£161,044.25 reasons to be mortgage free
wantabetterlife
Posts: 1,292 Forumite
As the title suggests out mortgage is a staggering £161,044.25:eek:. More worrying is the fact that we are almost certainly in negative equity. I am ashamed to say that we were part of the " lets release some equity in our house and go on a great holiday, buy nice clothes..etc" club, because we " deserve it". This resulted in us borrowing an extra £57,000 :eek::eek:. OMG when i write it down it seems even worse!!! However £25,000 of this was on a property investment that went disasterously wrong:mad:.
Oh how times have changed and with the recession came an almighty dose of reality. I cannot believe we were so stupid. .....but..... since finding MSE things have certainly changed.
I can remember stumbling along the MSE forums and into the MFW board one evening and Earthgirls diary was the first one i read....what can i say i was hooked:D.
The real driving force behind being Mortgage free is so that i would be able to work part time (have two young children) without having to struggle too much, hence my username.
I have joined the MFW 2010 and the MFi3-T2 challenge to help keep me motivated..so watch this space:D
wantabetterlife
Credit card £4461.15Home mortgage £137117Buy to let mortgage £83,000
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Welcome aboard and good luck with your plans.0
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Welcome to the forum, and don't let the past weigh down on you; get your household budgeting together and you'll find great support here for your plans. Hopefully you've found some ideas already in the posts on this board and I wish you well for 2010. Keep us posted of your progress.0
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Good luck with this new adventure. I too am a mortgage free wannabe.Mortgage Free in 3-T2 : Started at £151,000 Nov. 2009 Mortgage Free Oct 1st 2015
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Welcome and good luck.:beer:
Reading other diaries has certainly inspired me. Looking forward to following yours.
PO xx:D
2010 MFW Challenge No. 112 Mortgage paid in full 27/08/10 I was MF!!!
But now I'm not - (Joint) Mortgage £104704.New MFW target £5000 overpayments by 31/12/2105 £400/£5000 = 8%SAVINGS TARGET - £25000 by 31/12/2015 £13643/£25000 = 55%No 17 Lewis Lane0 -
Hi wantabetterlife,
Welcome and Good Luck
MQ0 -
Once you start making inroads into the mortgage you will soon dig yourself out of negative equity. At least you can see sense about the equity release and are all ready to start improving your situation. Good luck with it.Yesterday is today's memories, tomorrow is today's dreams0
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Welcome aboard - recognising the issue and making a start are the most important things. Good luck with your journey.RosieTiger - Highest £242,000 Feb 2004 :mad:
Lightbulb Dec 2008 £146,000 by March 2026:eek:
MFi3T2 and T3 No 28 - Dec 2009 Start Balance £117,000
Current Position-Fully off set by savings since March 20130 -
hiya wantabetterlife,
what mortgage deal are you on and when does it expire?:)
xxx
:hello:Jonathan 'Fergie' Fergus William, born 05/03/09, 7lb 4.4oz:hello:
Benjamin 'Kezzie' Kester Jacob, born 18/03/10, 7lb 5oz:)
cash neutral gifts 2011, value of purchased gifts/actual paid/amount earnt to cover it £67/£3.60/£0
january grocery challenge, feed 4 of us for £400 -
Howdi! Good luck in the quest, this is a great place to be for help & support.
All the best
LM:jMFWin3T2 No 20 - aim £94.9K to £65K:j
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