Starting over double the mountain to climb!

Hi Everyone
I had an account previously but I managed to lose my username and password so I have decided to set up an new account which sits nicely with my new mortgage free dreams.

So a bit about me, I am a mother to 2 boys wife to another :-) We have just completed on our forever family home in the SE. We paid our previous mortgage down to 5 figure sum which enabled us to buy our forever home with a healthy deposit. We were also lucky enough to buy at the right time and since our offer was accepted in December to completion house prices have gone up! In fact they have gone up so much we couldn't have afforded the house we brought if it went back on the market (that is what I keep telling myself anyway after a painful 7 months process).

Anyway my mortgage free dreams, so growing up my parents had a difficult time financially and the family home was nearly repossessed! Luckily my parents made it through that but I remember vividly the stress and strain it had on them and I thought that I never wanted that to be me. During my early adult years I got into debt and spent my later 20s paying that off (so I didn't learn that much). However for the past 7 years I have been much more money savvy and have manage to save 6 months income and initial renovation budget (the house is very dated).

So how the figures stand now:

House value: £440k
Mortgage: £270k!!!!
This is split over 2 mortgages (£172k fixed for 10 years at 3.39% and £98k fixed for 4 years 2.39%)
Savings £35k

I am thinking of making a 10% payment on the larger mortgage once the initial work on our house is done (October), then chipping away at the smaller mortgage with an aim to pay off £4000 this year. I am currently paying full time childcare costs for my youngest son but that will end in September 2018, and then I will divert all that money directly to the mortgage amount.

When I started my journey before, I found when I look at the large amount we owe it can be overwhelming to think of trying to clear it all so my first small aim is to get it to under £250k. My husband jobs means his pay can vary by £300- £400 a month, we try and live to the minimum he gets paid and save the rest so we don't get used to it.

Other MFW things I need to get back into the habit of are:
Meal planning
Aldi shopping (my husband use to work next door to an aldi but he is on a secondment at the moment but due back at the end of September)
Bulk buying when on offer (I stopped this before I moved as not to have to move loads of toilet rolls)
Baking for my boys instead of brought biscuits and cakes, making homemade meals instead of relying on ready made sauces etc, this is a hard one as I work pretty much full time and some nights I am too tired to cook so I rely on a quick pasta bake with limited effort.
Get my store cupboard back up running, before I moved I ran all my cupboards down to the minimum so I am replacing as I need depending on my meal plans we have seen an increase in our shopping since we moved but I think that is down to replacing this and now school holidays!

This week plans are:
Meal plan for the WHOLE week so no top up shops.
Finish removing wallpaper in one bedroom
Have a go at dyeing curtains left by previous owners to see if we have re use or have to buy new ones! I have never dyed anything before so this could go VERY wrong!

Anyway I think that is enough for now, I am hoping to write in my diary once a week to keep me on track!

Signing off with Smiles!
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Replies

  • vicsmilesvicsmiles Forumite
    30 Posts
    I checked with the nationwide regarding overpayments and so I have decided to make my first overpayment today of £40 on the smaller mortgage (mortgage 1 for the purpose of this diary). That is 1% of my yearly target so only 100 more to go.
    Our first mortgage payment leaves our account tomorrow only LOADS more to go.
  • vicsmilesvicsmiles Forumite
    30 Posts
    Other MFW things I have [email protected]
    I saw someone on here discussing the 5% nationwide account so I have decided to sign up for and divert some of the savings into that before paying off a lump sum.
    As I have a whole house to re carpet and buy curtains and some furniture I am thinking of getting a cash back credit card. Does anyone have any suggestions on where to start looking or any recommendations?
  • PennyJarPennyJar Forumite
    114 Posts
    Hi Vic,

    Good to see another new MFW diary on here...will definitely subscribe. Just started my own if your interested called 'Penny by penny...brick by brick'.

    PennyJar
    Debt Free - 2011 (£15, 000) :T | MFiT - T4 #78 £0/£20,000 (Mortgage reduction target)
    Mortgage Free Goal - 2026 (£101, 062) | #198 Emergency Fund Challenge £500/£1000
    Massive :money: fan - thank you for changing the game!
  • Today I have been reading loads of diaries for tips and suggestions. I remember when I was really focused before I kept my eyes open on what other people were doing to keep me on track.
    I also love ready the MFW roll of honour dreaming one day that will be me :-)


    Our first mortgage payment on our new house went out today, I rounded the figure in our joint account down to the nearest 100 and paid £64 off the mortgage. To be honest I am not sure how long we will be able to make daily payments of that sum so I am thinking of doing once a week on a Tuesday!


    In house renovations news I am going to the local carpet shop to get quotes for the flooring for our whole house. I am debating buying the carpet underlay online but it will depend what they charge for it to begin with the budget for flooring is £5000 am not sure if that is laughable or not. Any saving shall be straight into the mortgage fund.
  • chelseabluechelseablue Forumite
    3.3K Posts
    Part of the Furniture 1,000 Posts
    ✭✭✭✭
    Hello again!


    I think £5,000 seems like a good figure for the whole house.


    The flooring in our house is ok downstairs (all wooden floors and tiles in the kitchen.


    Its the stairs, landing and 2 of the bedrooms we need to do (The carpet in our room I might leave as it is but have it professionally cleaned)


    I find keeping carpets clean with a 2 year old a nightmare so seriously considering wood floor or laminate in the 2 bedrooms
  • vicsmilesvicsmiles Forumite
    30 Posts
    We had to rip up the carpets in the boys room the day we moved in so they have floorboard the next day I brought a thick pile rug as it was so noisy. So I am thinking of putting in carpet in bedrooms and stairs, hallway and dining room wood and lounge carpet. The thing is with me with too much choice I don't know where to start...
  • MissCreativeMissCreative Forumite
    90 Posts
    Sixth Anniversary Combo Breaker
    Hi Vicsmiles :hello:
    Wow that's a hefty mortgage! But I'm sure with your MSE head and all your efforts you'll be right ontrack to pay that off quickly :)
    Will be following your journey :beer:
    Originally October 2042 // Goal December 2032
    Currently at £127,500

    End of fix goal: £75,000 by September 2024
  • Thanks for the welcome... yes it is a mountain to climb I getting pretty scared thinking about it but as we are in our forever home I am thinking we should be under 200k in no time.. Well probably will be by the time my eldest goes to secondary school!
  • chelseabluechelseablue Forumite
    3.3K Posts
    Part of the Furniture 1,000 Posts
    ✭✭✭✭
    The way we're going I'd like to be at 200k by the time I'm 65 :rotfl:
  • ljaneyrljaneyr Forumite
    1.1K Posts
    Tenth Anniversary Combo Breaker
    ✭✭✭
    Hello Vic and welcome :)

    We are also renovating and flooring costs so much!

    I just went to [email protected] Right with my mum as they have a sale at the moment. They were brilliant at narrowing down her search in terms of stain resistance, quality required for different parts of the house etc. The quoted £2600 for carpet for whole 3 bed house with vinyl in the kitchen and utility, including underlay and fitting. You may have a bigger house and want a different quality but it might help as a guide. Also this was less than half the quote of a local independent shop which is a shame but it is a lot of money!

    Anyway I have subscribed and will follow with interest :)

    Janey x

    PS it was a great reminder reading your list of MFW things to try. I am very 'off the wagon' while the building work is going on but hope to get back on it soon!
    "It is often said that before you die your life passes before your eyes. It is in fact true. It's called living." Terry Pratchett
    Bought our house 2012 :) Married 2015 :D Started renovating 2015 :eek:
    Renovation fund... what renovation fund? :eek: Emergency fund 40% Future fund... ongoing...
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