FinancialBliss: My mortgage free journey…

StuartGMC

financialbliss wrote: »

I've just spotted this on thisismoney.co.uk, which made me laugh:
http://www.thisismoney.co.uk/mortgages/article.html?in_article_id=465150&in_page_id=8&in_a_source=&ct=5

FB,
Firstly I hope you and the family had an enjoyable celebration?

Secondly, as Floxxie noted, good to see over-paying is "back in fashion", they say fashion comes around again and again!

So, a question to you all, when do you think we can actually talk about overpaying in public etc without getting odd looks or abuse? (At work they just have to suffer me )

taka

StuartGMC wrote: »

So, a question to you all, when do you think we can actually talk about overpaying in public etc without getting odd looks or abuse? (At work they just have to suffer me )

I still feel uncomfortable talking about the fact I am planning to overpay (increasing my emergency fund and saving for renovations instead for the next few months). It sometimes feels like I am being a bit smug or preachy about doing it (and being able to afford to do it - in part due to a fairly frugal living costs budget) when some of my friends can't afford to buy a flat in the first place, are struggling to make ends meet having taken paycuts to have a job or are paying off debt.

Mind you a couple of times I've been out in the last few months with friends from work and MSE has been mentioned several times so I have hope yet... :T Umm... :hello: if any of you are reading this :eek: :eek:

setmefree2

Hope you had a good one:D

setmefree2

taka wrote: »

I still feel uncomfortable talking about the fact I am planning to overpay (increasing my emergency fund and saving for renovations instead for the next few months). It sometimes feels like I am being a bit smug or preachy about doing it (and being able to afford to do it - in part due to a fairly frugal living costs budget) when some of my friends can't afford to buy a flat in the first place, are struggling to make ends meet having taken paycuts to have a job or are paying off debt.

Mind you a couple of times I've been out in the last few months with friends from work and MSE has been mentioned several times so I have hope yet... :T Umm... :hello: if any of you are reading this :eek: :eek:

I have been trying to get my siblings to overpay for years but nobody else seems to share our enthusiasim:D. That's why I'm grateful to MSE for putting me in touch with like minded folk.

A few years back I had a couple of friends who were MF and it was they who made me think about it as a possibility. One of my friend's husband lost his job as an accountant and was out of work for ages, because they had no moirtgage they were fine. That always impressed me:D.

Grass_Roots_2

FB.....I have to confess I am a long time lurker on your diary. Just wanted to say thanks for the inspiration really.

I'm not yet overpaying my mortgage, but am clearing my debt and reorganising our finances to make it possible to consider. It really will be baby steps for us - we really overstretched ourselves to get a huge mortgage last year (£300K :eek:) and we are still on interest only payments. I have however returned to work full time after 6 years at home with the kids so we are now in a position to get ourselves sorted.

Your ordered approach to your finances really got me thinking that anything is possible and I need to apply this same discipline and considered approach to spending to my own family.

So big thanks :T from a long time lurker and look forward to reading more from you .

GR

gallygirl

Grass_Roots wrote: »

we really overstretched ourselves to get a huge mortgage last year (£300K :eek:)
GR

:eek: _pale_ :eek: oooohhh, going off to lie down for a little while .

Yikes GR, that is one scary mortgage. Good luck with being back at work and look out for the MFiT Take 2 Thread - the challenge doesn't start till the end of the year so plenty of time to think of a target and load yourself up with the required number of spreadsheets etc.


FB - happy belated birthday, any cake left

SmlSave

Happy belated Birthday FB !

setmefree2

Grass_Roots wrote: »

we really overstretched ourselves to get a huge mortgage last year (£300K :eek:) and we are still on interest only payments.GR

Grass Roots sorting out your finances. We started with a mortgage of £250k so I know how it feels to have a big mortgage. I hope you come back and let us know how you get on:D.

Regards

SMF2

financialbliss

Grass_Roots wrote: »

FB.....I have to confess I am a long time lurker on your diary. Just wanted to say thanks for the inspiration really.

It really will be baby steps for us - we really overstretched ourselves to get a huge mortgage last year (£300K :eek:) and we are still on interest only payments.

OMG, that is one massive mortgage. I can feel some numbers coming on...

Say (just a wild guess) that you're IO @ 5% - I make that 15k a year or 1,250 a month, just to service the debt :eek::eek::eek:

Gallygirl was right - time for a lie down...

Feel an update is in order this evening. Been neglecting this for a few days while the MFiT-T2 thread gets off the ground.

FB.

aliwali

"I've just spotted this on thisismoney.co.uk, which made me laugh:
http://www.thisismoney.co.uk/mortgag...a_source=&ct=5"

I think the last comment is funny, beware people on tracker mortgages, rates will increase as fast as they decreased. Well yes, but if you are overpaying now then in effect your monthly payment at even 8.5% will not be substantially more than it was when rates were 5% and you weren't overpaying because we won't owe as much. Taking a tracker mortgage was the best thing we could have ever done.

Maybe that's too simplistic, but thanks again FB for your diary it really makes me think about my finances in a productive way.