Plodding determinedly up a 300k mountain!

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  • michelle09
    michelle09 Posts: 912
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    So it's now July and were more than half way through 2017 - I'm sure I must have missed a few months somewhere. Both OH and I are emergency service workers in London so things have been a little busy lately, but at least some of it is paid overtime!

    Garden
    We finally had our garden done. £6k for new fences, new paving and replaced top soil and turf (front and back) and a shiny shed to keep the bikes in. Not cheap in the slightest but it is wonderful. We still get the odd bits of bamboo poking through but it's nothing like the old top soil that was saturated with the stuff. We've been planting fruit trees along the back fence (we back onto a main road so while we had the old unruly trees taken out, we did want something there.) I managed to get the strawberries to fruit but everything else was a little late for this year. For now we're just enjoying the grass and looking forward to filling the beds next spring. :)

    House Repairs
    We are down to the kitchen, rewiring, internal door replacement and a full replaster/decorate of the house. We haven't done much in the last few months inside as the money went on the garden, but we are looking to complete the major repairs early next year. We have several friends coming to visit next April and I want to try and sort it all by then.

    Bills
    I've been investigating most of our bills to try and reduce our monthly outgoings and done quite well! Renewed the house insurance - HSBC offered us £550 as a renewal but have shopped around and got insurance that covers us and the lodgers (though not the lodgers belongings) for £240 with a £36 cashback.

    We have added my grandmother to our car insurance on a multi car policy. She wasn't offered a renewal quote as my grandfather was the main driver for their whole marriage. Eventually we went with Admiral because they offered her 15 years no claims as a second driver (even though she kept insisting that it's actually been 59 years of NC). Managed to get her insurance for £400 and we will get a discount next year if we all renew together which is great.

    Our local council apparently "miscalculated" our council tax in the 2016/17 year and charged us a full year instead of 10 months (we moved in end of May) so owed us quite a bit. They wouldn't refund us in one go but our monthly payments are £15/month less than last year which is nice. I think next year will be quite painful though....

    The water company have done a meter reading and thankfully (though I'm not sure how with one of our lodgers!) we are under their estimate so we're down £5/month on the bill there too.

    Mortgage (why we're all here!)
    We've still been throwing bits and pieces on the mortgage to help knock it down. After having a long talk, OH and I decided that we're going chat to our lodgers this month and let them know that when we get the kitchen redone in early 2018 we want them to move out. So from July onwards I'm going to put all £600 rental income straight onto the mortgage so we don't notice it in our monthly funds and won't rely on it come next year.

    I also spoke to HSBC and asked them to recalculate our debt (we have a tracker with unlimited over payments) and we've knocked £12.94/month off so far in 2017, which puts us down to £928/month. Not much in the grand scheme of things but seeing the monthly figure go down always puts my mind at ease about all the money we owe!

    Current Balance: £253,100.00
  • michelle09
    michelle09 Posts: 912
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    Mortgage day and rent day #1. So I rounded the mortgage up (am I the only one who always wants to make sure that the number is a round one?) and put the rent into the account as well. So for the next few months we'll be double paying on the mortgage which is awesome.

    Cashed out my first TCB payment in a while too - with all the insurances and other bits and pieces it was £150. :)

    Current Balance: £252,200.00
  • CathT
    CathT Posts: 7,109
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    Making good progress over here Michelle.
    Feb 2024 - part 1 - £32,339 part 2 - £25,218 Total - £57,557 45 months to go!
  • michelle09
    michelle09 Posts: 912
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    Thanks CathT! We still have a very long way to go, so it's nice to get the debt recalculated to realise that we have made some progress.
  • chelseablue
    chelseablue Posts: 3,288
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    edited 4 July 2017 at 11:26AM
    We still have a long way to go too! £222,000

    We were overpaying £400 a month, but next year we are getting married, the lease car is going back so need to buy a car, plus a holiday to Australia.

    So have stopped overpaying and saving the money for the above instead.

    Oh and just remembered our fixed rate is up in February so need to sort that out! But might have to add the fee to the mortgage as they all seem to be £999
  • michelle09
    michelle09 Posts: 912
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    We still have a long way to go too! £222,000

    We were overpaying £400 a month, but next year we are getting married, the lease car is going back so need to buy a car, plus a holiday to Australia.

    So have stopped overpaying and saving the money for the above instead.

    Oh and just remembered our fixed rate is up in February so need to sort that out! But might have to add the fee to the mortgage as they all seem to be £999

    Every little bit helps though! We are making a difference - even without overpaying we knock £560 off a month.

    Oh wow, that's a lot of things to be saving for. But they are lovely things at least!
  • michelle09
    michelle09 Posts: 912
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    Rent day #2! So put the £300 on the mortgage which was immensely satisfying.

    This morning we went to the Allergy Show in London. I have to follow a gluten free diet and a lot of the foods are really pricy. It's free entry and you can pick up so many samples / good deals. We picked up free packets of GF crackers on the way in (RRP £2) and I managed to get five loaves of my bread at £2/loaf instead of £3 as it is in our local Asda. The freezer is nicely stocked and we didn't need lunch as we were really full of samples from the morning. :)

    Current Balance: £251,900.00
  • chelseablue
    chelseablue Posts: 3,288
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    michelle09 wrote: »
    Every little bit helps though! We are making a difference - even without overpaying we knock £560 off a month.

    Oh wow, that's a lot of things to be saving for. But they are lovely things at least!

    True, didn't think of it like that. We pay off £450 a month without any overpaying
  • michelle09
    michelle09 Posts: 912
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    True, didn't think of it like that. We pay off £450 a month without any overpaying

    Which is still a lot! Even if OPing is the ideal, it is getting lower every month by itself. We're still less than two years out of renting, so I still equate it to the £1400/month that we were never seeing again.
  • michelle09
    michelle09 Posts: 912
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    Some exciting news for us this week - I am finally getting an oven! My grandmother is moving closer to my parents (so I have the joys of helping deal with the EAs and solicitors and my mother now freaking out because she was certain she'd have 28 days between exchange and completion....) and has an oven that she's not taking and no-one else wants.

    I'm fairly certain it will fit in our car, and our local council will apparently take away the old one for £30 so all in all this is much cheaper than a new one. The old one we kept because 2 1/2 of the rings on the hob still work but the oven itself doesn't.

    The other major update for us, is that we have two people come round to measure up our kitchen for quotes! For most things in life, I am fairly tight and very MSE, but for my kitchen? I have a lot of feelings and want it to be good. So it isn't going to be cheap.

    That being said, we now have six months to save up for it (tentative fitting date is January 2018) and I think it will be good for us to have a set target to aim for as we have drifted a little recently. And I am already excited about all the wonderful things I am going to have in my new kitchen which I think will sustain me through the very serious saving months we have ahead.

    Today is a slightly rare treat - lodger #1 is on holiday and lodger #2 is away visiting family so I am going to cook for when OH wakes up (on nights this weekend) and we will have a lovely evening alone together. :D

    Figures (updated)-
    House Price: £440,000 *gulps*
    Mortgage: £251,900.00
    Student Loan: £17,894.12
    Repairs Estimate: £15k (kitchen, interior doors, rewiring and replastering)

    Total: £284,794.12
    : We are making some headway up our 300k mountain, maybe at the first pitstop!


    Current Balance: £251,900.00
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