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Impossible to reality
frustrated12
Posts: 159 Forumite
I always thought growing up that I would never own my own home, was just too far out of reach.
But just this week, we have moved into our own home. What I thought was impossible has just become our reality. :j
I am over the moon with what we have achieved in just a few short years but also very eager to start paying off the mortgage. It currently stands at £223,406 on a 35 year term :eek:
We are in the fortunate position that we both have fairly well paid jobs with relatively low outgoings, however this is likely to change in the not to distance future with the propect of adoption on the horizon, even more motivation to overpay where ever we can.
First mortgage payment is due on the 1st September, being nearly £1,000. From October the normal payment will be £839, so hoping to overpay every month by £180. This will mean we will be MF 9 years and 3 months earlier.
Hoping to OP more by any funds left over at the end of the month, using cashback sites & Prolific.
But just this week, we have moved into our own home. What I thought was impossible has just become our reality. :j
I am over the moon with what we have achieved in just a few short years but also very eager to start paying off the mortgage. It currently stands at £223,406 on a 35 year term :eek:
We are in the fortunate position that we both have fairly well paid jobs with relatively low outgoings, however this is likely to change in the not to distance future with the propect of adoption on the horizon, even more motivation to overpay where ever we can.
First mortgage payment is due on the 1st September, being nearly £1,000. From October the normal payment will be £839, so hoping to overpay every month by £180. This will mean we will be MF 9 years and 3 months earlier.
Hoping to OP more by any funds left over at the end of the month, using cashback sites & Prolific.
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Comments
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Welcome and congrats on the house dream becoming a reality.Mortgage start date Dec 2015 - $64,655.00
Mortgage end date Dec 2045 - NOT!!!!
Mortgage balance - $4600.00
Business Savings $43,310/100k
Hope to be mortgage-free by end of 20230 -
Just made my first OP!
Wanted to check that I could send payments and sent a whole £5 to the mortgage, not much but definitely a start!0 -
Congratulations on your first OP and happy new house!0
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Well done on the new house and getting started with overpayments. 35 years is scary - it will be great if you can knock of 10 years and then some. I'm sure over paying will become addictive if you set the habit early.Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £172.5K Equity 36.11%
2) £1.8K Net savings after CCs 13/9/25
3) Mortgage neutral by 06/30 (AVC £26.8K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 32.6/£127.5K target 25.6% 13/9/25
(If took bigger lump sum = 54.5K or 42.7%)
4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise)
(If bigger lump sum £15.8/30K 52.67%)
5) SIPP £4.8K updated 13/9/250 -
Happy shiny new diary
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Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 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. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.0
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