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  • FIRST POST
    • Cream Tea
    • By Cream Tea 1st Nov 14, 2:20 PM
    • 398Posts
    • 1,896Thanks
    Cream Tea
    The journey to financial independence.
    • #1
    • 1st Nov 14, 2:20 PM
    The journey to financial independence. 1st Nov 14 at 2:20 PM
    Hi,
    In 2012 I took out a 30 year £166,500 mortgage @ 6.4% with my now husband. We were cautious after hearing so much about how expensive it is being a home owner. A few months in it struck us after using the mortgage overpayment calculator here. In 30 years we would have paid more than double the cost of the house to the bank! That day changed our min set (thank you Martin!)

    We immediately starting over paying £50 then when we could £200 a month. We recently renewed our mortgage and took the term down from 28 to 19 years with an interest rate of 2.5% (what a difference!).

    Our aim going forward is to over pay £350 a month. If we maintain this it will knock off another 6 years. We did talk about reducing the term further but decided we liked the flexibility of overpaying even though to date we have never needed to cancel an overpayment.

    Wish us luck at this rate we will be mortgage free by my 40th birthday!
    Mortgage £269,432 £263,631 / MF date June'49 June'49
    Debt £26,809/£26,652 / Debt Free Est. July'21

    Updated 20/7/17
Page 20
    • CathT
    • By CathT 5th Apr 16, 7:48 AM
    • 5,193 Posts
    • 35,670 Thanks
    CathT
    Fingers crossed the offer is accepted. Sounds like you might be busy next couple of weeks. You really have not stopped during your pregnancy!

    Exciting times for you.
    July 2017 -
    part 1 - £80,702
    part 2 - £46,583
    Total - £127,285
    • greent
    • By greent 5th Apr 16, 8:10 AM
    • 5,928 Posts
    • 59,908 Thanks
    greent
    Hope all goes well, CT xx
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) Bal 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    Next: BTL Mtge 12/16 £69786. 2017 OPs (#18) £3490/£3286
    Net sales 2017 £753.38/£500 PAYDOX17 £10335/£10k Decluttered 11700/2017 items
    • Watty1
    • By Watty1 5th Apr 16, 9:53 AM
    • 2,713 Posts
    • 19,010 Thanks
    Watty1
    good luck vibes being sent
    Mortgage at start of diary Sept 2013: £132,995 Aug 2015 £0
    Overpaying next mortgage. £79,491 now £52963
    • Cream Tea
    • By Cream Tea 2nd Dec 16, 7:50 AM
    • 398 Posts
    • 1,896 Thanks
    Cream Tea
    Hi all, sorry for the radio silence, it all,got a little mad my end. We had our offer accepted then that weekend my waters started leaking not properly broke so I was kept in hospital for 24 hours while they waited on a labour suite to become available and then I was induced (straight to the injection to start the contractions, they didn't do the first few stages because my waters had been gone too long and it was starting to be an infection risk) and 26 hours later our beautiful baby boy was born at 8lbs 12oz and 3 days early so thankfully I wasn't two weeks overdue! He is now a crawling, pulling himself up furniture shuffling 7 and a half month old, who is keeping us very busy and constantly entertained.

    DH, DS and I are currently living with my parents and have been for 5 months now while we are doing up the new house. We are hoping to be in before Christmas but after is probably more realistic.

    So far we have:
    Knocked through toilet and bathroom
    Knocked through kitchen and dining room
    Found we had original parquet flooring downstairs!!
    New bathroom fitted
    New kitchen and utility (still being fitted)
    Added additional sockets to most rooms
    Moved lights and and removed pull cords in the bedrooms
    Plastered part or all of most rooms
    Added a downstairs toilet and cloakroom (using up part of the garage)

    DH has been so busy and has done it all himself on evening and weekends with help from friends who are trades people as he had needed it. If I didn't think he was amazing before I do now. He drives an HGV so it's not like home improvement is his day job.

    I will work out in the next few weeks exactly where we are money wise and give you all an accurate update before the new year.

    I hope everyone is well and I will spend some time in the coming weeks catching up.

    CT
    Mortgage £269,432 £263,631 / MF date June'49 June'49
    Debt £26,809/£26,652 / Debt Free Est. July'21

    Updated 20/7/17
    • Cream Tea
    • By Cream Tea 2nd Dec 16, 8:07 AM
    • 398 Posts
    • 1,896 Thanks
    Cream Tea
    To keep costs down this Christmas I had decided on home made. In previous years I buy some and make mini hampers with chutney jam and some festive drink (mulling syrup and salted caramel vodka have been done in previous years) truffles, etc.

    This year I've made truffles and decorated them like Christmas puddings and made word art using Tagul Word Cloud. I would highly recommend it. It's free to print it out and I bought two picture frames for £3 at a charity shop. All you need is a little time to play around with the word art on your PC to make it look right. They look so good as well.

    http://pin.it/LkiI4dH

    http://pin.it/E6pdtPD

    I hope this helps people keep costs down. I've told a couple of friends who've loved the idea and are going to do the same.

    CT
    Last edited by Cream Tea; 02-12-2016 at 8:14 AM. Reason: Link for picture not working
    Mortgage £269,432 £263,631 / MF date June'49 June'49
    Debt £26,809/£26,652 / Debt Free Est. July'21

    Updated 20/7/17
    • Watty1
    • By Watty1 2nd Dec 16, 4:21 PM
    • 2,713 Posts
    • 19,010 Thanks
    Watty1
    Very impressive list of works
    Mortgage at start of diary Sept 2013: £132,995 Aug 2015 £0
    Overpaying next mortgage. £79,491 now £52963
    • greent
    • By greent 3rd Dec 16, 8:10 AM
    • 5,928 Posts
    • 59,908 Thanks
    greent
    CT - how lovely to see you back - and to hear of DS's arrival

    Your DH sounds fab - that's a massive amount to have achieved by himself - and how wonderful to have discovered real parquet!

    xx
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) Bal 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    Next: BTL Mtge 12/16 £69786. 2017 OPs (#18) £3490/£3286
    Net sales 2017 £753.38/£500 PAYDOX17 £10335/£10k Decluttered 11700/2017 items
    • jodles16
    • By jodles16 3rd Dec 16, 3:48 PM
    • 1,303 Posts
    • 3,901 Thanks
    jodles16
    Hello CT! So pleased to see you back here, amazing news on your DS! The house sounds like it is progressing really well! Looking forward to seeing all your progress!

    Jodles
    MFW2017 #29 1200.24/4524
    MFiT #66
    Overall aim 10,124.20/21,743 (£156,000)
    2016- Jan-£177,472, Apr-£173,195.04, July- £171,417.47 Oct- 169,366
    2017- Jan- 167,347.80 Apr- July- Oct-

    • Cream Tea
    • By Cream Tea 2nd May 17, 10:11 AM
    • 398 Posts
    • 1,896 Thanks
    Cream Tea
    Hi all, it's been another busy few months. We moved into our house in February, approximately 7 and a half months after we bought it. Big items left on the to do list are:
    Plaster and paint our utility room
    Fit a toilet and sink in our downstairs toilet.
    Do the garden which is a jungle but we are slowly chipping away at that.
    I feel like I'm coming out of a mist in the last few weeks. We've been so busy with the house and a new baby that money saving hasn't been at the forefront but has been in our thoughts obviously. This week I've started to take back control and have applied for a CC with 0%balance transfer so we can cut the costs there. I will spend some time this week getting all the information together to make a financial update here and really get things sorted. I think it will be a few years before we are debt free but every journey starts with a small step. I'm happy to be back. I hope everyone is well. Xx
    Mortgage £269,432 £263,631 / MF date June'49 June'49
    Debt £26,809/£26,652 / Debt Free Est. July'21

    Updated 20/7/17
    • greent
    • By greent 6th May 17, 4:43 PM
    • 5,928 Posts
    • 59,908 Thanks
    greent
    Welcome back, CT!
    x
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) Bal 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    Next: BTL Mtge 12/16 £69786. 2017 OPs (#18) £3490/£3286
    Net sales 2017 £753.38/£500 PAYDOX17 £10335/£10k Decluttered 11700/2017 items
    • Cream Tea
    • By Cream Tea 16th Jul 17, 8:11 PM
    • 398 Posts
    • 1,896 Thanks
    Cream Tea
    Now the big spending on the not so new now house has finished I feel I have the space to think about our money and make a plan. Since buying and renovating the house and buying a car we have £26,809 in debt. This is is between loans and CCs. I have graded the debt from highest interest to the 0% CC and will focus the overpaying to the most costly and pay the minimum on the others.

    I'm going on Mat leave again in December and thought wouldn't it be lovely if one cc and father in law loan was paid off by then but it was not realistic. So the new plan is to have it cleared in the next 12 months which would leave us with only the 0% CC and the car loan which I'd like cleared in the following 12 months.

    Plan going forward:
    Look at possibility of moving other CC to 0% one.
    Look at possibility of generating extra cash.

    Hope everyone's well and now I feel I have time to get back to it I hope I'll be reading all about your successes and inspiration.

    CT
    Mortgage £269,432 £263,631 / MF date June'49 June'49
    Debt £26,809/£26,652 / Debt Free Est. July'21

    Updated 20/7/17
    • Cream Tea
    • By Cream Tea 16th Jul 17, 9:00 PM
    • 398 Posts
    • 1,896 Thanks
    Cream Tea
    To get in the zone I've completed my first OP since little one arrived. £114 off the CC. Feeling smug although still a long way to go.

    CT
    Mortgage £269,432 £263,631 / MF date June'49 June'49
    Debt £26,809/£26,652 / Debt Free Est. July'21

    Updated 20/7/17
    • Cream Tea
    • By Cream Tea 16th Jul 17, 10:16 PM
    • 398 Posts
    • 1,896 Thanks
    Cream Tea
    Bit the bullet and applied to transfer the balance of one of our CCs that is no longer 0%. Fingers crossed I'll be successful.

    If I am successful with this CC when can I apply to transfer the other balance to another 0% one?

    CT
    Mortgage £269,432 £263,631 / MF date June'49 June'49
    Debt £26,809/£26,652 / Debt Free Est. July'21

    Updated 20/7/17
    • greent
    • By greent 19th Jul 17, 9:51 PM
    • 5,928 Posts
    • 59,908 Thanks
    greent
    Now the big spending on the not so new now house has finished I feel I have the space to think about our money and make a plan. Since buying and renovating the house and buying a car we have £26,809 in debt. This is is between loans and CCs. I have graded the debt from highest interest to the 0% CC and will focus the overpaying to the most costly and pay the minimum on the others.

    I'm going on Mat leave again in December and thought wouldn't it be lovely if one cc and father in law loan was paid off by then but it was not realistic. So the new plan is to have it cleared in the next 12 months which would leave us with only the 0% CC and the car loan which I'd like cleared in the following 12 months.

    Plan going forward:
    Look at possibility of moving other CC to 0% one.
    Look at possibility of generating extra cash.

    Hope everyone's well and now I feel I have time to get back to it I hope I'll be reading all about your successes and inspiration.

    CT
    Originally posted by Cream Tea
    You snuck that in the middle of a long post - congratulations! xx
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) Bal 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    Next: BTL Mtge 12/16 £69786. 2017 OPs (#18) £3490/£3286
    Net sales 2017 £753.38/£500 PAYDOX17 £10335/£10k Decluttered 11700/2017 items
    • CathT
    • By CathT 20th Jul 17, 10:52 AM
    • 5,193 Posts
    • 35,670 Thanks
    CathT
    You have been busy CreamTea, congratulations.

    You sounds focused on the debt repayments, with consistency the amount soon comes down.
    July 2017 -
    part 1 - £80,702
    part 2 - £46,583
    Total - £127,285
    • Cream Tea
    • By Cream Tea 20th Jul 17, 9:16 PM
    • 398 Posts
    • 1,896 Thanks
    Cream Tea
    Thank you greenT and CathT. It was a pleasant surprise. I was working out my mat leave dates this week and It's coming round very quickly!

    Bad news, 0% CC application declined so will wait and apply to another company in the future. Any advice on how long to wait? According to money saving expert I had 90% chance of getting the cc and my credit score is the top end of good at 951 so not sure why I'd be declined. All I can think is that I Successfully applied to transfer balance to a 0% cc just under three months ago but that wouldn't affect it would it?

    I have paid off another £31 off one of our CC with some money left in our account. DH gets paid weekly o a Friday so I'm going to pay any spare money on a Thursday night off the CCs. I've also asked DH to add his tips to this as well. Although they aren't regular as he's a hgv driver, probably one a week he gets £20 from a job and that would make a fab dent in our debts over time.

    I'm looking at ways to keep my spending down although it's not easy meeting up with friends and having a toddler with soft play and play groups etc. The obvious cut back is not spending on drinks, which I've started this week and it wasn't too painful.

    CT
    Mortgage £269,432 £263,631 / MF date June'49 June'49
    Debt £26,809/£26,652 / Debt Free Est. July'21

    Updated 20/7/17
    • Cream Tea
    • By Cream Tea 20th Jul 17, 9:29 PM
    • 398 Posts
    • 1,896 Thanks
    Cream Tea
    Since the cc has been declined I'm determined to get the one with the interest on it paid asap so found another £12. I think I'm back into the MSE addiction

    Plans to trim our outgoings:
    Bring lunch to work each day (DH and I)
    Not eat / drink out the house when on play dates with little one and our friends (just me)
    No take always (DH and I)

    CT
    Last edited by Cream Tea; Yesterday at 9:31 PM.
    Mortgage £269,432 £263,631 / MF date June'49 June'49
    Debt £26,809/£26,652 / Debt Free Est. July'21

    Updated 20/7/17
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