Solo MF wannabe (as soon as I can be... at least by 2032)

CasualMFW

Hello,

As the title suggests I’m a solo buyer (Female, just turned 30) and a MFW, 18 months ago I purchased by forever home and have finally finished the renovations so I’m now in a position to try and commit to some regular mortgage OPs. 

I’ll be using this thread to keep myself accountable. As you can see below I have made substantial overpayments over the past 6 years but have never committed to this on a regular basis, my aim is to be MF as soon as possible but at least by the time I am 40 (ten years away in 2032).

A brief summary of my MF journey so far:

- Early 2016: Purchased a three bed semi with a former partner, who put down the majority of the deposit as I had just graduated outstanding balance -£184,000

- May 2019: Bought former partner out of property and became a solo owner, paying back his deposit and share of equity in the process.

- December 2020: Sold my first home and took a further advance of £18,000 on the mortgage to purchase and renovate my forever home, a 4 bed detached in another town. A new kitchen, media wall, every room decorated, new radiators and new carpets throughout meant my mortgage at this point stood at -£105,000

 

As it stands  (June 2022)

Mortgage: -£78,168.98

Further advance: -£10,360.79

Total: £-88,529.77

Current Redemption Date: December 2034

killerpeaty

Wow you've made a lot of headway into your mortgage already!

Good luck and I look forward to seeing you progress.

CasualMFW

killerpeaty said:

Wow you've made a lot of headway into your mortgage already!

Good luck and I look forward to seeing you progress.

Thank you for stopping by @killerpeaty, in most the overpayments came from from the sale of a flat I inherited after a relatives passing. The rest I have done has been on an ad hoc basis - The £18,000 advance I took out when I bought my current property was over what I needed meaning I could send another £6,800 as an overpayment. 

My next goal is to clear the further advance which will mean I'll have the £119 I previously spent as mortgage repayments to send as an overpayment each month on my "main" mortgage, plus it'll give me a bit more flexibility when budgeting 👍🏻

CasualMFW

July update:
Made an OP on my further advance which has cleared today (£1,835.04) which was my 10% allowance without incurring an ERC, plus my monthly mortgage payment went out.

So, as it stands July 2022:
Mortgage: -£77,620.58
Further advance: -£8,412.34
Total: -£86,032.92

On a side note, does anyone have a reliable number for Nationwide's mortgage department? I got passed from pillar to post this week.

savingholmes

Well done. Good luck on your journey 

CasualMFW

August update:

Big news!! The further advance I took out when buying the house is gone!! That's £18,000 cleared in 19 months🥳🥳 

I also had a meeting with work at the beginning of July and my salary will be increasing by £3,000 per annum, from September 🎉🎉

As it stands: 

Mortgage -£77,140.67

OP for 2022: £10,534.09

Not sure when my next OP will be, need to replenish the EF now and I'm off on holiday so I'll see how the accounts are looking at the end of the month. Not having the further advance will mean I have an extra £120 per month to hopefully save though, althought it won't be this month as it's been swallowed by the holiday.

Also did some shifting around of my savings and opened a chase account, felt that the interest rates compared to Natwest were too good to turn down and the 5% AER round ups will give me a bit extra. Will let you know how it goes...

savingholmes

Congrats on the pay rise. Sounds like things are coming together.

CasualMFW

September update:
As predicted, no OPs this month after a holiday but did manage to put £200 towards rebuilding the EF after paying off the further advance. May have to start making smaller OPs going forward, so I feel like some progress is being made. I see some people who round down their total balances or others who round up their regular mortgage amount, £36 a month would round mine to £600 pcm...

savingholmes

£200 saved is great. If you can OP it all helps.

LadyWithAPlan

I think rounding up to the nearest or doable 00 sounds perfect as a standard OP - have you looked at what paying the £36  a month OP does to the interest so  then you can work out if you have more funds you can find.

Well done on pay rise!

CasualMFW

October update:
Managed to do much better with the saving/replenishing the emergency fund over the course of September - £700 added into it and I've decided to have a go with some premium bonds - Another £250 added there.

Will see how the OP/Savings go this month as I have my car to service and I want to purchase enough chrome light switches and sockets to kit out upstairs to match the downstairs. 

As it stands: 

Mortgage: -£76,183