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Narwhals and mortgages

edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe
3 replies 638 views
Aggie_88Aggie_88 Forumite
11 Posts
Second Anniversary
edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe
Hello,

Two years ago, nearly to the day, I bought my lovely flat. With 5% deposit, and 15% help to buy, my little dream came true. Since then I have paid off £9,750.44 so left with £110,244.56 to pay off and the 15% help to buy - currently roughly £24,500. The original date for paying off was Nov 2038, with the current over payments this will be Feb 2034 but I'm aiming to finish off much sooner, hopefully 2030.

My goals for the next three years is:
  • Save half of the HTB - so roughly £8k per year
  • Overpay the mortgage - currently £141 per month
  • Save for a new car - need roughly £10k which is limiting what I can overpay

I want to get rid of the HTB by either paying it off ( savings + remortgage) or by selling my flat and buying something. Either way the more I can overpay and save the better my future will be :)

Anyway that's me :)

Replies

  • beanieloubeanielou Forumite
    76.1K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭✭
    Wel;come to MSE.
    Happy shiny new diary :)
    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.***
  • KittenkirstKittenkirst Forumite
    2.4K Posts
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    ✭✭✭✭
    Welcome to the mortgage free wannabes boards- love the title of your diary :D
    Mortgage 1- 10/16 £170.995- Overpayments to 06/21: £13,784 (25% extra!): house sold & equity= £88,563.12 after fees!
    Mortgage 2-Due 06/21: £301,691 (!) Rate 2.2%. Plan to clear it before 30 years!!!!!!
  • Aggie_88Aggie_88 Forumite
    11 Posts
    Second Anniversary
    So I've done a bit of a financial review with my accounts, I've checked what I have where, what is the money earning and how realistic my goals are.

    At the moment I have about £6k stashed away, out of which £3.1k is my emergency fund so only £500 to go :) ( doesn't include my money to spend in Dec)
    The rest is spread between various savings account:
    • an ISA
    • the 5% nationwide saver
    • two 1.5% savings accounts

    One thing that became very clear is that my main current account doesn't earn me any money so I will be looking at what a better account I can get.

    Another thing that crossed my mind is getting an app to help me manage my spending, or at least categorize it. Sp I'll be looking at these too, maybe one that invest some money as well :undecided
This discussion has been closed.
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