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South Coast MFW - the journey begins

edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe
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MrsH2015MrsH2015 Forumite
14 Posts
Fifth Anniversary Combo Breaker First Post
edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe
Morning


So long time lurker saying hello, in fact I think I did post a couple of years ago before we had bought this house but life seems to have gotten in the way. However, its time to get serious with our mortgage, albeit it will be a marathon and not a sprint!


Little about us, Me and OH, DD(6) and DS(3), also a SS (13) who is here regularly. As the title implies we live on the south coast, which is great but does mean stupid house prices and mortgages!


So the summer of 2015 saw us move into this home which we plan on living in for a very long time, at least until the kids have grown up and flown the nest and given house prices here that will be a very very long time. The house cost us just under £300k and when I receive the annual mortgage statement in the next couple of weeks the mortgage will be at approx. £230k.


I generally deal with the finances in our house, OH is happy to let me get on with it and given my profession makes sense. I am a lover of spreadsheets, budgets and saving pots!


Will come back later with some more detail but need to do some work first (lets face it that's what pays the mortgage!)

Replies

  • MrsH2015MrsH2015 Forumite
    14 Posts
    Fifth Anniversary Combo Breaker First Post
    Back again, so the plan is to try and post on here at least once a week on a Monday evening (OH out at darts so I can browse and post in peace) and waffle about what we have been up to, overpayment plans and anything financial.


    I've found and personalised a mortgage spreadsheet and have just been playing around with some numbers to see what difference overpayments can make.


    We want to overpay and get the mortgage reducing but likewise we want to enjoy ourselves and the children. We both work full time so need to find the work/life/overpaying balance if there is such a thing.


    Ok, we are on a fixed rate for until June 2020, and the initial plan is to overpay about £200 per month - this would knock about 7 years off the mortgage which would be a good start. On top of this we will still be able to add to our savings each month (need to build up the emergency fund more than what it is at the moment). We are generally good at the fixed costs, shopping around at insurance renewal time, utilities etc.


    However, I'm very confident that we can make some quick wins with things like groceries and the category of 'spends' etc. I'm also continuing with my new year's resolution of decluttering, the kids are at the age that they grow out of clothes quick and also toys, so I have been listing things on ebay each week and so far have sold a few bits each week, nothing major just clothes etc but I am keeping the money in a separate 'pot' along with OH's overtime so that we can make conscious decisions on what to use the money for rather than just lose it within everyday spending. As soon as the better weather is here I reckon we could easily do 2-3 car boot sales.


    Back soon
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