Mortgage free in 10 years

NorthernMonkey1

I guess it's an odd time to start aiming to be mortgage free, as I'm currently mortgage free, but I've just signed on the dotted line for a £102,000 mortgage.

Following much saving, and raiding of piggy banks, I've managed to get a cheeky £120,000 offer agreed on a £130,000 house, and just scraped together a 15% deposit instead of the 10% we originally thought we could manage.

Although the mortgage is nominally 18 years, I want to be mortgage free in 2025. I thought I'd start a diary before I even started.

abouttimetoo

Welcome NorthernMonkey


Starting right now is just the right thing to do There will be many here like myself who wish we had done that too. I started making plans 2 years after I took this current mortgage but the important thing is we started and every little helps.


Have you had a play with the overpayment calculators?


Regards
T

NorthernMonkey1

I've been playing around with every number ever but I've chosen a tracker mortgage from HSBC due to its unlimited overpayments, due to a sharesave scheme at work which is due to mature soon.

I've said nominally 18 years, as this assumes no OP, and I'll be aiming for a minimum of £100pm OP. With fair seas and a following wind, then I think a £300 OP is possible. Combined with sharesave, then 10years is just about maybe possible ish.

However, I've got a lot of outgoings associated with buying a house currently (solicitors surveys etc), and I'm just about spent up to manage the 15% deposit, so I think I'll be doing well to manage an OP before August.

pinkteapot

Come join our Mortgage-Free in 2025-30 Club.
https://forums.moneysavingexpert.com/discussion/5199647

Good work planning your OPs before the mortgage has even started!

Luckyinlife

welcome and join the above club

i myself am hoping to be MF in 10years or so got to aim big :]

will follow with interest :]

NorthernMonkey1

Getting the mortgage seems to be more difficult than I thought.


My base salary is £45000 + OT and bonuses, and other than my motorbike payment of £92 a month and a company sharesave scheme of £200/mo, no CC or debts, having cleared them all in the last 4 years (last one was last month) Mrs NM has a salary that varies month by month, but is always £1000 - £1400 after tax.


We're trying to borrow £102,000.


They have questioned if she is on a zero hours contract, in which case her income cant be considered, despite submitting 3 x p60, showing a fairly consistent income.


I would have thought we were an easy acceptance, but seemingly not. Been passed to the HQ underwriters. We should hear back on Friday.


As of today, still mortgage free...

newgirly

Hi and welcome to the mfw board

I'm very surprised that you can't get a mortgage even on your wages alone, fingers crossed it all comes goodfor you. If you do have problems then the mortgages board is a good place to go for advice.

NorthernMonkey1

Bank just called. The HQ might not have everything agreed bofore we get there tomorrow, can we come in no Tuesday instead

On the plus side, I'm saving £10 interest per day. On the downside. AGGGHHHHH

sarahevie1

NorthernMonkey1 wrote: »

Getting the mortgage seems to be more difficult than I thought.


My base salary is £45000 + OT and bonuses, and other than my motorbike payment of £92 a month and a company sharesave scheme of £200/mo, no CC or debts, having cleared them all in the last 4 years (last one was last month) Mrs NM has a salary that varies month by month, but is always £1000 - £1400 after tax.


We're trying to borrow £102,000.


They have questioned if she is on a zero hours contract, in which case her income cant be considered, despite submitting 3 x p60, showing a fairly consistent income.


I would have thought we were an easy acceptance, but seemingly not. Been passed to the HQ underwriters. We should hear back on Friday.


As of today, still mortgage free...

Wanted to wish you luck, I'm looking to borrow 2.5 x income to get ex off mortgage, went to underwriters and told reduce borrowing, spent whole life savings reducing mortgage. Was basically told do this you'll be accepted, found out today computer says no. Have to send more documentation. Frustrating isn't it.

NorthernMonkey1

Recieved an email today, HQ won't get a chance to look at things until Monday, so today's meeting is cancelled.

Half tempted to go tell them where to go, and to go with another company. We only chose our bank because it was going to be easier. If it's not going to be easier, we might was well go somewhere else

Luckyinlife

Hey Nm if things to get hard i went for a broker personally as it offered me worry free its either a yes or no messing

stick in there the wait will be worth it