New house- New mortgage mission!

Sedge123

Decided to take the plunge and start a diary. A bit of background: we are in our early 40's and currently live in our first house, 7 years left on original mortgage with approx balance of 53k. In two weeks we are moving in with relatives before moving into our forever house in seven weeks. We will then have a mortgage of£145k:eek:

I've worried about taking on a new mortgage when we could have been mortgage free in s few short years but the reality is that our current house is not the house that we want to live in forever, need more usable space and the area had really gone downhill- more and more rented houses which had destroyed the community feel. We decided that if we don't move now we will be 'trapped' here and not able to get a new mortgage due to our ages.

So, my mission is to overpay the mortgage to bring the term down, I would like to be mortgage free asap. Until the sale of our house completes in s couple of weeks I won't have exact figures on the actual amount we will owe.

Very excited to start on this journey, going to read some others diaries for inspiration.

S xx

Danny5

Good Luck with the move and your MFW challenge!

Luckyinlife

got the forever home early 40s that is good work :]
well done

is it a big upgrade in terms of space / rooms for you ?

selloptape

Congratulations on finding your forever home and good luck with your mortgage free journey!

Sedge123

Luckyinlife wrote: »

got the forever home early 40s that is good work :]
well done

is it a big upgrade in terms of space / rooms for you ?

Thank you for the welcome. It's still a three bed but with a loft conversion which we plan to use as a guest room / playroom. The downstairs is a much better floor plan, larger and a better use of space. It's also in a really nice part of town. I can't wait to get in there and get started on making it our home!

Sedge123

Thank you all for your kind welcome. we are right in the middle of packing to move out at the moment, we've been in this house 18 years so lots of memories and emotions but we absolutely know this is the best decision for us, we are all really excited about the new house.

Just the prospect of 5 weeks with relatives to go first!!! Can't wait to get in and start paying off that mortgage, rang our existing company today as our next payment is due to go out on the Monday after we complete on the Friday, they said to let it go out and then they will adjust and refund afterwards- I'm keen not to meddle and risk getting a black mark on my credit file.

Sedge123

So, not much happening apart from packing boxes. I'm looking forward to seeing the redemption statement for our current mortgage when we complete next Friday as I think we will end up with at least £2000 more cash after the sale- that will be our first overpayment on the new mortgage!

Just trying to decide whether to leave the equity in the solicitors account and earn £20 interest or to move to our account and earn £150, the thing is I'm a bit paranoid about is accidentally entering a wrong digit when I transfer it and losing the lot! I'd rather play safe and let the solicitor do it but I know that's not very mse.

Sedge123

The big weekend before sale completion is here, not helped by a monster migraine last night and the resulting "hangover" from it today.

Hoping to feel better tomorrow as we are moving the bulk of the furniture and white goods. It feels very bittersweet, exciting but sad at leaving out first home.

Luckyinlife

Ohh Exciting times a new chapter in your life enjoy :]

I guess the house is ready to move into is it no messing about ?

Sedge123

Luckyinlife wrote: »

Ohh Exciting times a new chapter in your life enjoy :]

I guess the house is ready to move into is it no messing about ?

Thanks but unfortunately there is a bit of messing about as we have to live with relatives for 5 weeks until we ice into our new house :eek: I'm sure the time will go quickly but it's very strange not having our own home for that time.

Sedge123

So more packing and moving and the move out day is nearly here. Had an interesting time moving sofas at the weekend where we realised there is no way our larger sofa will fit in the new house.

Been calling the insurance companies today to either change address or cancel if not required. It's feeling very real now, we really are living with the bare minimum which is quite unsettling for the children I think- this is the only house they have ever known.

In some ways we just need to get on with things now and move out. Don't like this limbo feeling. I'm also itching to get on with chipping away at that mortgage.