And so it begins: The Pig Vs The Mortgage

pinkypig

Awww thanks Nutty, it’s always good to see you . I’m really sorry to hear your OH is so poorly, I hope things Improve for you all soon xx

pinkypig

Hello : wave:

At long last - a financial update!!:rotfl:
It’s so long since I did one of these that I can’t remember where I left it so I’m going to do an annual update ( just passed my 2nd mortgage anniversary). I’ll then go back to monthly updates until the end of the year followed by a 2019 review.

When I agreed my financial settlement in 2017 it included taking on a mortgage of £145k ( including some costs) on my own. This was secured against my home although it was actually to pay for a BTL.
As I knew this was on the cards and I would struggle to raise the mortgage amount on one salary I had spent the previous two years (since my separation) saving every penny so that when I remortgaged in my own right in August 2017 I ‘only’(!!) had to borrow £112k.:eek:

As I planned to retire early I took it out over a 10 year term and opted for a 10 year fixed off set mortgage. My initial goal was to op and to have it paid off (by being mortgage neutral) in 7 years, when I was 55. However, like many on here I got the bug and have spent the last two years thrifting and side hustling like a loon to get it gone sooner!

On the ‘defence’ side of things I’ve neal planned, ys shopped, batch cooked and baked, eaten every scrap of leftovers, made jam and chutney, minimised utility usage, cash backed like a mad women, line dried or airer dried laundry, cut and coloured my own hair and bought only second hand (with rare exceptions), advance bought gifts, cards and wrapping in the sales.
The ideas gleaned for here have saved me a small fortune and it’s all been thrown at the mortgage.

On the ‘offence’ side of things I’ve worked full time as a teacher, rented out two BTLs, taken full advantage of the rent a room allowance at home, done consultancy work (using previous career skills) and scoured charity shops and carboot sales for things to sell on eBay. Every bit of extra income plus the interest from my OS savings account went to the mortgage as did every spare penny of my salary.
It hasn’t been purgatory (far from it), I’ve socialised (mainly at home) pursued hobbies (free ones like walking, cycling and running), had lovely foreign holidays (budget flights, Airbnb and using local public transport) and maintained my unlimited classes membership at my local leisure centre. I’ve had some tricky time’s due to circumstances outside of my control but on the whole life has been good, simple but good. Better in fact than when I suffering from spending drift!
Thanks to MSE and MFW there has however been very little frittering and wasting on fluff and nonsense that does not actually make my life better or me happier.

Anyhoo, scene set so enough flannel!

My mortgage balance when I took out my mortgage in August 2017 was £112k.

In August 2018 as a result of the above and my colossal monthly payment due to the 10 year term (£1024!!) it was £80,157.47
The offence/defence has continued and I was lucky enough to have an incredibly generous £5k windfall and I had two lots of new tenants who failed affordability checks as they were recently self employed so both paid 6 months rent in advance which gave the coffers a huge boost. So, as of 1st September 2019 my mortgage neutral balance stands at £26,546.65 and I am beyond thrilled.

I will have a fair bit of Tax to pay on rental income and consultancy income in January and that will need to be paid out of my os savings and there’ll be no more rent for a while but I’m hoping if I knuckle down for a few months, this figure will still stand in January once all my tax is paid. This means I’m still on track to be MF in two years even with my reduced teaching hours ( shhhhh - I still hoping it will be 18 months !:rotfl:)

I am so very, very glad that I fell upon this site and , in particular, this forum and so grateful for the constant, unwavering support and encouragement I have received over the last two years from so many friends who take the time to drop in.

The end is in sight my dear MFW buddies, I can almost touch it. :j

Thank you again, you’re frickin’ awesome :A

PP xx

Busy_Mee1

Wow, Pinky just wow. That is amazing but to honest with your hard work and focus this is very well deserved. :T:T:T:T:T

Cheery_Daff

Wow!! :j :j :j You have made SUCH progress! Well done you! :money: You're an example to us all :T

Karmacat

Pinky! That is amazing! I'm so pleased for you, and even more that you managed to include a good life at home and a proper holiday. Just a wonderful post. I'm going to copy it and send it to my sister - she's very confused about why we share exact figures on here. But this is why! Mega news, fantastic.

Hazelnutty

Huge, massive, humungus, gargantuan congratulations, Pinky. You've done awesomely well. And along the way you've given us all such encouraging and entertaining updates and inspirition

woodfired

You are an inspiration to us all Pinky, what a fab post! Well done on how far you have come, the end will be here in no time at all.xxx

pinkypig

Evening

Awww, see, you’re all so incredibly supportive, not to mention lovely, generous and kind :A. Your comments are so appreciated, thank you:A
I can see what your sister means about actual figures Karma as I’m always a little concerned that It might cause upset as I’m very aware that my circumstances put me in a very privileged position and I know that many people on here work incredibly hard and due to their circumstances find it tough to make ends meet. There’s a world of difference between choosing to do without and simply having no choice but to do without. I hope I don’t come across like a middle aged, middle class t*sser

Today has been a good day. I had meetings off site which meant a later start and an early finish which was a bit of a result! The meetings were also interesting and productive so win/win

Today’s small steps to financial freedom and general well being were;

Woke early and didn’t need to leave until 9 so I took a coffee back to bed and read for a bit.

Changed my bed and did a load of laundry as it was a good drying day,

Boxfit class done - discovered this recently and love it!

Did 1/2 hour in the garden cutting back and filled the green bin ready for collection and sorted out the recycling which is collected at the same time.

Tomorrow’s lunches ready and tomorrow’s dinner is defrosting.

Cheap,,healthyish eats (overnight oats for breakfast l, spicy chickpea salad for lunch and hm chicken and mushroom pie from the freezer for dinner). Mum came round and ate with us and the kids were so lovely with her it made me feel proud of them. DS has passed his driving test and is taking her out for a drive and for lunch at the weekend to thank her for her help buying his first car.

Hoovered downstairs and mopped the floors ( the joy of starting work nearly two hours later than usual!)

Did next week’s meal plan based on what is in the freezer and wrote a very short shopping list so hopefully costs will be low this month.

Drank enough water and had a reasonable night’s sleep

Got a price for some work on the house which was much less than expected

Thanks again for all your kind words, it’s so nice to share and yet I’d never feel comfortable doing it in RL. Part of me still can’t quite believe it. I remember years ago, reading Tilly’s diary and being amazed at her determination and her achievements and then thinking WOW, she’s done it, never really believing that I’d eventually manage it too. Going it alone after 20 years was scary but I learned so much from people like her. The skills and ideas were incredibly useful but what was really invaluable was the confidence and the self belief that it gave me to move on from doubt and fear into positive action - one very small step at a time

Happy Hump Day to you - I hope it’s been a good one

PP xx

wishingthemortgaheaway

Wow Pinky, you are smashing this. Huge congratulations.

What are your plans for your day off tomorrow? You are so productive for that later start.

Congratulations to your son and what a lovely lad for taking grandma out to say thank you. How honourable and what a credit.

Just brilliant.

Busy_Mee1

You absolutely don't come across as a middle aged, middle class t@sser PP. You come across as a very hard working and resourceful person, who is doing her absolute best with the hand that you have been dealt.

The whole point of these diaries is to share our journeys so that others can pick up ideas and inspiration. It is actually an incredibly generous that you share the detail, because it makes things more real and comparable.