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sarahevie's single quest to mortgage freedom

edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe
723 replies 97.2K views
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  • beanieloubeanielou Forumite
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    Hope the sale goes through soon :)
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~**
    **Weight loss 2 stone 2 lbs **
    MFW. 9 months to go. B)
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
  • MoneyfordreamsMoneyfordreams Forumite
    2K posts
    Fifth Anniversary 1,000 Posts
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    wow good luck with your plans
    Mortgage restart June 2018 £119950
    Re mortgage August 19 £110470, HSBC 0, Hfx £0, NW £0 M&S £0, MBNA £8900
    … Mortgage £103000
    plus car £5000
  • sarahevie1sarahevie1 Forumite
    577 posts
    Fifth Anniversary 500 Posts Combo Breaker Mortgage-free Glee!
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    Just popping in with an update for my signature.
    Have taken on some debt related to house buying fees.
    Dad £1250
    Mum £1037.79
    Needs paying ASAP

    Sent the whole balance of £356370.79 to the solicitor last Friday in order to hopefully complete on the 30th. This includes the stamp duty, outstanding solicitor fees but :eek::eek:
    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
  • A_Frayed_KnotA_Frayed_Knot Forumite
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    Wow, fantastic, but . . . what's the but :eek::eek:
    Always have 00.00 at the end of your mortgage and one day it will all be 0's :dance:
    MF[STRIKE] March 2030[/STRIKE] Yes that does say 2030 :eek: Mortgage Free 21.12.18 _party_
    Now a Part Timer from 27.10.19
  • beanieloubeanielou Forumite
    72.7K posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭✭
    Wow, that is some amount!
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~**
    **Weight loss 2 stone 2 lbs **
    MFW. 9 months to go. B)
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
  • sarahevie1sarahevie1 Forumite
    577 posts
    Fifth Anniversary 500 Posts Combo Breaker Mortgage-free Glee!
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    Wow, fantastic, but . . . what's the but :eek::eek:

    The money spent on the new house. It is a super scary amount to spend, especially for one not used to money. Exchanged today so definitely moving imminently.
    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
  • edited 13 December 2018 at 5:27PM
    sarahevie1sarahevie1 Forumite
    577 posts
    Fifth Anniversary 500 Posts Combo Breaker Mortgage-free Glee!
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    edited 13 December 2018 at 5:27PM
    Been living in my new house just under a week. Didn't move in for a week after completion as didn't have a fridge/freezer.

    Not content with being mortgage free once, I am due to complete on the student house tomorrow to be officially/mortgage debt free. Haven't decided what to do with the equity, but first choice is to buy a mortgage free, cheaper BTL. Alternatively I'm looking at buying a children's day nursery, this would be more profitable but would also require a business loan. There's lots of things to consider moving into next year.

    November spends

    Clubs: £47.90, £35
    Food: £225.24
    Petrol: £159.80
    Travel: £20.30
    Cash: £90
    School photos: £65
    Tax bill: £677.40
    Internet/phone: £30
    Gas/elec: £79.30
    Miscellaneous share of utilities: £149
    Car insurance: £279.16
    Home insurance: £107.75

    In:£1487.64
    Out: £1930.85

    Year to date
    In: £21717.33
    Out:£14351.85
    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
    577 posts
    Fifth Anniversary 500 Posts Combo Breaker Mortgage-free Glee!
    ✭✭
    Just a quick update for December, have spent 1481.68 this month and earned 2543.11.

    I've earned 24260.44 net this year.

    So this year I've spent 15833.53 - I am using this as a target for retirement income. I figure inflation will make it less, but equally I had a mortgage for 8 months of this year, and a lot of child related expenses.

    Plans for next year, aim to spend less and earn more. Also need a decent plan for the equity from the btl. Currently have 105,000 in savings from that. Any advice on how to invest that would be very welcome.

    Overall thank you to all who have followed me this year and here's to the next. :D:D
    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
    577 posts
    Fifth Anniversary 500 Posts Combo Breaker Mortgage-free Glee!
    ✭✭
    Target net income: £24260.44 (actual for 2018.)
    Target expenditure: £15833.53 (actual for 2018)

    Lots has been happening this month. Have decided I'm too risk averse for a day nursery, I went to see a financial advisor and the only way to fund was to secure it against my mortgage free home :(. So it was a no from me.

    Perhaps in the future; I'm only 33 after all, but not right now, I couldn't risk the girls' home.

    Highlights this month included going to Doncaster dome with a large group for a child's birthday party. I did huff and puff about the 100 mile round trip and petrol cost but had a really lovely day out.

    Also had the most amazing girlie day with two of my old uni friends, I don't see them as often as I'd like (couple of times per year but love them and it's always lovely to spend time together.) Our lives are so different from how we imagined, but essentially *we* are the same people and the paths we have chosen were pretty predictable.

    Have also booked a weekend away in Scarborough with friends in February (not sure about the weather for this one) but the kids are looking forward to it.

    Spends this month: £1194.34

    Utilities/food/petrol: £564.25
    Cash: £140.57 (this will be mostly social spending.)
    Professional fees: £56.60
    Clubs: £184.65:eek:this includes guide/brownie/rainbow subs have also agreed the girls can each do dodgeball and acro each week. Two still have swimming lessons too.
    Furniture: £187 all charity shop bargains including a welsh dresser, two seater sofa, two bar stools and a 10 seater table as my old 4 seater looked ridiculous in the large space.
    Clothes: £61.27 all for the girls.

    Income: £1743.07

    Year to date
    Target income: 24260.44 - Jan (1743.07)
    Expenses: 15833.53 - Jan (1194.34)
    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
  • edited 31 March 2019 at 7:42PM
    sarahevie1sarahevie1 Forumite
    577 posts
    Fifth Anniversary 500 Posts Combo Breaker Mortgage-free Glee!
    ✭✭
    edited 31 March 2019 at 7:42PM
    Just popping in to add my monthly targets,

    I'm about 4 weeks into buying a 1 bedroom terraced bungalow, I bought it as advertised as freehold, and have found out this week it's leasehold. Due to the fact the rental is good, and there's literally nothing else I can buy; where I am, without needing a mortgage, I'm sticking with it for now but if the solicitor finds problems with the lease, the charges are higher than anticipated I may have to pull out. I'm right at the top of my budget with it as it is, I had 105,000 (the purchase price) but I'm saving up for the 4,000 needed to pay the additional stamp duty and solicitor fees. In good news I don't have any debt.

    February
    Money in 2924.19
    Out 1425.33

    March
    Money in 2607.86
    Out 1266.38

    Really love a local radio stations vouchers for days out. Have been to the Alpamere water park at Scarborough, Thackray medical museum, Sea life centre, all really cheap. Had a great weekend away with friends at the coast a few weeks ago and the weather was kind.Also had a couple of nights out locally at an 80s charity disco and a 90s night at a local hall.

    Year to date
    Earnings: 24260.44 (7275.12)
    Spent: (3886.05)
    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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