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Saving for my 'forever home' £1 at a time
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ktbainbridge
Posts: 32 Forumite
Hello,
I have been an avid reader of this area of the forum for a few years now and really enjoyed following various peoples journeys. I have been inspired for quite some time, but it has only been recently that I have made my plans much more thought out. Also, I have become slightly less happy with my work, so it really helps to have a plan to focus on to keep me committed to my work.
I plan to keep this thread as a journal of my journey and to pick up tips along the way. I will unveil more and more detail with each post, but please do feel free to ask any questions!
A summary of my situation:
Myself and my partner are recently married. We are 29 and 31 with no children (yet). We live in the South of England, in a small 3 bedroom semi detached in a desirable location. We paid £172,500 for our house in December 2011. We anticipate it is now worth around £180,000.
We both work full time and earn around £30,000 each.
Our plans our two fold, to over pay our mortgage, in an attempt to be mortgage free in 8.5 years and rent our house out. At the same time we plan to save a deposit (and moving costs) for our next house in 3.5 years.
The plan involves all being well and we are quite aware that there may be some unexpected challenges along the way, but our plan is optimistic and hopefully achievable.
Happy to give anymore details!
xx
I have been an avid reader of this area of the forum for a few years now and really enjoyed following various peoples journeys. I have been inspired for quite some time, but it has only been recently that I have made my plans much more thought out. Also, I have become slightly less happy with my work, so it really helps to have a plan to focus on to keep me committed to my work.
I plan to keep this thread as a journal of my journey and to pick up tips along the way. I will unveil more and more detail with each post, but please do feel free to ask any questions!
A summary of my situation:
Myself and my partner are recently married. We are 29 and 31 with no children (yet). We live in the South of England, in a small 3 bedroom semi detached in a desirable location. We paid £172,500 for our house in December 2011. We anticipate it is now worth around £180,000.
We both work full time and earn around £30,000 each.
Our plans our two fold, to over pay our mortgage, in an attempt to be mortgage free in 8.5 years and rent our house out. At the same time we plan to save a deposit (and moving costs) for our next house in 3.5 years.
The plan involves all being well and we are quite aware that there may be some unexpected challenges along the way, but our plan is optimistic and hopefully achievable.
Happy to give anymore details!
xx
0
Comments
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Hello ktbainbridge & welcome to MFW :hello:
You will find the people here are very friendly.Initial mortgage (Dec 2012) £108,000 3.84%APR MF date Jan 2038
Mortgage remaining £68285
Daily interest £4.28
2017 MFW #14 £3746.90/£10,0000 -
Hi There!
Good Luck - I like a good plan!GOAL:- £400k in Savings by March 2026 SAVINGS: – £382,327 COMPLETE GOALS - Debt Free, Mortgage Free, £350k Savings Save 12k in 2025 #41 = £15,849 / £25,0000 -
Hi kt and welcome, I'm following a similar plan to end up in the forever home. Have you thought about how much you will need to save?Mortgage Apr 18 £417,894 BTL Mar 18 £162,857
Mortgage now -- £350,085 BTL now --- £162,6680 -
Welcome and good luck!
As you are young, do you have pensions sorted?0 -
Hi kt :wave:
Just a couple of questions -
1. How much equity do you have so far in your current house?
2. How much do you need for a deposit for house no.2?
3. So I'm confused....when you move in 3.5 years is that when you will start renting your current house out to pay off the remainder of the mortgage?
4. Will you be buying a bigger/more expensive house no.2 or aroun the same as you have now?
Ok...so that was more than a couple of questions!
Mortgage - £105,5000
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