I've been reading these MFW diaries now for a little while and they are greatly inspiring and uplifting.
About 3 weeks ago we decided to sell our flat. We have a terrible managing company who charge us thousands per year and don't look after our building. We decided to get out of leasehold hell and own our own little parcel of earth down here in London town. So we booked the agent, had the pictures taken, immediately had loads of viewings. We also started looking for our home. In about a week and on exactly the same day, we received asking price for our flat and had our offer accepted on a cute, little period cottage.
We were very lucky.
We had our mortgage approved the next week and have filled in every single form known to man. We've sent every single bit of evidence we could gather. And now the wait begins.
So the numbers -
Both my partner and I are self-employed, so incomes can vary wildly. We now have a mortgage of £273 499, with our current mortgage being redeemed through the sale of the flat, which also provides our down-payment for the cottage. We are fixed at 1.8% for five years, after which we will try to remortgage to get a better deal. Our term is 26 years. We are both debt free, so this is all we'll be concentrating on.
I've never overpaid on my mortgage, as the numbers seemed so colossal, they were hard to fathom. And I couldn't see how overpaying by even a small amount could make a difference. So, now I'm looking forward to do it. Payments will vary but I'm aiming to do at least £300 a month. This means that I won't be paying off my mortgage in 3 years or even 10 but I'll be working hard to bring it all down. That's all there is really. Even this would bring my mortgage term down to 18 years. And that would be glorious.
So here we go.
MFW Newbie - #17. (#116 in 2019)
New Mortgage at Nov 19 - £273 499
Current Balance - £268 225
Want to cut down 26 year mortgage by 9 years!
New MF date 2036 :dance: