Jim and B are gonna be mortgage Free!

JimLad

Hello Everyone!

I have been lurking on these forums for a while. I used to be a resident of the "Were saving for a deposit" thread over in the savings board, but now we have taken the plunge and bought a house!

I am 25 and the OH (B) is 23. We are both in fairly stable jobs at the moment although B is thinking of doing teacher training at some point. That could halt our overpayments, but we will take that into account when and if it happens.

The original Mortgage was over 30 years for £156,000 at 3.99% fixed for 5 years, but we have just taken a chunk off with our first overpayment of 5k. According to the confirmation letter from Santander, that leaves us with £150,769 to pay off in 28 Years and 1 Month!

Obviously we are not going to be able to regularly make massive overpayments like that, but we aim to get as close to our 10% limit as we can for the 5 years we are fixed.

This forum has really inspired me and i think with your help we can turn that 28 years into something far smaller )

The Journey Starts here!!

sweetdaisy

Good luck to the both of you on your quest to become Mortgage-Free .

Hurdler

Good luck in your quest !

JimLad

sweetdaisy wrote: »

Good luck to the both of you on your quest to become Mortgage-Free .

Hurdler wrote: »

Good luck in your quest !

Thanks to you both!

My workmates think i'm crazy when I talk about making overpayments and paying off my mortgage early. Do you get the same reactions?

sweetdaisy

My work colleagues don't know about my quest because when I drastically reduce my mortgage then I will be able to consider changing jobs/working part-time etc .

But I did tell a family member who's reaction was 'Why would you want to do that'? However you may find that some people can be a little jealous if you tell them, but it's great to be surrounded with like-minded people on here - it's as if we are part of a secret club :rotfl:.

Tilly_MFW_in_6_YRS

Hi JL, how fantastic to have this attitude so young - I wish I had been as sensible. I wish you good luck on your journey.

I have given up discussing any of my thoughts in the outside world about MFW dreams as no one is interested, they think I am mad, as 'everyone has a mortgage'.

Best wishes, Tilly

wynnvegas

Hi Jim,

Be proud of what you're doing. It's a great feeling when you get there. You'll maybe be in your thirties with no mortgage or rent to pay ever again (unless you choose to!) and the naysayers will be twenty years behind you. You're doing exactly the right thing. Best of luck.

Cheers,

Billy

hornetgirl

Good luck to you both. Don't worry about what anyone else thinks. Starting so young will give you a great headstart. I wish I'd done the same at your age.

JimLad

sweetdaisy wrote: »

My work colleagues don't know about my quest because when I drastically reduce my mortgage then I will be able to consider changing jobs/working part-time etc .

But I did tell a family member who's reaction was 'Why would you want to do that'? However you may find that some people can be a little jealous if you tell them, but it's great to be surrounded with like-minded people on here - it's as if we are part of a secret club :rotfl:.

Is there a secret handshake so we know were talking to a MFW when we meet them in person?

Tilly_MFW_in_6_YRS wrote: »

Hi JL, how fantastic to have this attitude so young - I wish I had been as sensible. I wish you good luck on your journey.

I have given up discussing any of my thoughts in the outside world about MFW dreams as no one is interested, they think I am mad, as 'everyone has a mortgage'.

Best wishes, Tilly

I think i might do the same. They laugh at me and tell me im Scrooge mcDuck!

JimLad

wynnvegas wrote: »

Hi Jim,

Be proud of what you're doing. It's a great feeling when you get there. You'll maybe be in your thirties with no mortgage or rent to pay ever again (unless you choose to!) and the naysayers will be twenty years behind you. You're doing exactly the right thing. Best of luck.

Cheers,

Billy

I cant wait for that moment! Thanks for the support. I see your saving for a big house. Are you going to be getting another mortgage?

hornetgirl wrote: »

Good luck to you both. Don't worry about what anyone else thinks. Starting so young will give you a great headstart. I wish I'd done the same at your age.

If you dont mind me asking, how long did it take you to pay off your mortgage?

Its great that people like you that have completed paying their mortgages still hang around here to encourage us newbies )

sweetdaisy

Scrooge McDuck - now that's a blast from the past :rotfl:. I'm 32 and I remember Scrooge McDuck from DuckTales!