Just got my first mortgage so I might aswell join

Hi am new to this.

I just bought a flat which needs decorated. I got for £84,000 and its 2 bedroom.

My parents never charged me for living at home, as long as I saved for a house which I did.

I managed to put down £31,000 and left £2000 to decorate. Also am ment to be getting £650 from my bank for getting the mortgage.

This money was years of savings as I only get £800 a month, but always do overtime so I get just over £1000 a month.

Am now left with £53,000 to pay my mortgage.

I've took on a 20 years mortgage and just now it's a 2 year fixed at £285.16 a month.

I live on my own, so it will be hard to save to pay early.

I've started shares with my work aswell, so hope if I can't put money aside I can use the shares to put towards paying off.

I'd love to hear how others are saving to pay off their mortgage.
«13

Replies

  • originalmiscellanyoriginalmiscellany Forumite
    1.7K Posts
    Part of the Furniture 1,000 Posts Combo Breaker Mortgage-free Glee!
    Forumite
    Well done you :) Is there a chance your salary will increase in time? Even if you make a small overpayment (Say rounding up to £300 a month) will make a dent in the length of your mortgage; I havae to say it's brilliant to have such a low monthly cost - I know many people would give their right arm for one that small, so congrats on such a decent deposit.

    All I would say is play with the mortgage calculators and see what even a small overpayment makes;
    And consider getting a tenant - Look at what an extra £200 a month would do to speeding up clearing your mortgage!
    Feb 2012 - onwards MF achieved
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    April 2018 down to 28.00 months vs 30.04 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 02/2045

    Aims: 1) To pay off mortgage within 20 years - 2037
  • Well done you :) Is there a chance your salary will increase in time? Even if you make a small overpayment (Say rounding up to £300 a month) will make a dent in the length of your mortgage; I havae to say it's brilliant to have such a low monthly cost - I know many people would give their right arm for one that small, so congrats on such a decent deposit.

    All I would say is play with the mortgage calculators and see what even a small overpayment makes;
    And consider getting a tenant - Look at what an extra £200 a month would do to speeding up clearing your mortgage!

    So sadly I work in a supermarket so only goes up by about 3% each year. Am on about £7.30 an hour.

    The lodger is a great idea as the flat below me is up for rent just now £595 a month. I know someone in this area has a 3 bedroom and rents his bedrooms for £300 month including bills.

    My worries I'd meet a man and feel invaded someone else living and would feel bad telling them to leave haha.

    Also you'd need someone you trust. I've just bought loads of brand new stuff for my house. You're leaving your keys with someone while your out, so they could nick your stuff, unless you got someone you know.

    I've seen people renting out their parking space. I have a double parking space, but neighbours keep parking in it. I've seen people around this area advertising £5 a day or £25 for a whole week. I decided to put on gumtree, that was weeks ago no one has wanted it. I thought the parking is good because its just off the main road, but its finding someone who wants it. I could always lower the price as any income is good to help pay the mortgage, but then advertising at like £1 a day it's prob not worth the hassle advertising it. My other worry is if someone did want it and came and a neighbour was parked in the space. I've never said they could park there, they just do.
  • black_taxi_2black_taxi_2 Forumite
    1.8K Posts
    Debt-free and Proud! Mortgage-free Glee!
    Forumite
    No amount of money can buy freedom of your own space,beleive me I've shared with brother an students.

    Awesome size of deposit,on your wage

    Enjoy your new dwelling
    £48515 interest £181 (2009)debt/mortgage-MFIT/T2/T3
    debt/mortgage free 28/11/14
    vanguard shares index isa £1000
    credit union £400
    emergency fund£500
    #81 save 2018£4200
  • I'm so glad you started this diary. I've been looking for a fellow lone FTB to follow.

    I've just bought my first flat also, albeit with a much higher mortgage.

    I shall follow your progress with interest, and pilfer any tips you might gave :p

    Best of luck to you :T

    Finally a Homeowner 04.10.13 :j


    Frugal Living Challenge 2015 £958.70 / £12,000

    "So much to do, so much to see. So what's wrong with taking the back streets?"
  • kate_pixie wrote: »
    I'm so glad you started this diary. I've been looking for a fellow lone FTB to follow.

    I've just bought my first flat also, albeit with a much higher mortgage.

    I shall follow your progress with interest, and pilfer any tips you might gave :p

    Best of luck to you :T

    Aw congrats on your first flat. I wish I could have a main door, but can't on my wage unless I move out of the city. My brothers live in a town and have a main door house for only £80,000, but at the same time it's about £200 a month for train tickets through here, unless you got a job that way.

    I bought a flat needing done up. So has original doors and heaters. There was no flooring and the whole house is wood chip wall paper. Took weeks to strip the sitting room walls. I wanted rid of the old storage heaters, as I don't like the big bricks and when I got carpet they'd cut round it. So took one apart to go to dump. Then was googling storage heaters and came across people selling on gumtree for £50 a heater, but they'd been up for a week advertising. I decided to put £10 a heater and had 15 replies in a day. Got £40 for 4 heaters. I plan to just get panel heaters now as I feel gas central heating would be like another mortgage, as I've only left £2000 to decorate. I just spent £500 on carpets for the sitting room and small bedroom and want my bedroom and hall laminate.
  • BeckyyBeckyy Forumite
    2.8K Posts
    Part of the Furniture 1,000 Posts Combo Breaker
    Forumite
    Well done on buying your house, you saved up a great amount for your deposit :)
  • SmlSaveSmlSave Forumite
    4.9K Posts
    Part of the Furniture Combo Breaker
    Hi Daniloo :)

    May I suggest that once you've lived in your flat for a few months that you post a SOA for us to have a nose at? Its helpful to know your outgoings so you can see where its possible to cut back.

    Do you still have some savings as an emergency fund? Lots of us recommend having one for that just in case situation.

    We've just bought a big house that needs doing up so most our spare cash goes towards DIY atm so our OP's are small and infrequent but every little helps!

    Wishing you lots of luck
    Currently studying for a Diploma - wish me luck :)

    Phase 1 - Emergency Fund - Complete :j
    Phase 2 - £20,000 Mortgage Fund - Underway
  • I bought a flat alone, i rent out my spare room to a friend and it works very well and means i can save money too!

    I also do sharesave, it's a brilliant way to build up money easily, after a few months you don't notice it leaving your bank account and adapt to not having as much income (i currently do £53 a month)

    I didn't start overpaying until i'd been living there for 6 months and first it was only £50 a month. With wage increases that has gone up to £170 a month plus whenever i have some spare cash.

    I wish my mortgage was less than £300 though!
    Mortgage 1: May 2012 £90,000 April 2020: £47,000
    Mortgage 2: £270,000😱 Jan 2019 £253,000 April 2020
  • black_taxi_2black_taxi_2 Forumite
    1.8K Posts
    Debt-free and Proud! Mortgage-free Glee!
    Forumite
    all I will say--is I bought gas central heating two years ago for flat----best thing I ever did,you do save on bills.thermo stats,instant hot water,thermal instant heat is worth it,they rip up floor boards,so best to do early if your thinking of carpets,painting.

    also use britishgas for safety and piece of mind,i only hav two thermal radiators and my flat is like a sauna
    £48515 interest £181 (2009)debt/mortgage-MFIT/T2/T3
    debt/mortgage free 28/11/14
    vanguard shares index isa £1000
    credit union £400
    emergency fund£500
    #81 save 2018£4200
  • :) We bought a first house as well. me and my bf pay £550 a month :( still cheaper than renting though!
    We used a first time buyer scheme to get a £210,000 house.
    If we don't over pay it's looking like we will be paid off in 25 years, when I am 50 :)
    In need of extra ££...and failing
This discussion has been closed.
Latest MSE News and Guides

Boost your Nectar points

Get up to £25 in bonus points

MSE News

Ask an Expert: Scams

Watch MSE Katie's answers to your questions

MSE Forum

Hot Diamonds 40% off code

Including already-reduced outlet stock

MSE Deals