mudmole

mudmole

Hi, I'm a 36yr old carer my OH is a plumber, not financial wizards, just normal folk. 9yrs ago we sold a 1bed flat for 41k as we needed a bedroom for our 4yr old.we left our home town and moved 22 miles away and bought a wreck of a victorian terrace 4 39k with a 21k mortgage.My OH renovated and was a house dad while I worked a minimum 48hr week and did diy on days off. this went on 4 2yrs! BUT it paid off as 41/2 yrs after purchase we sold 4 100k and only owed 9k having changed our mortgage to repayment and made overpayments whenever possible.we then moved back to home town and paid 130k for our detached house with a 45k mortgage, 4yrs later we owe 25k and decreasing monthly thank god. mortgage free in 3yrs or sooner. My advice 2 anyone is always get the best interest rate deal u can from your lender, ask questions, get straight answers u can understand, make overpayments if u r allowed with no penalties 2 u, if u cant but have spare cash, ask if u can reduce your term(mortgage years) saving years of extra interest. good luck save money where u can. it is worth it.

looneyleo

Welcome to MSE mudmole. You've done very well for yourself! Just wish we were mortgage free in 3 years...more like 20 but we over pay when we can and will be earning more when little ones go to school!

mudmole

thankx for your message, good luck for the future.

chelseablue

Hi mudmole

Great story, well done!

Just out of interest (well being nosy really!) where abouts are you from?

Detached houses where I live are about £350K :-(

mudmole

hi there whitstable in kent, detached house sounds posh dosent it! well its the same size as a terrace but with no noisy neighbours, having spent 12yrs in a flat with no sound proofing its heaven. thanx for being nosy!

David_B_2

Welcome and congrats from me to.

Sounds simular to what my wife and I are planning. Paying one off so we can upgrade to detached house (hopfully last) but not have a massive new mortgage to go with it.

I say last, we are both early 30's but not ones for moving around.

Thanks for story and all the best.

mudmole

thanx for your message good luck to you and your wife for the future, the peace of mind you get, knowing you dont owe fortunes on your mortgage is a great weight lifted off your shoulders.

pollyanna24

Well done. Sounds like everything is on track. Me and bf are 25 and 26 and overpay every month to the tune of £186. This will go up when we can, but it already knocks 9 years of our mortgage (see sig). We are feverishly paying of cc debt (£500 each month for next three months should do it), gona save for some electric work in our house after that, and then go mad on overpaying the mortgage.

Bf doesn't think of money matters like me, but I keep telling him that when we are 40 with no mortgage, think of the lovely car he can have. This is the carrot I dangle in front it anyways!! :rotfl:

mudmole

thanx for your message, you will get your new car one day, I'm dreaming of a new mini! but would rarther pay extra off the house and have security,one day I'll have that car though, good luck.