Downshifting to a nicer life...

in Mortgage-Free Wannabe
72 replies 13.5K views
MeandOMeandO Forumite
2.3K Posts
Sixth Anniversary 1,000 Posts Name Dropper
✭✭✭✭
Hello.

A DFW for many years (on and off) and now debt free, my thoughts have turned towards bettering my somewhat hectic and stressful life and paying down my mortgage.

I live on my own, with DS with me for half the week, and own my own house after splitting up from my soon to be ex-husband a few years ago. All of my family live at least 200 miles away and I have very few close friends nearby too, with all of them being in the area I grew up in, so I am well and truly on my own here. I get on well with the ex, but he is the ex for a reason, so we only really see each other for reasons relating to our son. I do have a lovely boyfriend of 3 months, but due to our individual childcare setups, I only see him a couple of times a week. We also don't live very locally to one another.

My mortage currently has £98,028 outstanding on a property valued at around £220k.
Today I set up an overpayment of just over £100 a month, rounding the payments up to £600 a month. I'd love to be able to overpay by more, but on my single salary, this is the max I can afford for now.

I also have savings of approximately £7K in the bank which I'd like to use to pay a chunk off the mortgage, but it needs to stay there for a while as my job is not the most secure.

Now, this is where the 'downshifting' comes into it...

Recently, I made the difficult decision to put my lovely house on the market. As nice as it is it's a 4 bed, which is too large for my needs, and not in a convenient location for my work. I seem to spend most of my time hurrying to work or home again, trying to beat the traffic and get from A to B as quickly as possible. My son is in childcare after school because I can't afford to cut my hours whilst still in this house, so the plan is to downsize, move closer to where I need to be, cut some hours at work so I am able to pick my son up and not pay childcare. Unfortunately this means moving schools for DS, but I'm hoping it will benefit him in the long run too.

The house has been on the market for 24 hours and I have a viewing lined up for the weekend, with another party also interested.

I can't say I'm feeling that positive about downsizing and moving to an older, less 'lovely' house atm, but I'm doing it for the right reasons and it will hopefully better our lives in the long term. I'm desperately concerned as to how this will affect DS, I just have my fingers crossed it will all turn out well.

The new house will be cheaper, hopefully by at least 20K, so that will go someway to reducing my mortgage too.

So, that's me in a nutshell. Right now, I'm taking a deep breath, putting my big girl pants on, continually telling myself I'm doing the right thing and trying to downshift towards a better life... all support and encouragement will be greatfully received and very welcomed!
Mortgage @ March 2019 £107K, now £62,999
Mortgage OP's so far: £3712.68
Savings: PB £4,625; H2S £2200 (+£500 bonus); M&D £650; Pot 1 £110; Pot 2 £100= £8185
«1345678

Replies

  • SailorSamSailorSam Forumite
    22.8K Posts
    10,000 Posts Combo Breaker
    ✭✭✭✭✭
    Didn't you talk about it with your Son before you decided to sell and move ?
    Liverpool is one of the wonders of Britain,
    What it may grow to in time, I know not what.

    Daniel Defoe: 1725.
  • edited 7 July 2016 at 1:44PM
    MeandOMeandO Forumite
    2.3K Posts
    Sixth Anniversary 1,000 Posts Name Dropper
    ✭✭✭✭
    edited 7 July 2016 at 1:44PM
    Yes, I've introduced him to the idea, but as he's only 5 he's obviously not at an age to make any life-altering decisions.
    Mortgage @ March 2019 £107K, now £62,999
    Mortgage OP's so far: £3712.68
    Savings: PB £4,625; H2S £2200 (+£500 bonus); M&D £650; Pot 1 £110; Pot 2 £100= £8185
  • tim_ntim_n Forumite
    1.6K Posts
    Part of the Furniture 1,000 Posts Combo Breaker
    ✭✭✭
    Can't say at 5 it'll make a massive impact. He can of course still see his old friends if you're friends with any of the mums/dads.

    I'd be concerned about making overpayments if you're considering moving. I would put that money into savings and build up a pot for the solicitor fees etc rather than touching your 7k. If that's all you've got, I'd keep it separate for emergencies and make sure it's in a high interest paying account. It always pays to have 3-6m emergency money just in case you or one of your children gets ill and you have to live off it for a while.

    Good luck, it takes a lot to raise two kids on your own and I'm sure your children would understand if they could making sure you have a stable future to come. You can always move in the future if circumstances improve and get a nicer house. Just make sure you're getting the worst (but livable) house in a good area as opposed to the best house in a terrible area. As long as it's structural and has a good boiler don't worry about the decor!
    Tim
  • apple_muncherapple_muncher Forumite
    12.4K Posts
    Eighth Anniversary 10,000 Posts Name Dropper I've been Money Tipped!
    ✭✭✭✭✭
    Hello MeandO! Wow! You have made a huuuuuge decision. Well done, girl :T. It does seem as if it will reduce your stress levels and allow you more time with ds, and both of those are a 'good thing'. Fingers crossed that it all goes smoothly.

    Am subscribing x
    NST sept; NSD 19; Ex 11

    Mortgage £300 ish (01/14: £78,201; 01/15: £59,629; 01/16: 39,915; 01/17: 27,295; 01/18 23,143; 01/19: 18.275) MFWDate: very soonish
  • MeandOMeandO Forumite
    2.3K Posts
    Sixth Anniversary 1,000 Posts Name Dropper
    ✭✭✭✭
    Thanks for the advice tim_n, will have a think about the overpayments.

    Welcome on board Apple! Nice to 'see' you here x

    An unexpected bonus this week - a credit card company sent me a letter to say they'd miscalculated some charges when I had a card with them, so are sending me a cheque for £120 ish.

    That will pay for our ferry crossing for a little break we have booked (and accommodation already paid for) for next month.

    I have made appointments to see two houses this weekend. Hopefully they will put my mind at ease a little about moving and, if I do get an offer on mine, then I will be in the position to make an offer if I like one. We shall see.

    Next month I need to work on the grocery shopping to reduce that. It's not extortionately high at the moment, but I could do a lot better. I need to plan more and eat better and plan to bring lunches to work more often. I sturglle to find the time to go to supermarkets - thats how busy my schedule is! I did resort to online shopping a while ago, but was disappointed with the quality of the fresh stuff I kept receiving.
    Mortgage @ March 2019 £107K, now £62,999
    Mortgage OP's so far: £3712.68
    Savings: PB £4,625; H2S £2200 (+£500 bonus); M&D £650; Pot 1 £110; Pot 2 £100= £8185
  • beanieloubeanielou Forumite
    77.7K Posts
    Part of the Furniture 10,000 Posts Mortgage-free Glee! Name Dropper
    ✭✭✭✭✭✭
    Hope all goes to plan :)
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~**
    MFW. Finally mortgage free February 2021****
    "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.***
  • MeandOMeandO Forumite
    2.3K Posts
    Sixth Anniversary 1,000 Posts Name Dropper
    ✭✭✭✭
    Thanks beanielou.

    Well, nothing came of the viewing on my house at the weekend, except the EA messing me round a bit more. :mad:
    The house I went to see (cancelled one viewing) was extremely disappointing which left me a bit down, but I'm trying to remain optimistic. There is another viewing on mine lined up for tomorrow so I have my fingers crossed for that.

    I have bookmarked lots of properties which are around £40k - £50k cheaper than mine, so that will be a good chunk off my mortgage if I manage to find a property I like in that price range.

    Still have yet to receive the refund from the credit card company, shall chase that if I haven't had it by next week, that will be added to the holiday savings pot for our break next month. :)
    Mortgage @ March 2019 £107K, now £62,999
    Mortgage OP's so far: £3712.68
    Savings: PB £4,625; H2S £2200 (+£500 bonus); M&D £650; Pot 1 £110; Pot 2 £100= £8185
  • MeandOMeandO Forumite
    2.3K Posts
    Sixth Anniversary 1,000 Posts Name Dropper
    ✭✭✭✭
    The viewing planned on my house today has been cancelled as the wife "has a cold." :mad::mad::mad:
    Doubt we'll hear from them again.

    So frustrated and annoyed with this whole house selling lark already, considering I spent hours cutting the grass, tidying, cleaning and hiding loads of toys and bits into the garage last night. Also found a lovely house that I arranged to see for Friday in the hope today would go well.

    Today is not a good day.
    Mortgage @ March 2019 £107K, now £62,999
    Mortgage OP's so far: £3712.68
    Savings: PB £4,625; H2S £2200 (+£500 bonus); M&D £650; Pot 1 £110; Pot 2 £100= £8185
  • MeandOMeandO Forumite
    2.3K Posts
    Sixth Anniversary 1,000 Posts Name Dropper
    ✭✭✭✭
    Just switched my broadband and phone to a different supplier, as it will be half the cost of what I'm presently paying Sky, plus £95 cashback through Quidco. That's £18 a month saved. :)
    I know its probably a daft time to switch as I could potentially be moving if this house sells, but I'm fed up with paying over the odds with Sky.
    Mortgage @ March 2019 £107K, now £62,999
    Mortgage OP's so far: £3712.68
    Savings: PB £4,625; H2S £2200 (+£500 bonus); M&D £650; Pot 1 £110; Pot 2 £100= £8185
  • apple_muncherapple_muncher Forumite
    12.4K Posts
    Eighth Anniversary 10,000 Posts Name Dropper I've been Money Tipped!
    ✭✭✭✭✭
    Chin up chuck! Thinking of you.
    NST sept; NSD 19; Ex 11

    Mortgage £300 ish (01/14: £78,201; 01/15: £59,629; 01/16: 39,915; 01/17: 27,295; 01/18 23,143; 01/19: 18.275) MFWDate: very soonish
This discussion has been closed.
Latest MSE News and Guides