misstara's mortgage free diary

misstara

I've been kicking about dfw for years, firstly paying off debt, then saving a deposit and now am finally joining the mfw section of mse

We've just bought a wee 2 bedroom terraced house - missives were concluded last week, will sign all paperwork this week and get the keys next week.

Thanks to an extremely generous gift from my parents and our LISA savings, we've been able to put down a decent deposit so the mortgage will be £108500.  I decided to take this out over 20 years so that it will be paid off by the time I am 61, however, hoping to bring that down by overpaying. 

The monthly mortgage payment is £687.01 (5 year fix) and I can make additional payments of up to 10% of the outstanding balance.  Don't think there is any way I'll be able to pay off an additional £10850 in the first year but it's good to have an ambitious target!

Being on the dfw boards taught me the importance of making little savings where I could and chipping away at the debt £1 at a time so plan to treat the mortgage in the same way

skint_spice

Welcome to MFW land, I hope your move in to your new home goes smoothly next week.

Four_Seasons

Found you x enjoy your new home xx

MFWannabe

Welcome to the board 
I would suggest rounding the mortgage payment up to a figure you’re happy with so you don’t really notice the overpayment; ie round it up to £700 initially so every month you’re straight away making a small overpayment and then any others you can make can be as and when 

Boodedoo

Found you and bookmarked your new diary. Hope the move goes smoothly and that you will both be very happy in your new home.

Looking forward to following your MF journey 

beanielou

Happy shiny new diary. 

misstara

Thanks all

MFWannabe - that's a good plan and along my lines of thinking. 

Transferred the deposit and solicitors fees today so my current account is looking a bit sad compared to the last few weeks.  Documents were signed and scanned over so I think that is it

RedLipstick

Happy new diary, good luck with your journey, very exciting times ahead! 

misstara

Thanks RedLipstick

We got the keys yesterday and spent today over at the house doing some cleaning and planning out where we will put various pieces of furniture.  Sat out in the garden for lunch, such a lovely wee spot in the sun.

Got paid today so need to work out new budget.

LadyWithAPlan

How exciting and well done for getting to this point!

Boodedoo

I'm sure it felt really good to put the key in the lock and open the door - even if it did mean you spent most of the day cleaning