£142,000 over 23 years....OR NOT!!
fruitloop04
Forumite 294 Posts
Hello! I have been lurking around on this forum for a little while and finally taking the plunge to set up my own MFW diary! We have had our house for approx 5 years and have just remortgaged at £142,000 over 23 years. Although I know this isn't our forever home (this is our first home and we are outgrowing it a bit now), I want to overpay as much as possible on this mortgage to get the best rate on our next home. No rush for the next home and with a potential redundancy on the cards for the other half it may have to wait a while. With the redundancy in mind, I am conscious that I need to save as well as overpay.
We ended up somehow with a month where we didn't have a mortgage to pay so we paid what we would have paid on our last mortgage on the new mortgage so straight away made an over-payment of £850 :beer: I have set up a regular overpayment of just over £200 a month. Playing with the overpayment calculator (I literally could spend all day messing around with this!!!) we should be mortgage free 6 years and 7 months earlier :T I am hoping to do better than this though!
I am currently saving £500 a month in case the worst happens with the other halves job. This doesn't really leave a lot for overpayments but whatever is left in my account will go on the mortgage.
I will post an overview of our finances in the next couple of days, but I must admit to being a spendy...:embarasse my main weakness are lotions and potions...we really enjoy a nice meal out too and are terrible at spending money when together. Many areas to work on!!
We ended up somehow with a month where we didn't have a mortgage to pay so we paid what we would have paid on our last mortgage on the new mortgage so straight away made an over-payment of £850 :beer: I have set up a regular overpayment of just over £200 a month. Playing with the overpayment calculator (I literally could spend all day messing around with this!!!) we should be mortgage free 6 years and 7 months earlier :T I am hoping to do better than this though!
I am currently saving £500 a month in case the worst happens with the other halves job. This doesn't really leave a lot for overpayments but whatever is left in my account will go on the mortgage.
I will post an overview of our finances in the next couple of days, but I must admit to being a spendy...:embarasse my main weakness are lotions and potions...we really enjoy a nice meal out too and are terrible at spending money when together. Many areas to work on!!
01.05.2019 - Re-Mortgage - £142,000 :eek::eek::eek: Total overpaid to date: £15,584.33.
MFW #52 £9000/£12000
MFW #52 £9000/£12000
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Those figures sound pretty good. My mortgage was £145,000 at the start, so similar to yours.
good luck!
Congrats on your shiny new diary! Sorry to read about the possible redundancy, it's great you are saving for it if the worst does happen.
I look forward to seeing how you get on in your MFW journey.
Good luck!
Current: £82,999.69, £190,972.18, £188,091.57, £180,026.25
2021MFW #97 OP Goal £296.36/£3000
2020MFW #97 OP Goal £3104.09.09/£3000
2019MFW #109 OP Goal £1024.99/£1000
**Credit card debt free 30/06/10~**
MFW. Finally mortgage free February 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb.
It starts with you, it starts from now. *** It is ok to be me.***
***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
Mortgage end date Dec 2045 - NOT!!!!
Mortgage balance end of July 2021 - $28,550.00
Hope to be mortgage-free by 2023
Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823, Dec 2021 136,120🙂
EF 0/12,000 (0%)😕 (5062.44 was ERC)
Aim for 135,062 by Jan 2022 for 3 year challenge - 1058 to go
Our Mortgage is never going to be as high as it is today. :j
Onwards and downwards to a better life for our family. :j
Just keep swimming
MFW (01/15) £49,846.76
Thank you! How are you getting on? Good luck!
Thank you - slipping behind already on the updates front but been doing well with the overpayments
Thanks beanielou!
MFW #52 £9000/£12000
Thank you! Need to be better at updating it lol
Thanks!
Thank you!
MFW #52 £9000/£12000
I do need to get a handle on my spending though...I try to stick to budget and by the second week of the month it's all gone south.
Here is what our joint account budget looks like:
In: £1700 (I pay in £1000, my other half pays in £700)
Out:
Water - £25.61
Life Insurance: £11.35, £6.55, £6.66 (we have a couple of different types of cover with the same company)
Council Tax: £136.00
Mortgage: £850 (this is with an overpayment of £208.40 each month)
Gas and Electric: £115 (we have just recently switched, the perks of living in an old, drafty house!)
Internet and Phone: £18.00 (again, just recently switched - was paying £29.99 before :eek:!)
Food: £70 budget per week. I know this is a lot for the two of us but that includes all lunches too...any tips on getting this down would be great! We do sometimes go over this though...
So I get the total to £1,449.17. Leaving £250.83 spare a month. This account has taken a hit recently as our shower went, we bought new garden furniture and some house furniture....we could do with leaving it for a little while before spending but we have damp that really needs sorting...
I just realised that we don't have building and contents insurance....this must have ran out at some point!!! Need to get on this!!
I will post my personal spendings when I can bare to look at them...
MFW #52 £9000/£12000