Diary of our £230,000 mission

chelseablue

Hello all!


We have exchanged contracts on our house purchase today, so thought I would start my MFW diary.

As the title suggests we are borrowing £230,000
We are paying £400,000 for the house so have a bit of equity already.

With 230 grand to pay off I feel I will be on this board for a long time!, so would love some support, someone to cheer me on, or just read my ramblings


A bit about me:

I'm 32 and my partner is 27, we live in the South East, hence the stupid purchase price, with our son who will be 2 in May.

We are moving from a 2 bed flat to a 3 bed house.

The mortgage is with Halifax on a 2 year fixed rate.

The monthly payment is £721 (that's without any overpayments)

Went for the maximum term possible in the beginning which is 34 years


I guess I have a few motivations to being a MFW:


1) Who wants a mortgage for 34 years? Not me!

2) Would like another child one day so going to overpay as much as possible to reduce the monthly payment.

To hopefully make it a bit easier on us until the youngest is in school and there will be no more expensive childcare fees to pay!

3) May want to move again one day (!) so the more equity in the house the better

I hope to start overpaying as soon as possible but we need to redecorate and buy furniture.

Hopefully at least one of you will cheer me on

crunch_time

I'll cheer you on!! My mortgage is lower and not planning on over paying it for a few months whilst I shift this debt but in a few years time we want to move and will be looking at the same level of mortgage so I'm keen to see how you get on.

How are you planning to do it?

Crunchy

chelseablue

crunch_time wrote: »

I'll cheer you on!! My mortgage is lower and not planning on over paying it for a few months whilst I shift this debt but in a few years time we want to move and will be looking at the same level of mortgage so I'm keen to see how you get on.

How are you planning to do it?

Crunchy

Mainly by eating beans on toast :rotfl:


The plan is to get our outgoings as low as possible by switching suppliers, finding the best deals etc.


Then whatever is left each month maybe send 75% of it to the mortgage and 25% save for holidays etc.


As 30 years is a long time to never go on holiday

coxj2901

Good luck - you have a similar mortgage to ours so will keep an eye on this diary.

chelseablue

coxj2901 wrote: »

Good luck - you have a similar mortgage to ours so will keep an eye on this diary.

I thought I would be the only one to be honest
Glad there's others in the same boat

Tilly_MFW_in_6_YRS

I know what it feels like to have a huge mortgage. Good luck with your plans and having a diary will definitely help.

Best wishes Tilly x x x

PrincessLou

Good luck with your mission! I'm also 32 and have two year old twins! Although, my mortgage is half the size of yours!

Have you considered doing an SOA? It can be useful in seeing areas in which you could maybe cut your budget back a little.

pollyanna24

I've found your diary, so you can ignore what I wrote on mine!

South East eh, we could be neighbours! I'll b following your diary and we'll cheer each other on!

chelseablue

Thank you all!


I think my first goal is to get it below £200,000.

QB_Wolf

We've got a similar size mortgage, but over a shorter term - 20 yrs, it is leaving us very stretched though, so seriously wondering if your approach is better.

EatingTheElephant

Good luck with your journey, I will happily cheer you on as I feel I may be here a long while yet too!

I had beans on toast this week for the first time in ages. It's the law to have cheese on top too