took to pay off were a challenge! It was frustrating having my options limited because of the debt.Borrowed £150,000 in an offset tracker mortgage in May 2007 - MFD May 2041 (67)
Jan 2012 - £125,620.02 / 2,913.87 / Nov 2032 (58) :beer:
Apr 2012 - £122,901.88 / 3,170.91 / Jul 2032 (58)
Jul 2012 - £122, 589.02 / 3,507.99 / Sept 2032 (58)
Oct 2012 - £120,476.31 / 3,889.42 / July 2032 (58)0 -
Good luck
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Congratulation and good luck!
We've bought our first house this year and we started overpaying our mortgage when the offered was acceped (well, we just put the money in a saver and once we had the house -3 months later :eek:- we transferred the money into the mortgage). Beware, overpaying the mortgage is sooo adictiv - especally when you see the total balance in your internet banking like us.
Good luck!0 -
Its so exciting to be finally getting onto the property ladder!
We have desperately needed this move, from a 2 bed to a 3 bed with extra living space and outdoor space. I just pray now that everything goes as planned! 0 -
Good news already - FIL has matched our deposit so less mortgage. :beer:0
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Wow! Is that 20k off already? That'll be a mortgage of 50k which is very do-able
Very pleased for you!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 -
Crikey, carry on at this rate and you'll never be mortgage free as you'll have paid off the mortgage before you've even got it :rotfl:.Good news already - FIL has matched our deposit so less mortgage. :beer:
What a lovely gesture :T. So, now work out what your original mortgage would have cost each month, agree to pay the same for the lower amount and you'll already have knocked years off :jA positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort Mortgage Balance = £0
"Do what others won't early in life so you can do what others can't later in life"0 -
We went to see the bank on thursday and have a decision in principle for a tracker mortgage that we can have unlimited overpayments without penalty on. Fee free too. :money:0
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Been to the bank today and done the formal application for a mortgage. With the new figures since FIL;s gift the mortgage repayments will be less than our current rent! Obv that will go up when you add on insurances etc but still very very manageable!
Now have the wait for 5 days max to see if the underwriters will grant our wish 0 -
Not going to lie, pretty jealous that someone gave you £20,000 =POriginal Mortgage Debt - £130,330.
Current Mortgage Debt - £116,605.
2010 O/Ps - £5,000. 2011 O/Ps - £1,978.42.
Original Loan Debt - £6,000. Current Loan Debt - £3,500.
Original HP Debt - £1,000. Current HP Debt - £240.0
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