Mortgage Free by April 2017

CathT

Hello, stumbled across your diary recently and have read it over the last few days. Your MF journey was impressive and how amazing to be mortgage free before starting your family. We recently extended our home and although we spent a huge sum of money we would have spent a lot more if we were to have bought a house of the size and standard we now have.


Will have to make sure I regularly check in to your diary as you'll clear the £20k loan in no time at all!

JimLad

So the loft is complete! 2 double bedrooms and a bathroom taking our house from 2.5 to 4 beds. The carpets were fitted yesterday and its looking great! Took 2 and a half months start to finish....

Financially speaking, it cost us about 45k in total all in. 25k was a loan, 2k on a 0% credit card and the rest was savings. Standard repayment on the loan is £400 a month so nothing compared to what our mortgage used to be but the repayment cycle begins again!

A_Frayed_Knot

Fantastic, all ready for Christmas :T

My mind is going into overdrive at what I would like done, wonder if Santa would bring
me some wishes on my list :rotfl: However all in good time.

mikenolan

Is this you staying put now or do you still plan to move at some point? With two children in 2.5 bedrooms we're in two minds about whether to move to a bigger place or cram into what we have.

I'd also be interested in hearing how you've found your budget changed post-baby and whether you're planning to adapt again now you've got a bit of a loan to get rid of?

JimLad

mikenolan wrote: »

Is this you staying put now or do you still plan to move at some point? With two children in 2.5 bedrooms we're in two minds about whether to move to a bigger place or cram into what we have.

I'd also be interested in hearing how you've found your budget changed post-baby and whether you're planning to adapt again now you've got a bit of a loan to get rid of?

I dont think we would ever NEED to move now...but whether we would want to im not sure. Certainly medium term (10 years?) we are staying put so long as the area stays nice and we stay employed in the area. I say medium term as the only sticking point of where we are now is potentially secondary schools as all the ones in our catchment are bit rubbish. Plenty of time for that to change though.

Budget wise, things havent changed massively from back when we had a mortgage to pay. Instead of £750 a month going to the bank, £650 a month goes to a nursery. BUt then we only have 1 child. Add a second in the mix (currently undecided on this) and that changes things massively in that department.

We certainly wont be able to pay down the loan as aggresively as we did the mortgage but still plan on overpaying in 2019. The loan is over 5 years and i think we will aim to have it paid in 2.