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Joining the wannabes
Womblesmum
Posts: 6 Forumite
Hi, may we join the MFWs ?
I've been an avid MSEr for ages and have been reading the MFW boards for months. We are now in a position to join the ranks to keep myself motivated.
We have been living in a very small house while my OH has been doing up another one with friend (in their spare time). Finally, their hard work has come to fruiton and earlier this year they sold it. We have now bought a bigger house for ourselves and our son (and dogs...) and moved in a month ago. We haven't yet sold the small house as it really needed a coat of paint and we couldn't do it while we lived in it.
But, it's now on the market and we have EVERYTHING crossed for a quick sale.
So we actually have 2 mortgages, one for the small house (£92,000) which will be paid off when we sell it (on the market at £260,000), and a big portion to go towards the new mortgage (£179,000) which is repayment only. Then hopefully we will have a mortgage the same size as our old one for a bigger house. A lump sum to do some work on this house, boy does it need it and we can get down to the business of reducing it fast.
I don't have a real plan for timescales yet, depends on how fast we can sell the small house and how much we can then overpay when we've settled into the bills in this new house. Maybe 10 years instead of 22?
Today I paid £56.48 from our mortgage pig off our new mortgage and did the amortization calculator, realised it was worth £140 ish. Amazing.
I've been an avid MSEr for ages and have been reading the MFW boards for months. We are now in a position to join the ranks to keep myself motivated.
We have been living in a very small house while my OH has been doing up another one with friend (in their spare time). Finally, their hard work has come to fruiton and earlier this year they sold it. We have now bought a bigger house for ourselves and our son (and dogs...) and moved in a month ago. We haven't yet sold the small house as it really needed a coat of paint and we couldn't do it while we lived in it.
But, it's now on the market and we have EVERYTHING crossed for a quick sale.
So we actually have 2 mortgages, one for the small house (£92,000) which will be paid off when we sell it (on the market at £260,000), and a big portion to go towards the new mortgage (£179,000) which is repayment only. Then hopefully we will have a mortgage the same size as our old one for a bigger house. A lump sum to do some work on this house, boy does it need it and we can get down to the business of reducing it fast.
I don't have a real plan for timescales yet, depends on how fast we can sell the small house and how much we can then overpay when we've settled into the bills in this new house. Maybe 10 years instead of 22?
Today I paid £56.48 from our mortgage pig off our new mortgage and did the amortization calculator, realised it was worth £140 ish. Amazing.
Mortgage 1: [strike]£179,251.90[/strike] £176,139.96 Term 21yrs.1mth £1,123.27o/p £56.48
Mortgage 2: £90,719.73 Term 18 yrs £434.53
Quidco £7.45 paid, Pigsback £5.41 Nectar Points 1213
2008 Tesco Club Card £0.00, Asda £0.00 M&S £0.00
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Comments
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Hi Daisy, I read your story the other day and was inspired by your enthusiasm. I love Portugal too, been there a few times now.
It is exciting when you can eventually get things sorted. We sat down and set up a spreadsheet for ourselves and then looked at our on-line mortgage account, which was disappointingly lacking in details !! It's with Halifax and just gives a total...boring !! I want to SEE my money going in and the total coming down and eventually the term.Mortgage 1: [strike]£179,251.90[/strike] £176,139.96 Term 21yrs.1mth £1,123.27o/p £56.48Mortgage 2: £90,719.73 Term 18 yrs £434.53Quidco £7.45 paid, Pigsback £5.41 Nectar Points 12132008 Tesco Club Card £0.00, Asda £0.00 M&S £0.000
fingers crossed for a speedy sale for you !! This discussion has been closed.
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