FTB to MF ASAP

bexster1975

Princess

Glad to have been of assistance! Great news about mini pay rise. If you calculated effects of overpayments at 4.19% the saving would be even more impressive.

I'm sorry to say that over the years I have found people in general are not interested in what's good for you. Many are jealous and will actually say negative things about your plans. They are really not worth worrying about. I thought it was really odd when I told people about my mortgage free plans and they either scoffed or said I was mad in the main. I don't talk about it often now in real life to people. I think as my workplace has got so much worse over the past 12 months it might look a bit less mad to some people now! If you know what you want to do and why, you don't need to explain yourself to anyone else. Loads of people on here have said people have laughed or thought they were crazy for overpaying their mortgage. That's their choice, this is yours.

Hope the mortgage comes through shortly. Have a good day

Bexster

Luckyinlife

At a rate of 4.19% this will keep you motivated to overpay

My rate is 6.49% for 2 years and buy paying 2.3k overpayment i knocked 2 years off the term and saved 8k in interest alone

ok our rates will change over time i know but as of right now thats what i saved myself no brainier really good luck with it all and every little will help so get saving now hehe :]

princess295

Thank you both for your kind words,
£7 cleared from TCB yesterday going into overpayment pot, payday today, paid off cc- dont use it for much mainly just petrol.
Paid additional payment of £20 towards car loan.
Trying now to use to much of rest of wages as i will need it for solicitors fees etc hopefully

FloppyDisk

Best of luck Princess, starting off early is giving you the best chance to take control of it all. My advise is to not focus too solely on the mortgage but remember to have a decent emergency fund and also trickle some cash into a S&S ISA and forget about it.

Overpaying your mortgage is a great bonus remember, you shouldn't suffer to do it!

Best of luck with the move!

princess295

well i woke up early today and couldn't get back to sleep so ended up spending a long time putting various numbers into the overpayment calculator, its told me that in order to pay the mortgage off during the first 5 year fixed period will need me to pay an extra £31.25 per day...... dont think ive got any chance of managing it but no harm in trying!!

princess295

Just checked accounts, some of them have updated the april interest, so today ive earnt an extra £14 without doing anything
It will be getting moved into overpayment pot later,

also checked premium bonds- sadly not a winner but nevermind.

Luckyinlife

Got to give it a good go :]

I didnt think we can check the may premium bonds till after the 3rd working day dont let me do it anyway

princess295

:j:j:j

Bank have agreed my mortgage:j:j:j

Really pleased as i was worried it wouldn't go through-- however im now unsure about the house, there is another one ive seen. The first house i love but its big, needs ripping to pieces to sort it and area not so great but is in regeneration area and will increase in price.
This house would be on 5 year fix at 4.19%

2nd house, smaller, its ok dont like it that much but doesn't need alot doing to it and area is better. This house would be a 2 year fixed at 2.69%

My heart tells me to go for first as it could be made to be a beautiful house, but will cost alot to heat and the mortgage will take me longer to clear.

My head tells me to go for 2nd house, as i can clear mortgage very quickly then look to buy another one and rent out the first.

Not sure what to do at the moment, do i go with heart or head?

bexster1975

Congratulations!

I don't want to sway your decision. It sounds like both would be sound financial decisions. It would be nice to love your first home though. I guess question is do you want to do the work.

Great news about mortgage either way

Bexster

Luckyinlife

All depends on how much you earn really

I myself was faced with a 90k house all done and ready to move into a bit on the small size 3 bedroom but was nothing to special

The other one was 95k and needed new boiler plastering electrics bit bigger more space a house i can see myself in for 20+ years easy so i bought it for 88k
ill end up spending 10k on it but will be worth more and its what i want not what someone else has made its mine

so it was kinda the same situation do i make my own home or move into someone elses for me its a no brainier only if you can afford it tho

If you cant do the house up and have a few k in saveings id say go sensible