A personal MFW thread to track progress!

brokeapproaching30

I am already a MFW, having not even moved in to my first home yet! After what seems like a lifetime of renting, I am finally in the process of purchasing my first home. My mortgage will be £100,995 over a term of 25 years.

I have no idea of an actual target for when to pay it off but hoping it'll be a lot shorter than 25 years....

I plan to update with my progress monthly. I'm starting now because although completion isn't likely until March, I'm already thinking seriously about how I'm going to tackle this new debt.

Let the games begin :T

juststuff123

Good Luck!!!

midnight_child

I would suggest to save as much as possible over the next few months.


The first few months will be quite expensive with buying furniture etc, and there may be some things that you don't even realise you need until after you move in.


Good luck
MC

SG27

That's almost the same figures as mine two years ago! After 2 years and if we keep our fixed OPs of £108 per month we should be down to 18 years remaining. We make odd additional OPs as well so when our annual statement arrives next month I can calculate the exact amount we have knocked off.

Good luck, it's great fun although a looooong process

brokeapproaching30

Thanks guys! Also great advice to save as much as poss in the months before moving in! Already had to shell out a fortune for solicitors, also on beds, sofas, washing machine, fridge etc *eeeeek!!!*, but did get most stuff online through quidco to try and get some cashback at least!

Exchanged last week after what seems like forever, and complete on the 12th Excited and also nervous about what the heck may lie ahead! So, here goes for real...

£100,995 @ initial fixed rate 2.29% 2 yrs, monthly payments £442.47.
Hopefully will be able to start overpaying asap but realistically the first few months probably won't be possible to do so - but thats ok

ourcornercottage

I pay out my Quidco and tcb staright into my mortgage account. Therefore I get a little OP every month even if I'm skint. Also if you can ask your mortgage company to set your payments at 450 from the start once again you won't notice this OP of 7.53 per month. 450 Is easier to remember coming out of your account too. Up it to 500 or more when you can afford it. Just a couple of little things you can do from the start and you won't even notice :-)

optimistic-mummy

good luck. ill be following your progress. best of luck on your journey