Just another MFW

Catanddogs · 21 April 2009 at 1:59PM

Hello everyone,

So this is where my journey began.....

6 months ago we purchased a property for 195.00 @ 6% fixed for 3 years (over 30 years). We paid a £20000 deposit when we purchased the property and the Monthly repayments are £1200, these seem to be very high at the moment not sustainable in the long term. MB Dec 08 £157000ish.

Luckily we were able to pay 17000 in December, which brought the term down to 22years. MB April 09 £155000.

My OH's job is a bit risky at the moment but we plan to overpay as much as possible.

Regards Catsanddogs

Catanddogs · 21 April 2009 at 2:01PM

We can pay 10% per year, so the over payments will be going into a bank account until Dec 09.

SmlSave · 21 April 2009 at 2:08PM

Welcome and good luck on your journey.

I'm in the same boat with the 10% and have to wait till Januray

littlemissbossy · 21 April 2009 at 2:11PM

Good luck, I paid mine off last Nov, it's well worth the effort.

RosieTiger · 21 April 2009 at 2:48PM

Follow the sensible advice on the forum, if you may need access to some cash in the future, please amke sure you have savings to cover you.

Catanddogs · 7 June 2009 at 1:40PM

We started our journey in April and there has been little progress since really due to spending £1000.00 on the garden, £1000.00 on garage door, oh well it's gotta be done i guess!!

SmlSave · 8 June 2009 at 10:42AM

i dread to think how much we've spent on the garden :eek: but like you said it's gotta be done and hopefully we won't have to do it again soon!

setmefree2 · 9 June 2009 at 10:23AM

and

with your mortgage free journey

Catanddogs · 16 June 2009 at 11:00PM

I'm wondering what people think......?

Now that we have done all the major stuff in the house, i rang the bank today and told them that i wanted to reduce the term to 12 years instead of 21. This has increased the monthly payment by approx £300 we are fixed for another 2 years and have the £300 x 24 monthly payments in savings, so are covered if we need to use it. A reduction of 9 years seems good to me and a possible saving of £60000.

Catanddogs · 21 October 2009 at 3:09PM

I'm just popping into to update my signature.

clearmydebts · 21 October 2009 at 5:03PM

Hi Catanddogs,

You are doing really well. I didn't know that you could reduce your term while on a fixed mortgage. We are on a fixed mortgage but could afford to pay another £100. I wonder how much that would take off the term?

Must check it out.

Just another MFW

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