Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • amycool
    • By amycool 25th Jul 14, 4:43 PM
    • 763Posts
    • 3,232Thanks
    amycool
    Second Time Lucky
    • #1
    • 25th Jul 14, 4:43 PM
    Second Time Lucky 25th Jul 14 at 4:43 PM
    Hi,

    Having got very close to becoming mortgage-free (about £8000 remaining) on our first house, we will soon be moving into the house that we intend to live in for a very long time, which means taking on another mortgage.

    I have really enjoyed reading everyone's diaries over the past few years and think it will be motivational to record our progress once we move in and start to overpay. I expect it will be incredibly dull to read for others so I hope nobody minds me taking up internet space.

    Background - a little about me

    My husband and I have been together since we were teenagers
    but we don't really share the same financial opinions. He is very laid-back with money and will spend it if it is there, but he's happy for me to budget how I see fit and trusts my financial decisions. I suspect I could remove £10,000 from the savings account and he wouldn't notice. I grew up in a household where every penny counted and for a time we relied on government benefits, so since being very little I have been very debt-averse and have always saved.

    We have both worked since we were 15 and during university we lived with OH's parents. Things didn't go quite to plan with my career due to illness so we stayed there rather longer than planned, but they very kindly allowed us to live rent-free as we were saving for a deposit.

    In Spring 2011 we bought our first home with a large deposit from our savings. The plan was to stay here for 5 years and pay off the mortgage (OH was still training when we bought but is now qualified and employed) but we realised we didn't want to keep waiting to have children and we wanted to move somewhere bigger first.

    The Mortgage

    Our new mortgage will be £70000 on a 2 year fix at 2.64%.
    Monthly payments are £500.

    The short-term plan

    The house needs work but we want to get into the habit of overpaying and knock a nice chunk off before we have children (hoping to adopt next year) so the initial plan is:

    50% of anything left over to overpayments
    50% to be split between various savings pots
    Aim for a £10,000 emergency pot

    Having been mega-frugal for a very long time I'm quite bad at spending money and if left to my own devices I would probably cut back on everything and overpay as much as I can. However, I'd quite like a nice house and the occasional holiday so by choosing 50% I can't go overboard.

    Of course we might uncover all manner of things at the new house so I'm not setting a figure to aim for at the moment. Once we have moved in and worked out how much it will cost to run I will have a better idea.

    The long-term plan

    To be mortgage-free by the time we are 40

Page 37
    • Muser1
    • By Muser1 28th Mar 17, 6:38 PM
    • 775 Posts
    • 4,091 Thanks
    Muser1
    Wow that's so close to mn!
    Mortgage Jan 13 99260.00 87253 April 2017
    Emergency fund 700.00
    • amycool
    • By amycool 29th Mar 17, 1:36 PM
    • 763 Posts
    • 3,232 Thanks
    amycool
    Wow that's so close to mn!
    Originally posted by Muser1
    Knowing my luck we'll have some massive expense this year!

    I like being so close to mortgage neutrality but will be much happier when it's all paid off! We then have some boring house jobs to do like new double glazing at the front and we will definitely need a whole new roof in the next 10 years. I had thought I'd be eager for a new bathroom/kitchen, but the thought of actually going through the mess suggests that I might be able to live with the dated versions.

    I'm also very aware that we rely 100% on my husband's job, which makes me jittery.

    I saved a little bit of money yesterday. During the last storm (which destroyed all the shed roof felt) a few roof tiles fell out. They're in a weird position so just dropped onto the conservatory, which is right next to where they should be, if that makes sense. Rather than pay a roofer, I decided a better plan was to climb out of my daughter's bedroom window, replace the tiles, and climb back in. The climbing out was fine, and I was relieved to find that the conservatory took my weight. But I hadn't realised quite how much of a drop it was!!! So essentially, my OH had to drag me back through the window, which made us laugh so much that I almost fell back out. Bizarrely, as my legs were dangling outside, a horse driven funeral carriage drove past!!!

    I did a bit of gardening too - well done me!

    I spoke to DD about possible easter holiday ideas. Basically everything we came up with involves being outside so please make sure the weather is okay. I'm thinking maybe on day one we should write indoor and outdoor ideas on slips of paper and draw them out whenever we get bored.

    Car insurance renewal is in at £314 so my challenge is to get it a bit lower.

    A friend who has also just gone vegan has given me some Almond and Coconut Alpro milk as it's too sweet for her. Nothing is too sweet for me, especially when it's free.
    Mortgage (Start Sep 2014)- £70,295/£38,833.56- 44.76%
    Overpayments - £18935.03
    • debtfreeoneday
    • By debtfreeoneday 30th Mar 17, 10:50 AM
    • 2,714 Posts
    • 9,226 Thanks
    debtfreeoneday
    Just popping in to say hello you crazy dangling out of the window lady!
    DFW (08/08) £64,346.53
    CC1 - GONE! ~~~ CC2 - GONE! ~~~ CC3 - £1415.40
    MFW (01/15) £118,031.21 £97,277.82
    • amycool
    • By amycool 6th Apr 17, 5:12 PM
    • 763 Posts
    • 3,232 Thanks
    amycool
    Nothing exciting to report other than that school holidays solve the school-related stress but bring in a whole new set of stressors and attachment problems. Feeling a bit tense and worn out and a loooooong way to go.

    In money news, we've saved a bit more this month despite spending money on lots of gifts and vegan products.

    The school holiday has only cost £1.50 for chips so far as DD isn't in the right place for day trips yet. We'll see how the next week and a half goes.

    DD wants to do cookery club, so that will be £30 and she's been sent home with instructions to fill a tube full of money for the school.

    I am hating seeing the interest rate on the mortgage barely change each month.
    Mortgage (Start Sep 2014)- £70,295/£38,833.56- 44.76%
    Overpayments - £18935.03
    • debtfreeoneday
    • By debtfreeoneday 7th Apr 17, 7:42 AM
    • 2,714 Posts
    • 9,226 Thanks
    debtfreeoneday
    enjoy your hols x
    DFW (08/08) £64,346.53
    CC1 - GONE! ~~~ CC2 - GONE! ~~~ CC3 - £1415.40
    MFW (01/15) £118,031.21 £97,277.82
    • amycool
    • By amycool 12th Apr 17, 11:37 AM
    • 763 Posts
    • 3,232 Thanks
    amycool
    I've just done the car insurance comparison and the cheapest option was £70 more than the renewal cost! That was a surprise (and a disappointment!). So we're sticking with Aviva, but I'm thinking now might be the time to start paying extra for NCB protection as we have 6 years. Unfortunately it's on my OH's name so I can't call.

    First week of the holidays was just lots of anxiety and crazy behaviour, but DD has relaxed a bit now so we managed a trip into town for a museum yesterday, which went well. She really wanted to buy this electronic dog but I said no as she spent all of her pocket money earlier in the year on a similar toy that she got bored with very quickly. I felt a bit mean though as it was only £6 this time. She also really wants a "Little Live Pets" bird, which was reduced. I might ask a relative to buy it for her adoption day gift.

    I have had another cold!! I'm taking daily vitamins now but to no avail! It started at the weekend and felt like hayfever.

    We have found a vegan ice cream parlour near my sister's house, which is brilliant. You can sit in for ages and they don't glare at you and they have games and stuff. I think we might make it a regular treat.

    Right, I shall go and make the most of a few hours peace whilst DD is with grandma. I had hoped they might take her somewhere nice (as we don't have a car), but it sounds like they're taking her to one of the few places we have already walked to this holiday!
    Mortgage (Start Sep 2014)- £70,295/£38,833.56- 44.76%
    Overpayments - £18935.03
    • debtfreeoneday
    • By debtfreeoneday 12th Apr 17, 2:04 PM
    • 2,714 Posts
    • 9,226 Thanks
    debtfreeoneday
    Glad things are a little easier now
    DFW (08/08) £64,346.53
    CC1 - GONE! ~~~ CC2 - GONE! ~~~ CC3 - £1415.40
    MFW (01/15) £118,031.21 £97,277.82
    • amycool
    • By amycool 13th Apr 17, 3:07 PM
    • 763 Posts
    • 3,232 Thanks
    amycool
    We ended up paying an extra £40 for protected NCB, which was still cheaper than the cheapest other quote.

    Today has been lazy and fun. Went to the park, where they had put a load of sand down (???) so DD played in the sand for ages. Got home and she wanted to design a CD album cover and write some lyrics. Lunch late then DVDs and chocolate bunnies. Horrid Henry is currently doing the parenting.

    I'm already getting a bit anxious about the return to school on Tuesday as life is currently easy! Parents evening on Wednesday too.
    Mortgage (Start Sep 2014)- £70,295/£38,833.56- 44.76%
    Overpayments - £18935.03
    • Muser1
    • By Muser1 9th May 17, 3:55 PM
    • 775 Posts
    • 4,091 Thanks
    Muser1
    Hope you are ok Amy? X
    Mortgage Jan 13 99260.00 87253 April 2017
    Emergency fund 700.00
    • amycool
    • By amycool 10th May 17, 10:26 AM
    • 763 Posts
    • 3,232 Thanks
    amycool
    Hope you are ok Amy? X
    Originally posted by Muser1
    Thanks for asking after me. I kept meaning to come on here but I've been busy with a project for DD. Life has been a bit stressful and my mood has been a bit low so I am mostly filling my days with watching comedy.

    In money news, we have accepted that our food bill is just going to have to be higher now we're vegan. I think food prices in general have gone up at the same time so it looks even worse. We could easily cut down on the luxury items but I really need them to get me through each day! We're not in debt so it seems silly to eat really cheaply if we can afford nice stuff.

    We are still edging towards mortgage neutrality - I reckon 2 more months and we'll be there!

    A couple of school trips to pay for this month, plus it's a special day for DD this weekend so I've spent a fair bit on gifts and we'll probably have a day out.

    I think not being able to overpay anything until January really affects how much I try to save. It just isn't as satisfying!

    I won £5 on a charity lottery I play. It's £4.30 a month. Still, it's charity isn't it?

    Might go and watch another Richard Herring's Leicester Square Theatre Podcast...I'll be so sad when I've seen them all.
    Mortgage (Start Sep 2014)- £70,295/£38,833.56- 44.76%
    Overpayments - £18935.03
    • debtfreeoneday
    • By debtfreeoneday 11th May 17, 6:13 PM
    • 2,714 Posts
    • 9,226 Thanks
    debtfreeoneday
    Sending hugs A as you sound like you need them! x
    DFW (08/08) £64,346.53
    CC1 - GONE! ~~~ CC2 - GONE! ~~~ CC3 - £1415.40
    MFW (01/15) £118,031.21 £97,277.82
    • amycool
    • By amycool 17th May 17, 2:20 PM
    • 763 Posts
    • 3,232 Thanks
    amycool
    Yeah I think I am probably skirting around the edges of depression right now so this week I have set myself the ridiculously pathetic task of getting one job done a day. I'm also telling myself that getting DD ready for school and feeding her and stuff counts for something.

    We had a nice weekend, which was a surprise, but then a stressful thing at school ruined all the good and trauma has reappeared. Left DD at school crying her eyes out again this morning.

    Just updated the spreadsheet. The food thing is just insane. How the hell are we spending so much??? I know I'm comfort eating, but it's crazy amounts of money! Oh well, what can we do? Really not in the mindset to start planning meals right now!

    I'm still watching copious podcasts but trying to limit it! Tomorrow I have invited a human round to force myself to speak so hopefully I can remember how that works. I may ask her if she'd prefer a ham hand or an armpit that dispenses suncream (niche reference there).
    Mortgage (Start Sep 2014)- £70,295/£38,833.56- 44.76%
    Overpayments - £18935.03
    • amycool
    • By amycool 27th May 17, 4:07 PM
    • 763 Posts
    • 3,232 Thanks
    amycool
    I can't believe it's the school holidays again!! This one will be expensive as we are actually going away for once and we all need new summer clothes.

    Another new expense is that we are getting 2 new baby rats in June. This means a new smaller cage (they need to settle in before we introduce them to the old guys - their 1st birthday tomorrow!), which cost £60, plus accessories and baby food. The actual rats are £30, plus petrol to collect them, and a carrier. I am very excited about getting new babies and hopefully we'll be more confident and make fewer mistakes! Our current girls definitely seem ready for some new guys to play with.

    I've been really ill this week with a throat infection so have also spent a small fortune on medicine.

    There's another afterschool club next half term that I thought DD would love but so far she doesn't want to do it. £28 saved? Until she changes her mind.

    It has been such a surreal week (knew 2 people at the Ariana Grande gig - both fine) and it feels odd just carrying on, but I suppose that's all you can do.

    I suppose the next few days are going to be difficult as the start of holidays always are. Wish me luck.
    Mortgage (Start Sep 2014)- £70,295/£38,833.56- 44.76%
    Overpayments - £18935.03
    • in need of direction
    • By in need of direction 28th May 17, 1:17 PM
    • 4,511 Posts
    • 25,231 Thanks
    in need of direction
    You're gonna be fine. Yes, it'll be tough but you're so good at handling tough.
    Mortgage at 01.01.14 £119,481.83 today £81,750.18, target £75,000 by 31/12/17 Offset fund today £3,975.43 target £5,500 by 31/12/17
    Emergency fund £5.5k & £200 cash.
    Current weight loss 1/34 by 28 feb 2018
    determined to stop defining myself by my mistakes.
    Progress not perfection.
    • amycool
    • By amycool 3rd Jun 17, 5:00 PM
    • 763 Posts
    • 3,232 Thanks
    amycool


    Just updated the spreadsheet and...wait for it...we are mortgage neutral!!!!

    Technically in a few days time we will go back to being not mortgage neutral, but by the end of the month we will be firmly in that bracket!

    We're going away this week so expecting to spend a huge amount of money, then getting new pets, which we've already spent £100 on!

    I wasn't expecting it to happen so I had a little flutter of excitement when I saw the graph lines had touched. The excitement was slightly ruined by a) DD sat in the background saying "look at my picture" on repeat and b) OH really not being arsed. You guys will understand though.

    We have so far survived the half term with less stress than the last one (I think knowing we were going away helped) and one really nice day. Very low key - walks and charity shops and I haven't relied quite so heavily on the TV.

    The weather forecast for our British holiday is rain, rain, rain. Better pack the cagoules.
    Mortgage (Start Sep 2014)- £70,295/£38,833.56- 44.76%
    Overpayments - £18935.03
    • in need of direction
    • By in need of direction 3rd Jun 17, 10:16 PM
    • 4,511 Posts
    • 25,231 Thanks
    in need of direction
    Amazing news, well done you.
    Mortgage at 01.01.14 £119,481.83 today £81,750.18, target £75,000 by 31/12/17 Offset fund today £3,975.43 target £5,500 by 31/12/17
    Emergency fund £5.5k & £200 cash.
    Current weight loss 1/34 by 28 feb 2018
    determined to stop defining myself by my mistakes.
    Progress not perfection.
    • EatingTheElephant
    • By EatingTheElephant 4th Jun 17, 7:44 AM
    • 1,075 Posts
    • 5,763 Thanks
    EatingTheElephant
    Congratulations on being mortgage neutral
    • amycool
    • By amycool 10th Jun 17, 4:48 PM
    • 763 Posts
    • 3,232 Thanks
    amycool
    Thanks chaps!

    We had a lovely holiday despite the awful weather. Luckily Wednesday was lovely, when we had a big day out, and Friday was nice too when we were at the theme park. The rest of the week was museums and an aquarium and amusements, plus swimming and soft play on the site.

    I got back completely exhausted, which wasn't helped by not sleeping much on Thursday night! I could do with a 20 hour sleep really.

    The bank account doesn't yet reflect all that we spent but hopefully it wasn't too bad. We spent a lot on attractions (although got good discounts from the holiday park for a couple) but only ate out once. Being vegan helped here as there was nothing we could eat!

    Our new pets should be here on Wednesday so I need to get their cage set up ready and we have an important assessment for DD this month so need to get all of the paperwork printed and in order.

    I did a lot of steps this week. I'm hoping to at least partially keep the momentum going and do a bit more exercise now I have calf muscles again.

    My iPhone 3, which I only bought refurbished at Christmas, is already dying. The battery runs out far too quickly. It was a bad buy as it's too old to get any apps on and now it doesn't even ruddy work. I think a basic new smartphone is the way to go. Also my Kindle is starting to struggle with some websites and videos, which I'm sad about because I love it. We'll see how it goes.

    Better try to get some stuff done.
    Mortgage (Start Sep 2014)- £70,295/£38,833.56- 44.76%
    Overpayments - £18935.03
    • amycool
    • By amycool 27th Jun 17, 6:36 PM
    • 763 Posts
    • 3,232 Thanks
    amycool
    A quick update.

    Phone has magically mended itself, which is a relief.

    New pet rats are adorable. Just doing introductions to the old ones at the moment, which is stressful! The only downside to the new rats is that they smell really bad - hoping the others did at the start too.

    I'm definitely doing more steps since the holiday, although not 10000 every day.

    Health news - not good. I'm on the list to get a nebuliser, which I'll have to do 1-2 times a day depending on which drug I need (waiting for results). It's not ideal but not as tough as when I used to work 8 hours and have to do it morning and night.

    DD news - lots of assessments, behaviour getting worse by the day. Trying not to overeat as a result as I had managed to lose a few pounds.
    Mortgage (Start Sep 2014)- £70,295/£38,833.56- 44.76%
    Overpayments - £18935.03
    • amycool
    • By amycool 10th Jul 17, 1:12 PM
    • 763 Posts
    • 3,232 Thanks
    amycool
    Just switched home insurance. Was very tempted to be lazy and renew as the quote was £8 cheaper than last year, but knocked another £24 off, so £32 saved in total.

    That £32 won't make much difference considering how much spending I've been doing of late! Just booked a very fancy expensive hotel for a night away in the summer holidays (not having a proper holiday) with OH and DD at the seaside. I thought we needed a little luxury, plus I had left it so late to book that most family rooms were taken.

    I've also ordered a CD and t-shirt for a band I like, a new dress (half price), and OH had a meal out this week.

    I've started the summer holiday planning. We are going to try a summer club for the penultimate week to get DD back into a routine and hopefully she'll appreciate the last week of relaxing more. Only £50 for the whole week, which is much less than I had expected. There are a few pricey attractions we've planned to go to, but mostly free stuff or cheap stuff and plenty of blank days so we can just go to the park or bake or craft.

    All the rats are now living peacefully together after some initial fighting. We've decided that these will be the last pets we buy as in a few years we're hoping to start doing the house up a bit and rats have a tendency to destroy everything in sight.

    First on the list of renovations, which we're starting soon, is the 3rd bedroom. Going to strip the wallpaper then decide what to do with the walls, new carpet, curtains, and some new storage for DD's toys, which should free up more space downstairs.

    Next on the list is a toss up between the bathroom and the windows. We only need to replace 3 windows, although they are massive. It would give me peace of mind as currently these three have one tiny window and you could never get out in a fire. It'll make summer more bearable too. OH would prefer to do the bathroom, but I think that can wait a bit longer.

    Of course everything depends on whether OH still has a job in a time of massive cuts, and where the mortgage is up to.
    Mortgage (Start Sep 2014)- £70,295/£38,833.56- 44.76%
    Overpayments - £18935.03
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,394Posts Today

8,423Users online

Martin's Twitter