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Future Proofing my life: Deposit saving then MFW journey in under 13 years

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  • beanielou
    beanielou Posts: 95,401 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Mortgage-free Glee!
    Exciting times ahead hopefully. 
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    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.
  • skint_spice
    skint_spice Posts: 13,393 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Ooo exciting! So glad you liked it.
    Mortgage OP 2025 £6000/7000
    Mortgage OP 2024 £7700/7000

    Mortgage balance: £36,680

    ”Do what others won’t early in life so you can do what others can’t later in life” (stolen from Gally Girl)
  • Ooohhh, property is sounding like it's a real contender! What (vague) area is it, if you want to say. That tube and airport access is a big win. I'm excited for you!
  • Cheery_Daff
    Cheery_Daff Posts: 17,101 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Ooh, this is extremely exciting! All fingers and toes crossed!
  • South_coast
    South_coast Posts: 5,841 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper Photogenic
    Definitely good to get clarity on whether service charges are collected on a regular basis and set aside for repairs, or whether they are collected from the leaseholders on demand (ie when there is an issue). Better for your cashflow to have the latter, but better for actually getting stuff done to have the former (just because you are willing to cough up your share that you have diligently set aside for that very eventuality thanks to YNAB telling you you should, doesn't mean the other leaseholders will have done)

    I'd also check REALLY carefully about pets and being able to build a structure in the garden before you make any offers based on the assumption that you can do either. It would be handy if they could give you a copy of the lease for you to read. 

    It might be worth thinking about asking the vendor to sort out the lease extension and then adding that on to the purchase price. At least you'd know it was sorted then and if it doesn't happen for whatever reason it's not you that's left with the risk of it being a short lease? Would depend if there are other parties interested in the flat though, as that could be a lot of extra hassle for them. 
    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!!!
  • TallGirl
    TallGirl Posts: 6,188 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Sounds so exciting that you might actually be buying something. Layout sounds perfect for one person or a couple 
    Save £12k in 25 No 49
    PB Win 21 £225, 22 £275, 23 £900, 24 £750 Balance Dec 25 £32.7K  
    Plan to move to Denmark for FIRE by Autumn 2025 “May your decisions reflect your hopes not your fears”
    New diary aiming for fire https://forums.moneysavingexpert.com/discussion/6414795/mortgage-free-now-aiming-for-fire#latest

  • How exciting LaPlan - fingers crossed for you 🤞

    Fortune x

    Mortgage: 100% paid Emergency Fund: 100%
    A Better View 🌄 'Being on the edge isn't as safe, but the view is better' - Ricky Gervais
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