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  • FIRST POST
    • michelle09
    • By michelle09 1st Jan 17, 4:24 PM
    • 385Posts
    • 1,421Thanks
    michelle09
    Plodding determinedly up a 300k mountain!
    • #1
    • 1st Jan 17, 4:24 PM
    Plodding determinedly up a 300k mountain! 1st Jan 17 at 4:24 PM
    Hi everyone! I have another thread on here but it is seriously out of date, so I figured I will start afresh. New year, new targets and all that.

    OH and I completed on our first house in May 2016. We had a sizeable deposit due to my ability to save and OH's inheritance. We could have afforded a decent flat but decided to buy a slightly rundown 3 bed end of terraced house and do it up while living in it. This seemed like a much better idea before we were living somewhere with a smashed in door, no hot water and only lighting in part of the house. So far we have plunged 20k into repairs (which sounds like a lot, but the doors, windows, bathroom, cloakroom, boiler, radiators, some of the wiring and floors are brand new). It's certainly been a character building experience, from turning up after completion to finding the old owner still living here, to getting the first batch of wiring fixed and discovering that every lightswitch in the house now turned on the kitchen light, but we are getting there slowly.

    The basic floorplan of the house we love, so once we are finished doing it up it will be brilliant. It's also in a great location, we are in London - hence the obscene price - but we are two minutes from the underground, can be in zone 1 in fifteen minutes from our front door, but can also be on the motorway out of London in the same time by car.

    We are now seeing the light at the end of the repairs, so in 2017 I want to start making a serious dent in our mortgage. I have taken on a second job and we have two friends renting our spare rooms - at mates rates - so it is a good time to start reducing the crazy interest rates!

    Figures -
    House Price: £440,000 *gulps*
    Mortgage: £259,700.00
    Student Loan: £19,103.29
    Repairs Estimate: £20k
    Monthly Mortgage Repayment: £940.87. 1.74% interest, lifetime tracker.


    I know that students loans are not a problem debt, but our aim is to try and clear the whole lot by the time OH is 40. Which gives us 13 years. This might be too much of a reach, but I would rather aim high and fall slightly low than not push. Though I may be relying on OH's lottery tickets actually paying off!

    Going to check out other diaries too, hopefully the support here will help.
    Last edited by michelle09; 01-01-2017 at 4:37 PM.
Page 4
    • beanielou
    • By beanielou 15th Sep 17, 8:50 PM
    • 48,483 Posts
    • 178,323 Thanks
    beanielou
    Have loved reading your diary.
    I hope you were not involved in todays events

    As you can see from my signature plodding is good
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
    • michelle09
    • By michelle09 16th Sep 17, 7:15 AM
    • 385 Posts
    • 1,421 Thanks
    michelle09
    Have loved reading your diary.
    I hope you were not involved in todays events

    As you can see from my signature plodding is good
    Originally posted by beanielou
    Thank you! Wasn't sure anyone still was or if I was rambling into the ether.

    I have three days off so will only be involved if things are still bad on Monday but OH is back in the
    thick of it today. I've already had a call from OH in A&E after being injured at work - very keen not to have another one!

    We will plod steadily til the end. These things are definitely marathons and not sprints.
    Last edited by michelle09; 16-09-2017 at 7:47 AM.
    • michelle09
    • By michelle09 16th Sep 17, 11:35 AM
    • 385 Posts
    • 1,421 Thanks
    michelle09
    A nice Saturday off. Got some work to do for job #2 as I've got a trial session with a new student on Monday. (I'm not exactly what they want so we're having one session first to see if we fit).

    OH is work and may or may not be stuck with large amounts of mandatory overtime after yesterday's explosion in London. Long as I get him home safe at the end of the day I'll be happy.

    Since I'm alone in the house, I'm wrapping OH's anniversary gift so I don't have to worry about it being accidentally found in a cupboard. Last year I got OH a lottery ticket because the first year is paper (and we were flat broke) and now I feel the need to carry that tradition on and have bought cotton things.

    Once things are safely wrapped I'm going to clean our new office and sort through all the paperwork/stationary etc to go in there. Hopefully it's a one day job.

    Gave the cleaning agency their 28 days notice this week. I love having a cleaner but don't think we can justify the £84/month when the lodgers have gone. Maybe it's something to look forward to when we're MF!

    Current Balance: £249,900.00
    Kitchen Savings: £4,500/£13,000
    • Financialfreedom
    • By Financialfreedom 16th Sep 17, 1:42 PM
    • 15 Posts
    • 16 Thanks
    Financialfreedom
    Hi Michelle. I have just joined and loved catching up on your diary. I just got my mortgage statement through and it's finally below £300k. Planning on getting this down very quickly by living off one wage.

    My bank won't let me OP as and when. Are you able to? I have set up DD for regular OP. Possibly I will look to change when my rate is up in 15 months. I can still overpay by 10%. Planning to do that through the year and then pay off a large amount in between fixing my rate.
    • michelle09
    • By michelle09 16th Sep 17, 2:20 PM
    • 385 Posts
    • 1,421 Thanks
    michelle09
    Thanks Financialfreedom, well done on getting below 300k. That's brilliant!

    We're with HSBC and the mortgage account is attached to our online account (just a lot further into the red!). I can transfer money into it just as I can with any of our others, it just brings up an extra warning page that you're sticking money into a mortgage account and it cannot be undone. We have a tracker mortgage with unlimited OPs so I want it to be easy.
    • smallholdingsister
    • By smallholdingsister 16th Sep 17, 5:01 PM
    • 3,525 Posts
    • 27,368 Thanks
    smallholdingsister
    Just popping by. Would love to be under 300k.
    • katep23
    • By katep23 16th Sep 17, 5:48 PM
    • 1,189 Posts
    • 8,960 Thanks
    katep23
    Another member of the 300 club

    • Karmacat
    • By Karmacat 16th Sep 17, 7:01 PM
    • 28,035 Posts
    • 154,082 Thanks
    Karmacat
    Hi Michelle - just read through your diary from the start

    That was a good idea to go for a house not a flat, and especially a run down one, in London - with all the work you've done, I bet your LTV has improved, as well as the overpayments.

    Don't blame you for wanting long term lodgers to be gone - is this your first house with your OH? Much better to have your own space! Airbnb after a while, yes.

    The plus £300k peeps are coming out now! Especially for those in the south of England, who've bought within the last 5 - 10 years, I think its quite normal, to be honest, how else can you do it?


    PS - on a whim, I went onto rightmove and looked at the current prices of apartments where I was catsitting a few weeks ago. £600k upwards!!! For two bedroom leasehold! You're doing well!
    Retired August 2016
    • EatingTheElephant
    • By EatingTheElephant 17th Sep 17, 6:39 AM
    • 1,142 Posts
    • 6,154 Thanks
    EatingTheElephant
    I've just caught up with your diary and wanted to say a huge congratulations for getting under a quarter of a million
    • michelle09
    • By michelle09 17th Sep 17, 2:38 PM
    • 385 Posts
    • 1,421 Thanks
    michelle09
    Just popping by. Would love to be under 300k.
    Originally posted by smallholdingsister
    I would love you to be too! It's insane how much places go for these days, such a scary amount of money to owe.

    Another member of the 300 club
    Originally posted by katep23
    Hopefully not for long!

    I've just caught up with your diary and wanted to say a huge congratulations for getting under a quarter of a million
    Originally posted by EatingTheElephant
    Thanks. One milestone down, just the rest to go!

    Hi Michelle - just read through your diary from the start

    That was a good idea to go for a house not a flat, and especially a run down one, in London - with all the work you've done, I bet your LTV has improved, as well as the overpayments.

    Don't blame you for wanting long term lodgers to be gone - is this your first house with your OH? Much better to have your own space! Airbnb after a while, yes.

    The plus £300k peeps are coming out now! Especially for those in the south of England, who've bought within the last 5 - 10 years, I think its quite normal, to be honest, how else can you do it?


    PS - on a whim, I went onto rightmove and looked at the current prices of apartments where I was catsitting a few weeks ago. £600k upwards!!! For two bedroom leasehold! You're doing well!
    Originally posted by Karmacat
    Thanks Karmacat! Sadly, I don't think it has much - a house in our close (another 3 bedroom terrace) has gone up for sale at 450k, so only 10k more than we paid and it doesn't look like it needs work doing. As we're not intending to move for at least 10 years it's not really an issue, but I am very curious as to what it sells for.

    And why anyone would look at the 2 bed flats near the station at 500k when they could have a freehold house for 450k? Not that 450k is cheap, definitely not the right time to try and get on the housing ladder. But at least it will be ours soon.

    We did live together before we were married. It was a granny annex that a retired couple let out, so we pretty much lived alone. But our first lodger moved in the week we did so we've never been alone in this house and are definitely looking forward to it. OH struggles with it quite a bit - never feels he can entirely relax when they're in.
    • michelle09
    • By michelle09 17th Sep 17, 3:01 PM
    • 385 Posts
    • 1,421 Thanks
    michelle09
    The weekend is nearly over, it always comes way too quickly! Spent a good portion of yesterday sorting the new office and refiling all of our paperwork from downstairs so it's in a more useful place. Moved all of our stationary/cards/etc from our room and the office just needs a chair and it's all ready to go.

    Of course moving all those things around allowed me to clear out a bit, so there's a recycling bin filled and a bag of things to sell on eBay/We Buy Books when we get back from holiday. Can't see any of it being particularly valuable, but gets rid of them and maybe tops up the bank accounts a little.

    Also meant I could reorganise all our boardgames downstairs with the extra space. They're now alphabetical which makes my OCD very happy.

    Not been feeling 100% the last few days so this morning's gym trip wasn't great. Gave up on the treadmill and did some strength training instead. Least it was good to get out.

    Off out tonight. It's a friend's birthday and she has picked Pizza Hut as the meeting place. We get 25% off with our cinema cards (the birthday friend has one too so the whole table will be covered) and I tend to fill up on the unlimited salad and keep half the pizza for lunch tomorrow.

    Current Balance: £249,900.00
    Kitchen Savings: £4,500/£13,000
    • Karmacat
    • By Karmacat 17th Sep 17, 7:18 PM
    • 28,035 Posts
    • 154,082 Thanks
    Karmacat
    Excellent evening out then hope you can fight off whatever's been trying to get its clutches into you
    Retired August 2016
    • michelle09
    • By michelle09 21st Sep 17, 6:06 PM
    • 385 Posts
    • 1,421 Thanks
    michelle09
    Thanks KC, I think I managed to avoid it. Been feeling mostly better this week at least.

    Nearly holiday time. My OH is just heading back from picking up my mother and dropping off the cat for her holiday with one of his friends. Catteries are really expensive and she'd hate it, at least this way she'll have space to roam and regular contact with someone she knows!

    Used our final wedding gift voucher (23 months after the fact) to pick up a swimsuit in Next yesterday, my old one was definitely dead. Given the house a quick clean, although lodger #2 will be here until a day or so before we get back. (Deep clean is planned for once they're gone!)

    Using up the last fresh bits and pieces for when they get here. Pork chops, stuffed aubergines (with cheese, basil, tomatos and bacon), roast potatoes and vegetable. Getting very hungry so hope it's tasty.

    Have a great week everyone.

    Current Balance: £249,900.00
    Kitchen Savings: £4,500/£13,000
    • Karmacat
    • By Karmacat 22nd Sep 17, 10:01 AM
    • 28,035 Posts
    • 154,082 Thanks
    Karmacat
    Holidays

    Have a great one
    Retired August 2016
    • beanielou
    • By beanielou 22nd Sep 17, 6:41 PM
    • 48,483 Posts
    • 178,323 Thanks
    beanielou
    Happy holidays
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
    • jodles16
    • By jodles16 24th Sep 17, 7:06 PM
    • 1,315 Posts
    • 3,960 Thanks
    jodles16
    Hi Michelle09,

    You are doing an amazing job already! Mortgage is moving nicely in the right direction, so exciting that you will soon have the house to yourselves!

    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-

    • michelle09
    • By michelle09 2nd Oct 17, 7:22 PM
    • 385 Posts
    • 1,421 Thanks
    michelle09
    Thanks KC, beanielou! It was a lovely holiday. Thanks Jodles, it really is! Not as quickly as I'd like but we have to accept that this is a marathon and not a sprint.

    So we are back from our amazing trip. We spent 10 days meandering through Turkey and seeing all the big sights. It's an incredible country with very friendly people, and it's very cheap! Picked up a plate of chicken, chickpeas, rice and salad for about £1.80. Found a street market selling Turkish Delight at £2/kg and so bought loads of 500g boxes to bring home for friends as gifts.

    Got home to find that lodger #2 had moved out. The house is ours! We need to clear out that room and set it up as a spare room, and I've promised OH that we can put a glass display cabinet in for their geeky things. (I won't have them on shelves beause that gathers dust).

    We started a bit of a clear out before we went away, over the next couple of weeks I'm going to have a bit of an ebay/music magpie sale so clear some space and raise some cash.

    Our gas/electric moved over to EDF while we were away and our British Gas account shows that they owe us £151 on our accounts which I'm really looking forward too. (So much for "we needed to put up your direct debit").

    Payday last week too, so put £2000 into the kitchen fund and rounded up the mortgage payment so it's a nice figure.

    Back to work and the real world tomorrow!

    Current Balance: £249,000.00
    Kitchen Savings: £6,500/£13,000
    • Karmacat
    • By Karmacat 3rd Oct 17, 10:32 AM
    • 28,035 Posts
    • 154,082 Thanks
    Karmacat
    Brilliant news, especially that the house is your own now

    I quite envy you the trip through Turkey's interior - the only time I've been to Turkey, I spent a good long time there travelling up and down the coast, but it was winter, and some of the best bits inland were under ten feet of snow!

    Have a great last day of the holiday
    Retired August 2016
    • beanielou
    • By beanielou 3rd Oct 17, 11:57 AM
    • 48,483 Posts
    • 178,323 Thanks
    beanielou
    Your kitchen fund savings are growing very nicely
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
    • michelle09
    • By michelle09 8th Oct 17, 5:45 PM
    • 385 Posts
    • 1,421 Thanks
    michelle09
    It was wonderful, KC. The highlight was definitely the calcium cliffs at Pamukkale, but so much of it was brilliant. Would highly recommend it if you can get back at some point!

    Thanks beanielou, I'm dumping £2k of my pay packet into it every month. As my grandmother says, it doesn't matter how much you have after - you need to learn to live on it. (Obviously not entirely true, there is a minimum!). This way we should have enough to clear all of the house repairs by March/April.

    Current Balance: £248,900.00
    Kitchen Savings: £6,500/£13,000
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