Journey to the Promised Land.

BlueMoo

Ok, here goes.

I have been lurking for a very long time and reading your stories here have been more than inspirational. :T

Bought our first house 2012. The mortgage £175000 whilst the actual repayment was £288000 over 25 years.
Worked out that we are paying £20-30 interest a DAY! :mad: This really spurred me on to take a close look at how we can reduce this cost and break free!

Payments set at 969 per month. Initially just rounded up to 1000 as we had lots of renovation work we needed to carry out. Once we got to Christmas, made the decision to up the payment to 1100, and then Easter 2013 made the plunge to commit 1180 (so total overpayment of 211)

I'm sure no-one will read this, but hoping this little diary can help keep me on track, as my OH and I have been saving very hard since we've been together (fees for first flat renting, house deposit, renovations and currently our wedding), and it is now getting tough to see the results of all our hard work. I think it has especially hit me with all the wedding planning - I keep thinking that 211 overpayment could help pay for the honeymoon of our dreams (it will be our first ever holiday so really want it to be memorable)

We have done all the usual things I guess re getting our finances in the best possible shape. However, I do believe in a balanced apporach - do spend quite a lot on eating out but this is something we both very much enjoy and our monthly 'date' nights seem to provide that little escape and a time to be just us.

So many of you seem to have this AMAZING attitude so thanks for all our stories! Hoping that this little thread can maybe inspire someone in my situation in the future like your threads have helped me.



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UPDATES

#25 Actual figures for mortgage
#93 Current Figures and OPs
#116 Mfit3 Challenge figures

greent

Just a quick reply now (off out) - will be watching your progress. Welcome to the MFW board and good luck!! xx

(just checked my records - when I started keeping a note we were paying £13+ per day interest - currently down to £2.55/ day in just under 4 years)

BlueMoo

Wow! What an amazing achievement in 4 years! :TWhen you're back, would you let me know the specifics - total mortgage, payment, OP amount if that's OK?

Hope any of the other lurkers out there can finally bite the bullet and keep me updated of their amounts - big or little!

gallygirl

Welcome :wave:.

I lost a lot of my records last year and my situation is a bit complicated) but it's great to have a record of progress to look back on. It helps to have lost of little targets to aim for - interest dipping below £20 a day for the 1st time, then getting below £20 and staying there (they have an annoying habit of creeping back over as the month progresses :mad:). What is the mortgage now - aim for the next 5k. What is your current LTV ratio? Aim for the next % etc., turn it into a game .

Good luck.

BlueMoo

Thanks for the kind welcome! I have found that seems to be unique to this board in particular (not trying to offend other boards, but just noting the friendly feel of MFW board).
Current mortgage is around 172000 (been just over a year since we bought)
Lots of people on here seem to have maybe 5 years under to go, so hoping to provide a bit of insight into someone who has 20+ years to go (though my target is 18 years)
Loan to Value is 75% Loan 25% Value.

Thanks for the advice - it's hard not to be disillusioned when there is such a way to go!

Crumpets

Hi Bluemoo and welcome, just wanted to wish you lots of luck with your journey and with your wedding! Working out daily interest is something I have yet to do. Sometimes what we're doing seems impossible but there are plenty of people on here that have proven it is possible. I like GGs suggestion of making a game out of it...the important thing is to get the balance right.

Anyway, ramble over

Crumpets x

BlueMoo

Thanks for the encouragement Crumpets!

Yeah, balance is very important. I think if you can really crack it out in 2 years, then being very frugal is doable.
However, most of us here are here for the long haul, so need to be able to live your life in between. Don't think I could manage 19 years of putting EVERY penny to the OP. :eek:

Well, we get charged approx 650-700 a month interest, so divide by 30, then about £20 a day. This obviously depends on how many days in a month etc.

kirstypark

do you know where you going to on your honeymoon? (welcome, btw)

BlueMoo

Hopefully Indian Ocean, but finding it hard to take the plunge as it is pretty pricey, and barring my house and car, I have never spent that much money before!

Thanks for the welcome. 2027 MFW sounds good. Only 14 years to go!

KolaKube

Hello and welcome!

This is a lovely friendly board with a knowledgeable bunch

Good luck on your journey and with the wedding!

Have you much left to plan? (I love wedding planning!) xx

BlueMoo

Hi,

I have been dipping into your thread as well Kola- see your LO is growing up fast.:A

I actually have started a thread about my wedding (can't post a link due to being a newbie but it's called 2014 for 10k)
Most of it planned I guess - I get stressed if everything's not organised. However, having a debate over artificial and real flowers atm.