Mortgage free by 40 HOPEFULLY

The_casual

Afternoon all

Been lurking on the forum for a while and reading some really interesting stuff.
I started my MF journey/adventure about 2 years ago. We brought our house in 2010 for 123k (3 bed semi in a good area) aged 29 with a 86k mortgage over 25yrs.. Done alot of work to it since with new boiler, fuse box etc. I think we brought at a good price when the market was on the down turn. I would like to be optimistic and say its now worth approx 131k. Anyway.......in 2012 i had a moment of clarity!!!!! Our ISAs where only getting 1.5% at best and our mortgage was approx 3.54%. It was then that i decided to start overpaying by £450 each month. Anyway we ve managed to get the mortgage down to approx 63k from 86k in 2012. I ve always liked to stick to the short term fixed deals so i can to get the lowest rate. EG current 2.54% fixed over two years. I want to give myself a bit of security but benefit from the lower rate.

The next decision i have in the next 3 few months is a) choose a longer fixed term deal as i know rates may rise Q3 next year or b) stick to my policy of being the rate tart and finding the short term fixed deals.

I managed to convince the other half that being MF is going to set us up for life. I still trying to convince here that we ll rent the current place out once we ve finished the mortgage.

Anyway hope to keep you all updated and any nuggets of wisedom would be gratefully recieved.

Regards
Ian

JimLad

Welcome along! Nice to see another fella on here! Sounds like we are in a very similar situation to you.

On the short / long term fix issue im kind of in the same boat. When we took out our mortgage 3 years ago we went for a 5 year fix at 3.99%. Since then we have overpaid loads and now could get a much better rate if we wernt tied in for another 2 years :-(

I think now might be the time to fix...but then i thought that 3 years ago!

We also plan on renting this house when we move to our forever home.

The_casual

Sounds like we along the same lines. Good to hear there like minded people out there :beer:

The_casual

Good start to the week. Refund of my boiler service after i complained to British Gas and all my work expenses drop in on the same day. Makes the budget spreadsheet look very heathly. Anyway work is still annoying being deepy under paid for what i do. Got a couple of irons in the fire for other roles so see what that brings.

Knackered today as next door decided to have a argument at 1 in the morning. Never normally do that so very odd.......