sarahevie's single quest to mortgage freedom

sarahevie1

Octobergirl wrote: »

Loving your thread Sarahevie1, we're from the same neck of the woods and have same mortgage/timeframe ( and career background). However, you have a heck of a lot more get up and go, inspirational.

I don't know I worked minimum wage for 2 years 2011-13 whilst procrastinating about what to do next. :rotfl:
Then whilst thoroughly fed up decided to apply for a pgce knowing I was due to have a baby on 27th of August. I don't know what possessed me to start a pgce on 8th of september with a two week old.

Sometimes I really think it's not get up and go - just sheer insanity:rotfl:

sarahevie1

norfolkdream wrote: »

I feel for you with the ex situation. I am doing this all on my own and have done for the past 10 years so admire your journey. I am probably still on my own because I dont want to give up all my hard work. I have spoken to friends about this, I have paid most of my mortgage off and to have someone come in and then share that doesnt seem right to me. They havent struggled for years and then if they moved in with me or we got a house together I would be scared to lose it all. Crazy thinking I know, but thats my head talking!

Hi p, I recognized your diary instantly. You have done so well. I resonate with what you've said about partner coming in and sharing the hard work. Perhaps when the right person comes along it won't be scary. I don't know. I have ex sniffing round everyday but I don't know where its going. I certainly don't have time/ inclination for dating :rotfl:

CathT

Great news about the mortgage. Maybe you could find a good regular saver with enter interest rate than mortgage to plough OP's into. I know it doesn't have the same satisfaction overpaying does though.

Sounds like birthday celebrations went well. I am amazed how much some people spend on 1st birthday parties. Yes it's a lovely milestone but the baby doesn't have a clue!

debtfreeoneday

How long are you subject to OP restrictions on the mortgage?

sarahevie1

It's a three year fix, so I'll be able to repay my payment plus £5500 in the first year.

So about an extra £458 a month, my payment is £257 so if I op to the max, unlikely, I'll be paying £715 to the mortgage. Psychologically going back to a 25 year term isn't great, but I had no choice due to affordability.

Brodiebobs

I would be inclined to put the 'OP' money into a savings account, there's plenty out there with >3% interests rates.

sarahevie1

Brodiebobs wrote: »

I would be inclined to put the 'OP' money into a savings account, there's plenty out there with >3% interests rates.

I must say I've never been very disciplined with savings. However, I think having some flexibility with me being on my own, having the btl, may help. I'm thinking at least if its in savings, if I need it due to no tenants etc I've got it. Just have to stop myself from dipping in.

Saving has never worked out better than oping for me as mortgage one I was tied in for 5 years at 5.99%, previous 2 yr fix 3.54%, currently on hallys svr 3.99% whilst I transfer house/ mortgage to me.

Savings accounts certainly on my to do list.

sarahevie1

CathT wrote: »

Great news about the mortgage. Maybe you could find a good regular saver with enter interest rate than mortgage to plough OP's into. I know it doesn't have the same satisfaction overpaying does though.

Sounds like birthday celebrations went well. I am amazed how much some people spend on 1st birthday parties. Yes it's a lovely milestone but the baby doesn't have a clue!

Seems the general consensus is get a savings account greater than 3% sounds sensible.

Completely agree about 1st birthdays, dd3 is 2 but to be fair doesn't really have a clue. She's a happy little thing though, makes a change as dd1 is really stroppy and dd2 is naughty for attention. Dd3 is so easy in comparison. I really love how individual children are even from such young ages, its such a blessing - although certain traits are more challenging than others :rotfl:

sarahevie1

Had a chat with mum today about my mortgage etc.

She's a funny one. Deadly frugal, never spent a penny when i was a kid, second hand bikes. Clothes Christmases and birthdays. Fiver a week bus fare no pocket money etc. It's served her and my dad well though they own outright 4 properties worth over a million. House price inflation helped massively. Both in their fifties with hobby jobs. 3 days a week in retail.

I thought of everyone mum would understand the FIRE concept, no apparently not, she's dead against saving for choices in later life. She strongly believes in spending when your young. She says she really regrets frugal living for financial security at 50. She wishes shed bloiwn more cash on clothes, holidays, having fun when I was a kid. It's given me food for thought

pathtofreedom

I guess it depends if you can guarantee a certain about of inheritance or not to help you out later. The risk is though if they are already semi retired how long they will live for, and if they just might have to sell everything for care home fees at some point.

With how much the government keeps changing esa /pip/state pensions etc I think everyone needs to give themselves the best chance they can, as even assuming the NHS will still be free in 20-30 years is a long shot. So the more you can do to put yourself in the best position you are comfortable with the better. When do you plan to retire for example, and how are you planning for that. It is getting a balance between living your life, paying the bills and saving for your future really. Op the house is just part of that as far as I can see.

I personally know I have health problems and I can't get income protection insurance though, so i need to get my outgoings down as soon as possible, so I could just live on part time money or less if I had to.