All the single ladies vs 145k

Put your hands up! Hello everyone!

As a long term lurker on this section I'm very excited to finally be in a position to join you MFWs. I finally managed to buy a house by myself last year :T I am in my late 30s and had very poor wages and worse money management skills in my 20s that mean I am financially very behind a lot of people my age.:o I am indeed sofarbehind and have a lot of catching up to do.

There is only me, newly single and I don't even have a cat. :rotfl: Wasn't financially involved with the ex so that is simple at least. My mortgage is for 145k over 24 years, 5 year fix at 2.29%. That is a LOT of money I owe the Halifax. Last year I didn't do a lot of saving, I spent a lot on household items..I had NO furniture / basic kitchen stuff thanks to house shares. So I cut myself some slack and have made the house a home. Now it's time to knuckle back down and tackle that 145K.

There are a lot of positives to my situation. I am lucky enough to have a good job these days, have no other debts, am in a great pension scheme and I am quite MSE. :money:


My master plan is to get the balance down to £100k before I remortgage. That means I need to overpay by 25k in the next four and a half years. This is an ambitious goal but it's achievable if I am sensible. For the coming year I plan to save an emergency fund of 10k before I really start on the mortgage. I miss having a good safety net and want this in place by August. My current emergency fund is at 3k. I think I am going to round up my mortgage payments by £347/month to £1000 until this is done, just so that I am chipping away at it. I have prioritised the emergency fund this month so my first OP will be on 01.02.18.

Phew, well done if you have read this far...I will come back and post a SOA later to help me budget.