We are now £10k poorer...

[Wazzzer]

But we own a bit more of our house

Just transferred the money to our mortgage account which will effectively knock 10 years off the term of our mortgage brining it down to 17 left to go. Works out to £40 more a month than we are paying now which we can afford plus we're trying to pay off £200 a month extra which should knock a further 6 years off (all going well)

This is a massive achievement for me as I'm normally useless with money and spend all of my wages every month lol

[Toby]

Must be such a good feeling! 

[dom]

Awesome

I bought my house a year ago and got a 6 month statement last week, the balance had been reduced by £9

Need to start over paying each month I think

[dubber36]

Awesome

I bought my house a year ago and got a 6 month statement last week, the balance had been reduced by £9

Need to start over paying each month I think

It's like that for the first year or so. The last year is the best, I made a spreadsheet of what the balance would be after each payment and ticked each one off as it came along. With a year to go, the payment contained around £60 of interest, the last payment contained something like £7 of interest. Such a good feeling... until we come to move as planned in about 4 years time and will probably have to borrow all over again.

[Seanl]

Its even worse if like me, you took out a 5 year fixed rate mortgage and 3 months later the market collapsed! 

Was stuck paying £799 pcm until last month, where monthly repayments went down to £586!

We have a tenant in there now though and she's paying £695 so I'm actually in profit! I'm now overpaying each month and putting all tenancy income into it to help bring it down, as I'd still have 19 years left otherwise. (Originally a 24 year Mortgage) so hopefully it'll knock a couple of years off. No plans to move back in now as we're in Married Quarters paying £380 pcm which includes rent, CILOCT, and water. 

[Bellend]

On a serious note, how easy is it to get a house and then say get a flat buy to let?

Honestly have no idea on the financial side but say you can afford the deposit for it? Say buy a house then 2 or so years later is it possible?

A mate of mine has done it, I will ask how when I see him next however someone's told me his dads minted.

Just long term goals to think about really.

[barrym381]

On a serious note, how easy is it to get a house and then say get a flat buy to let?

Honestly have no idea on the financial side but say you can afford the deposit for it? Say buy a house then 2 or so years later is it possible?

A mate of mine has done it, I will ask how when I see him next however someone's told me his dads minted.

Just long term goals to think about really.

thought you got accepted for a 170k mortgage as you would know all this if you did 

I've been accepted for a 170k mortgage which I was shocked at. A friend told me that you can do it after 3 months wage slips if you have a limited company.

Just a deposit and whether I wanna do that or rent....

[T_J_G]

If I went to the bank to borrow another £100k plus to buy a flat to rent they'd burst out laughing.

[Wazzzer]

Toby - it actually hurt parting with the money, it least it was all electronic lol. Thing is £10k in a savings account won't earn as much as it will save us on the mortgage in the long run. Our house is actually worth £10k more than what we paid for it so that did us a favour with the LTV %

Dom as dubber said the first few years suck, you really don't chip away at the loan amount which is really disheartening.

Sean our rate at the moment is quite high as we did a similar thing three years ago; a month after we took our three year fixed rate out the market bottomed out and we were stuck paying about £80 more than we would have if we'd just waited...

[bobbarley]

We bought our house last November, luckily we only have to pay £425 a month. Think we've paid off nearly £3k already