Starting my MFW Journey

Crescent1980

Hi everyone,


After many months of lurking on this forum and seeing how well other MFW’s are doing and the support they are given by this wonderful community I thought I’d better get involved.


So a little bit of history about me, I am 31 years old and have been lucky to be able to buy my ‘future’ home with my wonderful wife who is 27. My home journey started when I was 24 and purchased a 2 bedroom flat with my best friend, where after 2 years it was agreed that he would buy me out. This allowed me to have the required deposit to buy myself a 3 bed detached home.


Being my first home, I did what seems to be the norm, pumping lots of my money in renovating and decorating it to my own taste (bear in mind the home was only 9 years old). Then after 4 years, during which I had met my wife, we decided we would upgrade and have a house jointly owned so we could start a family.


The perfect house came on the market after looking that felt like an eternity, a 5 bed detached home overlooking a beautiful lake with geese, swans and ducks, how could we say no?


To fast forward to today, we have been in this new home for approx. 12 months so I decided it’s about time we start making overpayments on the mortgage. To give you an idea on the mortgage, the house value is £340k and our current mortgage is just under £182K on a 5 year (now 4yr fixed) at an interest rate of 3.39% with monthly payments of just under £794. To get this mortgage we had to choose a 32yr term which isn’t great, hence my eagerness to start overpaying and reducing the term.


My wife was a little reluctant at first as she couldn’t see the benefit until I showed her the calculations on how much we actually pay on interest alone and the savings we could make.


As we are currently saving for a ‘maternity’ fund we just started at £50 a month and aim to increase that to £100 next year. Every little helps.


We made our first over payment this month and it feels great knowing we are taking our financial future in our own hands and hopefully allowing me to retire before I’m 68 (or 75 at the rate the age limits keep changing).


Anyway that’s enough of my rambling and I would like to wish luck and give my best wishes to all the other MFWs on here

Tilly_MFW_in_6_YRS

Hi Crescent, welcome to the MFW madhouse. Great that you are looking at options this early in your mortgage life and it will definitely save you ££££.

Best wishes Tilly

Lotti1982

Good luck on your mortgage free adventure, I wish you every success

edinburgher

Welcome, pleasantly surprised to find another male MFW exactly the same as me joining, makes me feel less crazy