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  • FIRST POST
    • Tropically
    • By Tropically 12th Sep 16, 9:56 PM
    • 373Posts
    • 1,199Thanks
    Tropically
    Getting rid of a London-sized Mortgage
    • #1
    • 12th Sep 16, 9:56 PM
    Getting rid of a London-sized Mortgage 12th Sep 16 at 9:56 PM
    Hello,

    I tried to look for other situations which were like mine but you all seem to have everything so under control. You are all very inspiring so I thought I would put up my story too.

    I bought a house in June with my partner for 425,000 (London) and our mortgage is 318,000. Our mortgage payments are about the same as we were paying in rent but we have over 3 times the space now. Yes this a huge mortgage, no, we don't make a lot but the time came for us to buy instead of rent.

    Plan:
    1. Call bank tomorrow and see if I can 'round up' our mortgage which will cut off 2 years from the term.
    2. Get 10,000 in savings again as an emergency fund before over paying mortgage - I don't have any money at all any more.
    3. Get in a tenant from November 1st and rent the second bedroom for hopefully 700/month and apply that as over payments.

    It would be amazing if we could pay off the mortgage 10 years early. I would be just over 40. I have a lovely spreadsheet which calculates all of this for me. If we were to only apply the extra rental money to the mortgage, we would be able to pay off 10 years early.
Page 13
    • Tropically
    • By Tropically 21st Oct 19, 8:47 PM
    • 373 Posts
    • 1,199 Thanks
    Tropically
    I applied for a mortgage! $299,000.

    The guy at the bank dropped some bad news on me though - that they don't lend at the LTV I was proposing any more. He said they would still consider it because I had originally met with him when it was still available.

    We'll see.

    I'm still working my four jobs and thinking about taking on a fifth. I have begun to feel anxious whenever I am not using time productively. Even my relaxation time needs to be productive and I have started yoga and some DIY. My husband has been studying for a professional exam which takes 300+ hours of study. It requires all his leisure time, so I think I am filling up all that time with things. He tries in December but it has a very low pass rate so he might have to try again in June.

    Stay tuned. I could be back with an even bigger mortgage amount!
    Mortgage started at 318,000 in June 2016. Original MF - 2041
    2017 OPs: 7000/7000
    Mortgage in Nov 2017 - 297,808
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