£35k to £245k to £0...

pinkteapot

2014 target

I've set an OP target for 2014 of £6,000.

Once we're settled in to the new house I estimate that we'll be able to OP by £800 per month. This is approximate until I know exactly what our gas bills to heat the place will be!

As with our current house, in some months we should be able to OP by a bit more if we don't spend all of our 'spends' budget. At the moment I make our OP at the start of each month, and then make an additional one with any spare leftover cash at the end of the month. I'll do the same at the new house.

We do need to buy some stuff for the new house though so, realistically, we're not going to OP during the first couple of months. I've set this target which works out to 7.5 months at £800 per month to try and get us focused back on OPing by May-ish.

I'll add interest saved to my signature once we've started saving some.

I had a thoroughly depressing moment the other night when I realised that the cost of moving (stamp duty, fees, etc - not including anything we buy for the new house) is equal to the amount we saved and OP'ed in 2013. Basically, a year's savings just on the costs of doing the move!

Sandstone

Hello, I've subscribed to this thread because it looks so interesting, and also because your house is absolutely stunning!
Best of luck!

pinkteapot

Wow, thanks for all the interest! I'm sure this will be the least interesting thread on this board. There are so many amazing money-saving tips in other peoples' diaries. I'm a bit of a fraud as we have a good amount we can set aside for OPing each month without really missing it, and could cut back our spends more to OP by more, if we really tried.

I think it'll get a lot more interesting if mini teapots come along, as our budget will get a lot tighter!

slowlyfading

What an amazing house - I can see why you're excited

pinkteapot

slowlyfading wrote: »

What an amazing house - I can see why you're excited

We had decided to stick to a budget of £400-425k for the house, to make the mortgage a bit smaller, but the minute that house came on the market MrTeapot knew it was all over.

catshark88

How exciting!

We'd paid down our mortgage and then took out a new, much bigger one too, so I do understand the butterflies. That calculator that shows how much interest can be saved by overpaying, really focuses the mind!

Best of luck and I look forward to reading about your progress.

croboy

WOW, that house is STUNNING. Hope it all goes through and you get to fill it with mini teapots!!

Watty1

Stunning house! Look forward to reading more

wantabetterlife

WOW, I absolutely love that house, the rooms are all so big and bright. Looking really forward to reading your progress!

lexington013

Absolutely stunning house with "kerb appeal" as Kirsty and Phil would say!
Best wishes on your journey.
I have reduced my term by 9 years by OP and upping my monthly payment.
It's meant some belt tightening, however I want to retire at 55 so that has kept me focused.
:T