Z's MFW journey
As I've been watching the MFW forum for a while, I thought it would be good to start my own thread.
We bought our current house in summer 2022 and owe £126,000 on the mortgage. Hoping to pay this off before 2028 as we'll be 40 then. We're on a 2 year fixed deal until Sept 2024 at 2.64% on a 30 year term. Obviously a bit of regret that we didn't fix for 5 years now! We can make a 10% overpayment each calendar year so the current focus is on working out how much of the £12,500 overpayment we can do before 31 December!
It's me, my better half and our 2 kids who are primary school and nursery age. Back in 2017, we bought what we thought might be our forever home in Hertfordshire for £450,000. It took 6 months to renovate the house and then we moved in with our eldest. It was all going swimmingly and we were doing well to reduce our mortgage as we had borrowed £334,000 and also spent £30-40k on rennovations.
I changed jobs in 2020, we had our 2nd kid and then covid hit. It had a huge impact as we didn't have our family network nearby, my new job was way more stressful/long hours than I expected. After a year, I quit the job without a real plan. We also decided to sell up and move up north to be closer to family. We did well from the house prices increasing as we sold for £650,000. Thankfully houses can be a bit cheaper up north (but once we bought a detatched house in a good catchment area, it wasn't as cheap as we thought it would be!) so we've now got a much smaller mortgage obligation. I'm currently working part-time but still on a good salary. Debating going back to full time as that would allow to pay off the mortgage quicker but on the other hand, I'm enjoying having more free time to spend with the kids.
Budgeting at the moment is a little difficult as there is still outlay on one-off house moving related items. Hoping this will settle down by the end of the month.
Goal 1: Pay as much can towards the £12,500 overpayment before 31 December 2022.
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