sarahevie's single quest to mortgage freedom

beanielou

sarahevie1 wrote: »

Had an offer for my student house today after exactly 6 days on the market. Lots of viewings booked in for tomorrow/next week, so declined it as it was lower than I'd like. Still not decided if I want to sell, but such a different experience to selling my home.

Wow, that is fast.
Good idea not to take the offer & see what happens in the next wee while.

sarahevie1

Really tight month had to spend £650 sorting out a leak in the roof and subsequently needed a corner of the room replastering. Also a further £100 spent on materials to paint at the student house.

This has left me with £90 until payday next Friday, which wouldn't be so bad, but we go to Spain on Thursday so will need to get holiday spends out of the savings I have to move house. (Not ideal but a short term loan.)

Have really enjoyed redecorating, gardening at the student house and not sure I want to part with it after all. I know I moan a lot about it, and financially the £700 a month mortgage feels like a huge noose, but overall it's been a nice little earner over the years. Have been back through the last 11 years of accounts and overall it has cost me £3000 a year in repairs. With the £15400 I currently get in rent, when the mortgage is paid (14 years to go) it's a nice little salary per annum. I could live nicely from £12400 per year as a single person. Sob sob the girls will be all adults in 14 years (one will be mid twenties :eek::eek:).

zcrat41

Hello. Just been reading the last page of your diary.

Does it have to stay as a HMO? Could you rent to a family? I'd imagine half the stress is having a constant turnover of tenants.

Do you mean developing houses?

sarahevie1

Hi Zcrat, yes the plan was perhaps to develop houses rather than have the ongoing maintenance of rentals. It's still very much up in the air, as usual, swing from thinking one thing and then the other, I'm sure it will work out.

Lots of the issue with the HMO is the constant turnover of tenants most definitely, that, and the increasing demands of the student sector and the legislation which comes with it. Unfortunately it is a traditional Victorian terrace on a street of HMOs, in a very studenty area. I did look about 4 years ago at turning it into a family let but there was no demand.

sarahevie1

Been totally rubbish at keeping up my diary. However, had a lot of changes. Moved back to North Yorkshire early September, after the vendors of the house I was buying pulled out on the day of exchange. Made the horrific decision to let my house go despite having nowhere to live and have moved back to my childhood home temporarily. Fortunately have found somewhere else to buy so should be in my new 4 bed detached, mortgage free home by Christmas.

Managed to secure a full time position, a mile away from home, but it's as an early years consultant not teaching position and the lack of holidays is bothering me. Have got a start date towards the end of October but still no contract. In the meantime I have been really busy with supply teaching work so whether I start the new job remains to be seen.

As ever there's pros and cons of both. I'm currently the happiest I've been in years at work, but the not knowing where the next bit of work is coming from is worrying. The consultant job is local and 8-4 shift pattern which is perfect with the kids, obviously full time regular wage but I'm enjoying not being constrained to full time work.

August spends

£755 house maintenance
£100 cash
£61.50 - social
£444.38 - utilities
£73.54 petrol
£260.66 - holiday
£432.95 - clothes (mostly school uniform.)
£139.57 - food.

Income £1707.49
Out £2267.60

Huge deficit this month, the combination of house maintenance and school uniform. :eek:

September spends
Cash £180
Clothes/included DDs bithday £107.82
Food £138.61
Clubs £123.82
Social £142.82
Petrol £107.02
Utiltiies £276.36 Mortgage gone:j:j

Income £2314.60
Outgoings £1076.45

Year to date

Income 17780.40
Outgoings 12232.65

beanielou

Blimey it is all happening.

beanielou

Good news though on being mortgage free

sarahevie1

Update on student house, the sale of it is currently doing through - What I will do with the money is anyone's guess. If they buyers pull out I will keep it. Sometimes I can make decisions:rotfl:

sarahevie1

So rounding off October's spends. I cannot believe I have never tracked where my money goes, I am shocked at myself for this. Have always applied the principle spend as little as you can get away with, but it is interesting to see exactly where the money goes.

October Money in
Child Benefit (2 payments as it's paid 4 weekly) £384.80
Job 1 £564.18
Job 2 £470.14
Job 3 £355.90 Have been working supply with different supply teaching agencies.
Interest from house sale £287.27 disgusted with myself about this, as had the money two months now and it took me a month to put it somewhere so first month only earned £40.
Maintenance £387

Total £2449.29

Out

Cash: £180
Food: £184.18
Utilities: £123.59 currently living with family so not what it would be independently but did pay for the gas/electric, broadband, phone and water bill. Would like to continue with this spend in my new house as only Council Tax/TV licence on top.
Petrol: £148.92 (shocking but I have had to travel for supply teaching work, also 80 mile round trip each weekend for kids to visit their dad.)
Clubs: £53.30
Clothes: £18
Presents: £23.54
Dentist: £21.60
Professional fees: £13
Solicitor fees: £300
Social: £121.83 Have had a blast this month, visited a farm, trampolining, soft play a couple of times, attended a ticketed halloween party, held a party for DD1. Also went to a community disco and film night. (Would guess the £180 cash was also mostly social stuff.)

Total: £1187.96 (this is so good when £300 of it was solicitor fees.)

Year to date

In: 20229.69
Out: 13420.61

sarahevie1

Lots has been happening and I'm pleased to report I start a new teaching job on Monday. It is through my supply agency on a fixed term role until July. It is every morning at a lovely village school. I am nervous as it is a key stage I'm unfamiliar with, and the previous teacher has only lasted half a term. However, it will be great to have some consistency of workplace/income after quite a few months of multiple jobs, income streams, no contracts etc.

In the end I couldn't take the consultancy job as couldn't manage on 28 days holiday per year with the kids. They also dropped my salary by £5300 from what they had verbally said, so in the end it made my decision easier.

The student house was supposed to exchange last Friday in time for the budget. Now nothing adverse has come up from the budget the buyer is in no rush. I have a deadline in mind and will be pressing the estate agent from Monday if it still hasn't exchanged. Currently staying with friends on a 9 day mini break for half term.