Mortgage free dreamer

savingholmes

Good luck. I hate chains.... it's enough to make me want to stay where I am!

Joe___2

@savingholmes sometimes I think the same sometimes, I forgot how stressful the process is!

Another mortgage payment made on our current house leaving £75,218.87 outstanding, I've been saying for the last two months I hope this is the last one but who knows, we seem to have some movement from the EA/Solicitors so hopefully I'll hear something today.

Only our car payments left this month now, leaves me £399.38 after they are paid so I feel like I'm in a better position now compared with the start of the year, and even though I wasn't in any huge amount of debt I just felt like my money was going nowhere.

^Joe

ManekiNeko

Hope the house buying goes ok, I've just completed on my first home and yes, it can be very stressful.

Is your car finance on 0 per cent? Must say I've never been a fan of car loans, you'll be amazed at the difference in your money once you get free of it.

Joe___2

@manekiNeko we have two cars, one is 0% the other is 1.2%, both are PCP as we change every 3 years.

We did have 'older' cars for years, and while the cost saving was nice (Especially at the time we had a lower household income), they were not as economical on fuel and serviceable items that needed to be replaced etc made them less economical for us than two newer cars, they way I have viewed it is as we have no other debt we can afford the 'luxury' of new cars (even though they are on the cheap end of new - MG ZS and Nissan Micra!) but to be honest we are looking at just buying these two at the end of the PCP term.

^Joe

savingholmes

MSE wise it sounds like a good plan to buy the cars at the end of the lease - as otherwise you've paid down someone else's depreciation and they get most of that benefit.

Glad you feel more in control of your money now.

Joe___2

Well we finally have a completion date - 5th August! I think we should exchange contracts today, so I guess I have made my last mortgage payment on the current house, leaving the balance at £75,050.51.

With all the fees/solicitors etc paid we will receive £2.9k from the sale, taking our savings pot to £9.5k which we are keeping for improvements on the new house etc.

I guess my next post will be with a bigger mortgage balance and trying to pay it down as fast as possible :-)

^Joe

savingholmes

Best of luck with the new home.

Joe___2

Moved in as planned on the 5th August, very long day! Made the 1st mortgage payment but waiting for my log in details to see the balance.

Council has a 20 week wait to issue a new council tax bill, it will be around the time when next years bill is issued when I receive it! So putting away the correct amount each month to counter that bill when it arrives.

^Joe

L9XSS

Congratulations on your new home. Albeit a few hiccups the move seemed straightforward. You have a great amount of savings to help get things how you want In the new house. Keep plugging away with the overpayments on the new mortgage and don’t forget to look at “topping up” your pension provision if your able to. Good luck, will follow your diary progress.

Joe___2

Thanks @L9XSS, we are very lucky with our savings but then I guess we do sacrifice other things to have them (holidays abroad etc).

Finally got my log in details for our mortgage account, balance is £164,185.69 after the 1st payment, next one due 3rd October.

Put away £500 from my wages this month to cover 2 x council tax payments (when it arrives!) and towards the gas and electric bill which is due in November.

Money that was due to be an overpayment is being put into our ISA for now, just until I see how the economy goes.

^Joe.