Me My Mortgage and I

showmethemuni

Hi all,

Having cleared my personal debt on my own (despite it being jointly generated with my ex wife upon divorce I was told it was all mine!) I now want to tackle my mortgage.

I've seen what a great help everyone on these forums can be and the motivation it gives those who take part. So, rather than starting this journey alone, I thought it would be more fun and more effective to start a thread here and see if a few of us can do it together. So, here goes.......

As of today's date, my mortgage is £137,002 and my house is worth about £175K gross. It was recently valued at this by a RICS surveyor for remortgaging purposes, purely to obtain a better rate with another lender not to increase my borrowings. Anyway, back on piste, I'm on a base rate tracker, which tracks at 2.79% above base, so 3.29% at present. My mortgage payment is £717 per month and of that about £380 is interest, so that's £4,560 in interest and £4,044 in capital repayment per annum. I hate interest! ;-)

So, day one and £137K to go. I'll update my signature to reflect this and any future movement while posting for fun and motivation, the more who join this thread the more chance of success!

SMTM

happycamel_2

Good luck, you'll have the skills from your DFW days but remember this is a bigger challenge so have some fun along the way and don't burn out.

showmethemuni

Thanks HC, wise words, life is short so enjoy the journey indeed! I know from previous experience it can become all you think about although personal debt is different to a mortgage.

blade68

Hi, welcome and good luck:)

showmethemuni

Thanks Blade.

If you want to swop mortgages let me know...lol

Lois_E

I couldn't tolerate a mortgage of £137,002 - I would just have to pay off that pesky £2 to get a nice round number. Not that I usually need my mortgage to be a nice round number, but to be so very close to a round number and yet not quite down to the line!

Anyway, welcome SMTM and good luck. Oh, and I agree with happycamel, MFW has none of the compulsion of DFW, so take it at a sustainable pace and don't forget to have fun.

Matt_The_Chippy

Welcome buddy,

I'm only a few months into this game of paying things off as quick as possible. I look as it as a game, so it doesn't seem such a serious subject and be stressed by things! I'm enjoying the adventure of it, I've never saved in my life (apart from getting the deposit for my 1st place). Now I have an Offset mortgage, I can't wait to save into the savings pot.

Best of luck with your adventure!

showmethemuni

Thanks for your comments Lois and Matt.

Yes being mortgage free definitely isnt like being debt free, it's a more acceptable debt but I've got the buzz now lol.

You are so right though, you hsve to remember to enjoy the ride because you never know what's around the corner.

I also know from my days of debt, all that wasted energy, worrying about paying it off, but once it was gone along with that initial buzz i didnt think about it further.

Lol....regarding the £2, that'll be gone shortly!

HelenDaveKids

Could you not make it 2.01? send you under?

blade68

I wouldn't mind swapping mortgages, just not with you ;-) This mfw'ing is very addictive isn't it!