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Was Mortgage free........
davybull
Posts: 60 Forumite
OK, so been mortgage free now for a few years, both home and work premises. :j
We've had a static caravan in the Lake District for 18 years but that is now getting a bit knackered and the new site owners are expecting me to shell out £35 - £40,000 on a new van which will plumet in value and still pay £2,800 in site fees per year. :mad:
Lots of people have upped and left this site when the new owners took over. They promised not to increase site fees by more than inflation and then they hit us with a 24% rise the first year so I'm done with them. :mad::mad:
Wifey decides that she still wants a place in the lakes as she is a teacher and spends all school holidays up there.
We've had an offer accepted on a nice little house in Seascale that looks straight out over the sea so currently in the process of organising a mortgage. I can put in a hefty deposit into it from savings but do still need a mortgage.
Gone for a 5 year fix. Can pay 10% off the balance in the first 5 years without penalty and then can be paid off in full if I want to.
Fly in the ointment is the Stamp duty you now have to pay on a second home!!! £3650 to the government coffers for no reason at all other than fleecing a very hard working family who can afford a bolt hole. :mad:
So, from an ex successful MFW "Hi" and here we go again.
Dave.
We've had a static caravan in the Lake District for 18 years but that is now getting a bit knackered and the new site owners are expecting me to shell out £35 - £40,000 on a new van which will plumet in value and still pay £2,800 in site fees per year. :mad:
Lots of people have upped and left this site when the new owners took over. They promised not to increase site fees by more than inflation and then they hit us with a 24% rise the first year so I'm done with them. :mad::mad:
Wifey decides that she still wants a place in the lakes as she is a teacher and spends all school holidays up there.
We've had an offer accepted on a nice little house in Seascale that looks straight out over the sea so currently in the process of organising a mortgage. I can put in a hefty deposit into it from savings but do still need a mortgage.
Gone for a 5 year fix. Can pay 10% off the balance in the first 5 years without penalty and then can be paid off in full if I want to.
Fly in the ointment is the Stamp duty you now have to pay on a second home!!! £3650 to the government coffers for no reason at all other than fleecing a very hard working family who can afford a bolt hole. :mad:
So, from an ex successful MFW "Hi" and here we go again.
Dave.
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Comments
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Welcome back Dave! Good luck on your new mission.Baby Step 1 - £1k Emergency Fund - COMPLETE
Baby Step 2 - Pay off all debts except the Mortgage - £9,326 to go
Baby Step 3 - Save 6 months of expenses into full Emergency Fund - £4,300 to go
Baby Step 4 - Put 15% into Pension
Baby Step 6 - Pay off the Mortgage early
Baby Step 7 - Live like no-one else
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