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  • FIRST POST
    • fuego
    • By fuego 1st Oct 17, 11:12 AM
    • 5Posts
    • 9Thanks
    fuego
    Another Freedom Diary
    • #1
    • 1st Oct 17, 11:12 AM
    Another Freedom Diary 1st Oct 17 at 11:12 AM
    Hello everyone, I've been lurking here for a while and have finally decided to make a diary to keep me honest and focused. I bought my first house with my partner in March 2017 with the help of a H2B equity loan (and using the H2B ISAs to save our deposit) and now we want to get it paid ASAP!

    Our numbers:
    Price paid: 181,000 (apparently with a 4k 'discount' from RRP, so not sure of real market value)
    Deposit: 9,050
    Equity Loan: 36,200 (this will be 20% of market value at time of repayment)
    Mortgage: 135,750, @2.04% til March 2019
    Current end year: 2042, not including equity loan
    Goal end year: 2030

    Mortgage now: 133,074.12

    Current plan:
    2018 overpayment of 7.5k
    2019 119,500 left, add 7.5k overpayment and remortgage 112k for 20 years
    2020 107,500 left. OP 7,500.
    2021 95k left. Remortgage, rolling in equity loan. Assume 37.5k loan value, -7.5k savings. 125k for 21yrs.

    Anyway, these are all rough numbers with lots of assumptions, but I'll roll with it for now.
    Last edited by fuego; 01-10-2017 at 11:39 AM.
Page 1
    • fuego
    • By fuego 1st Oct 17, 11:14 AM
    • 5 Posts
    • 9 Thanks
    fuego
    • #2
    • 1st Oct 17, 11:14 AM
    • #2
    • 1st Oct 17, 11:14 AM
    Will edit this post later to include a budget, but for now we're saving 650/m in regular savers @ 5% to act as an overpayment in a year when they mature and stop earning good interest

    The big mission for now is to cut food costs down whilst eating healthier. We waste way too much money on wasted food and junk when we're tired from work.
    • fuego
    • By fuego 1st Oct 17, 11:29 AM
    • 5 Posts
    • 9 Thanks
    fuego
    • #3
    • 1st Oct 17, 11:29 AM
    • #3
    • 1st Oct 17, 11:29 AM
    Sunday 1st Oct

    1. Cancel American Express card before 2nd year begins so I don't hit any charges. Need to transfer points out to Avios air miles
    2. Make a list of what we still need to buy for the house
    3. Do some work on project for new job prospect - hating current job = overspending, quitting without a new plan = no overpayment saving
    • newgirly
    • By newgirly 1st Oct 17, 11:42 AM
    • 5,798 Posts
    • 39,680 Thanks
    newgirly
    • #4
    • 1st Oct 17, 11:42 AM
    • #4
    • 1st Oct 17, 11:42 AM
    Best of luck with the new diary and your new home
    MFW 21
    Target for 2017 £38,545 / £14,264 paid so far

    Mortgage £47,330 4 years 8 months left. Total owed £63,993 planning to clear in 24 months
    WW target - 29.5 lb start date 11/5/17 so far 16.5lb lost.
    • bexster1975
    • By bexster1975 1st Oct 17, 1:32 PM
    • 1,041 Posts
    • 4,816 Thanks
    bexster1975
    • #5
    • 1st Oct 17, 1:32 PM
    • #5
    • 1st Oct 17, 1:32 PM
    Hi fuego

    I have just quit my job ( although not really without a plan - just not sure about possible success of plan). Jan 2018 us the start of new and exciting plans.

    Wishing you the best of luck with mortgage overpayments and new project plans

    Bexster
    • fuego
    • By fuego 1st Oct 17, 1:34 PM
    • 5 Posts
    • 9 Thanks
    fuego
    • #6
    • 1st Oct 17, 1:34 PM
    • #6
    • 1st Oct 17, 1:34 PM
    Thanks newgirly!
    Hi Bexster, do you mind sharing your plan with us? Best of luck with your new start, congratulations on taking the plunge and thanks for the good wishes
    • bexster1975
    • By bexster1975 1st Oct 17, 3:12 PM
    • 1,041 Posts
    • 4,816 Thanks
    bexster1975
    • #7
    • 1st Oct 17, 3:12 PM
    • #7
    • 1st Oct 17, 3:12 PM
    Hi

    I do not mind sharing my plan at all.

    I intend to travel for a couple of months in the new year. After which I aim to expand my own business brand. I did not hand in my notice a w eek ago yet, and already four different opportunities have presented themselves. Having minimal outgoings means my own work does not need to make huge sums of money to begin with.

    Bexster
    • fuego
    • By fuego 2nd Oct 17, 10:56 AM
    • 5 Posts
    • 9 Thanks
    fuego
    • #8
    • 2nd Oct 17, 10:56 AM
    • #8
    • 2nd Oct 17, 10:56 AM
    That's awesome! Where are you travelling to? Travel's a big thing on my to do list, and a major bonus of this new job if I can get it. It sounds like your next stage is already going well, and you sound confident Good for you!
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