Mortgage Free wannabe at 23! Mad.....Maybe

Lawrie23goingon40

Thought i'd start one of these threads! i don't want to pay the bank any more interest than i have to!!

Background of me is, engaged to Mrs due to be married next year. In the process of buying our first house hopefully be complete by the end of the month :j

Mortgage is £169k with 42k deposit on a 210k house. Needs a lot of work, but has great potential to improve and/or extend!

Our ultimate goal is to make the move to the countryside and get out of the rat race that is london!

I am a British Telecoms Engineer and the Mrs is a Special School Nurse

Anyway once the house sale goes through i shall be overpaying and updating this thread as a diary!

Any comments welcome

Cheers, Law

StrawberryJam132

Hi Law,

I'm new too. I'm also buying my first home at 23 & a MFW even before the keys are handed over! :rotfl:We're not mad, just future wealthy people!

I'm subscribed to your diary. Hope everything runs smoothly with the buying/chain. Have there been any hiccups so far?

Good luck!

prosaver

Is that 169k .....whats the monthy payment?

Lawrie23goingon40

SBOWDEN wrote: »

Hi Law,

I'm new too. I'm also buying my first home at 23 & a MFW even before the keys are handed over! :rotfl:We're not mad, just future wealthy people!

I'm subscribed to your diary. Hope everything runs smoothly with the buying/chain. Have there been any hiccups so far?

Good luck!

There is no chain as an old person lived there previously! i'm already thinking 10 years ahead. would like a buy to let if poss aswell! We can dream, and like you said future wealthy people

Cheers and you to. How far is yours along the way?

Lawrie23goingon40

prosaver wrote: »

Is that 169k .....whats the monthy payment?

£729 i think

didabuf

good luck.
i started oping my old mortgage at about 23 and although it didnt make much of a dent, i went into the new mortgage with the same outlook. house needs a bit spending on it and we dont earn loads but i dont plan on having the mortgage for 25 years like is when it started my plan is by the time the kids turn 18 which is 15 years away.

so well done on starting young, your doing the right thing

StrawberryJam132

Lawrie23goingon40 wrote: »

Cheers and you to. How far is yours along the way?

Buying to let would be fantastic. I'm not sure if it's something I would want to do. I'd have to research it more. I'm still pretty naive in that area...

I haven't got a chain either. I've fallen in love with a house that has turned out to be the home of my Great Aunty and Great Grandmother. It would be wonderful if I could get it back in the family, but there are issues with my Credit Report :mad: Waiting for mistakes to be removed and then for it to be updated... Stuck twiddling my thumbs until then! Just hope it doesn't go in the mean time *nervous*

Keep us updated on your buying process, I'm really interested

HelenDaveKids

I wish I had seen the sense that early. Although my first MF was in my very early 30's.

Good luck to you both

Lawrie23goingon40

All going well. Dropped off signed mortgage deeds to solictor this evening :j

Already looking at a buy to let, want to sort my nan out if i can! Mrs isn't to happy but at the moment work cant get me in enough so moneys there may aswell invest it!

Lawrie

Beckyy

Hi! Welcome to the forums and good luck on your MF journey!

Do as much research on BTL as you can, it's not as easy to get into as it used to be and needs a good amount of capital to start out. I would also avoid renting to any relative like the plague, although it's a nice idea mixing family and business can get very messy and many lenders won't entertain the idea.

Best of luck and I hope you enjoy your new home!

pixiedust09

:wave: Hi Lawrie , welcome and good luck on your MF journey. I've recently started a diary too, will be watching yours with interest.