The "Mortgage-free in 2025-30" club!

Luckyinlife

pinkteapot wrote: »

Good luck, luckyinlife! Paying it off in less than half the original term would be amazing! Give me a shout if you want to go on the member list.

Thank you ya id love to go on there will be great to see how we all get on over the years :]

original MF date 2040 || target 2025|| goals: To own my property outright is my life goal plan to be mortgage free by 40 im 27 now 2015 :]

miltarytwins

Hi, can I join please?

Miltarytwins|| original mf date July 2039|mfw date July 2029|| goal to have mortgage paid off before we are 50 so we can help the children out with uni/house deposits

I have been loitering for a while; we moved into our new house last year after 2 years of living in RAF accommodation and someone else paying the mortgage. Bit of a reality check paying the mortgage ourselves now so want it gone as soon as possible!
Started a plan for OPing but only small amounts possible at the moment, while we sort our budget again after OH started a new job last week!

pinkteapot

luckyinlife and millitarytwins - I've added you to the list (let me know if I messed any details up).

Welcome!

militarytwins - I can imagine the shock when you're used to having accommodation provided! Does your name mean you have twins? Was just thinking about the fun of two in uni at the same time...

Busy times at teapot towers. Our garden has a wooden raised bed (like a big crate) for veg and the boards have come away from a corner post, because that post has rotted.

A few years ago I'd have just replaced it, but it's in a fenced-off corner where we can't see it and it's only one post that's rotten, so we got a fence post from Wickes (£8), cut it down, and I'm just between coats of paint before we nail it into place. :money:

Also busy preparing for my first ever craft fair next weekend! I started card-making a few months back. So far, I've had all my setup costs and have only sold about a dozen at work. Need the fair to go well so I'm not just costing us money, eek!

Hope everyone's having a lovely weekend and enjoying the sunshine if you've got it.

miltarytwins

Yes pink tea pot, we have twins! They are just two now and I am feeling it today after a rather hard weekend with them both under the weather!
Thanks for adding me.
We are about to sell my lovely car and buy my mum's as we don't really use it much so we can use the difference in price to pay off some capital!! Woo boo!

turtlemoose

I know the aim is to be MF, but I'm considering borrowing a little more on my BTL after I switch to a new deal. But I'm not sure if I am working it out right.

The bank's own calculators tell me I could (for example) borrow 8k and it'd cost £40 a month. In this scenario I've switched to a lower rate so the monthly payment is still the same despite the extra borrowing. I can offset the interest on this against my income for my tax return.

Is it as simple as that?! That'd be very handy if yes, as I could (if we get upduffed) a more relaxed maternity leave with that money.

Or is it more complex? Would it trigger affordability calculations? It'd still be under 80% ltv (mine is residential with consent to let so doesn't have to be low low ltv). In my mind I'm hoping I just apply online, go through an automatic approval process and voila!

turtlemoose

hmm upon further investigation (can you tell it is a quiet day at work!!) it appears this would trigger the full on affordability malarky which I don't want to do. pfft. wishful thinking!

Luckyinlife

Thanks tea pot all great :] the challenge is on :]

liuhutOz

Hi fellow mfw's, I've been busy doing a degree the last few years and have just managed to finish it, this week I'm starting some training at work which will hopefully lead to a promotion and a pay rise! I'm planning on throwing it at the mortgage so fingers crossed it works out.
Cheers L x

pinkteapot

turtlemoose wrote: »

hmm upon further investigation (can you tell it is a quiet day at work!!) it appears this would trigger the full on affordability malarky which I don't want to do. pfft. wishful thinking!

Does it matter, turtle? Is affordability an issue?

We remortgaged last summer and despite MMR we were approved with no interview or anything, just on the basis of our application. We applied and it all completed ten days later!

turtlemoose

It does, because it is all in my name and by the time I come to redo my deals i will be married, which makes it harder to say I'm the only one with an interest in the property. Also with 2 x residential mortgages, all our joint debt in my name, and an average nursery bill of £740 a month, on paper I can't afford it, even though in reality I can.

E.g. my salary+car allowance is 34k. My current mortgage debt is £148k and unsecured debt about 6500 (off the top my head). So under the new rules , based on the affordability calcs I've done online, I would be lucky to get a mortgage full stop right now.