We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Beginning at the start!

Options
2

Comments

  • Elika0215
    Elika0215 Posts: 167 Forumite
    Tenth Anniversary 100 Posts
    Congratulations! It's a big commitment but you can do this!

    With repairs, only do things that are urgent if you're reaching a months budget. Then you can chip away as and when funds allow.

    Stay restrained and disciplined when it comes to spending on luxury items. For instance, if you always buy the latest tech then ask what the consequences are of buying that next iphone. Just an example, I'm not suggesting you do this.

    There's lots of little tips which I won't go in to now but things like don't overfill the kettle or buy non-perishables in bulk while on offer. Not sure if that kind of thing is of any use.

    Anyway, good luck and long may you be happy in your new house.
  • kev2009
    kev2009 Posts: 1,104 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Hows it going? All unboxed/settled in? Made your first OP yet :)

    Kev
  • kaycastle
    kaycastle Posts: 419 Forumite
    Seventh Anniversary 100 Posts Name Dropper Photogenic
    Good luck in your new home :) That's the biggest mortgage I've ever seen ahhhhhh! But you can do it :)

    Do you have everything in a spreadsheet? :)
    Mortgage start: April 2024 - 295k  Current £256k
    Emergency fund: 13.5k/15k 
    Current mortgage free year: 2054 2039
    Mortgage free diary: Snug & Sorted: Our Race to Mortgage Freedom
    The little joy list
    Books read: 41 (2024) | 12 (2025)

  • Thanks for the encouragement!

    Had a very pleasant, if tiring and expensive, weekend of making a start on the decorating. One bedroom almost painted (in a lovely shade of pink for the 7yo!) and a good start on the wallpaper removal in another bedroom.

    We won’t be moving in for a few weeks until at least the bedrooms are ready. I can’t wait though. It already feels more like home than anywhere I’ve lived before!

    I’ve set up a line on my YNAB budget for OP. Don’t think there’ll be anything in there for a little while though!
  • kev2009
    kev2009 Posts: 1,104 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Glad its all going well!!

    Kev
  • Well I’m afraid I’ve neglected this diary since completing on the house purchase. I’ve been mostly focusing on paying down the remaining debt.

    I’m pleased to say that the last credit card has now been cleared :-) so I’m back to refocus on building up savings and attacking the mortgage in earnest.

    Balance today is £564,357.60.

    I’m not sure whether to start by building an EF, or making OP, or a combination of both. What do you think?
  • Congrats on buying the house and clearing your credit cards. If you have no EF at all I would start there until you have at least 3 months worth of outgoings saved then you can start to make OPs.
    • Original mortgage end date: March 2041
    • Current mortgage end date: Dec 2032 
    • MFW 2025 #15 £128.00/ £2,400 /// MFW 2024 #15 £1,608.85/ £2500 /// MFW 2023 #15 £8,617.84/ £10,000 /// 2022 #15 £7,315.24/ £7250 /// MFW 2021 #15 £8,530.07/ £8500
    • Daily interest is currently £4.48
  • Congrats on buying the house and clearing your credit cards. If you have no EF at all I would start there until you have at least 3 months worth of outgoings saved then you can start to make OPs.

    Thanks! That’s feeling quite overwhelming right now - our expenses are very high. It will take at least a year to get close to 3x monthly outgoings even with a very ambitious savings plan. I guess it’s a good goal for this year...
  • I'm in the same boat - I have two large mortgages (around £270,000 each). Congratulations on clearing the credit card debt! Good luck with the mortgage overpayments. You could always post a SOA if you wanted people to identify where you could trim the budget. But you might not want to when your expenses are high. Otherwise, can you boost your income?
    Mortgage started at £318,000 in June 2016. Original MF - 2041 :eek:
    2nd Property Mortgage at £275,000. Mortgage free: 2049 :eek:
    Total OPs: £29529
  • South_coast
    South_coast Posts: 5,826 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper Photogenic
    Hi Yellow_mango, thanks for visiting my diary. Your mortgage is huge, but that does mean every payment makes a noticeable difference to the balance - look how much it's come down already without making any OP's yet!

    Good luck with the EF
    Mortgage start: £65,495 (March 2016)
    Cleared 🧚‍♀️🧚‍♀️🧚‍♀️!!! In 5 years, 1 month and 29 days
    Total amount repaid: £72,307.03. £1.10 repaid for every £1.00 borrowed

    Finally earning interest instead of paying it!!!
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.8K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.8K Work, Benefits & Business
  • 598.6K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 257K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.