Paying off our forever house...

alwaystryyourbest

Hi thought I would start a new diary going as my last one didn't go to plan..
We was planning to be mortgage free by next year, but we had to buy a bigger forever house.
So won't be morgage free for sometime now. Feeling a bit sad about it all rearly..
Mortgage was down to £12.550 but now it stands at £175.000.:(

Hoping to pay down as much as possible but also have some fun along the way..

Anyone else feeling sad about having a big mortgage ??

keza

hello but a bigger forever house is better it needs to be exactly what you want other wise it wont be a forever house good luck!

MallyGirl

We were mortgage free for a bit back in 2005 but it wasn't our forever home so we moved again and took on another big mortgage. We had it down to around £110k but have nearly finished spending £130k on a big extension which has bumped us up again. Our spending pattern looks like a range of mountains!
We will get it back down again. We have 3 endowments maturing in the next 2.5 to 3 years so that will knock of a reasonable chunk (albeit far short of what was projected when we signed up). After that it is just down to spending less than we take home and chipping away.

alwaystryyourbest

keza wrote: »

hello but a bigger forever house is better it needs to be exactly what you want other wise it wont be a forever house good luck!

Hi yes this house has everything we could ever want, the last house we outgrew. So this is our last house , until we down size later on in life....

alwaystryyourbest

MallyGirl wrote: »

We were mortgage free for a bit back in 2005 but it wasn't our forever home so we moved again and took on another big mortgage. We had it down to around £110k but have nearly finished spending £130k on a big extension which has bumped us up again. Our spending pattern looks like a range of mountains!
We will get it back down again. We have 3 endowments maturing in the next 2.5 to 3 years so that will knock of a reasonable chunk (albeit far short of what was projected when we signed up). After that it is just down to spending less than we take home and chipping away.

This must be some nice extension to cost £130k
I feel a bit gutted about having such a large mortgage again,but I know we can get it down again..
Good luck to spending less
, it's hard something always comes up..
Kids birthdays,car repairs etc...

ValHaller

alwaystryyourbest wrote: »

Hi yes this house has everything we could ever want, the last house we outgrew. So this is our last house , until we down size later on in life....

Then it ain't a forever house????

LauraJo

Morning alwaystryyourbest
If you are going to downgrade later in life then maybe just concentrate on getting to a point where you are going to be equity neutral or have £x amount spare. It'll make the journey feel less painful I reckons

alwaystryyourbest

Hi I suppose it isn't our forever house then,but I would like to live in it forever..and would only downsize if we needed money..
So I'm still going to call it my forever house..
We haven't even moved in yet,
hopefully sometime in January, as it is a easy chain we are in.

MallyGirl

alwaystryyourbest wrote: »

This must be some nice extension to cost £130k

It is more of an orangery really with a massive lantern roof, a wall of folding sliding doors, limestone floor with under floor heating and a raised terrace around. We just call it the extension
We started out looking at conservatories but wanted to be able to use it all year round. Our original budget was £50k but we kept expanding on the design

alwaystryyourbest

Mallygirl that's sounds lovely,I think it's worth spending more sometimes instead of not being happy that you did it cheaply..
We need to get our kitchin redone when we move into our new house,I am guessing it will cost us £5,000 but I'm sure by the time I pick the the kitchin we like and all the extras things always cost more...(but we'll see..):)

alwaystryyourbest

Feeling a bit fed up, can't wait until I move in to our new house. I am so excited to start to pay this new mortgage off..
Also instead of £175,000 is should be £176,000 after the mortgage fees get added...