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samtobys journey vs mortgage balance
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samtoby
Posts: 2,438 Forumite



Where to start……:)
I am ‘samtoby’ and have been a member of the forums for around a year. I have now got to the exciting part where all my savings are being used to purchase a house with my mother (Mother samtoby).
It was not my original plan but with my Mums amazing assistance we are currently (hopefully) going to be soon completing on a three bed house with annex. Mother samtoby will be living in the Annex and me, my partner and DS will be moving in the house section. I have not lived with my partner before….so it is an exciting time. He will be living at the address but will be signing appropriate documents to state he has no charge on the address/ he is essentially a lodger.
Important figures:
18 year mortgage repayment with Halifax (because of Mums age.)
Starting balance of : £110,920. :eek:
Due to close= 2030 but may change due to competition date of purchase.
3.49% fixed for first two years (then will review how much paid off, before re mortgaging)
Purchase price £250k
Loan to value: 44%:o
I haven’t really thought of figures yet or any projections so that to follow…….as well as a bit about us…….
I am ‘samtoby’ and have been a member of the forums for around a year. I have now got to the exciting part where all my savings are being used to purchase a house with my mother (Mother samtoby).
It was not my original plan but with my Mums amazing assistance we are currently (hopefully) going to be soon completing on a three bed house with annex. Mother samtoby will be living in the Annex and me, my partner and DS will be moving in the house section. I have not lived with my partner before….so it is an exciting time. He will be living at the address but will be signing appropriate documents to state he has no charge on the address/ he is essentially a lodger.
Important figures:
18 year mortgage repayment with Halifax (because of Mums age.)
Starting balance of : £110,920. :eek:
Due to close= 2030 but may change due to competition date of purchase.
3.49% fixed for first two years (then will review how much paid off, before re mortgaging)
Purchase price £250k
Loan to value: 44%:o
I haven’t really thought of figures yet or any projections so that to follow…….as well as a bit about us…….
3 Children - 2004 :heart2: 2014 :heart2: 2017 :heart2:
Happily Married since 2016
Happily Married since 2016
0
Comments
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Officially I am due to pay my mortgage off in February 2030 but looking for the real date to be at least 8 years earlier than this. It will be interesting to watch your journey and see if we achieve our dreams around the same time, especially as your mortgage is smaller than mine.MFW 2025 No. 7 £700/£1200
MFiT-T7 No. 6 £2392.98/£30,0000 -
Thank you....yes it will be nice to have someone to track our progress with. Good luck with yours3 Children - 2004 :heart2: 2014 :heart2: 2017 :heart2:
Happily Married since 20160
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