Easylife73’s looong journey to…well…hopefully an easy life!

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  • easylife73
    easylife73 Posts: 332
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    Yes, us too...DS1 will probably be doing either 3 or 4 years, and DS2 has decided he'd like to be a vet which is another 5/6 years...if DS1 does a 4 year course we've got one year where they'll both be at uni at the same time...no idea how we're going to manage that! So I've basically written off the next decade (hence the 10 year fix on the mortgage)
  • shangaijimmy
    shangaijimmy Posts: 3,796
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    I hadn't even considered courses longer than 3yrs....Arrgghhhh!
    MFW: Was: £136,000.......Now: £61,892.24......
    Mortgage Neutral Deficit: £43,082.90... Mortgage Neutral Savings: £18,809.34

    MFiT-T6 #13 - £3,517 of £15,500 (22.69%)
    1% Mortgage Challenge 2022 - £157.59 of £650
  • easylife73
    easylife73 Posts: 332
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    Wow...It's been three and a half years since I posted!  This is probably because life just got so busy.
    To update:
    • Total mortgage debt as of today is £110,390.27.  This consists of £103,443.82 on one mortgage fixed for another 5 and a half years at 2.49% and ££6,946.45 on a second mortgage fixed for 4 years at 1.84%.  The second mortgage was taken out about a year ago to pay for some work that needed doing in the garden.  At the moment, without any overpayments, we would be looking at being mortgage free in 2036 when we will be 63.
    • DS1 went to university for 2 years (although in the second year he obviously came home in March due to Covid).  He didn't really cost us anything as his maintenance loan covered his rent and as I suspected he didn't really go out (or eat it would seem).  He has now decided he doesn't want to go back, as he was really struggling, so is mostly just spending his time in his room.  We need to get him out working on his social skills and finding a job, but Covid combined with his autism has meant that this is on hold for now.
    • DS2 was having driving lessons, but again that has obviously stopped for now.  He will be going away in September to study veterinary medicine for 5 years, so we are expecting a lot of costs there.  A quick play with the student finance calculator shows that his maintenance loan will not even cover his rent, and he is more sociable than DS1.  I'm expecting to have to subsidise him to the tune of about £5k a year whilst he's studying.
    • I have changed jobs again, but within the same organisation, so my pay has gone up (thank goodness!) and should increase up the pay scale for the next 5 years as well.  DH is hoping to move up to the next grade, but this isn't guaranteed.
    • We did buy a caravan, which as it turns out was a huge mistake  :D  It turns out I was very nervous about towing it and we didn't have anywhere near the amount of time we thought we'd have to use it.  The first time we used it DH managed to hit the concrete fence post and destroyed the back end, which was repaired via the insurance.  We then discovered an issue with the front end which cost £2k to fix.  And then we had to sell the car with the towbar due to increasing repair costs and bought a new car which doesn't yet have a towbar.  The result of all this is that the caravan is now for sale  :D
    Moving forward, the plan was to overpay the second mortgage and get that cleared within 5 years.  We took it out with a term to match the end date of the first mortgage, but with every intention of clearing it within 5 years.  We have three interest free credit plans at the moment (for sofas, carpets and a very expensive mattress) and the plan is to transfer the monthly payment for each plan into mortgage overpayments as each plan ends.  I was originally planning to OP the second mortgage, on the basis that the fix ends sooner, but I may review this to OP the main mortgage as both the interest rate and balance are higher.

    I would also like to aim for both mortgages to be paid off before we are 60.  DH's work pension kicks in at 60, but it won't be a full pension as he was a late starter in his job, so he won't have accrued the full number of years needed.  My work pension is linked to state retirement age (so 67, maybe 68) but can be drawn from 60 if I'm prepared to take a hit on the amount.  I think to retire at 60 it would mean a reduction of 29%.  I would really, really like us to retire at 60, but DH will only consider it if the mortgage is paid.

    So that's where we're at.  I have today applied for a First Direct account for the £100 incentive, and will hopefully get back to making some overpayments.  It was much easier when our mortgages were with Nationwide as I could log on and see the overpayments, but now we're with First Direct I seem to have lost the incentive as I can't see it.  Anyway, onwards and upwards (or should that be downwards?  :smiley: )

  • FtbDreaming
    FtbDreaming Posts: 1,118
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    Ooh I’ve just read your diary from the start! Kids grow up so fast! DD1 is in year 7 at the minute but no doubt it’ll be about 10 minutes before she goes to uni 🤯 it’s hard for your DS1 with all this covid crap going on, autism is hard to deal with anyway without life at the minute making everything so much harder.

    deffo get your online mortgage sorted! I’m with halifax as is my current account so I only see my balance at least 5 times a day lol! I couldn’t cope not seeing it! 

    Aww gutted the caravan didn’t pay off. We had an old banger caravan for 3 summers we bought for £100 and I sold it last August for £400. I have regretted selling it ever since, I only got rid of it because we looked like clampets as it was so scruffy in the garden. It was getting hard to convince the kids to come camping though. Me and DP loved it way more than them! 

    Good luck for the future. I’ll be following your journey x
    Mortgage started August 2020 £69,700
    Mortgage ends Aug 2050 MFW: Aug 2027 
    Current Balance: £60,700
    MFW2020 #156 £723.13
    MFW2021 #26 £1184.71
    MFW2022 #11 £197.87
    MFW2023 £785
    MFW 2024 £174.73

    Determined to make it! 
  • easylife73
    easylife73 Posts: 332
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    Hi FtbDreaming, thanks for stopping by!  I don't think there's anything I can do about getting access to the mortgage account online?  Despite being an online bank First Direct don't give access online to their mortgages, which has always confused me!!  I will just have to keep my spreadsheet up to date and hope any overpayments I make appear on the statement at the end of the year, as we're tied into the fix for another 5.5 years.  My regular overpayments should be fine as I've changed the standing order amount for those, but any adhoc ones I won't be sure about.

    Speaking of which, I made a small OP of £40.29 yesterday just to see if I could, made up of some cashback and a couple of Ebay sales.  After playing with my spreadsheets it didn't seem to make much difference which account I paid the OP to, so I'll continue with the regular OPs to the second mortgage and make any adhoc ones to the first mortgage.

    Very annoyed with DH & DS2 though...DS2 needs a new passport as his has expired and he needs a new one before applying for student finance.  They went and got photos done but didn't get the digital version, so we can't upload them as part of the passport application.  So they will need to be done again  :#
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