Diary Mortgage Free Road To Change My Life

A question about : Diary Mortgage Free Road To Change My Life

Hi guys thought id keep a Diary ON my road to mortgage freedom :] which is my dream

Bit about me
27 years old self employed have been now 2-3 years variable income
Got son whos 4 now and live with family at the moment

Facts and Figures
House value 88.5k
Deposit is 25% at Ј22125
Leaving a mortgage of around 68k At month payments of Ј450 at 6.4% interest fixed for 2 years due to defaults ect which are settled

Im due to find out this week if i got the mortgage or not so exciting times .
There is a plan 2 if i don't which involves buying a cheaper house end of this year

Im Starting this diary to keep a log but mainly for support from some of you guys who have been at this a while now or new comers

Im going to have Account Named
Mortgage Fund which starts at Ј30000 this includes deposit as of today which will all be for the mortgage overpayment at the end of this 2 years fixed

Within this next month Im going to get a cheaper car and free up some funds which i can so the mortgage fund will be more which should add over 10k to the fund :]

Mortgage fund -- Ј30000 Feb 9tth 2015

Ill update as things move along :]

Best answers:

• Update so far manage to sell the car so now am 18k back in the account
  So im going to put 10k into the mortgage fund for now
  So the mortgage fund stands at 40k as of today This is for deposit and overpayments and refurbishment
  Im a guy who enjoys his cars and i know we all lose money on them ect but i dont drink smoke all that kinda stuff so my car is my release in life
  What do you guys think i should do here buy something for 2k and save up for the mortage free dream or get something for 5k
  Bare in mind the car will be with me for 2years + :]
• Well done for selling the car and putting a great lump sum into your funds.
  Can't help re decisions decisions as not a car person but is there a car you would be happy to drive for 2k?
• Fingers crossed for you x
• Good luck on your journey!!!
• Thanks guys :]
  Still haven't hared anything About mortgage which is a bit disappointing but i know these things can take way to long :[
  So iv decided to set myself some Targets for
  February 2015
  Waiting on mortgage decision
  Sell car free up 18k-----Done
  Open an emergency fund Done Aim 7k----- Currently Ј65
  Find a new car for under 5k
  Open a club lloyds monthly saver 4% interest for the first year need to go in branch for this as the site aint letting me do it booooooooo
  Also open/ look for more higher percentage accounts around but i need to know whether iv go the mortgage or not and know what car iv got to see how much cash i have free
  Thanks for the support
• Keep stalking the mortgage company!!!
• I will do hopefully they will say next week now some point
  Im in no major rush but just wanna know either way so i can plan my year out :]
  Trying to hunt down a car is a nightmare sick of looking now haha
• If I have understood your post correctly you are applying for mortgage but don't have one already.
  Well done on building up such a big deposit. Why don't you therefore put down more of a deposit. You will then borrow less and could probably get a smaller loan, at a lower interest rate.
  It is just a case of the mortgage company giving you a different deal because you ask for it. As once they approve it, it's approved. They would have to reissue an offer for the new product code.
  Also, it's worth noting that most mortgages allow you to repay a percentage even when they are fixed. 10 per cent is common so if you don't get a cheaper mortgage you could over pay the day after the loan is sent to you and save on the interest from that point.
• Quick update :]
  Got the mortgage offer today so the solicitors are off doing what they do so could have the keys in 4-6weeks
  I opened the clubs lloyds monthly saver 4% account
  Im in 2 minds what to do about a car atm i currently use the old mans as he cant drive so i do all the driving about for him as hes in a wheelchair when he goes out so i may just use this for a few weeks while all the deposit goes ect antill something comes up i fancy but defiantly more inclined to spend 2-3k now on one :]
  Anyway
  I did a few number crunching and the mortgage fund
  Is at 40k currently so after everything goes out for house ect it will be at roughly 15,800
  With this 15k i am planning on work to the house ect but i wont know how much this will be an-till i get in there and Wright it all down max i want spend ideally is 10k which would leave 5k to go into my emergency fund :]
  February 2015 Targets
  Waiting on mortgage decision --- Got :]
  Sell car free up 18k-----Done
  Open an emergency fund Done Aim 7k----- Currently Ј65
  Find a new car for under 5k
  Open a club lloyds monthly saver 4% interest done
• Yay!!! So glad you got your mortgage offer! The fun begins!!!
• Thanks sque :]
• Ok so Today i have decided to sort out the mortgage fund so i know where i am.
  It stands at 40k currently
  Deposit will be Ј22125 25% of house price which then leaves Ј17875
  Solicitors are Ј880 Broker is Ј1000 after these im left with Ј15995
  I am going to put Ј6000 into my emergency fund which is very important to me my aim is 10k this year
  Im also getting 1k back from the mortgage cash back but i wont get this till the hand over so will add this in at a later date either to emergency fund or for house work :]
  I will then be left with 10k for work on the house
  Im also going to be selling stuff i have to free up some extra cash to add to the emergency fund this month now before everything happens :]
  So now its a case of waiting for everything to happen :]
• I think we should do a selling challenge to spur each other on.
• Great plan!!
• Ok so iv managed to list a few bits on ebay about 4-5 items
  My target is to raise Ј900 which is roughly 2 monthly mortgage payments from ebay sales not from the 5 items i have listen now but long term goal
  i listed 1 item at Ј300 from what i bought last year at Ј140 i was extremely pleased to get a offer of Ј250 after just 20 views
  What i will do is update the pay pal balance weekly after selling stuff and eBay taking they fees keeps things simple :]
  Pay pal balance is it Ј248 now :]
  Once i reach my target i will transfer funds into my mortgage fun for Overpayments :]
  After looking for a car i have decided to put this on old for as long as i can to save money really i can just use the family car as im the only one who drives it anyway the fun stuff can wait till mortgage freedom has been achieved :]
• Well done so far and I would hold off on the car for as long as poss, blummen things.