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sarahevie's single quest to mortgage freedom

edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe
721 replies 97K views
sarahevie1sarahevie1 Forumite
575 posts
Fifth Anniversary 500 Posts Combo Breaker Mortgage-free Glee!
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edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe
I had a diary a while ago but I let it slip, my circumstances have changed massively in the last six months, so I am back aiming for one thing mortgage freedom.

So about me, single mummy of three beautiful girls. Full time primary school teacher, I also have a Saturday job at a well known supermarket.

About six months ago oh walked out on me after 12 years, I found myself 30, single and struggling. A few weeks later he was back, and we see each other most days, although he rents a flat in a nearby town. I've had to use literally all my savings to get the joint mortgage into my sole name, £20,000.

My mum and dad paid oh his equity share of the house £10,000, will have to pay this back. Oh is now in the process of buying his own house, he's asked me to move into it with him, as he never felt like my house was his, although it was in joint names, I'm undecided about moving into ohs new house. All I know for certain is my house is my responsibility and the £58000 mortgage has to go.
Home - Cash purchase £350,000 nov 2018
Original mortgage free date Nov 2037
Mortgage free August 2018

BTL: Purchased £105,000 June 2019 - Rented £650
BTL purchased July 2020 - New £170,000 mortgage - Rented £795
Teacher pension - DB scheme
LGPS pension - DB scheme
«13456773

Replies

  • sarahevie1sarahevie1 Forumite
    575 posts
    Fifth Anniversary 500 Posts Combo Breaker Mortgage-free Glee!
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    I'm waiting for my tax credit renewal, I am nervous about this as it will be a much needed source of income.

    So income
    £1369 teaching salary
    £400 maintenance
    £200 supermarket job
    Tax credits tbc

    Outgoings
    1120 childcare
    521 mortgage
    101 council tax
    200 food
    45 water (entered)
    100 gas/electric
    40 phone/mob/broadband
    £250 car costs annual ins, petrol, servicing etc.
    Home - Cash purchase £350,000 nov 2018
    Original mortgage free date Nov 2037
    Mortgage free August 2018

    BTL: Purchased £105,000 June 2019 - Rented £650
    BTL purchased July 2020 - New £170,000 mortgage - Rented £795
    Teacher pension - DB scheme
    LGPS pension - DB scheme
  • newgirlynewgirly Forumite
    7.6K posts
    Tenth Anniversary 1,000 Posts Name Dropper Photogenic
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    Hi sarahevie and welcome back :)I'm sorry to hear you have had such a rough time of it recntly. Thats a lot of big changes in a short space of time, you sound like you are doing the right thing for the moment and looking after yourself and your girls and keeping hold of your home, that can't have been easy.

    I wish you all the best with the new diary and will pop in and visit, best of luck :)

    Edit- blimey to the childcare, I'm guessing tax credits will help with that, its massive!
    MFW 38

    2020 £14,466.48 / £18,000
  • CathTCathT Forumite
    6.8K posts
    Tenth Anniversary 1,000 Posts Name Dropper
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    Hi sarahevie, welcome back. Sorry things have been so tough for you. Hope TC can help with those mammoth nursery costs. Credit to you working 6 days a week too!
    August 2020 - part 1 - £60,070 part 2 - £39,511
    Total - £99,581 87 months to go!
  • sarahevie1sarahevie1 Forumite
    575 posts
    Fifth Anniversary 500 Posts Combo Breaker Mortgage-free Glee!
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    Mortgage stats
    58000 over 18 years £521 a month.
    Property valued by Halifax at 245,000.

    Currently in the process of going onto a Halifax 2yr fix at 1.99% should reduce payments to £320 a month.

    Overpayments haven't got a clue. I'm starting my diary as my outgoings are way higher than incomings and don't want to get into debt. Will have a clearer idea once tax credits are in place.
    Home - Cash purchase £350,000 nov 2018
    Original mortgage free date Nov 2037
    Mortgage free August 2018

    BTL: Purchased £105,000 June 2019 - Rented £650
    BTL purchased July 2020 - New £170,000 mortgage - Rented £795
    Teacher pension - DB scheme
    LGPS pension - DB scheme
  • sarahevie1sarahevie1 Forumite
    575 posts
    Fifth Anniversary 500 Posts Combo Breaker Mortgage-free Glee!
    ✭✭
    I'm trying to keep spends down, just had free toast and tea at work, had lunch before my shift and a late dinner once home.

    Was close to a nsd as took older girls to dance class, then decided to go for a walk/bike ride. However met a friend for soft play this morning so spent £5 but that wasnt too bad as weekends I find hard to keep spends down.
    Home - Cash purchase £350,000 nov 2018
    Original mortgage free date Nov 2037
    Mortgage free August 2018

    BTL: Purchased £105,000 June 2019 - Rented £650
    BTL purchased July 2020 - New £170,000 mortgage - Rented £795
    Teacher pension - DB scheme
    LGPS pension - DB scheme
  • LuckyinlifeLuckyinlife Forumite
    1.6K posts
    ✭✭✭
    amazing you must be so busy with 3 kids full time work and on your own hats off to you
    hopefully you can stick some overpayments thro once you know whats going on do you have any idea at all currently ?
    Mortgage--- [STRIKE]£67700 March 15[/STRIKE] [STRIKE]£65221 April 15[/STRIKE] [STRIKE]£64983 July 15[/STRIKE] [STRIKE]£64780 sept 15[/STRIKE] Remortgage [STRIKE]£67295 oct 15[/STRIKE] [STRIKE]£66599 Nov 15[/STRIKE] [STRIKE]£65878.73 Dec 15[/STRIKE][STRIKE] £64834 1st Jan 16[/STRIKE] [STRIKE]Feb 16 £64,511.89[/STRIKE][STRIKE] March 16 £64,056.40[/STRIKE] [STRIKE]April 16 £62550[/STRIKE] [STRIKE]May 16 £62,396.20[/STRIKE] Feb 17 £60.800
    Emergency fund 23k
  • MM10MM10 Forumite
    57 posts
    Hi sarahevie1,
    Sounds like you are in a tough place. Kudos for trying to get your outgoings below the incomings.
    I hope you get a tax break for your present difficult situation.
    So are you moving back with your OH who just left?
    Total mortgage when started £256,809 in May of 2011; 2018 MFW #5
    Main mortgage was £214,309; now [STRIKE] £110,716 at Feb 2016 [/STRIKE]; [STRIKE] £63,645 at Feb 2017 [/STRIKE]; [STRIKE]£10,600 at May 2018[/STRIKE]
    Original repayment date 2036; Main mortgage free date [STRIKE]July 2021[/STRIKE]; [STRIKE]Dec 2020[/STRIKE]; [STRIKE]January 2019[/STRIKE] June 2018:)
  • sarahevie1sarahevie1 Forumite
    575 posts
    Fifth Anniversary 500 Posts Combo Breaker Mortgage-free Glee!
    ✭✭
    I honestly haven't got a clue. I would like to try living together again, but I can't have him coming and going. He seems to think moving into his house, will be the fresh start we need.

    It is a bit controversial on a mfw board but a lot of the disagreements centred on my inability to spend money. I don't know why but I'm really frugal and financial stability is important.

    I think after a hard five years, oh was earning £19,000; and when I gave up work due to a poorly child; we ended up owing 7 times his income on a mortgage. I think after a series of promotions for oh, me re training as a teacher he thought it would be plain sailing and suddenly it would be easy and it wasn't.

    I think, well I know, he deeply regrets walking out, but once you've done so, you can't really go back. I pushed him to buy his own place, as I wanted him off mine.
    Home - Cash purchase £350,000 nov 2018
    Original mortgage free date Nov 2037
    Mortgage free August 2018

    BTL: Purchased £105,000 June 2019 - Rented £650
    BTL purchased July 2020 - New £170,000 mortgage - Rented £795
    Teacher pension - DB scheme
    LGPS pension - DB scheme
  • MM10MM10 Forumite
    57 posts
    Oh poor sarahevie1,
    I hope your little one is getting stronger. There are pros and cons on whatever decision you make. If you decide to move back I guess you'll have to find a way to reach a financial compromise that would work. Personally, I think him having his place and you having yours was wise considering what has happened. Also paying off your mortgage needs to be a priority for your sake and that of the little ones.
    It's really great you have been able to get your career back on track!
    Total mortgage when started £256,809 in May of 2011; 2018 MFW #5
    Main mortgage was £214,309; now [STRIKE] £110,716 at Feb 2016 [/STRIKE]; [STRIKE] £63,645 at Feb 2017 [/STRIKE]; [STRIKE]£10,600 at May 2018[/STRIKE]
    Original repayment date 2036; Main mortgage free date [STRIKE]July 2021[/STRIKE]; [STRIKE]Dec 2020[/STRIKE]; [STRIKE]January 2019[/STRIKE] June 2018:)
  • sarahevie1sarahevie1 Forumite
    575 posts
    Fifth Anniversary 500 Posts Combo Breaker Mortgage-free Glee!
    ✭✭
    So not having a good ms day. Was getting the older girls ready to go to mums, and realised both DDS have a real lack of clothes/shoes.

    Both girls have Clark's school shoes, or wellies so cue trip to asda for two pairs of trainers. Also bought girls new toothbrushes and toothpaste for their trip. £16 spent so not too bad. Definitely cheaper than childcare.

    My aim to avoid food shopping as long as is possible is going OK. Spent £55 8 days ago hoping to get to 10 days without spending more. I'm out of bread, could make some.
    Home - Cash purchase £350,000 nov 2018
    Original mortgage free date Nov 2037
    Mortgage free August 2018

    BTL: Purchased £105,000 June 2019 - Rented £650
    BTL purchased July 2020 - New £170,000 mortgage - Rented £795
    Teacher pension - DB scheme
    LGPS pension - DB scheme
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