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

slicence

We spent around 10 days prepping. Tonight we do the first layer of the top coat! We've bought one coat, and have tinted the undercoat with it, but still suspect that we'll need two coats!

I think mr slicence is hating the process, and is considering paying someone to do the rest of the house! I don't think I'd let him get away with not helping at this stage!

turtlemoose

turtlemoose wrote: »

I wish there was a way to transfer equity from one house to the other!

pinkteapot wrote: »

Is it not possible? It feels like it should be.

Yes I feel like it should be too

It gets even more complicated than just the taxman, because my btl is not actually a btl, it's a residential mortgage with consent to let, so is different. *sigh* I've been playing with figures yesterday and actually the good LTV on the rented house possibly means I can remortgage to a BTL mortgage, release some equity as cash, and then I'm free to use the cash as I see fit. I'm hoping I've done my numbers right, if so we can get £6k out of it and then, although I know I said about transferring the equity, I would spend it on a new bathroom, levelling the garden (it's very slopey) and a new flat roof for our outhouse. I'm not sure if there'd be anything left, but if there was it'd go on either debt or OP (whatever works hardest £ for £ at the time).

HOWEVER this is all new territory for me and I'm not sure if what I've looked at and what I've calculated is even anywhere near correct! Off to see my superb mortgage advisor this afternoon to run it by him and see what he thinks. Fingers crossed I can report back with good news tomorrow!

turtlemoose

Good grief, I was massively overcautious in my calculations. My advisor says it *is* as simple as getting a new product, we did a few scenarios and he reckons I'm looking at 7.5k maybe more for cash released.

We would have the bathroom done, garden done and flat roof done on the house we live in, which will have the effect of increasing the value when we remortgage at the end of our deal, meaning we will get a better ltv and a lower rate. And still have a healthy chunk of change to OP with.

I'm in shock!!!!!

Firegirl

Brilliant news TM!!!!!

choccielover

As lovely as a moment of enlightenment is, isn't it frustrating sometimes when you look back and wonder where all this available cash went in years gone by.
I find myself today just thinking of what we have to show for the years we weren't MSE, especially the years of the super tiny mortgage and no child!
We aren't particularly world travellers, don't and haven't driven expensive cars and indeed have no expensive habits. We are not even particularly into designer wear.
So the only conclusion I have come to us that we were just truly wasteful.
I remember doing our weekly shops and it never being under £100..... For 2 of us. We never gave a thought to shopping around for deals and were just insanely stupid.

But, I guess it would be a poor show and a long haul if we had this size mortgage and no scope for improvements/overpayments.
Once I clear the 0%cc and our car loan comes to an end its scary the amount of free cash we have, that we won't even notice being redirected towards the mortgage.....whilst lovely in one way, where the darn heck were we spending it on before!! Clearly the wrong things otherwise the 0% cc debt wouldn't be there would it

So a strange day. Lots of thoughts and partial regret, but it's not healthy to live like that is it and so onwards I go.

I'm also glad we know all that we know now, at this point in our lives. So we can teach our DD better ways. So we know to be open and honest with her about our financial decisions and choices. Hopefully she will learn that the niceties we enjoy are due, in part, to the savings we make in other areas, not (just) that her parents are high earners and these are the "trappings" of our success. We can afford (in a smallish way) to give her the world, our biggest challenge remains resisting the urge

Sorry for the whinge/vent/rant. It's been a strange day, will be a stranger week and I have spent too much time in my own head today.

Won £6.20 on the euros so will op that when I next reconcile my accounts.

Chocs

rammelino

Hi there

Can I (belatedly) join this thread?

original MF date 2030 || target 2025 || goals: to be mortgage free at 50 and to have some spare cash to put our two kids through University!

Mortgage is £160,000. House value is £282,000 so LTV of 58%. Our 3 year fixed rate with Furness comes to an end in September so we are currently debating whether to accept their new deal or remortgage.

The mortgage free plan currently involves monthly overpayments of £450 so the main risk is suddenly being unable to afford this in light of unforeseen financial commitments emerging.

Hopefully this forum - and the experience of others - will keep me motivated. Already I've picked up the idea of just chucking in the odd few quid when you can (rather than overpaying solely via the regular standing order).

Good luck to all...

rammelino

Quick update - thanks to the help of London & Country Mortgages, we are intending to move to a new 5 year fix with Natwest from 1st October. This will reduce our monthly payments by just short of £129 and should help with our commitment to overpaying.

Here's hoping we get accepted!

pinkteapot

Welcome, rammelino! I've added you to the list - there's always room for more. Good luck with the remortgage!

choccielover - I know EXACTLY what you mean. I used to earn a lot more than I do now - where did it all go?!! I still have a moment of this every year when I get my P60 showing my total net salary for the year. It always seems like I should have put away more of it. Pre-DH I was much more of a spender and I regret it now.

Good work turtlemoose! What a windfall.

Luckyinlife

Welcome rammelino :]

Great jobs guys nice to see the list still gowning :]

Update from my side iv applied for a remortgage already after only having mine 4 months hoping to cut my monthly payments by nearly £150 from 450ish to 300ish dunno yet antill i get it approved but the valuer has been out i just have to give them my sa302 now and go from there

if i get it then happy days it means i can pay off a lot more capital each year than originally thought

amycool

Good luck with the remortgages everyone. Our fix still has over a year left to run and then I'll have to do some research as I've never re-mortgaged before.

Today I paid £1000 off the mortgage! It's edging ever closer to the £60,000 mark so by the 2nd July the total should start with a 5. It's stupid how excited I am at the prospect of getting below £60,000. I just keep focussing on that point in the future where we'll be mortgage-free and we'll have the freedom to decide what to do with the extra money. Hopefully we'll have a child by then (we've been approved as adopters now so waiting for the right match) and it'll be so nice to be in a position to help them out with driving lessons and maybe even a house deposit, which my Mum could never have afforded to do for me.

Keep plugging away everyone!