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3 weeks (approx) until Mortgage begins...
Redouble
Posts: 468 Forumite
And already I'm thinking about being mortgage free!
It is only(?) a £30k mortgage on an investment property that we will never live in (my in-laws will be living in it untill they die, or if they want move to another property which we will buy
)
We will be paying over 10 years, and the payments including insurances will be the same amount that we are paying for our car (about £330 PCM) :eek:
The car repayments end in just under 2 years so we will probably not overpay much at all in that time, but after that we will probably be overpaying the maximum amounts (we have some limits which I cannot remember right now)
I am very excited but also very nervous. Money will be tight for a few years but it will be so worth it.
We will have capital gains tax to pay when we sell the house (about £15-20k ... Boo!) but still, it will be worth it when the investment is returned!
I am off to search this section now for hints and tips on overpaying etc now
It is only(?) a £30k mortgage on an investment property that we will never live in (my in-laws will be living in it untill they die, or if they want move to another property which we will buy
)We will be paying over 10 years, and the payments including insurances will be the same amount that we are paying for our car (about £330 PCM) :eek:
The car repayments end in just under 2 years so we will probably not overpay much at all in that time, but after that we will probably be overpaying the maximum amounts (we have some limits which I cannot remember right now)
I am very excited but also very nervous. Money will be tight for a few years but it will be so worth it.
We will have capital gains tax to pay when we sell the house (about £15-20k ... Boo!) but still, it will be worth it when the investment is returned!
I am off to search this section now for hints and tips on overpaying etc now
NSDs 7/20
Make £10 a day £403.74/£310
Make £10 a day £403.74/£310
0
Comments
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Good luck! I moved into a new property earlier this month and our first mortgage payment is due out next month yet I am already overpaying! I am the same, always on the look out how to drop the mortgage and save those pennies! 0
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Good luck on your journey to become Mortgage-Free. Any overpayments made will help you towards paying your mortgage quicker. Every little helps as they say. 0
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So today we got the call that the money had come through from our bank and had been transferred to the seller's (who is family) solicitor.
My husband and I now officially own a house! Feels rather grown up
Our mortgage free journey begins here. I am very excited NSDs 7/20
Make £10 a day £403.74/£3100 -
All the best & good luck!Mortgage was £144,308.70 (12.1.10):eek:
Mortgage now £79,046.09 (30.11.15):money:0
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