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Getting back to becoming MF



I used to be on these boards quite a bit, making over £30k of overpayments on our old mortgage thanks to MSE; but unfortunately, life over the last 18 months has just gotten very busy. Like many families the rising cost of living is forcing us to bring our attention back to finances.

Just to give an idea of who we are, we’re a family of 5 (Me, OH, DD1, DD2 and DS), in the last 18 months we had a baby, sold a house, bought a house and are currently halfway through renovating this house (we bought an unloved house that met our space needs and budget with a view to increasing the value with doing it up).

Our mortgage for this house currently stands at £133,439.57 over 2 mortgages;

1.       £37242.19 on a mortgage ported from old house (had 2 years of a 5 year fix left with penalties if we closed the account)  Deal ends 31/12/2023

2.       £96,197.38 on new mortgage (10 year fix @2.44%)


So far this year we have only OP’d £400, as we had two big ticket house items that needed to be done asap, we have replaced all of the UPVC windows and doors (they weren’t sealed and the draft last winter was awful) and the boiler was on its last legs and unlikely to make it to autumn so we have taken a 0% loan to get that done with a view to that being paid off in the summer once we have some shares mature.

I suppose having these big expenses and wanting to OP is kind of contradictory, but we looked at it as improving the energy efficiency of the house, reducing energy usage and adding value to the house.

The next 3 months are going to be a slow burn on the OP front as we get a family loan paid off (£2k), but in August we are planning to pay off the boiler in full and make a lump sum OP from some shares that are due to mature.

Anyway, I will stop waffling and hopefully will be able to keep moving towards being MF with the help of this board.

2022 Target - Reduce new mortgage balance after house move - Part 1 (Ported) Starting balance £39,982.12 currently £37,242.19 Part 2 Starting Balance £101,997.88 currently £96,197.38 (as at 19/04/2022)


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