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Just made first mortgage payment!

edited 27 June 2018 at 10:44AM in Mortgage-Free Wannabe
5 replies 1.1K views
Frugal_Financial_FreedomFrugal_Financial_Freedom Forumite
20 Posts
edited 27 June 2018 at 10:44AM in Mortgage-Free Wannabe
Wanted somewhere to celebrate - it has been such a long hard struggle to get onto the property ladder but now my wife and I are finally here and we made our first payment a few days ago.

My wife finds it funny how excited I got when the money left our acc but it feels absolutely amazing knowing that every payment is going towards equity in the house and not just vanishing into thin air like it has been for my entire adult life.

Now, time to start working out how to allocate my money towards overpayments so I can bring that 25 year debt down to something more palatable :)
Mortgage as of 31/05/2018: £229,454.00 :eek:

Replies

  • Congratulations on your house purchase, looking forward to following your MFW journey :j
    Emergency fund = £734.27 / £1000 :starmod:
  • MichaelDHMichaelDH Forumite
    151 Posts
    Third Anniversary 100 Posts Combo Breaker
    Congratulations! It's a great feeling knowing that the monthly outgoing is funding your own asset and not your landlords!

    Have you bought a modern property or somewhere that needs work?

    My advise would be to focus on building up some savings (if you don't already have them) as it's great to have a rainy day fund to fall back on if the boiler breaks etc. Once you have enough funds in reserve switch to making OP's.

    Good luck!
    Starting Balance August 2016: £170,199.00 | Remortgaged August 2018: £212,000.00
    Current Balance (15th February 2019): £209,278.85 :eek:
    Target: Balance below £170,000.00 by August 2023 :)
  • beanieloubeanielou Forumite
    76.1K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭✭
    Great start :)
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~**
    MFW. Finally mortgage free February 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
  • MichaelDH wrote: »
    Congratulations! It's a great feeling knowing that the monthly outgoing is funding your own asset and not your landlords!

    Have you bought a modern property or somewhere that needs work?

    My advise would be to focus on building up some savings (if you don't already have them) as it's great to have a rainy day fund to fall back on if the boiler breaks etc. Once you have enough funds in reserve switch to making OP's.

    Good luck!

    Thanks very much - it's an older property but we got lucky (though, unfortunately at the expense of the previous owners) because the people who lived here before us spent a lot of time and care modernising it and getting all new fixtures put in - only to split up a year later and put the house on the market! :eek:
    Mortgage as of 31/05/2018: £229,454.00 :eek:
  • I guess this should become my MFW diary because the first post captures how excited I was to make a payment so hopefully that can inspire me when I'm wondering what the point is with such a large debt!

    It turns out I'm actually to eager to try and overpay - can't do it until the second payment is taken next month apparently.

    Not so bad though - I read somewhere else on this forum that the first 6 months of moving house is the most expensive. I can only hope that the next five months are nothing like the first or I will be a pauper.

    Out of curiosity - do people overpay as a % of their mortgage or just throw in as much as they can? I'm trying to work out how to juggle allocation between overpaying and my investment portfolio.

    Thanks!
    Mortgage as of 31/05/2018: £229,454.00 :eek:
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