Brick by brick mortgage free

Too early to make a post about paying off our mortgage as we only exchanged yesterday?


Best to get all the ideas and plans in order so when we do make our first payment we will be mindful and eager to pay extra every time.


We are first time buyers at the ripe old age of 47. Working and living in London, always looking at house prices and seeing that what we want to buy and what we can afford are two very different horses.
Only about 18 months ago we had a light bulb moment and looked outside London at house prices. It was if a whole new world opened. and suddenly owning a home we wanted to live in and can afford was not a pipedream anymore.


We moved out of an expensive rental house to a tiny cheaper mates rates flat, placed 90% of our belongings in storage and started saving/ That was last year November. We were fortunate enough to be able to save my partner's salary as a deposit every month and live of mine. We also finally done the whole PPI thing and got a very nice tidy sum that was saved with the rest of the deposit money. Instead of saving and living in a tiny flat for two years we were ahead of schedule by a year.


With my work we are able to live anywhere in the UK really as I will stay at work and /or with friends when I am on duty. So we bough in Sheffield area, a lovely house but now we owe the bank a tidy sum come next week from completion and we plan (big plans) to pay this house off asap..


We can afford the mortgage quite easily as we did not over extend ourselves at all. My partner will try and earn an income working from home doing various bits (Big plans) So we will have just my salary as an fixed income. We did not use her salary (it was used to save for deposit) so we are quite used to just have one salary now.


This might or might not change depending on how she gets on with her work from home being her own boss plans.


Like I said.. it is all early days as we are only completing the whole house buying thing next week the 24 November..


My head is still spinning with excitement so once I am calm and done celebrating exchange I will see what we will do paying off this mortgage double quick.



Ta for reading any feel free to give advice or any useful handy tips. We only managed to do what we did so far with the help of reading the MSE forum and rest of the site. No idea what or how we could have done it without the information we gained from here..

Replies

  • muddywhitechickenmuddywhitechicken Forumite
    3.9K Posts
    Eighth Anniversary 1,000 Posts Combo Breaker
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    No, not too early :D
    Welcome to MFW & good luck!
    Mortgage at highest (April 2008): ~£195,000
    Outstanding balance: <£29,500 :j
    Current total overpayments: ~£128,750
  • ScrimpsScrimps Forumite
    310 Posts
    Fourth Anniversary 100 Posts
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    Fantastic and exciting times! Good luck:D

    If your stuff is still in storage, do you actually still need it? Sell, sell, sell if not....it could be the first working from home job for your partner.
  • OugatOugat Forumite
    64 Posts
    Fourth Anniversary
    No, not too early :D
    Welcome to MFW & good luck!


    Thank you.. Upwards and onwards
  • OugatOugat Forumite
    64 Posts
    Fourth Anniversary
    Scrimps wrote: »
    Fantastic and exciting times! Good luck:D

    If your stuff is still in storage, do you actually still need it? Sell, sell, sell if not....it could be the first working from home job for your partner.


    Thank you Scrimps..


    Well.. sadly we lost all our stuff (90%) in storage in Sept along with many other people .. have a look >> http://www.safehouse-ss.com/


    This is currently and on-going issue with the storage company and all sorts..


    So together with tidy sum owed to the bank for our new mortgage we also have to start from scratch with stuff we like to have around us. All in all we are now okay about the loss but still feel rather sore about the personal irreplaceable little things ie photos trinkets and inherited little mementoes ..


    We are forced to be minimalist ..hah!


    I am now reading a rather long thread about someone else's journey to be mortgage free.. this is going to keep me busy for days on end.. am planning to learn tricks of the trade and making notes of clever things along the way..
  • ScrimpsScrimps Forumite
    310 Posts
    Fourth Anniversary 100 Posts
    ✭✭
    Ougat wrote: »
    Well.. sadly we lost all our stuff (90%) in storage in Sept along with many other people .. have a look >> http://www.safehouse-ss.com/

    :eek: Im all for minimalism but thats horrible!
  • OugatOugat Forumite
    64 Posts
    Fourth Anniversary
    Indeed, but t least no loss of life and besides the personal stuff everything is replaceable.. over time..
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