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sarahevie's single quest to mortgage freedom

edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe
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  • sarahevie1sarahevie1 Forumite
    577 posts
    Fifth Anniversary 500 Posts Combo Breaker Mortgage-free Glee!
    ✭✭
    £15883.83 - 2018
    £17885.75 - 2019
    £10253.29 - 2020
    Spends over £3600 this month absolutely unheard of for me. £1200 materials for the new bathroom/skip hire/gravel for the garden etc. Plus £1400 labour costs so far. This is all for home. I'm including them in my tracking of spends though as although I can live frugally I need to factor into the budget maintenance spends too. My plan is to see how much I spend over 10 years to track/plan for retirement spends. 

    I'm actually shattered, as moved tenants in on Friday/Saturday this week. Also had builders in all week working on relandscaping the garden, new room off the kitchen to create downstairs toilet/utility/boiler space, plus taking girls bedrooms back to brick to re do them and remove the built in cupboards. So it's been pretty much the  whole house affected as the contents of their bedrooms are in the other two bedrooms. All the bathroom stuff is in the kitchen. The garden is out of action (there's only the  two lounges left and one of them is the other side of the utility/ toilet so it's had a new wall built in 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
  • sarahevie1sarahevie1 Forumite
    577 posts
    Fifth Anniversary 500 Posts Combo Breaker Mortgage-free Glee!
    ✭✭
    £15883.83 - 2018
    £17885.75 - 2019
    £12276.17 - 2020
    Trying to keep it fairly low key this month as had to pay the final £990 for the finished works. Really happy with the landscaping in the garden and my new downstairs toile/utility. 5 people and one bathroom was a nightmare it's now absolutely fine. 
    I had plans to put in an ensuite upstairs (finally got a date 6 months after I originally booked) but I've decided against as it's unnecessary and was going to cost £5,200 perhaps in the future but not now. 
    Been to some new places with month Hackfall woods, Stockeld Park, Fat Badger at Harrogate with different groups of friends. 

    Have been giving myself a bit of a talking too as a good friend of mine has been left really diddled after a breakup. It's not my place to share the ins and outs but needless to say I'm feeling complete rage towards the 'other woman' who I also know really well as I've always thought of her as manipulative/the worst kind as acts like butter wouldn't melt. I've had a few run ins with her professionally not personally but always came off the worst whilst knowing she was being dishonest.
    Anyway been giving it all way too much headspace, then feel guilty for being uncharitable and really I'm not the injured party.
    Both rental properties going ok right now; new tenants have been in a month. One more week off work.
    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!
    ✭✭
    Got caught up in the personal and forgot about my money updates. 
    I've decided against paying off the BTL mortgages but have decided to pay into pension instead and then use the tax free lumpsum to clear. This is part of a larger retirement plan which I would  like to instigate at 50 in 15 years ime when DD3 is 22 (she was 7 last week.)  

    This plan is not coming easily/naturally as the drive to clear the mortgages is big. However, if I pay into the pension £500 pcm I will have £7050 per annum rpi linked from 60. If I pay a further £4000 a year into another pot. My tax  free lump sums will be £143,000 (predicted so I'm going to have to keep an eye.) My mortgage is £170,000. So should pretty much clear it.

     My rent across both properties is currently £7800 and £9600 respectively this is gross there's expenses/tax etc. Plus I'm on track for £6300 TPS per year from 60 rpi linked. So I'm happy with the guaranteed pots plus BTLs. There's between 50/60 to negotiate  but I can downsize although it's not that cheap to downsize really as starter homes round here are tiny and expensive.
    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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