Getting a Mortgage 🏡 in my name and saving to pay it off early 💰

Hello,

I’ve been off these boards for over a year. Time to get back on it.


To give you some background to my current situation. It’s going to be a long post!


2013 my ex and I bought a house together. March 2019 my ex and I separated and was divorced in Jan 2020. I wanted to keep the house and it was agreed in the divorce that I had 3 years  to get a fixed work contract and get the mortgage put into my name, otherwise my ex could force me to sell my home. As part of this deal I had to be responsible for both our life insurance’s and the building insurance, aswell as doing any repairs  the house.

June this year I got my fixed contract, but it was for 3 months, so the bank still wouldn’t allow me to put the mortgage in my name only.

September I finally got my full term contract 🎉 The bank finally agreed to look at me getting the mortgage. The lady I spoke to in the bank advised me that there should be no problems getting the mortgage, it was more about the term and the monthly payments that needed to be looked into. 

Tuesday if this week I get the call to tell me of the decision and to go in and sign papers for me to request the mortgage and the amount I needed. 
The bank requested a bit more money to cover, all the fees and registration fees I needed to pay aswell as the agreed amount to pay my ex for his share of the house.
Friday This week, my ex and I had to sign the 1st papers regarding the old mortgage. There is one more paper until my ex is officially off the mortgage and it’s just in my name 🙏


PAYDBX 2020 - #01 Pd £15,029.29 / £13,140.66 - 114% 🎉

MFiT-T5 #36
3-6 mth EF #5
€2,445 / 11,100
Mortgage - PD 126,846.35/ 271,495.07 46.72%[ MF was Aug 2038 now Sept 2035 😲

Comments

  • muppets
    muppets Posts: 1,476 Forumite
    Name Dropper First Post First Anniversary Debt-free and Proud!
    So my plan to pay the new mortgage off earlier than it’s due, is going to take some work and strength.
    Here in Belgium we can not overpay each month. I will have to save the money in a different account until I get a good amount, about €5000 or even €10,000 saved and then pay that amount off the mortgage and get the bank to recalculate the term of the mortgage.

    My new payments will be approx €284 per month lower then what I’m paying now. The bank wouldn’t allow me to keep the same payment amount. They say I have to have a set amount left over to be able to live off.  So I’m just going to use the €84 towards bills and for myself and I will save the other €200 per month, any more I can save per month will be a bonus. 
    PAYDBX 2020 - #01 Pd £15,029.29 / £13,140.66 - 114% 🎉

    MFiT-T5 #36
    3-6 mth EF #5
    €2,445 / 11,100
    Mortgage - PD 126,846.35/ 271,495.07 46.72%[ MF was Aug 2038 now Sept 2035 😲
  • Sounds like a solid plan you have there well done!

    Very few people have the commitment or resources to do this kind of thing so you should be proud.

    My hubby and I have recently paid off our mortgage early even though other people thought we were mad, but like you we had a plan and we stuck to it.

    We've just started a YouTube channel together where we talk about all the little tips we've picked up over the years to do with saving and investing money to try and help as many people as possible.

    It's called "Dan Talks Money" if you wanted a little look. This forum won't let me post a direct link sorry.

    Good luck for the future!
  • muppets
    muppets Posts: 1,476 Forumite
    Name Dropper First Post First Anniversary Debt-free and Proud!
    edited 16 December 2021 at 1:05AM
    My end of year bonus was due the beginning of January, hit my account today 🙌💰
     Was so tempted to go on a shopping spree 😂 Was good and saved it instead, until I know all the fees for the house are sorted. 

    Was due my wage advance today, but seems no one had theirs 🤔 hoping it’s in the bank tomorrow. It’s normally on the 15th but could be up until the 17th, so I need to be patient and just wait a few days. Not that I need the money today 😜🤣
    PAYDBX 2020 - #01 Pd £15,029.29 / £13,140.66 - 114% 🎉

    MFiT-T5 #36
    3-6 mth EF #5
    €2,445 / 11,100
    Mortgage - PD 126,846.35/ 271,495.07 46.72%[ MF was Aug 2038 now Sept 2035 😲
  • savingholmes
    savingholmes Posts: 27,283 Forumite
    Name Dropper First Anniversary Photogenic First Post
    Good luck on your journey. I got divorced a month ago and got new mortgage in my name.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26%
    2) Spend on handyman & external building works £11.1K
    3) CC £2.5K on 0% spends card but offset by £34K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £9.6K/£127.5K AVC target 7.5% value @15/4
    5) FI Age 60 annual income target £13.7/30K 45.7%
  • beanielou
    beanielou Posts: 90,130 Ambassador
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
    Happy shiny new diary  :)
    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.
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