We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Starting early!
SG27
Posts: 2,773 Forumite
Thought it time I started my own diary!
I'm 30 and fianc!e is 28.
We bought our first house in February. It cost is £210,000 and we put down a 50% deposit after 8ish long years of saving! So our mortgage is a relatively small (by today's standards!) £105,000. Giving us repayments of £497.97. All theat saving means we can comfortably overpay so we upped our direct debit to a fixed amount of £600 per month giving us a £103.03 OP and knocking 6 years off!
we hopefully will increase the DD over the years as (hopefully?) our wages increase.
We did a budget plan before we moved out we estimated costs for gas/electric and for water. The gas/electric is about right for winter but it comes in about 2/3rds less now its summer so the difference makes a BACS op each. Same with water it's about £15 less than we budgeted so that also goes to the mortgage.
I'm glad we have started nice and early into the mortgage but the OPs seem to get eaten by Interest in just a few days! It's £8.49 per day currently! But I like to see as we are fighting back the interest with each little OP.
Forgot to ad:
Total remaining: £103,406.59
Ops so far: £425.96
I'm 30 and fianc!e is 28.
We bought our first house in February. It cost is £210,000 and we put down a 50% deposit after 8ish long years of saving! So our mortgage is a relatively small (by today's standards!) £105,000. Giving us repayments of £497.97. All theat saving means we can comfortably overpay so we upped our direct debit to a fixed amount of £600 per month giving us a £103.03 OP and knocking 6 years off!
we hopefully will increase the DD over the years as (hopefully?) our wages increase.We did a budget plan before we moved out we estimated costs for gas/electric and for water. The gas/electric is about right for winter but it comes in about 2/3rds less now its summer so the difference makes a BACS op each. Same with water it's about £15 less than we budgeted so that also goes to the mortgage.
I'm glad we have started nice and early into the mortgage but the OPs seem to get eaten by Interest in just a few days! It's £8.49 per day currently! But I like to see as we are fighting back the interest with each little OP.
Forgot to ad:
Total remaining: £103,406.59
Ops so far: £425.96
0
Comments
-
Sounds like a plan!
Welcome, and good luck 0 -
Mortgage DD day tomorrow which means another £103.03 OP to go out with it. Looking forward to updating my spreadsheet and sig.
It takes a day or to for my account to be credited though I expect so they can have another days interest out of me!0 -
Updated sig
Now down to £102,882.85...
Hoping to win/recieve a lump sum from somewhere so we can knock a big chunk off!0 -
Congratulations, I wish I had been as wise as you when i was your age. Good Luck I am sure you will have it paid off in no time.0
-
Congratulations, I wish I had been as wise as you when i was your age. Good Luck I am sure you will have it paid off in no time.
Thanks. We actually started about 8 years ago when we started saving our deposit! It's because we saved so much for so long that's enabled us to overpay by having a smaller mortgage. 0 -
Good luck
I'm impressed you stuck to saving so much over the 8 years! :money: 97 months until I qualify!:dance:
0 -
Wow, amazing, really sensible and impressive. Good luck with it all.0
-
Good luck I'm impressed you stuck to saving so much over the 8 years! :money:
I got very tedious towards the end. Spent a lot of time on the 'sacing for a deposit thread'. The last couple of years we were saving really hard living very boring lives! It actually got a bit depressing TBH!
It was well worth it though. 0 -
Well got our energy bill and its giving us a spare £75 for op this month
On the downside it actually takes our balance UP from the last update as there has been more than £75 interest charged so far since our last payment!
Now outstanding: £102,9510
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards