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The stone house mortgage free dream!

Good evening everyone :)

So, where do I begin. I am 25 and my boyfriend is 27. We have just had a £99,000.00 mortgage finally processed and approved today for our first house. The house is in a decent area, however it needs completely renvovating. New electrics, kitchen wall moving, bathroom, kitchen, everything. However, if we create a good budget, pace ourselves, and take good care of everything we do, we should make a good profit on the house. We bought it for £110,000.00, and the house over the road which is the same as ours just sold this week for £180,000.00. We intend to do up and sell every three years until we are happy with a house to settle in. We have this ability to do so as every three years I can participate in a shares scheme through my work which will give us between 5-7k each time roughly, which will pay for a good amount of renovations, which will leave us to be able to throw money at the mortgage continuously over the years.

As our mortgage will only be £295 a month, and we have the option of unlimited overpayments, I took the option of taking out the mortgage over 35 years to get the lowest committal amount each month, with the view we will overpay as much as possible each month.

Neither of us smoke or drink, but my boyfriend does have a hobby which can be expensive from time to time. I am more than willing to make cuts here and there and research around to get the best interest rates for our money, and to cut our bills etc to pay off as much of the mortgage as possible.

If anyone can throw any good spreadsheets my way, I would be eternally grateful! I will also be posting a link to my renovation blog that I am getting up and running very soon :)


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