Joe's FBT Mortgage Free Wannabe Diary

joe_purdy

Hi All

Just bought my first home (havn't got the keys yet) and im already dreaming about the day i can be mortgage free and have been playing on the overpayment calculator.

A little bit of background information is im 21 and work part time, unable to work full time as i have crohns disease and suffer quite bad with it, ive had 4 operations in the last year.

Ive bought my house at a real good price £49.950. house's typically go for 75-85k on this street but the house does need some work doing, will know more when i get the survey back but i know i need to put central heating in and there may be some damp

Ive got 20,000 deposit to put down meaning i will have a £29,950 mortgage. Ive initially gone for a 5 year fixed mortgage over 25 years so i can put my wages into sorting out the house, its a family selling it on behalf of an elderly lady that died. My mortgage will be with nationwide and will be £143 a month. If i overpay £100 a month i can pay off my mortgage in 12 years 4 months which means i'd be mortgage free by 33

Im going to update this along my journey to motivate myself and maybe others

Tilly_MFW_in_6_YRS

Welcome to the madhouse :)

Tilly x

joe_purdy

I forgot about this so though i would update it!

After the survey came back that the house was VERY damp i got the house for £47,450. I put down a 40% deposit of 18,980 which i worked very hard to save for a few years before buying. I spent 6 months saving/ getting the work done and have now been living here a week and love it! owning my own house is the best

My first mortgage payment came out 1st july last year, my mortgage started at £28,470. Payments are only £136.39 on a five year fix with nationwide at 3.09%. I started overpaying as soon as i could and even though not living here between july-december while the work was going i overpaid £950

I made a nice £450 overpayment this week (can pay £500 a month with no fee) so my mortgage is now roughly at £26,573. Ive just changed my bank to nationwide too so will be able view the exact. amount and make overpayments online rather than go in branch

joe_purdy

Mortgage is now at £21,500, quite impressed with that as it was at £26,573 in Jan. Being very careful with every penny and its paying off! I will continue to do so until i'm MF. I estimate about 3-4 years and it will be cleared, so by the time im about 27

quicklee99

Nice one, you're doing very well, keep up the great work

tootallulah

Well done what brilliant progress you are making, and how wise. What is your long term plan? Stay where you are or move on?