PinknSparkly's Mortgage Wannabe savings dairy

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  • pinknsparkly
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    So we are (tentatively) completing on Tuesday next week!! I say tentative because my solicitor sent me an email today suggesting that we delay completion until the "money issue" is sorted. They claim that my husbands Lifetime ISA provider said that his balance is £1000 less than it is (exactly £1000 less) - I'm 100% sure this has to be a typo as his account has never had the balance that they are claiming in it. However, since they confirmed that any overpayment made by us would be refunded on the day then, for ease and simplicity, I'm willing to pay them what they say we owe and then when it turns out to be £1000 too much they can refund us. I've replied saying that I've got all the money ready to transfer to them by the end of this week (to ensure they get it in plenty of time) if they are happy with that, or we can delay if they prefer. They are really poor at volunteering any information whatsoever (which makes me wonder exactly what we're paying them so much money for) so I'm wondering if they are expecting an issue with the lifetime ISA. We've already agreed to delay completion to next Tuesday from this Friday as the money from the lifetime ISA is due to be paid to them on Friday and they were nervous it wouldn't arrive in time. It makes no real difference to us (or our parents, who we're buying the house from) whether we complete on Tuesday or a few days later but I do wish they'd stop making vague suggestions about delaying completion without giving me a solid reason for it (other than vague concerns about money and us not being charged late completion fees as a result).

    I'm not sure whether to feel excited, nervous or something else but mostly I feel completely detached from the whole situation as if it's not really happening! Hopefully it'll feel a bit more real when it actually happens :rotfl:

    I've also put our Xmas tree and decorations up after a year with no decorations in 2017 as I didn't trust our cat not to trash them! So far, he's mostly just been very confused by the whole situation!!
    MFW2023 challenge #99: £1090.11 / £1,000 MFiT-T6 (Jan 2022 - Jan 2025) challenge #99: Reduce mortgage to £400,000. Current balance = £413,551.19 Initial MF date (23rd Aug 2022): Sep 2051 Current MF date: Jul 2051 Last updated: 15/06/2023
  • pinknsparkly
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    Eeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee :dance::dance::dance::dance:

    We managed to complete this morning, despite some last minute panicking that the Lifetime ISA money wouldn't get to the solicitor in time. And true to form, I've celebrated by making a mortgage OP already - £11.11 from TopCashBack arrived in my account so it seemed rude not to :rotfl:

    I'm not a fan of the whole house purchasing schenanigans though - I've told my husband that we're never moving again as I can't face the stress of it! I think he thinks I'm joking......

    Having achieved mortgage-attainment, it's now onwards to mortgage freedom!
    MFW2023 challenge #99: £1090.11 / £1,000 MFiT-T6 (Jan 2022 - Jan 2025) challenge #99: Reduce mortgage to £400,000. Current balance = £413,551.19 Initial MF date (23rd Aug 2022): Sep 2051 Current MF date: Jul 2051 Last updated: 15/06/2023
  • Skint_yet_Again
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    That's great news Pink :beer: and well done on your first overpayment :j :T :j
    0% credit card £1360 & 0% Car Loan £7500 ~ paid in full JAN 2020 = NOW DEBT FREE 🤗
    House sale OCT 2022 = NOW MORTGAGE FREE 🤗
    House purchase completed FEB 2023 🥳🍾 Left work. 🤗

    Retired at 55 & now living off the equity £10k a year (until pensions start at 60 & 67).

    Previous Savings diary https://forums.moneysavingexpert.com/discussion/5597938/get-a-grip/p1

    Living off savings diary
    https://forums.moneysavingexpert.com/discussion/6429003/escape-to-the-country-living-off-savings/p1
  • pinknsparkly
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    Thanks Skint, I'm over the moon. Though it all still feels a bit surreal somehow!! We got the interest from our Lifetime ISA returned to us from our solicitors today (£41.32) so that's another mortgage OP sent off. Next step is to set up the actual mortgage payments - I assumed they would have been set up from when we applied for the mortgage but I can't see any evidence of them online so will ring Halifax tomorrow to ask!
    MFW2023 challenge #99: £1090.11 / £1,000 MFiT-T6 (Jan 2022 - Jan 2025) challenge #99: Reduce mortgage to £400,000. Current balance = £413,551.19 Initial MF date (23rd Aug 2022): Sep 2051 Current MF date: Jul 2051 Last updated: 15/06/2023
  • atrixa
    atrixa Posts: 549 Forumite
    First Anniversary First Post Photogenic Name Dropper
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    Well done! Bizarre that they didn't set up a direct debit, maybe they're just after the late payment fees.
  • pinknsparkly
    pinknsparkly Posts: 542 Forumite
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    edited 21 December 2018 at 8:32PM
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    Thanks Atrixa! Turns out I was a little too keen - the letter with details about the direct debit turned up today after I'd already spoken to them last night to increase it from the minimum payment. I've rounded it up from £737.69 per month to £750 which isn't a huge increase but every penny helps! We've been saving £250 a month each into regular savers for several months which we've managed to avoid needing to use for buying the house. I'm aiming to make over payments of at least £500 a month, which will reduce our term from 35 (and a bit) years to 17 (and a bit) years. My current intention is to continue saving into the regular savers (as the interest rate is higher than my mortgage) and when the year is up on them, I'll use them to make a lump sum overpayment. And then any random extra bits (such as small expense reimbursements from work, cashback payouts etc) will also be sent over.

    I also want to start investing in stocks and shares ISAs to give us the option of early retirement (if we want it, otherwise it'll give us options such as taking time off for travelling or reducing work hours) so am trying hard to resist the temptation to throw every spare penny at the mortgage!!
    MFW2023 challenge #99: £1090.11 / £1,000 MFiT-T6 (Jan 2022 - Jan 2025) challenge #99: Reduce mortgage to £400,000. Current balance = £413,551.19 Initial MF date (23rd Aug 2022): Sep 2051 Current MF date: Jul 2051 Last updated: 15/06/2023
  • pinknsparkly
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    and as my signature states - I've joined the MFW 2019 challenge! I can't wait to get started
    MFW2023 challenge #99: £1090.11 / £1,000 MFiT-T6 (Jan 2022 - Jan 2025) challenge #99: Reduce mortgage to £400,000. Current balance = £413,551.19 Initial MF date (23rd Aug 2022): Sep 2051 Current MF date: Jul 2051 Last updated: 15/06/2023
  • gallygirl
    gallygirl Posts: 17,228 Forumite
    Name Dropper First Anniversary First Post Mortgage-free Glee!
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    Thanks Atrixa! Turns out I was a little too keen - the letter with details about the direct debit turned up today after I'd already spoken to them last night to increase it from the minimum payment. I've rounded it up from £737.69 per month to £750 which isn't a huge increase but every penny helps! We've been saving £250 a month each into regular savers for several months which we've managed to avoid needing to use for buying the house. I'm aiming to make over payments of at least £500 a month, which will reduce our term from 35 (and a bit) years to 17 (and a bit) years. My current intention is to continue saving into the regular savers (as the interest rate is higher than my mortgage) and when the year is up on them, I'll use them to make a lump sum overpayment. And then any random extra bits (such as small expense reimbursements from work, cashback payouts etc) will also be sent over.

    I also want to start investing in stocks and shares ISAs to give us the option of early retirement (if we want it, otherwise it'll give us options such as taking time off for travelling or reducing work hours) so am trying hard to resist the temptation to throw every spare penny at the mortgage!!
    Congratulations :T.
    Great idea to pay all the random stuff off the mortgage - it keeps your interest up (and the building society's interest down :rotfl:). In your position though I'd be using the larger amounts to invest in S&S ISA's - over the longer term the growth should exceed what you'll save in interest and you could always use it in the future to pay off the mortgage. Depends on your attitude to risk of course but something to think about?
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
  • pinknsparkly
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    Thanks Gally :D

    To be totally honest I keep swinging wildly back and forth between your suggestion (and the most "correct" in terms of potential long term gains) and the allure of being MF asap. My concern is that our five year fix will end just as the stock market plummets and interest rates go up massively (lol, and to think I'm renowned amongst my friends as being an eternal optimist!!). In that case we would have hugely increased monthly payments without the option of withdrawing money from our ISAs to make a lump sum reduction in the amount owed. What would be your feeling about that situation? Please try and persuade me as I would like to follow my head, which agrees with you, but my heart says otherwise! My (current, I'm always open to suggestions and change!) plan is to make £500 per month OPs, plus random extras, with the rest of our salaries going into S&S ISAs. £500 per month has us mortgage free by the time I turned 50, and is the time point I have in my head as being our potential early retirement date.
    MFW2023 challenge #99: £1090.11 / £1,000 MFiT-T6 (Jan 2022 - Jan 2025) challenge #99: Reduce mortgage to £400,000. Current balance = £413,551.19 Initial MF date (23rd Aug 2022): Sep 2051 Current MF date: Jul 2051 Last updated: 15/06/2023
  • savingwannabe
    savingwannabe Posts: 16,610 Forumite
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    This is hard. I kind of agree with Gallygirl but if you have a 5 year fix your idea is good too. Hard decision.
    Aiming for a minimal spend 2022
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