Forever House then MFW

245

Replies

  • lulabelle1lulabelle1 Forumite
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    Welcome!

    I worked in the Financial Services industry many moons ago and the credit check was a standard part of the application process. No point wasting anyones times with interviews etc if you fail on the credit check I guess...

    Best of luck with your journey! (and with the interview...)
  • Unfortunately the job I had an interview didn't come off, others who have experience doing the job applied. It was a step up for me.

    I am still waiting the outcome of the other one though, this is the one I really want as it sounds exciting!

    Fleabaying is going well, old lawnmower is up to £100!
    Start Feb 2013 £148,900
    Initial MFD Feb 2043 --- Target Feb 2035
    Current balance [STRIKE]Jan 2014 £146,652[/STRIKE], Nov 2014 £143,509

    :beer:Current MFD Oct 2042 (5 Months Early) :beer:
    2013 OP: £255 / 2014 OP: £815
  • giblet1979giblet1979 Forumite
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    Sorry to hear about the job, but I'm sure the right opportunity will be waiting for you :)

    Fingers crossed for the other one x
    Debt remaining: :(
    Mortgage - £117,759 (£134,600, Nov 2013)

    Work overpayment and home improvement loan paid back (£19200) :beer:


  • edited 28 August 2014 at 8:05PM
    cb4fwhcb4fwh Forumite
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    edited 28 August 2014 at 8:05PM
    You seem to have a similar outlook to me 10 years ago! I am 36.

    I was always brought up to understand the value of money, and like you put everything I had into buying my first house when I was 22 years old. At 28 I moved in with my other half, buying a house for £290k with the potential for extension. Over the last 8 years I have invested circa £60k in the property & it recently went sold subject to contract for £450k in a market that hasn't moved in that timeframe. The return is predominantly my time!

    I've also just had an offer accepted on my rural home, with the potential for turning outbuildings into residential accommodation over time. These sort of properties can only be good investments...

    I overpay my mortgage, but enjoying life is number 1. I am fortunate enough that I earn enough money to do both. One thought, I almost dropped dead with cancer 7 or so years ago which opened my eyes somewhat - make sure that there is a balance between life and saving money on interest payments as you may not live long enough to reap the benefits!

    Good luck!
  • giblet1979giblet1979 Forumite
    864 Posts
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    Hi cb4fwh,

    Just wanted to say I'm sorry to hear about your health problems, but it seems like you have dealt with things amazingly well, and have been very focused which is now paying off! Totally agree about frugality / life balance. For me, occasional treats generally aren't the problem, I think I'm recognising it's more the 'mindless spending' and buying unnecessary 'things' which get in the way.

    Lots of luck for the rest of your journey x
    Debt remaining: :(
    Mortgage - £117,759 (£134,600, Nov 2013)

    Work overpayment and home improvement loan paid back (£19200) :beer:


  • lulabelle1lulabelle1 Forumite
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    Totally agree with the life balance.... my (ex) step father saved and invested money in to pensions all of his life. Things turned bad when my mum left him - he had to sell the house to pay her some money. Fast forward 5 years - he's just about to start taking his pension - lump sum first etc and he had a major stroke. He's just been transferred to a nursing home and his savings/pensions etc will now fund nursing care for the rest of his life. Didn't get to enjoy a single penny. I guess this is the extreme, but it can happen to any of us at any time. Enjoy life whilst we save I guess is the motto.....
  • cb4fwhcb4fwh Forumite
    158 Posts
    Eighth Anniversary 100 Posts Combo Breaker
    giblet1979 wrote: »
    Hi cb4fwh,

    Just wanted to say I'm sorry to hear about your health problems, but it seems like you have dealt with things amazingly well, and have been very focused which is now paying off! Totally agree about frugality / life balance. For me, occasional treats generally aren't the problem, I think I'm recognising it's more the 'mindless spending' and buying unnecessary 'things' which get in the way.

    Lots of luck for the rest of your journey x

    Thanks, but all is good at the moment! I was brought up to only buy things I need, so I'm fortunate that I don't have a problem with impulse purchases!
  • Wow cb4fwh - thanks for sharing I think hearing your story reinforces my thoughts and the comments from WishIwasstill25 & edinburgher in regards to pensions.

    I think I will adjust my workplace pension so that the total contribution (employer & mine) is only half my age. They do not give me any sort of contribution match, just a flat 8% that rises with age. Then again if a new job comes off who knows what that will bring!


    Another consideration, my partner has been offered a sharesave scheme, the option price is being set next week and the full 20% deduction will be applied.

    Currently we are paying £250 into last years sharesave, this matures in 2 years. The new one is 3 years long the maximum we can do is £250.

    Whilst we can probably afford it, this would be to the detriment of S&S ISA and the workplace pension it may put pressure on the OP's too!

    But it is guaranteed to an extent and the shares are tipped to rise- fingers crossed!

    I am thinking its perhaps a good bet.


    Our mortgage payment has just gone out and I will OP in September the usual £50. Looking forward to Feb when the mortgage fixed rate finishes we may be able to go for the 65% LTV!
    Start Feb 2013 £148,900
    Initial MFD Feb 2043 --- Target Feb 2035
    Current balance [STRIKE]Jan 2014 £146,652[/STRIKE], Nov 2014 £143,509

    :beer:Current MFD Oct 2042 (5 Months Early) :beer:
    2013 OP: £255 / 2014 OP: £815
  • In terms of emergency fund, what do you recommend is it 3-6 months of our essential expenditure for both of us? Or 3-6 Months income for one of us?
    Start Feb 2013 £148,900
    Initial MFD Feb 2043 --- Target Feb 2035
    Current balance [STRIKE]Jan 2014 £146,652[/STRIKE], Nov 2014 £143,509

    :beer:Current MFD Oct 2042 (5 Months Early) :beer:
    2013 OP: £255 / 2014 OP: £815
  • lulabelle1lulabelle1 Forumite
    2.7K Posts
    Tenth Anniversary 1,000 Posts Combo Breaker
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    Sharesaves are fab, grab with both hands.... you can use the proceeds to OP in 3 years time?
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