Starting early!

edited 29 July 2013 at 4:01PM in Mortgage-Free Wannabe
20 replies 2.7K views
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  • TahlullahTahlullah Forumite
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    Congratulations on achieving so much! Wow, I wish I had been like you when I was younger, more switched on and aware. TBH, I wish I was like you now!!

    Best of luck with your journey. I will watch with interest and awe!
    Still striving to be mortgage free before I get to a point I can't enjoy it.

    Owed at the end of -
    02/19 - £78,400. 04/19 - £85,000. 05/19 - £83,300. 06/19 - £78,900.
    07/19 - £77,500. 08/19 - £76,000.
  • SG27SG27 Forumite
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    Tahlullah wrote: »
    Congratulations on achieving so much! Wow, I wish I had been like you when I was younger, more switched on and aware. TBH, I wish I was like you now!!

    Best of luck with your journey. I will watch with interest and awe!

    Thanks! The hardest part was the deposit saving! We had a very boring few years although found free activities to entertain ourselves like going for walks. It's enabled us the disposable income to comfortably overpay now. Hope we can keep it up as circumstances change with children etc.
  • AnnieddivaAnnieddiva Forumite
    168 Posts
    Tenth Anniversary 100 Posts Name Dropper
    hey you did the amazing thing of getting such a large deposit together - so this is a great achievement in itself! As the saying goes look after the pennies and the pounds will look after themselves - so every penny helps and you're on the right road and am glad to hear the long and winding road is paying off!!:j
  • You're doing amazingly well SG27 :T

    My husband and I are around the same age as you and have just managed to buy our first house after a few hard years of saving - I couldn't imagine doing it for 8 though; some strategies were a bit extreme!

    Good luck :)
    Remember, it is better to have had your wish than to wish you had.
  • SG27SG27 Forumite
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    Got our first annual mortgage statement yesterday :) it shows that the odd amounts we have paid off seperate to our DD have reduced our future payments from £497.97 to £491.35! Not much but more than I was expecting. :) that means our fixed monthly DD now includes an OP of £108.65 up from £103.03 :)

    And should reduce the damage of interest rates rises when our fixed ends in 4 years!
  • Excellent! Keep up the good work.

    I'm a similar age to you, and I just got my first home in 2012. After a few unexpected events, we are a bit more stable financially, and after a wedding later this year, we are hoping to start making decent mortgage overpayments. If all goes to plan, we could shave a good decade off the mortgage. :cool:

    I know what you mean by living a boring and tedious life at times, but I just tell myself it's all worth it in the long run. The way I think about it, if you had say, a full 25 years mortgage, if you don't try and pay it off earlier, a good few years of your salary are just going to pay off interest alone.

    Keep posting, and I'll follow this thread with interest :)
    Current Debt:
    Mortgage
    31/12/12 - £78,075.68, 31/12/13 - £76,149.82
    01/02/15 - £66,356.11 :j , 01/07/15 - £39,900 (woooooooooo)
    Target mortgage free date: 1st May 2019. Funds to pay it by December 2017 (but would have to pay tax back on some shares).
  • BeckyyBeckyy Forumite
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    Make sure you shop around and remortgage with a new (lower) fix, when your current one ends if you want to keep the security of a fixed rate. :)
  • SG27SG27 Forumite
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    cookson wrote: »
    Excellent! Keep up the good work.

    I'm a similar age to you, and I just got my first home in 2012. After a few unexpected events, we are a bit more stable financially, and after a wedding later this year, we are hoping to start making decent mortgage overpayments. If all goes to plan, we could shave a good decade off the mortgage. :cool:

    I know what you mean by living a boring and tedious life at times, but I just tell myself it's all worth it in the long run. The way I think about it, if you had say, a full 25 years mortgage, if you don't try and pay it off earlier, a good few years of your salary are just going to pay off interest alone.

    Keep posting, and I'll follow this thread with interest :)

    Yes it's definitely worth it! They way see it is that you will only earn a certain amount throughout your lif so no point throwing any away but having a few spare pounds now only to pay double in interest at a later date!
  • SG27SG27 Forumite
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    Beckyy wrote: »
    Make sure you shop around and remortgage with a new (lower) fix, when your current one ends if you want to keep the security of a fixed rate. :)

    Yep we will pick the best rate on the market :) although I very much doubt that in 4 years threre will be a lower 5 year fix than our current one!
  • SG27SG27 Forumite
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    Tomorrow's mortgage payment will take us under the £100k mark! :) I've updated my sig early in anticipation. However with £250 interest to be added over the course of the month we will go back over but there will be another small op to make around mid month so hopefully this will be over £25 and keep us below £100k!
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