Mission Possible - first step deposit and mortgage, second step 'Mortgage Free'

edited 29 July 2017 at 5:21PM in Mortgage-Free Wannabe
27 replies 2.6K views
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  • wishingthemortgaheawaywishingthemortgaheaway Forumite
    2.5K Posts
    1,000 Posts Second Anniversary
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    Wow 10nsd's is that a record I wonder?

    I'm subscribing to your journey and hope I can cheer you on.

    I do have a question though, is £200 a month the most you can put into the help to buy isa? If you can put in more, why don't you move some of your mortgage deposit savings over to increase the 'bonus'?
    I really don't know anything about them, so I'm sorry if this is a stupid question.

    Wish
    Outstanding mortgage: £23,181 (December 19)
    MFW 2020 Challenge Member #10 0/£2318
  • edited 13 August 2017 at 3:07PM
    penny*pincher_2penny*pincher_2 Forumite
    69 Posts
    Third Anniversary 10 Posts Name Dropper
    edited 13 August 2017 at 3:07PM
    :wave: Hi Wishing! - Thanks for stopping by and leaving a message :T
    I was so pleased with reaching 10 - but something had to give. It had been a long day and I needed a diet fizzy drink to keep me going haha!! - I wish I could put more than £200 in the ISA per month, but that is the limit unfortunately. Initially you can load with £1200 but after that it is £200 max per month... I feel silly for not having set it up sooner :o nevermind!

    This week

    What a week! And it is flippin' Sunday again already. I was a bit spendy this week :naughty: - I know I know. But the thing is... it was on silly stuff because I didn't plan my week properly. I was too lazy to order lunch this week at work, so worked all day without eating, kidneys crying as my fluid intake was shocking... so probably 3 evenings I stopped at the shop on the way home. I did get some ys things, but some were full price :mad: - I didn't need them. I didn't plan. I must try to be better this coming week. Don't get me wrong, I didn't spend a fortune... but, when saving every £ matters. Whoops.

    I spent the day with a friend yesterday, it was lovely. Just a couple of coffee's to pay for... always great when it is not your turn to pay for lunch :rotfl:- I couldn't believe my eyes when I saw C hristmas displays being put together.... is it really coming around that quickly????? :santa2:

    Some work news... my Manager is going to put me forward/ recommend me for a job I will no doubt apply for... it is in the early stages, but something which will probably take 12 months to come into 'being'. I am never over confident when it comes to jobs, but I do hope I would be considered. I would expect a larger salary due to the amount of responsibility, and this would obviously make for a larger mortgage potential which is quite exciting. :A whilst not overstretching myself!!! I have no idea what the next year will hold, but I do hope in 18 months I will be in my own little home - how exciting.

    But, I find myself wishing paydays to come around... anything to get me where I want to be a little bit quicker. I am looking at decor as I visit places and see lovely things which I can imagine being in my dream little house one day... one day has to get here eventually. I can't believe the rate this year is passing now!!! - soon be the 'BER' months :T:T:T - I love love love Autumn.

    So next week will be a full on week. Looking for some NSD's but I need to get the car booked in for MOT and Service :eek: - I really don't want to!!! - I hope the MOT fairy is looking down on me in a positive light that day haha.

    I hope everyone is keeping well and you have all had a wonderful weekend :beer:
  • tori.ktori.k Forumite
    3.6K Posts
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    So what have you decided about the holiday?
    Rather than cancel can you not change it to somewhere cheaper so you get the best of both, if not then go and enjoy yourself at worse you would only put a couple of months delay on your plans, and life has to be lived, I'm a firm believer that travel opportunities should always be taken, especially with the way the world is, you never know if you will get there else.
  • Hi Tori :wave: thanks for your message.

    I have not fully decided, still have a week to go. I have spoken to alot of people about it and currently still weighing it up to make sure it is the right decision for me :)
  • edited 16 August 2017 at 6:28PM
    penny*pincher_2penny*pincher_2 Forumite
    69 Posts
    Third Anniversary 10 Posts Name Dropper
    edited 16 August 2017 at 6:28PM
    Queue the suspense music.... MOT and Service day today.

    Thankfully, not much was needed, wipers were in need of replacement - thankfully not a huge expense. Everything else was fine with no looming costs/ advisories. Phew! :beer:

    I did my first prolific online survey today :T . I needed to buy a new cardigan when I was in town today :( and tights :mad: and - I came home whilst car was in the garage - £6.40 for a return bus ticket ?? :eek: - how expensive!!!! ..... I decided to come home so I wouldn't get too spendy in town haha.

    Not alot else to report at the moment. Decision made to have a holiday at home this October rather than go away :)
  • Well - I didn't realise I had been away quite as long as I have been. Not alot has been happening other than work overload and I have re-evaluated things.

    I think my plans for next year have changed somewhat, I will be looking for a more 'modest' house which will allow for a smaller mortgage and will allow me to probably change my career. Long hours and constant oncall is not suiting me and so there will be some changes afoot - the last thing I want is to climb the ladder further and add more stress into things and it then not be a temporary job role. My mind may change, but my focus is constant ... I was very happy today to update my signature :D:T:j

    I want to be at the 20 - 21k mark on 31st October (pay day) - fingers are crossed!! - Ideally not including the ISA, but I would be happy either way.

    I do hope everyone is OK :D
  • :jHi all!!

    It has been a few months but I have continued my mission and pleased to report my progress:

    July 2017:
    Savings: £13,032.56
    H2B ISA: £1200.00
    Holiday Acc: £ 214.22

    February 2018:

    Savings: £19,507.54
    H2B ISA: £2623.96
    Holiday Acc: £0

    I currently have approx. £2500 in current account. I get paid on 28.02.18 and so whatever is left I will transfer into savings. I have some cash to cover shopping and some petrol so only a few DD's to come out of account.

    I have managed to save and also have a 'fair' few months!! I am still on an exceptional saving spree and I welcome any hints and tips especially in the food shopping department as I now follow Slimming World (lost 2 stone 13.5lb since October 2017) and I did Veganuary in January and seem to have continued with this dietary lifestyle. Food as usual is the area I can most definitely save some money. I am going to do a stock check in the kitchen later and make some meal plans!! :T

    So as far as houses go, I had a look at some new builds and considered moving ASAP. I went via a broker as recommended and got an AIP sorted. I originally wanted to use the H2B equity loan, but then changed my mind. I looked at a 2 bed new build for £183,995 - it was tiny!! Totally made me reconsider EVERYTHING. Small rooms, tiny garden, allocated parking away from house... not what I personally want. Even the bigger houses with H2B were not that much larger overall. My world broke a little.

    I decided I needed to really consider established builds and pleased to report that after some thinking and research this is the way forward for me. But I need to build up my deposit ASAP. My AIP is £162k and I want to basically save £38k total so I am able to look at £200k houses and submit offers where they may appeal. I am practical regarding legal and moving fees and am aware I will need approx. £5k to ensure a comfortable move which might need to allow for rent and council tax overlap. Most houses which are appealing to me are on the market between £195k - £200k.

    Fingers crossed I can continue this journey and prepare for a move later in the year (much later in the year!!). I have so much to do in relation to sorting out my current home and belongings. It remains an exciting venture but as usual I am so impatient I want to be moved and in my own little palace ASAP!! :rotfl:

    Looking forward to catching up on all of your journeys :beer:
    P*P x
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