Mortgage Free by 40? 8 years to go

argomatt

Hi.

Having a bit of a stressful and worrying and exciting time all at once at the moment!

Had an offer accepted on a house, and submitted a mortgage application via a broker, and just waiting to hear back from them now - does anyone know how long this usually takes?

The vendors haven't found anywhere to move to yet, so I think it could be some time before we can get moving anyway.

At the same time, I am going back to college in January for a month to do a course for work. My employer were going to pay and send me there, but not going to now, and I don't know how long it will be, so I am going to go for it and take the time as extra leave and pay for myself to go .

But some of the money I had earmarked for moving house costs will have to be used for paying for the college course, so not moving for a while might be a good thing, to allow a bit of a cash reserve to build up again!

I know it's quite risky trying to do everything at once but I am quite excited about the future, just hope it all doesn't come crashing down!

argomatt

Hi everyone,

I have just been through having a catch up on diaries and thought I had best write something on here as I have been neglecting it a bit lately.

There have been some exciting changes here recently. I have been accepted for promotion at work, so I will get an increase in salary of £7000 before the end of this month, and then when the transition period which is expected to be around 3 months is over, my salary should further increase by another £7000.

So this should be good news on the overpayments front, but instead of reducing the mortgages, I am about to take on another one for £168,000. :eek:

Everything is a bit confused regarding the money at the moment because of preparing to move house but I will try to post some details here so I can have a start when I come to do a statement of affairs after the move.

Mortgage 1 (Repayment @ 4.09%): £84699.35
Mortgage 2 (Interest Only @4.79%): £80621.07
Mortgage 3 (Repayment @ 2.99%): £168995.00

Originally I thought I had some money saved up for the bills and expenses of moving and that I would overpay the surplus, but now it seems there won't be any surplus, and maybe even not enough to cover the expenses and I will need to use the credit card more:eek::eek:

I hope it will all sort itself out in the end.
Reading everyone's diaries is definitely helping me with sorting everything out, but I have still got a long way to go!

argomatt

Good morning,
I haven't made an update on here for a long time now, because I have been concentrating on clearing unsecured debts before tackling the mortgages.
I became debt free back in May, apart from a small amount remaining on my student loan, which I expect to be repaid early next year.
I have spent the last couple of months rebuilding a small emergency fund and I am now ready to start tackling the mortgages again.
I don't have all the up to date balances just now but I will post them soon when I have the information.
Matt.