Nymphadora looking for a spell to cast my mortgage away

Nymphadora

Hello everyone.


I have been a long term lurker on this part of the forum. We have been in a rented property for 5 years while we took stock of our lives and finally decided early on this year to stick where we were and purchase a house. After what seems like a million houses were viewed we finally completed and got the keys to our house yesterday :j


Now we have the keys and will be making mortgage payments I thought it was time to start a diary.


Our mortgage is £144,000 with an initial fixed rate of 3.29% for 2 years.


We would love to have this paid off in 10 years so that's the goal we are aiming for.


The house requires some work so we won't be making massive overpayments at first BUT each month we aim to overpay something.


Also this diary will help me keep spending under control as it has snowballed lately (thought with Christmas coming up it won't improve till January)


Now if the Nationwide would just send me some details so I can get access online to our mortgage (we bank elsewhere) I can get started.

Dalradian

Welcome! Wish i had been so focused when i first got my mortgage!

Don't forget the emergency fund - my first year had lots of unexpected costs i hadn't built in (new fridge, fixing windows etc)

Good luck

Sedge123

Hi. We moved into our house three weeks ago. it took about two weeks before we got our letter detailing our first mortgage payment but in the meantime I registered online for web access to our mortgage account- it took about 5 days for the login details to arrive.

Good luck, our mortgage is 145k and planning on overlaying every month but I think ten years for us might be a bit ambitious!

freshcotton

Hi !

Often your first mortgage payment is higher so watch out for that, but you can't go wrong with overpaying something each month.

Nymphadora

Dalradian wrote: »

Welcome! Wish i had been so focused when i first got my mortgage!

Don't forget the emergency fund - my first year had lots of unexpected costs i hadn't built in (new fridge, fixing windows etc)

Good luck

Hi and thanks for dropping in.


Yes an emergency fund is a great idea I hadn't thought of that.


Will need to factor this in somewhere.

Nymphadora

Sedge123 wrote: »

Hi. We moved into our house three weeks ago. it took about two weeks before we got our letter detailing our first mortgage payment but in the meantime I registered online for web access to our mortgage account- it took about 5 days for the login details to arrive.

Good luck, our mortgage is 145k and planning on overlaying every month but I think ten years for us might be a bit ambitious!

Hi


Hope your move went well. I do have a mortgage reference number so going to have a look and see if I can use that to start the web access process.


10 years is ambitious however OH is very lucky and can do a fair bit of overtime @ work and we have earmarked any OT for overpayments unless of course something big crops ups.


We have taken a 25 year mortgage as you never know what's round the corner so we were better sticking to a 25 year repayment option and work from there.

Nymphadora

freshcotton wrote: »

Hi !

Often your first mortgage payment is higher so watch out for that, but you can't go wrong with overpaying something each month.

Hi freshcotton


Yes I saw that on the mortgage offer but the amount given was if the mortgage was paid out on the 1st of the month, as we were the 20th I've no idea what our payment will be but hoping it won't be as much as the illustrated amount as that was double :eek:

Sedge123

Nymphadora wrote: »

Hi


Hope your move went well. I do have a mortgage reference number so going to have a look and see if I can use that to start the web access process.


10 years is ambitious however OH is very lucky and can do a fair bit of overtime @ work and we have earmarked any OT for overpayments unless of course something big crops ups.


We have taken a 25 year mortgage as you never know what's round the corner so we were better sticking to a 25 year repayment option and work from there.

We've gone for 25 years too, I'd rather start at that and then knock it down. We're also with NW and I'm sure all I needed to register was the account number.

Nymphadora

Sedge123 wrote: »

We've gone for 25 years too, I'd rather start at that and then knock it down. We're also with NW and I'm sure all I needed to register was the account number.

I think my mortgage account number was on a letter NW sent but all paperwork is packed in a box so will need to have a look through there to find it or just wait for the welcome letter.


I got a hamper from NW yesterday, though that was really nice.

Secret_Saving_Squirrel

Good luck on your journey x

Nymphadora

Urgh just checked the bank we are for the first time in ages in the over draft.


I have not been keeping an eye on the account as I have been really busy plus we had a rather large expense just before we got the keys, a new puppy for the house. He was worth every penny though.


So pay day tomorrow for me and Friday for DH. DH is away to get DS Christmas present today so that's £300 on the credit card BUT DH has a good amount of overtime due on Friday so will pay this straight away off the credit card.


I have 3 old unused savings account online. I think I will rename them emergency, Christmas and overpayments. Once Christmas is over I will rename that one house.