My mortgage-free journey
LannieDuck
Forumite 2.4K Posts
Hi all 
My OH and I bought a house last month, and took out a massive mortgage to go with it! We'd previously managed to pay down the mortgage on our flat to about £10k, so this is a huge change. We're both agreed that we want to overpay it as much as we can, whilst still retaining a good quality of life.
A bit about us - I work full time, he works part-time. We have two children: DD1 (3 1/2 years), DD2 (1 yr). I've just gone back to work from maternity leave. We used to have a lovely pot of savings, but through two maternity leaves, a lease extension on our flat, and paying off the stamp duty on our purchase, we have very little left (except a lovely new house :T).
I'm hoping this thread will help to keep me organised and focussed on our mortgage-free goal. And it would be lovely to meet some other people who are doing the same thing :beer:
My OH and I bought a house last month, and took out a massive mortgage to go with it! We'd previously managed to pay down the mortgage on our flat to about £10k, so this is a huge change. We're both agreed that we want to overpay it as much as we can, whilst still retaining a good quality of life.A bit about us - I work full time, he works part-time. We have two children: DD1 (3 1/2 years), DD2 (1 yr). I've just gone back to work from maternity leave. We used to have a lovely pot of savings, but through two maternity leaves, a lease extension on our flat, and paying off the stamp duty on our purchase, we have very little left (except a lovely new house :T).
I'm hoping this thread will help to keep me organised and focussed on our mortgage-free goal. And it would be lovely to meet some other people who are doing the same thing :beer:
Mortgage when started: £330,995
“Two possibilities exist: either we are alone in the Universe or we are not. Both are equally terrifying.” Arthur C. Clarke
“Two possibilities exist: either we are alone in the Universe or we are not. Both are equally terrifying.” Arthur C. Clarke
0
This discussion has been closed.
Latest MSE News and Guides
Replies
Repayment mortgage (24 year term) at 2 year fixed rate of 1.84%
Amount borrowed: £330,000
1st monthly payment £1422.53
We can overpay 10% each year if we want to.
“Two possibilities exist: either we are alone in the Universe or we are not. Both are equally terrifying.” Arthur C. Clarke
Can anyone explain where this figure comes from??
AFAIK, I've made one monthly payment of £1422.53 so far.
I thought maybe it was because they'd added the 1.84% charge for the 2 years upfront. But for £330k, it would be £6072.
I'm confused, and unfortunately there's no nice account statement online to help me figure it out...
“Two possibilities exist: either we are alone in the Universe or we are not. Both are equally terrifying.” Arthur C. Clarke
Depending on when the mortgage started could this be interest?
Or arrangement fees?
Bexster
Mortgage 21 yrs 6 mths £186,059 as of February 2015
Mortgage 20 years 7 months £178,644.68 February 2016
I've accidentally saved £18. I'm stripping, repainting and decoupaging my craft desk. I took a sample of a wallpaper from B&Q to see if I wanted to use it for the decoupage part. I've now realised my sample is big enough to get all the bits of paper I need from, so I don't need to actually buy the roll of wallpaper.
Technically that may have crossed the line from money-saving to stealing.
bexster - ohh... perhaps part of the arrangement fee? That's a really good thought. I'll go back over the charges that our broker outlined and check that.
happydays - my first thought was interest. Does it normally get applied monthly or annually?
pinkteapot - what a happy accident! lol
“Two possibilities exist: either we are alone in the Universe or we are not. Both are equally terrifying.” Arthur C. Clarke
Mortgage 21 yrs 6 mths £186,059 as of February 2015
Mortgage 20 years 7 months £178,644.68 February 2016
We're now at £330,238.41 so, of the £1422.53 payment, £665.94 went on interest and £756.59 went on paying off the mortgage.
That's good to know - I don't want to be paying that much interest each month, so it should motivate me to overpay as quickly as possible!
“Two possibilities exist: either we are alone in the Universe or we are not. Both are equally terrifying.” Arthur C. Clarke
I have read through and subscribed.
I also have a large mortgage - around £261000 down from £295k originally around 5 years ago. Just started consciously OP'd over the last year or so.
Looking forward to following your journey.
Good luck