Beginning at the start!

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We haven't even completed on our house yet (we exchanged yesterday and completion is set for Friday!) but I'm putting this here to try and keep me motivated to start chipping away on the terrifyingly large mortgage as soon as I can! And to give me somewhere to vent and think out loud.
I'm feeling pretty overwhelmed right now tbh. There isn't an enormous amount of wriggle room in our budget, and there is a seemingly endless amount of house expenses to plan and save for. Right now I'm spending far more time than is healthy on YNAB, and house related research. Hopefully things will all fall into place soon enough.
Any and all encouragement is welcome! :j
I'm feeling pretty overwhelmed right now tbh. There isn't an enormous amount of wriggle room in our budget, and there is a seemingly endless amount of house expenses to plan and save for. Right now I'm spending far more time than is healthy on YNAB, and house related research. Hopefully things will all fall into place soon enough.
Any and all encouragement is welcome! :j
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I’m 41, married with 3 kids at home and one at university. We’re moving from job-related accommodation to our first “our own” home.
The mortgage will be for £576k :eek::eek: @ 90% LTV. It’s for 25 years, fixed for 5 years at 2.24%. So unless I make some decent inroads into this, I’ll be paying a mortgage until I’m 66, which I’d really rather not be doing
I still have around 5k of credit card debt (at 0%) to get rid of before I start on the mortgage, so I’m being a little premature here, but heyho.
I've been on the overpayment calculator, and it looks like an overpayment of £500pm should get the mortgage down to below 70% LTV (assuming no increase in value) by the end of the 5 year fix. Which should put us in a better position to remortgage at that point. So that's now my goal
I'll need to balance this against also paying off my cc before the 0% expires (part in May and part in October 2019), building some kind of emergency fund, and also paying for various house repairs / renovations. Still, I'm feeling positive!
I'm also hoping for a promotion in September this year, so if I can get that in the bag that will be a big help.
sounds like you have a plan! Wow 23.5% pension wow.. only have combined 18% going into mine
Kev
I was making the most of not paying a mortgage for a year by maxing out my pension contributions. Now the situation has definitely changed!
I'm thinking that having a paid-off mortgage is probably a better / more secure retirement plan than a larger pension at this point. At least I'll have somewhere to live!
Interest rates in the future are a bit of a worry. All the more reason to OP as much as possible now
Kev
I'm so excited
Hoping it'll be all done this morning so I can go and pick up the keys from the estate agents and have a bit of a nosey round at lunchtime! Also need to pick up the Virgin broadband box and get that set up. Keeping kids entertained whilst we mess around in the house will be much easier with WiFi!
Kev
- Mortgage 2 started Feb 2019 [STRIKE]£30,000[/STRIKE] £27,800
- Student loan started 2009 [STRIKE]£16,413[/STRIKE] £7,500
+ New house fund £40,095/£40,000
+ Emergency savings £5,170/£5,000
+ S&S ISA £600
Have keys and a bottle of bubbly from the estate agents!
And a massive new mortgage to start OP :eek::rotfl:
Mortgage end date Dec 2045 - NOT!!!!
Mortgage balance - $19,300.00
Business Savings $55,800/100k
Hope to be mortgage-free by end of 2023