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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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  • debtfreeonedaydebtfreeoneday Forumite
    3.4K posts
    Part of the Furniture 1,000 Posts Name Dropper PPI Party Pooper
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    Glad all going well with you X
    DFW (08/08) £64,346.53 Gone for good (02/19)
    MFW (01/15) £67,234.17
  • teabodyteabody Forumite
    208 posts
    Tenth Anniversary 100 Posts
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    Love the enthusiasm! Keep going, you are doing so well and inspiring the rest of us while you are at it xx
  • sarahevie1sarahevie1 Forumite
    577 posts
    Fifth Anniversary 500 Posts Combo Breaker Mortgage-free Glee!
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    Lockdown continues, although I'm used to the new normal in school with my 'bubble.' Only three weeks until the end of term and summer can begin. Can honestly say I'll always remember this year, socially distanced 'end of year play' anyone! That has been a hoot, if a little stressful. 

    I should be the proud owner of a new buy to let today, but the remortgage funds haven't come through so it's looking like Friday. I've thought long and hard about this but the mortgage payments are less than £400 a month so it seemed low risk. I will owe an eye watering £170,000 on the mortgage when it completes, but my plan is to keep teaching until the mortgage is paid off and then retire so I'm nothing if not determined. I really feel like I've got this; I paid a very good price for the house and I know the street well as my Mum owns a house on it and more importantly it will become my home when I downsize. 

    Have been to the beach twice in the last seven days, it's my happy place (wish it wasn't an hour away) but it's been a real pleasure to take the kids after work. Not a lot to report as I'm taking lockdown seriously so not been to see anybody, other than colleagues at work, and still not socialising. Got a couple of things in the diary for later in the month footgolf and drinks with some friends at an outside bar in the city; you have to book a slot and sit socially distanced outside. Looking forward to it. 

    Planning on checking in more frequently when I have the new mortgage as really will be attacking it to get it paid off. 

    £15883.83 - 2018
    £17885.75 - 2019
    £7739.25 - 2020
    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
  • debtfreeonedaydebtfreeoneday Forumite
    3.4K posts
    Part of the Furniture 1,000 Posts Name Dropper PPI Party Pooper
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    Great news. It will be gone in no time x
    DFW (08/08) £64,346.53 Gone for good (02/19)
    MFW (01/15) £67,234.17
  • sarahevie1sarahevie1 Forumite
    577 posts
    Fifth Anniversary 500 Posts Combo Breaker Mortgage-free Glee!
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    The remortgage completed today so mortgage 1 now stands at £50895 eeek! This is the smaller one of the two.

    Sent the balance to pay solicitor fees, 3% stamp duty. Still holding around £10,000 in savings. (Some was earmarked for new bathrooms as I'm really struggling with 6 people in my house and one bathroom and suspect this will get worse.) It's a lot more expensive to put in new bathrooms than replace but I really feel we need a downstairs toilet plus ensuite as the house is 4/5 bedrooms so any future buyers will expect them but don't really care about that I'm just sick of crossing my legs whilst someone is in the bath! 
    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!
    ✭✭
    Feel like I may have undergone a personality transplant as i took the kids out for a McDonald's and a meal out over the weekend! 

    I've also done the most risky thing I've ever done in my adult life and booked to have my fascias and soffits replaced and two new bathrooms (nothing currently there so whole new rooms to be configured.) 
    Also I've decided not to return to my supermarket summer job as I fancy a rest. Suspect I may start climbing the walls with worry I'm not earning enough but really feel I have a lot on and need to focus on my properties. 

    Have been awake since 5 again with horrific stomach cramps, can't decide which part of life is causing anxiety but think it's a combination of committing to in excess of £11,000 of home improvements, whilst not having a second job. Plus I ate way too much birthday cake yesterday and meals our clearly don't agree with me. The reason I don't eat takeaways (other than I'm too tight to pay for them) is that I always feel so I'll afterwards. 
    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!
    ✭✭
    So I finally completed on my new BTL today. Took my bestie (who I've not seen since March) and nearly ended up crying. Think it was the combination of £170,000 mortgage, seeing friend after so long, overwhelmed by the work required at BTL whilst feeling the need to get it turned around to pay the mortgage. It also should have been ex MILs birthday today but we lost her in Feb so it was a bit much. Onwards and upwards tomorrow. 
    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
  • South_coastSouth_coast Forumite
    1.3K posts
    1,000 Posts Name Dropper Photogenic
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    Today will be better x

    If anyone can do it, you can - you have achieved so much already! Does this make two BTL's now, or three?
  • sarahevie1sarahevie1 Forumite
    577 posts
    Fifth Anniversary 500 Posts Combo Breaker Mortgage-free Glee!
    ✭✭
    Only 2 btls 
    First one was owned outright but not now as remortgaged it to partially fund BTL 2. 
    Home remains mortgage free. Don't think my nerves could take that🤣
    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!
    ✭✭
    I've been busy this week. Just 1 week left with my bubble of year 6s. 
    Rental already giving me sleepless nights. Ive employed a team of decorators for next week; yet keep having nightmares they'll move in and won't leave (too much can't pay we'll take it away ).
    I've booked gas safety boiler check for next week. Electric checks I've paid for but contractor hasn't been in touch with a date.
    Booked carpet fitting for 21st and started referencing a potential tenant.
    Doesn't look like I can afford to have my ensuite fitted anymore at home but will still have the downstairs toilet done hopefully.
    On the plus I've lost half a stone as feel constantly sick. Not good though as keep feeling faint and really I'm used to eating too much so body not liking it!  
    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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