Nearly There BUT Then What ?

jenster

As the title says really

Last Month we went below the 10k Mark Left on the mortgage :T:T to us that was defiantly the beginning to the end we have a fixed rate Nationwide Mortgage so can only over pay by a max of £500 a month , we should by doing that , be home and hosed by next FEB
shame it cant before the end of the year but with ERC's better to just plod along with the max over-payments we can make with out ANY charges

We dont plan to move just yet as both DH and I are in our middle 40's both with jobs that for us are close to home and with 2 teenage children about to start uni for 1 of them , and college for the other again close to where we live , so we figure that in say about 10/12yrs when we both middle fifty's and kids both finished college /Uni then we can think about moving if we want - and if we did it would be to a house similar in price just further out in the country as to what we have now so we would just sell move out and still have no mortgage.

What im asking is what is it you want to do ?or will you do once MF ?

Will you keep saving or do u loosen the purse-strings and splash out ?

Bufger

I'll do a bit of both. I still spend now so i'm not exactly living frugally but I will certainly be going out with friends and family at any opportunity and not just when costs permit like now. I'll probably also have a couple of extra holidays per year.

edinburgher

You will have a lot of spare money - how is your provision for later life? Pensions and investments would be my likely choice if I was MF and still planned to work for another 10+ years

originator

Hi when I was in your position last year(also with NW) I asked for the term to be reduced to under 10 years and eureka! no ERCs to pay.That way I was able to pay as much as I liked and got shot of the mortgage by October.It cost me 20 quid to change the term but well worth it,and it's bliss being MF.(forgot to say I was out of the fix by that time tho and on their svr of 2.5%)

originalmiscellany

I would suggest you save hard cos university is expensive and there's a lot of extra bills adults need help for! For us, being MF simply meant that we were able to not have to have both of us at work full time. It's the freedom that you get by not being tied to is worth every penny. Best of luck to you in terms of chasing your MF dreams.

stedwell

I would go for part time work too but BEWARE! when they have finished uni they come back home............:o
I have many friends who have 20 something graduates back at home!
(PS my eldest is just about to go!)

kitjos

Congrats on getting down to the last 10k

Uni can be very expensive as others have said, guess it also depends on how long the course would be (5yrs+ for e.g).
I would contribute to both sides of the coin, id keep my saving hat on and pump up my ISA's or start to think about saving options later on in life, but then id splash out and go on nice holidays/days out. You've worked so hard to get where you are, you deserve to have a nicer lifestyle because of it

jenster

kitjos wrote: »

Congrats on getting down to the last 10k

Uni can be very expensive as others have said, guess it also depends on how long the course would be (5yrs+ for e.g).
I would contribute to both sides of the coin, id keep my saving hat on and pump up my ISA's or start to think about saving options later on in life, but then id splash out and go on nice holidays/days out. You've worked so hard to get where you are, you deserve to have a nicer lifestyle because of it

i don't think i'll ever loose my saving hat - ok it might slip off occasionaly but as i know i wont be moving for at least another 10 yrs the one treat i have said we will do is a new bedroom suite mine still looks like the 1970's but they did make them to last in them days lol

jenster

well a quick update

its now under 2k to go :j and yes i so want to finish it here and now BUT im not gonna pay the Building Soc an ERC for the sake of 8 weeks now 5th of Feb is when the last mortgage payment is due along with what overpayment is left at that point

Child One DD decided against the Uni route last September in the End and ended up doing One more year at college to which afterwards a job seems more likely in her chosen field of Child care for disabled children ,(and she scored a part time job in that field too ) and child two DS started his first year of two in college doing his Vehicle maintenance course and he too now has a part time job

Im here mainly to say ty for the great reading of all the inspiring posts and even though it is a couple of weeks early a great Xmas and new year to all MFW's and to hope that the aims of us all become ever closer to us all in 2014

edinburgher

Well done, you're so close you can smell it!

Both DD and DS sound like they're making very sensible choices, you must be proud of them.

jenster

YESSSSSSSSSSSSSSSSS

that it its done IM MORTGAGE FREE all before we 48yrs old and boy does it feel great

apologizes if it seems a bit OTT to shout it out but but i just had to come back and tell you by bringing my post up again

today ive paid off my final overpayment to clear the mortgage down .

So now to start the saving again but this time for us - theres a few bits to pay off first a cc bill and the car insurance is due on the 14th feb ( happy valentines day LOL )

so i know that the next 2 months mortgage payments - that would have been , will pay off all that and then thats it debt and mortgage free :T:T:T:T
Obviously having a home means there's always something to pay out for , BUT we can do it all now knowing everything is now ours and now we will have more savings to go along with that too

and yes we do plan on moving eventually but it will be a sideways move maybe even a small downsize to the country so that still we will never have a mortgage again

ty so much for this board and all your stories and titbits of help along the way

Jen...