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Help please Tips for a newbie to mortgage free
elsnraeh
Posts: 20 Forumite
Hi alll
Its been great reading everyones stories.
My story is that in 6 weeks time we get what will hopefully be our "forever home" its been a very long time coming.
We have a mortgage of £140k over 25years on a 2 year fixed rate of 2.49%. Ideally through over payments we would like to have enough of a %LTV to agree an even better rate at the end of the 2 years.
My concerns are we focus too much on mortgage free and not enough on fixing up our new house ( it needs a full make over).
There is also a large chance we start a family with the next 2 years so how do we maximise our over payments without giving up too much else? I suppose Im looking for tips as I kinda want to have my cake and eat it??
Its been great reading everyones stories.
My story is that in 6 weeks time we get what will hopefully be our "forever home" its been a very long time coming.
We have a mortgage of £140k over 25years on a 2 year fixed rate of 2.49%. Ideally through over payments we would like to have enough of a %LTV to agree an even better rate at the end of the 2 years.
My concerns are we focus too much on mortgage free and not enough on fixing up our new house ( it needs a full make over).
There is also a large chance we start a family with the next 2 years so how do we maximise our over payments without giving up too much else? I suppose Im looking for tips as I kinda want to have my cake and eat it??
0
Comments
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It's important to get the right balance.
I have started selling on eBay and putting all the money towards the mortgage. I found it good fun at the start. The novelty has worn off a bit but I'm still doing it and have made over £100 from things lying about my house.
Reducing food spend by planning dinners and cooking double and freezing.
Making my own lunch.
I used the energy club to save on gas and electricity bills. Check all you monthly bills and see if you can get better deals.
Having days where I spend nothing. I try for 2 a week at least.
Good luck in your journey:0)Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022 — Target for May 2024 14 Year Target Balance MF50 = £89,535 — Mortgage Balance £106, 000—Target for May 2024! £89,535
Retirement Planning
Starting Position (Jan 2024) : Pension 1-£165,000/Pension 2-£50,000/Pension 3-£9,500/ISA-£87,000/Total-£311,5000 -
Do a budget?
Keep a spending diary?
Maybe have three ways to split any spare money...mortgage/renovation/baby fund?
Welcome and good luck.0
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