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  • FIRST POST
    • julicorn
    • By julicorn 29th Apr 18, 8:24 AM
    • 668Posts
    • 2,878Thanks
    julicorn
    julicorn's journey
    • #1
    • 29th Apr 18, 8:24 AM
    julicorn's journey 29th Apr 18 at 8:24 AM
    Hi everyone! Thank you all for sharing your journey to being mortgage free, it's really inspiring.

    My husband and I bought a 1 bed flat in December, for the bargain amount of 270k (gotta love living in the South East!). Luckily we had been able to save for a decent deposit, so our mortgage was 202,500 plus fees (closer to (203,500), out of which we still had just over 201k left as of yesterday.

    Our mortgage is 2 year fixed at 1.41%, but that appears to be based on the mortgage offer date, so running out in July 2019. I would love to reduce our mortgage as much as possible by then, and just in general.

    The things that have given me a bit of a kick in the butt to start overpaying now, in no particular order:
    1. Logging into my online account and seeing "24 years 7 months remaining" is daunting. That's a crazy long time. If we got to that, I would have spent half of my life paying off a 1 bed flat.
    2. The fact that we have already paid almost 1k in interst in just a few months isn't great either. The more we can shave off total interest, the better.
    3. When saving for the flat, we managed to put away over 1k every month, and that was while paying rent that was slightly higher than our mortgage. If we managed to do that now, we'd have the flat paid off 15 years early.
    4. While over the last few months, we spent money on lots of the stuff we missed out on while saving for the flat (booked a holiday, got tattoos, all that super grown up jazz) and also put quite a bit of money into furniture and redecorating, I've also noticed that a lot of the extra money just sort of slipped away. For example, our diet has gotten a lot worse because we seem to be getting take out a lot atm.
    5. In some weird way, I really miss saving. There was something really satisfying about seeing our savings account growing so quickly, and I think seeing our remaining mortgage amount reduce will have a simar effect (psychologically speaking).

    So, is the aim really being mortgage free in 10 years? Realistically - no. I know we won't prioritise overpaying I over certain life experieces (currently holidays mainly), but also, the aim is to stay in our flat here for around 5 years or so, and then see whether we want / need something bigger. But even if we do buy somewhere more expensive then, it can only help to have reduced that outstanding debt more quickly. And that's how I see it - I think for a lot of people a mortgage is just something everyone has, but for me it feels like "being in debt", which is something I have mostly avoided so far.

    So based on all of this, we made our first overpayment of 900 yesterday. For the first few months, I want to build up our ISA savings a little more again (to 10k or so) in parallel for "just in case", and then concentrate mainly on paying off our mortgage. (side goal: no more take outs! Need to learn to cook a decent curry ).

    Thanks for having me
Page 12
    • miss undastood
    • By miss undastood 15th Apr 19, 9:45 PM
    • 154 Posts
    • 370 Thanks
    miss undastood
    A 1 bed flat. Wow.

    I live in Northamptonshire and it is being heavily developed at the moment as “commutable to London”. It’s 50-60 mins from Euston if you get the right train!

    We are in a 4 bed detached house - although I feel like I could move on (but I don’t want to have a bigger mortgage to do it!)

    We are paying about 12k a year in repayments; 9k in overpayments and about 7k currently in interest. I based it all on continuing to pay the same as now; but obviously interest would decrease.

    I’d suggest moving northwards to get a bit more for your money. I thought 500k for a house was expensive!
    • julicorn
    • By julicorn 16th Apr 19, 4:51 PM
    • 668 Posts
    • 2,878 Thanks
    julicorn
    Hi juli, thats a huge amount you've managed to pay off, well done you! SE England is really something for prices, isn't it - shocking how much things cost. Never mind, you've taken control now, thats brilliant.
    Originally posted by Karmacat
    Thank you Karmacat!
    Original mortgage: December 2017, 203,495
    MFW start: April 2018, 201,800
    Current: 175,350
    • julicorn
    • By julicorn 16th Apr 19, 4:54 PM
    • 668 Posts
    • 2,878 Thanks
    julicorn
    Id suggest moving northwards to get a bit more for your money. I thought 500k for a house was expensive!
    Originally posted by miss undastood
    I've got to be honest, I wouldn't swap it for the world. We're in a small flat, definitely, but we're right by the sea, in what for us is just the perfect city. As much as I complain about the ludicrous prices, it feels like we're getting our money's worth
    And 500k is roughly what we'd be looking at for a house I'd say, but will see what we can actually afford when the time comes. It's all scary big numbers either way!
    Original mortgage: December 2017, 203,495
    MFW start: April 2018, 201,800
    Current: 175,350
    • julicorn
    • By julicorn 22nd Apr 19, 6:26 PM
    • 668 Posts
    • 2,878 Thanks
    julicorn
    After almost a year of doing very little work on our flat, I think we've finally gotten our DIY mojo back! After getting new flooring in the hallway last Monday, I spent the weekend painting the woodwork in the hallway, and most of the doors as well (still got 2 left to do though), while Mr Julicorn was out in the garden cutting down all the shrubs, pulling weeds and wrestling a bramble or something like that It was so worth it though! We've also just ordered bricks and tiles to sort out the steps down into the garden (at the moment there's a huge steps at first, so it's a bit of a death trap) - first time either of us have tried to tackle something like that - wish us luck, we need it! I also thought that maybe I could paint the patio slabs, made the mistake of going on Pinterest (honestly, why do I do this to myself?!), and have now ordered a big stencil to decorate the floor with. Yeah, we'll see whether that will work out, but it's worth a shot and would look great if I manage to pull it off.

    We also went to Homebase today and bought a few more plants which Mr Julicorn planted straight away, turning our little garden into even more of a flower jungle than it already is. Oh, and we also ordered a fire pit! I'm so excited, I think it will mean that we can make the most of those chilly spring/summer/autumn evenings.

    All in all, an expensive weekend, but very much budgeted for (thanks YNAB!). I'll keep you all posted on those DIY endeavours, feel like we may be punching a little bit above our weight, but it's worth a shot
    Original mortgage: December 2017, 203,495
    MFW start: April 2018, 201,800
    Current: 175,350
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