sarahevie's single quest to mortgage freedom

summerday

Wow, it's all been happening for you.

I think you're doing the right thing to be nearer your family, it will be good to have that support.

Shame about the man, but who knows what (who) is around the corner...

skint_spice

Well done on becoming mortgage free, I hope the move helps make life easier for you and your family - your new home sounds lovely.

debtfreeoneday

Yay to being mortgage free and you never know - a change is as good as a rest, your ideal man may be waiting for you - keep us updated. x

sarahevie1

It might not make the best investment sense but i have used all my savings, excpet £1200 emergency pot, to make an overpayment £15000. Now my mortgage is in the 20,000s. My erc is 1% so had to pay £106 erc as maxed my 10% op allowance. I could have invested the money made money from a savings account, waited 12 months for the erc to disappear but mentally im struggling with lack of income, debt so for me, it was the riht decision.

The money from the saale of my grandmothers house is now with the solicitor and im going to use my share to pay off my remaining morgage. This hasnt been popular with some more financially asute members of my family, your mortgage rate is so low, why not outperforrm it, how aabout another btl etc. However, i dont need the stress and will be happy knowing i only need to earn £713 a month to paay for food, utilities, car, petrol essentials and a bit more for fun stuff. Its the easy, albeit boring to some, life that works for me!

The remaining money from grandma i will use to buy the 4 bed forever home, if i can sell my own. Twice the chain has collapsed now. My new plan b is to extend o make this a 4 bed, detached forever home, or another option is to patition one of the bedrooms to create 4 befrooms and halve btl mortgage.

beanielou

I am with you on decreasing your mortgage

pretty_butterfly

Delurking to say I've read the whole thread and so impressed with what you've achieved, it must have been bloody hard work. Hope your sale goes through and move goes well.

sarahevie1

Struggling with the budget since leaving teaching. I do have four income streams. Two part time jobs, maintenance and child benefit however as im on month one f my new life im not sure exactly how much i will earn going forward this means i need to be frugal.

Just when i need to be frugal, ive been hit with payments for three residentials, dd1 does three dance classes a week, dd1 and 2 both do brownies, subs for term due. Dd1 has started star wars club and dd2 dodgeball its after school so cheap but still £38 for the term thts for both classes so not too bad but it all adds up.

Day 16 spends so far.
£5.30 Transprt
£25 Water
gas/elec £77
Presents £13
Clothes £11.50
Food £105.50
Council tax £112.00
Dance £50
Entertainment £126.38

sarahevie1

pretty_butterfly wrote: »

Delurking to say I've read the whole thread and so impressed with what you've achieved, it must have been bloody hard work. Hope your sale goes through and move goes well.

Thanks so much for reading, it has been bloody hard work and being very close to mf doesnt seem to be easing the pressure but keep plodding.

sarahevie1

As im up to day 25 of new life, new income. What have i spent this month.
£931.04. Will go through the full soa at the end of the month but don't feel like weve missed out on fun stuff. Very aware this has been a cheap month no annual insurances car, home, no kids birthdays. Few token gifts for family, but not one of my kids so much cheaper.

Think im on track to earn £1600 this month so hoping the books will balance. Will update at the end of the month. Had my statement after the op and mortgage now £28008 minimum payments £136!

sarahevie1

Spent an hour on the phone to Hmrc about tax bill. I 'thought' i had been paying tax for my rental through my PAYE code for 2016/17. It appears that the money collected this year has been for tax year 2017/18. Therefore i now have 5 days to pay the tax owing for 16/17.

On the plus side it looks like i wont have a self assessment to pay jan 19 for 17/18 as its been collected through PAYE. When they get final figures from my employment after APRIL 3rd i *may* be due a refund.

It never rains but it pours!