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Aiming high!
freedomby30
Posts: 38 Forumite
A little about us firstly. We bought our very first house just under a year ago for £151000- a renovation project that people thought we were mental for wanting. Why?
The house had been empty for 6 years, the bathroom was disgusting (inch thick fly poop anyone?) and the kitchen didn't exist (we put a fake temporary kitchen in so it was mortgageable, good job they didn't turn on the taps! Other than that the house is in fairly good nick. No issues with damp although the carpets stank and all had to be replaced. The 2/3 of an acre garden was over grown and very unloved. The render needs replacing and the roof could do with it too but only has 1 small leak on the chimney.
A year later and the garden is getting there, about half of it is usable and we have even had bbqs ect. The bathroom is nearing completion after being ripped back to the bare bones - even having new pipework and the kitchen is half way done - floor done except by the door as floor needs dropping, plastering and tiles on walls plus finish plumbing... (it's getting there! All bedrooms are painted and our sons room is plastered. The log burner is nearly finished (just got to tidy the liner at the top of the chimney and attach the burner to the liner with the pipe we finally got round to buying last week.
It's a large project for two 22 year olds (he was 22 days before completion, I turned 23 a couple of months after) to take on especially with two kids and both working full time but we really couldn't be prouder! The house is much bigger than anything "finished" that we could afford and the garden is incredible, not to mention the views overlooking hills and valleys. We were told by the valuer that it will be worth upwards of 250k when done up so no way we could have got it if it wasn't in the state it was when we got it, although we did have to rent as well for 6 months until it was fit to move into!
Us... Me and the hubby, two little ones, one of which has disabilities hence our want to have security for him as moving around every few months plus in and out of hospitals not fair to him or to our little girl. Three dogs, did have 1 outdoor cat, now have three(!!!), 2 ponies (not living at home) 5 chickens, two Chinese painted quail and 4 finches.
And the mortgage? House bought at 151000 but we put down £30200 leaving £120800 from the bank. Had a year of overpayments on and off although most funds went to doing up the house so it is down to 109104.73. Mortgage is 4.09% interest and was taken over 35 years (payment was 541.41) although due to a happy c*ck up at the bank they took nearly five years off and when they wanted to correct it back to the full term I politely told them no
Term is now 30 years and 4 months (although the banks spread sheet says I have 29 years and 8 months left of payments so its still falling!) so...
Monthly minimum payment 530.63
ltv 72.30%
Having added some regular overpayment we pay 842.24 a month and intend to keep it this high so we are prepared if rates go up after our five year fix (hoping not as we have hammered the LTV)
The goal?
Mortgage paid off in full by the time I hit 30...no pressure as im 24 in a couple of months :eek: but lets not admitt that! Also with current overpayment the mortgage will be paid off in 14 years 4 months! A little closer to where I want us to be but still miles off!
Anyways I think this is long enough for post 1 so here goes.... lurker to poster :beer:
**** ADDING SOME MINI TARGETS****
BELOW 80K - This takes us to 1/3 of our mortgage paid off!
BELOW 75K - This takes us to 50% ownership of our home!
The house had been empty for 6 years, the bathroom was disgusting (inch thick fly poop anyone?) and the kitchen didn't exist (we put a fake temporary kitchen in so it was mortgageable, good job they didn't turn on the taps! Other than that the house is in fairly good nick. No issues with damp although the carpets stank and all had to be replaced. The 2/3 of an acre garden was over grown and very unloved. The render needs replacing and the roof could do with it too but only has 1 small leak on the chimney.
A year later and the garden is getting there, about half of it is usable and we have even had bbqs ect. The bathroom is nearing completion after being ripped back to the bare bones - even having new pipework and the kitchen is half way done - floor done except by the door as floor needs dropping, plastering and tiles on walls plus finish plumbing... (it's getting there! All bedrooms are painted and our sons room is plastered. The log burner is nearly finished (just got to tidy the liner at the top of the chimney and attach the burner to the liner with the pipe we finally got round to buying last week.
It's a large project for two 22 year olds (he was 22 days before completion, I turned 23 a couple of months after) to take on especially with two kids and both working full time but we really couldn't be prouder! The house is much bigger than anything "finished" that we could afford and the garden is incredible, not to mention the views overlooking hills and valleys. We were told by the valuer that it will be worth upwards of 250k when done up so no way we could have got it if it wasn't in the state it was when we got it, although we did have to rent as well for 6 months until it was fit to move into!
Us... Me and the hubby, two little ones, one of which has disabilities hence our want to have security for him as moving around every few months plus in and out of hospitals not fair to him or to our little girl. Three dogs, did have 1 outdoor cat, now have three(!!!), 2 ponies (not living at home) 5 chickens, two Chinese painted quail and 4 finches.
And the mortgage? House bought at 151000 but we put down £30200 leaving £120800 from the bank. Had a year of overpayments on and off although most funds went to doing up the house so it is down to 109104.73. Mortgage is 4.09% interest and was taken over 35 years (payment was 541.41) although due to a happy c*ck up at the bank they took nearly five years off and when they wanted to correct it back to the full term I politely told them no
Term is now 30 years and 4 months (although the banks spread sheet says I have 29 years and 8 months left of payments so its still falling!) so...Monthly minimum payment 530.63
ltv 72.30%
Having added some regular overpayment we pay 842.24 a month and intend to keep it this high so we are prepared if rates go up after our five year fix (hoping not as we have hammered the LTV)
The goal?
Mortgage paid off in full by the time I hit 30...no pressure as im 24 in a couple of months :eek: but lets not admitt that! Also with current overpayment the mortgage will be paid off in 14 years 4 months! A little closer to where I want us to be but still miles off!
Anyways I think this is long enough for post 1 so here goes.... lurker to poster :beer:
**** ADDING SOME MINI TARGETS****
BELOW 80K - This takes us to 1/3 of our mortgage paid off!
BELOW 75K - This takes us to 50% ownership of our home!
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Comments
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Just had a quick play with spread sheets and it's looking like just over £1000 a month overpayments... doable..ish..maybe... heck why not! Best start saving these pennies!0
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Hi Freedomby30, welcome to the crazy world of MFW.
That certainly sounds like a large project, and you will have your hands full with it.
It is great to set goals to motivate, but don't get too consumed by trying to get there by 30 at all costs. Most people are still scraping the deposit together by that age.
Make sure you keep something as an emergency fund, or you may find you have to take on more expensive borrowing if the boiler breaks.
Best of luck
MCInitial mortgage (Dec 2012) £108,000 3.84%APR MF date Jan 2038
Mortgage remaining £68285
Daily interest £4.28
2017 MFW #14 £3746.90/£10,0000 -
Thankyou midnight child!
Definitely agree with not setting goals then being ridiculous to achieve them! And my Emergency funds is a small goal I intend to work on adding to... I would like £3000 sat in the account our mortgage comes out of as a just incase (only the mortgage comes out of said account) plus our emergency funds of course! Hope your Mortgage free journey is going well! I shall be popping over to your diary for a nose =D Just awaiting the plasterer showing up to do a quote for living room and kitchen at the moment so talking the time to sort out budget whilst I wait! One thing I have noticed we spend WAY to much money on is lunches as we tend to go to the shop for lunch but I can never think of anything nice to make for lunches to take with us (i'm veggie, he isn't) any ideas appreciated!0 -
Really been thinking about where our pennies go today and cutbacks to make...dont want to make too many at once as I think gradual is a better plan. So goals to start... use up whats in already as we probably have 3 months of food in the chest freezer let alone whats in the cupboards so 1. Go until the end of October spending less than 100 pn groceries (including nappies ect) 2. No take out food until then either 3. Take packed lunch to work EVERY day. I will allow up to three slip ups until end of oct. 4 get my car up and running as its costing a fortune every time hubby has the car. 5 start selling the chickens eggs rather than giving them away free. Im thinking a pound a box? Any other ideas welcome0
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Just switched my brain on after a long day and realised that next month is september so may habe to adjust! I was thinking 6 weeks not 10 eek0
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So yesterday was slip up one as hubby forgot to pick up lunches. .. definitely going to have to train him! At least lunch damage was only 4.85 but annoyed part of the frest foods budget is already gone. Few bits of good news though... firstly bonus of 1121.60 next week
have spoken to the mr and he has agreed we should put it in the account the mortgage comes out of so we have a spare payment so thats a third of that goal going to be done. Also work are offering promotions as we are about to go to a much bigger office. Hubby is THE most likely to get one of these which would mean a big pay rise.. already have him on board that the extra will be put to good use although he wants to extend the house as we want a dining room, bigger kitchen and two more bedrooms plus a bathroom as we converted the tiny downstairs shower into a lovely largish wet room. Kist got to see if planning would allow it but there has been planning to build two five beds on the land before so fingers crossed. Would rather pay dowm the mortgage first but may be able to barter 50/50??? 0 -
:wave: welcome to MFWfreedomby30 wrote: »5 start selling the chickens eggs rather than giving them away free. Im thinking a pound a box? Any other ideas welcome
I generally sell eggs for £1.50/6 (a couple of my original customers still get to buy them at £1.25/6)Mortgage at highest (April 2008): ~£195,000
Mortgage-free: January 2021
Retired: June 2022 (186 months early!)0 -
Welcome Freedomby30
Your house sounds like it's going to be fairly special when it's completed.
Thistle Mortgage at end 05/2007: £90200
Mortgage at end 08/2018: £71646 paid £18354 (20.5%)
MFD: :eek:Original:05/2042:eek:
Car Finance: £8225 : £6392 (22.2% paid off)
CC Debt (0% until 06/2020): £5640 : £4400 (21.7% paid off)
Age of Money at 31/08/2018 = 23 days
YNAB is changing the way I live my life....and spend my money!!0 -
Ohh brilliant thanks for the prices of your eggs!! I was looking at the costing of egg boxes and the feed at a pound a box and there was a slight loss so I'm thinking your pricing is better!
Also thankyou thistle! I fell in love with the place as did hubby and the kids. Our families on the other hand were preparing to call the men in white coats! One year on and they hardly recognise the place... which brings me nicely to my admission... *hangs head in shame*
I had a slip up... an EXPENSIVE slip up at that. Instead of sensibly putting that money in the reserve account like I had told myself to do *enter tutting at me please* I booked a plasterer instead. In my defence the kitchen and living room were depressing me and the embarrassment of bringing people into the house got too much... so I now have two rooms fully plastered (apart from the bit he missed and is coming back in a week to do grrr) and am eagerly awaiting painting them. Hubby is a little miffed that he will have to rehang the upper wall units (all 6 of them shock horror!) but it looks completely different. I wont be dreading the knocking of the door quite so much... Just hope the health visitor doesn't come round until it's painted due to the contents of two rooms being piled in the middle of the living room haha! So my mfw starts as of now and I mean it this time... no slip ups... hopefully!0 -
oh and i had the bathroom ceiling repaired too whilst he was in!0
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