Mortgage free by 2021?!

hiddenshadow

Let's see how these go...

House

• Arrange estate agent
• Arrange solicitors - should be able to use the ones who did the conveyancing for our purchase
• Get house on market

Financial

• 2018 Rent: €9,800/€10,950

Work

• Set up limited company
• Start new job!
• Figure out Irish income situation

hiddenshadow

House

• Arrange estate agent - have found one who seems decent, fingers crossed that's true!
• Arrange solicitors - will be getting a discount as a returning customer :money:
• Get house on market - still to do

Financial

• [strike]2018 Rent: €9,800/€10,950[/strike] Will be catching up on this next month thanks to my April pay snafu...take-home pay should go up once we're all setup being paid in €

Work

• Set up limited company - in progress, just waiting on paperwork to be processed
• Start new job! - success so far! Only on week 2, but I think I'm bring productive/useful so far
• Figure out Irish income situation - still need to get DH's company to pull their finger out on switching him to not be paid via UK PAYE anymore

hiddenshadow

May OPs: £0.00

Current (offset) balance: £100,645.25
Month we’d be in to get to our current balance without OPs: January 2028 (+1 month)

2018 Overpayments: £0.00
2018 Interest Saved: £0.00

Total Overpayments/Offsets: £68,918.78
Total Interest Saved: £55,727.46

Daily Interest: £6.64 (down £0.06)
Monthly Interest: £205.92 (up £5.04)
May 2017 Interest: £232.62 (down £26.70)
May 2017 Daily Interest: £7.50 (down £0.86)

House Bricks: 1

Mortgage reduction: £4,000.44/£104,646 (3%) (Average: £800.09/mo)

One month closer to 5 figures!

Net worth increase: £38,333/£150,000 (25%) + €5,429/€20,000 (27%)

Making steady progress here as well. Bit slow on the Euro side this month due to lack of new job income yet.

MFIT-4: £58,854/£90,000 (65%)

hiddenshadow

Current mortgage balance as of June 1:

£99,838.99

:j:j:j:j:j

I've been tempted all year to throw extra at the mortgage to get to 5 figures, but with the aim to sell in the next couple months it seemed a bit silly. Got there in the end via slow-and-steady regular payments approach.

Will be able to luxuriate in 5-figures balance for a few weeks until the house sells, then figure out what the plan is on the Irish house side.

lippy1923

Congrats on all the progress and the 5 figures! Its a great feeling getting there.


Good luck with everything Irish

hiddenshadow

Thanks, Lippy!

lippy1923

Hello
Just checking in to see how your getting on. Hope things are going well.

hiddenshadow

Thanks lippy, that's sweet of you to check in when I've been MIA for so long.

To be honest, I've been delaying posting because I wanted to triumphantly say we'd sold our house, were debt-free, and (maybe) arranged to buy a new house!

However...

It took ages to get an offer on our house, and then weeks before exchanging contract (after weeks of delay) our buyer pulled out. :mad:

So we're back to square one. With no compensation for the weeks off the market, or whatever fee(s) our solicitor may have charged for the work already done. (In the US the buyer puts down a small amount of money, usually $1,000-2,000, which they forfeit if they pull out of the sale for no good reason. It helps prevent people from just putting in loads of silly offers at once and seeing which one looks best at the end of the day.)

Ah well, it's only money at the end of the day. Fingers crossed we can get another offer going soon, though I'm now preparing myself for February thanks to the holiday slump in activity.

We've agreed with our landlord to check-in on what we want to do at the end of our lease (July 2019) in May, so that still gives us some time to sort things out. Plan A is still to find someplace to buy, but Plan B is likely to move elsewhere (we like this house well enough, but could probably find a cheaper/nicer house as we wouldn't just be going blind off internet listings). It would be annoying to rent for another year, but no major hassle in the grand scheme of things.

hiddenshadow

Back after a long absence, and I can finally say we're mortgage free!! We didn't secure as high a price as I would have liked, but at least it's done and we have our bank account balance to prove it. (Still waiting on official word from FD that the mortgage is cleared from their books, then I think it will really feel real.)


Life here has gotten a bit complicated in that we don't have the option to stay in this house any longer than July, as the landlord is moving back from Cyprus. They weren't planning on moving back, but their daughter got ill so they need to avail themselves of cheaper healthcare in Ireland. It's a bit annoying for us, but can't be helped.


We're in full-on house-hunting mode now...found one place that we like but don't love, and have put in an offer of €225k. Found another place that we do love, and are waiting to hear back on an offer of €265k. We're theoretically willing to go as high as €275k for it, as it ticks all our boxes (on paper & gut feel), but I think EA is hoping to draw the process out to secure even more money (actual price is just under €250k :shocked:. So, we'll see... still have a few more places to explore, and maybe an even nicer and/or cheaper place will come on the market this weekend.


We could just about buy a place outright with UK house funds + cash savings (perhaps not at €275k, but certainly €250k). I've run the numbers all sorts of ways, though, and I think I'd rather get a mortgage. :eek: If we were to buy a house outright it would wipe out all our savings, and leave no funds for any renovations/repair on the house, whereas with a mortgage we could have healthy EF, renovation/repair fund, and have a bit set aside for any extras. We've been approved for €123,900 as a mortgage, which would cost ~€650/mo on a 20 year term. I think with our monthly cash flow we could knock that out in 4-5 years, if not less. As there aren't really any nice investment/savings vehicles in Ireland (oh ISA, how I miss thee!), it seems to make more sense to borrow at a low rate (well, low-ish, 2.3% is as low as you get for a fixed rate here) and aim to knock it out over the next few years as we wouldn't be missing out on any other opportunities to do with our cash.

ChasingSunshine

Welcome back. Congratulations on being mortgage free. The news about your landlord coming back is frustrating especially as it puts you under time pressure to move. Fingers crossed that the owner of the one you like accepts the offer or as you say that something even nicer comes up.

Saving and investing in Ireland is really hard. Hearing anything about it makes me really appreciate the options available in the UK.