Starting early!

edited 29 July 2013 at 5:01PM in Mortgage-Free Wannabe
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SG27SG27 Forumite
2.8K Posts
edited 29 July 2013 at 5:01PM in Mortgage-Free Wannabe
Thought it time I started my own diary!

I'm 30 and fianc!e is 28.

We bought our first house in February. It cost is £210,000 and we put down a 50% deposit after 8ish long years of saving! So our mortgage is a relatively small (by today's standards!) £105,000. Giving us repayments of £497.97. All theat saving means we can comfortably overpay so we upped our direct debit to a fixed amount of £600 per month giving us a £103.03 OP and knocking 6 years off! :) we hopefully will increase the DD over the years as (hopefully?) our wages increase.

We did a budget plan before we moved out we estimated costs for gas/electric and for water. The gas/electric is about right for winter but it comes in about 2/3rds less now its summer so the difference makes a BACS op each. Same with water it's about £15 less than we budgeted so that also goes to the mortgage.

I'm glad we have started nice and early into the mortgage but the OPs seem to get eaten by Interest in just a few days! It's £8.49 per day currently! But I like to see as we are fighting back the interest with each little OP.

Forgot to ad:

Total remaining: £103,406.59
Ops so far: £425.96


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