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  • FIRST POST
    • claireee2008
    • By claireee2008 2nd Jan 15, 3:29 PM
    • 25Posts
    • 86Thanks
    claireee2008
    A distant dream of being morgage free
    • #1
    • 2nd Jan 15, 3:29 PM
    A distant dream of being morgage free 2nd Jan 15 at 3:29 PM
    Hi guys, I have been reading all your posts and I am keen to start my own diary.

    I'm married and we are both in our early 30s. We have an 18 month old daughter and would love to have another baby (not until little one is at least 3 and getting funding for childcare). We currently have only 23 years left on our mortgage of £95000 but in the next month or so we are moving to our "forever home", increasing our mortage to £153000 and the term to 30 years (fixed rate of 3.04% for 5 years). So as you can see mortgage free is a long way off! We don't like the idea of having a mortgage until our early 60s and even less the idea of retiring at 68! so I hope we can be mortage free earlier, knocking ten years off would be our ideal aim.

    I don't think our fix rate allows us to overpay very much but that is something we plan to look in to once we have moved and done the initial jobs that we need to spend money on (bathrooms and windows mainly). As you can see this will not be a diary of lots of overpayments initially but I've seen a few other diaries like this here so I hope that is ok. We will be trying to live more frugally/save money though with the long term aim of being mortgage free in 20 years!

    I think we are pretty good at switching to cheaper deals for energy and insurance, meal planning, saving on groceries etc but where I think we can improve is switching bank accounts (I've never switched!) and we've never used a cretid card (great that we have no debts other than student loans and mortgage but I think we are missing a trick not getting cash back or tesco points).
Page 1
    • claireee2008
    • By claireee2008 2nd Jan 15, 3:47 PM
    • 25 Posts
    • 86 Thanks
    claireee2008
    • #2
    • 2nd Jan 15, 3:47 PM
    • #2
    • 2nd Jan 15, 3:47 PM
    Just checked and for the new house our LTV ratio will be 63%. Scary seeing the size of our mortgage in black and white, if only we could stay here we could be mortgage free in a couple of years! but we live in a two up, two down terrace that we grew out of probably the day baby was born! Looking forward to a "proper" family home and garden, just not the mortgage!

    Today I walked to our local budget supermarket and spent £14. As our move is hopefully this month or next I am trying to run our cupboards and freezer down so that should keep spend low this month.
    • claireee2008
    • By claireee2008 8th Jan 15, 8:08 AM
    • 25 Posts
    • 86 Thanks
    claireee2008
    • #3
    • 8th Jan 15, 8:08 AM
    • #3
    • 8th Jan 15, 8:08 AM
    So we've started pestering solicitors and estate agents and we have been told that hopefully we will be moved by the end of January! Need to start looking in to van rental and home insurance this weekend and more decluttering.

    This is the first "normal" week in what feels like ages so I plan to make an impact in the to do list these next 4 days (I work Mon-wed). Just hope the toddler hasn't given up napping (it's when I get all my jobs done on my days off thurs-sun). The change in routine over the last few weeks seem to have impacted on her nice long afternoon nap.
    Mortgage as of Feb 2015 - £153000 (30 years left on term). Aiming to be morgage free in 20 years or less.
    • Flower1976
    • By Flower1976 8th Jan 15, 3:55 PM
    • 61 Posts
    • 99 Thanks
    Flower1976
    • #4
    • 8th Jan 15, 3:55 PM
    • #4
    • 8th Jan 15, 3:55 PM
    Hello Claireee
    It sounds like exciting times for you moving to a bigger house. Very sensible decluttering now because you don't want to be taking stuff to your lovely new house that you don't need or want.

    It is worrying taking on a bigger mortgage and bills tend to be quite high when you first move in but then seem to settle down.

    I remember doing the same as you using up most of the food. We only had one box of food to take to our new house but arranged a sainsburys delivery for the first night in our new house. That worked really well.

    Hope everything goes well over the next few weeks and that you get to your new house by the end of the month.
    Flower
    • M0ney
    • By M0ney 9th Jan 15, 7:35 AM
    • 413 Posts
    • 157 Thanks
    M0ney
    • #5
    • 9th Jan 15, 7:35 AM
    • #5
    • 9th Jan 15, 7:35 AM
    Good luck with everything, hope it goes well, look forward to seeing more updates.
    • claireee2008
    • By claireee2008 20th Feb 15, 12:58 PM
    • 25 Posts
    • 86 Thanks
    claireee2008
    • #6
    • 20th Feb 15, 12:58 PM
    • #6
    • 20th Feb 15, 12:58 PM
    Thank you Flower and M0ney for commenting.

    We finally moved at the beginning of last week. The move date kept getting moved further and further back so it all got pretty stressful. We got here in the end though and it was definitely worth the stress. Hopefully we won’t have to move again for many years! We still have plenty of boxes to empty and are a long way from organised!


    The house has been somewhat neglected by the previous owners (apart from a gorgeous new kitchen which I have been enjoying) so we have a lot that we need/want to do. On top of that we think we are going to have to replace the car soon! I think our plans of overpaying on the mortgage might be a distant dream! I hope no one minds me continuing this diary without overpaying on the mortgage as we will be living a money saving/mortgage free wannabe style life but chipping away at the mortgage might have to wait a few years! We have a 30 year mortgage fixed rate 3.04% (for 5 years) at which point we will be 64. We are still determined to try and knock 10 years off the mortgage but think that will most likely start to happen once our family is complete and after we stop paying for childcare!


    So far since we moved I did a big food shop to restock the cupboards/fridge/freezer. To try and keep costs down I got as much as I could in @ldi and what I couldn’t get there I picked up in S@insburys. I spent £200 in total and since then has spent less than £20 on fresh items like milk/bread/fruit/veg.
    We had to buy a new washing machine, new stair gates etc, furniture for the toddler’s room and we’ve bought a bit of decorating/DIY supplies to get us started. I think we have spent about £600 so far and I have got cash back on this shopping where I can. We spent £35 getting the electrics tested and the oven fixed (can you believe the socket for the oven stopped working the day we moved in? I have my doubts and whatever the estate agents say I suspect it was already broken). Just remembered I still need to get the gas/boiler checked soon too.



    We shopped around for home insurance and got what we think is a good deal for our needs. I set us up with gas/electric on the cheapest tariff with npower who were currently supplying our new house but I plan to switch this to the cheapest tariff and hopefully get some cashback too. Anyone know how soon after moving in to a house I can change the supplier without causing any problems?


    We did treat ourselves to a rare meal out last night but at £45 for food and drinks I think this was reasonable. We don’t get to go out all that often as we have no family local to babysit but my mum is over for a couple of days so we decided to make the most of it. We spent valentines day in Ikea after all!
    Mortgage as of Feb 2015 - £153000 (30 years left on term). Aiming to be morgage free in 20 years or less.
    • SavingRaven
    • By SavingRaven 20th Feb 15, 1:22 PM
    • 63 Posts
    • 410 Thanks
    SavingRaven
    • #7
    • 20th Feb 15, 1:22 PM
    • #7
    • 20th Feb 15, 1:22 PM
    Hi Claire,

    Hope you're enjoying the new house. Just to say we are also piling through a stack of debt and other stuff (see sig) before we start chipping away at the mortgage so you're not alone. I don't think people mind as it's all moving in the right direction and there are lots of great ideas/ support on this board for those who are working towards the goal of mortgage freedom via whatever path they have to.

    Good luck with the decorating!

    SR
    Target 1: Debt: 4459.02 Jan'15 2899 Feb'15 0
    Target 2: Emergency fund: Feb'15 1500/6000 Mar'15 6000/6000
    Target 3: Buy-to-let fund: Mar'15 1200/4000 Apr'15 4000/4000
    Target 4: Pay sister back: 9000/40000
    Target 5: Get mortgage to 250k: Jan'15 271,659 Today 259,283.82
    • claireee2008
    • By claireee2008 21st Sep 16, 6:41 PM
    • 25 Posts
    • 86 Thanks
    claireee2008
    • #8
    • 21st Sep 16, 6:41 PM
    • #8
    • 21st Sep 16, 6:41 PM
    It's been a while but I thought it was about time to restart this diary and get our plans of clearing our mortgage early back on track.

    We've still not made any overpayments! We have however swapped the car from a 2 door seat ibiza to an ibiza estate (much more practical), replaced our windows and bathrooms and had a baby.

    Now we have 2 daughter DD1 is 3 and a half and DD2 is 15 weeks. I'm 4 months in to 12 months maternity leave. Although it will be difficult I'm determined to take the full year as they are only little for such a short time and the first year is the hardest so I'd rather not juggle work and 2 children just yet.

    I think it is unlikely we will make any over payments this year but I think restarting this diary will help focus my attention on living frugally so in the short term I can have this time off and in the long term help us pay off the mortgage early (I'd still like to shave 10 years off our mortgage which currently has 28.5 years left at which point we would be 64!).

    I'll be back soon with figures but right now I have two girls to get to bed. Wish me luck!
    Mortgage as of Feb 2015 - £153000 (30 years left on term). Aiming to be morgage free in 20 years or less.
    • ZoPig2016
    • By ZoPig2016 22nd Sep 16, 6:50 AM
    • 75 Posts
    • 139 Thanks
    ZoPig2016
    • #9
    • 22nd Sep 16, 6:50 AM
    • #9
    • 22nd Sep 16, 6:50 AM
    Hi Claire

    This resonates with me, sounds like our plans and situations are very similar.

    Maybe consider posting and SOA. That's a good place to start so everyone can see your expenses and suggest savings and solutions?

    X
    Emergency fund: £0 / £5000
    • claireee2008
    • By claireee2008 22nd Sep 16, 8:42 PM
    • 25 Posts
    • 86 Thanks
    claireee2008
    Thanks Zopig2016. I will post a SOA when I get time to pull all the information together which might not be for a few days/weeks!
    Mortgage as of Feb 2015 - £153000 (30 years left on term). Aiming to be morgage free in 20 years or less.
    • claireee2008
    • By claireee2008 22nd Sep 16, 8:59 PM
    • 25 Posts
    • 86 Thanks
    claireee2008
    Not the best start today! Spent £30 in Aldi, not on food but on bits for the girls (in the baby event). It was all stuff they needed though and it was cheaper than else where. I have to say though in general spending they are my weakness. I'm always tempted by things for them. I can go ages without spending on myself but not so on books/toys/clothes etc for my daughters!

    First thing I need to sort is switching our gas and electricity. We are on a fixed deal that finishes on the 1st October. We also need a boiler service.

    October could be an expensive month. It's both mine and my husband's birthday plus our nephews and we are going to the lake district for a week. We want to enjoy this so I want to work on saving on the boring bits like utilities etc.

    The food shop is another area we can save on this next month. We've been trying home delivery this month (going to the supermarket with 2 young children is not my idea of fun!). I think we are saving as I'm not getting tempted by none food bits for the girls! It's also so much easier and I feel very organised. We meal plan and I think we waste very little. However we bought a small chest freezer before the baby (so about 4 months ago) and it is already full as well as our cupboards being very well stocked! I think we can save some money on our food bills for the next month by using some of our stock piles up.
    Mortgage as of Feb 2015 - £153000 (30 years left on term). Aiming to be morgage free in 20 years or less.
    • ZoPig2016
    • By ZoPig2016 23rd Sep 16, 7:26 AM
    • 75 Posts
    • 139 Thanks
    ZoPig2016
    I'm just the same now I'm a mum. I'm happy to go without or second hand but always buy new for DD and can't resist books for her.

    I'm also an October birthday! We're like diary twins...
    Emergency fund: £0 / £5000
    • claireee2008
    • By claireee2008 23rd Sep 16, 8:46 PM
    • 25 Posts
    • 86 Thanks
    claireee2008
    So it would seem ZoPig2016. Although I do buy some of the kids things second hand. We have loads of children's books!

    Today has been a good day money wise. I have started a switch for our gas and electricity to a cheaper tariff. It will save us money compared to sticking with our current supplier when our switch ends. I haven't checked how it compares to what we have paid for the last 12 months.

    It was almost a no spend day but we needed a loaf of bread. I returned a faulty item I bought in @ldi yesterday and got a refund which was more than the bread though.

    Our local milkman knocked on the door today and I ended up signing up to getting our milk delivered. It's the same price as the supermarket and will be delivered spread out during the week so it seemed like a no brainer to support our local milkman/farm. I do feel like we've gone back in time to when I was a child!
    Mortgage as of Feb 2015 - £153000 (30 years left on term). Aiming to be morgage free in 20 years or less.
    • claireee2008
    • By claireee2008 24th Sep 16, 8:37 PM
    • 25 Posts
    • 86 Thanks
    claireee2008
    We've had a quiet day at home today. Not quiet no spend though as I bought a snowsuit for the baby off ebay (£11.40). We had thought having two girls with only 6 weeks between their birthdays would mean we could save on clothing costs but our baby is smaller.

    I used up a lot of veg by making soup today. I hate food waste and love cooking. Today I made pizza and focaccia bread from scratch, blackberry and apple crumble, leek and potato soup and also butternut squash and carrot soup. I still need to meal plan for next week and place our online shop tonight.
    Mortgage as of Feb 2015 - £153000 (30 years left on term). Aiming to be morgage free in 20 years or less.
    • claireee2008
    • By claireee2008 29th Sep 16, 11:25 AM
    • 25 Posts
    • 86 Thanks
    claireee2008
    Spent £46 on the online food shop this week. Looking like we will manage on that until next week. We've done 4 online shops with Mr M now. We've been getting the cheapest slots which have been early or late. We've been offered a £20 anytime delivery pass for 6 months. The down side is we will be tide in for 6 months but think we will go for it. We want a Saturday afternoon slot for our holiday which cost about £4 so seems a good deal as long as we don't get fed up of them.

    Next up i plan to look at our bank accounts. We set up a joint account when we bought our first house (9 years ago before we were married). We chose to keep having our wages paid in to our own accounts and each paid the same amount in to the joint account each month. We've not really reviewed this much in 9 years!! Our circumstances have changed a lot so i think we need to review things. My account is a Halifax rewards so I'm happy with that but think we need to switch the joint account and also my husband's account. We also have isas each that a probably rubbish interest wise. Lots to think about and hopefully savings to be made (or interest gained anyway).
    Mortgage as of Feb 2015 - £153000 (30 years left on term). Aiming to be morgage free in 20 years or less.
    • PrincessLou
    • By PrincessLou 29th Sep 16, 3:04 PM
    • 461 Posts
    • 1,755 Thanks
    PrincessLou
    £20 for a 6 month delivery pass is a bargain. We pay £7 a month, so £42 for 6 months.
    • claireee2008
    • By claireee2008 10th Oct 16, 3:51 PM
    • 25 Posts
    • 86 Thanks
    claireee2008
    That's what we thought PrincessLou so we have taken them up on the offer.
    Mortgage as of Feb 2015 - £153000 (30 years left on term). Aiming to be morgage free in 20 years or less.
    • claireee2008
    • By claireee2008 10th Oct 16, 4:38 PM
    • 25 Posts
    • 86 Thanks
    claireee2008
    We haven't got any further with bank accounts unfortunately but I have listed a few items on eBay. We did have a little look at our in comings and outgoings and discovered we don't have very much left at the end of each month so overpayments look even less likely. I'd like to stay focused and keep up this diary as money saving is going to be very important for the next 12 months. My maternity pay starts to decrease December or January and I get no pay for 3 months. Even once I'm back at work things will be tight for a few months as we'll have childcare for two children to pay until September.
    Mortgage as of Feb 2015 - £153000 (30 years left on term). Aiming to be morgage free in 20 years or less.
    • claireee2008
    • By claireee2008 18th Oct 16, 6:03 AM
    • 25 Posts
    • 86 Thanks
    claireee2008
    Four months sleep regression has hit us! Shattered doesn't cover it. I'm prioritising sleep so I've got no further with the bank accounts. Our gas and electricity switch has gone through so that is something. I sold my first item on eBay. I had several items on and only one sold for £2, can't see me getting addicted to ebay selling, doesn't seem worth the trip to the post office!
    Mortgage as of Feb 2015 - £153000 (30 years left on term). Aiming to be morgage free in 20 years or less.
    • ZoPig2016
    • By ZoPig2016 24th Oct 16, 9:07 AM
    • 75 Posts
    • 139 Thanks
    ZoPig2016
    Hi Claire

    We've just been through the four month sleep regression and in desperation we started sleep training. Despite the health visitor saying she wouldn't be able to learn until six months, it has gone so well and now we have evenings again! Little ones are adaptable and quick to learn. My advice would be to give it a go!

    All the best x
    Emergency fund: £0 / £5000
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