The Skylarks Journey

Hi everyone! 

So after 7 very slow moving months and then 4 very fast moving weeks we finally received our house keys! 🎉

Moving in day went very smoothly with the key handover happening at 10am. We had all the flooring and furniture apart from the couch and blinds in and built for 3am Saturday morning…Shattered can’t even describe how we all felt towards the end but it’s amazing what 6 people can do in a 2 bedroom house starting from scratch! 

So, It’s just my partner (G) and myself (K) moving into our first property with a mortgage amount of exactly £158k outstanding over a 40 year term. I’m hopefully going to be using this diary to help us both stay on track and get the mortgage paid down with overpayments before our fix ends in 2026  :#
Mortgage Starting Balance - £158,000.00
Mortgage Outstanding - £157,271.91
Term Left - 39 Years / 10 Month 



  • jenni_fer
    jenni_fer Posts: 529
    First Anniversary First Post Name Dropper
    Congratulations on the new home and happy new diary! 

    Question if I may, what's your target for 2026? The full amount or something else? 
  • twinklie
    twinklie Posts: 5,046
    Name Dropper First Anniversary First Post
    Exciting times. My advice is to give yourself a few months to settle in and discover what you’ve not budgeted for that it turns out either needs repairing or buying. 
    Reduction in daily mortgage interest since October 23 - £0.31 (started new mortgage)
    % of house owned/% of mortgage paid off. December 23 - 32.30%/24.54%
    MFiT-T6 #5
    MFW 2024 #6
    MF Date: Oct 37 May 37
  • Congrats on your new home! Good luck with your MF journey 
    • Original mortgage end date: March 2041
    • Current mortgage end date: Dec 2032 (aiming for October 2025)
    • MFW 2024 #15 £446.24/ £2500 /// MFW 2023 #15 £8,617.84/ £10,000 /// 2022 #15 £7,315.24/ £7250 /// MFW 2021 #15 £8,530.07/ £8500
    • Daily interest is currently £4.44
  • Nurse2047
    Nurse2047 Posts: 374
    First Anniversary First Post Name Dropper Photogenic
    congratulations on your new home and your MF journey 
    Nurse striving for financial freedom
  • @MFW2026 @Moneyminded @twinklie @jenni_fer

    Thank you all for your comments! 

    After a very stressful weekend we are back to work today, Need to phone the mortgage provider to change DD details to another bank account that’s been set up to pay house bills - More than a 30 minute wait to get through currently  :o

    We don’t have a set target amount yet, We will give ourselves a few months for everything to settle and then start paying a regular amount - For now Iv set up for all our “save the change” to go into a savings account and what ever is saved will get transferred over at the end of the month and also rounded up to the nearest £10
    Mortgage Starting Balance - £158,000.00
    Mortgage Outstanding - £157,271.91
    Term Left - 39 Years / 10 Month 

  • powerspowers
    powerspowers Posts: 1,100
    First Anniversary First Post Name Dropper
    Happy new house!! Good luck for your MF journey, the first year is the most expensive!
    MFW 2021 #76 £5,145
    MFW 2022 #27 £5,300 
    MFW 2023 #27 £2,000
    MFW 2024 #27 £500/ £3,600

  • Little update - First mortgage payment was taken off on Friday  :# however, it was less than we were told so will need to contact them and find out if it’s split over 2 payments. We wont overpay anything until the end of this month however already have a small amount sitting ready to go. Woo!

    Also according to the Council Tax office the property hasn’t been valued and allocated a council tax band - Something that can take several months according to them so for now we are putting money aside for tax band D (Similar houses in the area). Very frustrating! 
    Mortgage Starting Balance - £158,000.00
    Mortgage Outstanding - £157,271.91
    Term Left - 39 Years / 10 Month 

  • CCW007
    CCW007 Posts: 806
    First Anniversary First Post Name Dropper
    Congratulations on the new house and planning to start paying it down immediately - start as you mean to go on!
  • @CCW007 Thank you very much! It’s still all very exciting. You’ll be very excited to start clearing your mortgage- I’ll be sure to follow! 

    Phoned Halifax yesterday as the app was showing the contracted monthly payment being around £250 higher than expected- Turns out the app takes a while to update from the first payment taken and should show the correct monthly payment for May. I was also advised that any overpayment made I would need to phone up and speak to an advisor to shorten the mortgage term - Now, Do I overpay every month and then phone every month to shorten the term or do I save and make lump payments every 6 month and then phone and re-adjust? 
    Mortgage Starting Balance - £158,000.00
    Mortgage Outstanding - £157,271.91
    Term Left - 39 Years / 10 Month 

  • Mickyh-s
    Mickyh-s Posts: 287
    First Anniversary First Post Photogenic Name Dropper
    The quicker you op, the less interest you pay...i think!
    Mortgage balance as of 21.7.21 - £75,766. (7 yr mortgage on 2 yr fix of 1.32%)Mortgage balance as of 20.8.22 - £58,445.08o/p 2021/2022 = £6,313/£7,500o/p so far 2022/2023 = £5,997/£5,997 Goal 1 - to be under 60k by 20.7.22✔️Goal 2 - to op 10% of mortg by 31.12.22✔️Goal 3 - to pay off mortgage by 7.1.2023 (Subject to sale of btl property)✔️Goal 4 - to pay off cc by end of Jan 2023 - £260.64/£1500Goal 5 - to pay off car loan by 31.8.23 - £1722.39/£10,000
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