MF at 32

dc996

I'm a regular visitor to the MSE forums, but I've never registered to post before!

I'm a MF Wannabe. I find reading some of the diaries on here and forum members own stories gives me motivation to keep on with the MF plan - something that can sometimes be hard to do. I'll put my own tale on here, in case it helps motivate someone, somewhere.

Our story:

I finished university in 2007 and started my first proper job. At the same time, I moved in with my girlfriend of 2.5 years. We rented a flat for two years and shared with a good friend of mine. In these two years, despite earning lowish salaries ~(£18k each) and enjoying life - albeit within a fairly strict budget - we managed to save £20k on top of £5k I already had saved when we moved in.

This allowed us to put down a 15% deposit on the place we bought in 2009 with a mortgage of £135k and gave us enough to pay the legal fees as well as furnish the place.

We have overpaid the mortgage every month since we took it out. The first year was by 'just' £175 per month. This monthly overpayment increased to £300 and then £500 as our salaries increased. I could have paid more but I did not want to incur any overpayment penalties, so saved the rest. We were also careful not to allow our spending to escalate in line with our greater income, but did allow a bit more spending freedom and we enjoyed some lovely far-flung holidays.

I re-mortgaged in 2012 to a much better rate; from 4.49% to 2.59% and again six-months ago to 1.79% on a flexible mortgage that allows unlimited overpayments. This allowed me to pay big chunks of the mortgage in one go from the savings I had accumulated.

The mortgage currently stands at £51k. As we are no longer have any overpayment limits, we are now putting about £2.5k per month, sometimes more, on the mortgage which means that it is due to be cleared in about 18 month from now, or when I am 32 .

I'm very much looking forward to joining the ranks of the Mortgage Free! :beer:

Dobbibill

Well done dc996 - Thank you for sharing your story.

I think you too, will be both motivational and inspirational to other MFW's.

I wish you all the best reaching your MF dream in the 18 months.

#subscribed

DB

Luckyinlife

Very motivational yourself thanks for shearing

Sounds like youv done everything you can and youll get there in good time are you in your forever home currently ?

egoode

That's amazing I only managed to get on the property ladder at 35 but I did spend a lot of my money in my 20's on travelling!

edinburgher

I only wish that people with good stories like this one wouldn't be so shy about sharing before they've already achieved their goal!

Petal88

Oh wow, that's great! Very motivational as well

Broken_Biscuits

I was mortgage free at 31... And then I got my first mortgage at 32.

much better to be MF and own a home though.
Good effort!

ourcornercottage

You have been so much better in your postgrad years than I was. I wasted so much money. On occasions I have regretted it :-(

Well done you, share with us your top tips to success :-)