Mortgage free & able to live the dream!

L9XSS

Given the tax relief for higher rate tax payers it would make sense contributing to both a workplace pension and a private pension, i.e as a lower rate tax payer for every £100 I pay into my SIPP (through Vanguard) the tax man gross this up to £125.
Additionaly I pay into a workplace pension 10% of my salary and my employer contributes 7.5%.  Like you I’ve been overpaying my mortgage, however the closer I get to 55 years of age, it make sense to switch into pension provision. I can use a small amount at 55 to pay off my mortgage with the tax mans help (George Osbournes pension reforms).
You are absolutely on the right track, with savings cushion, if life’s curve ball happens (it did for me, out of work for 6 months but bounced back).
whatever you decide, a move to Cornwall etc etc your in a good position, don’t sweat the small stuff, enjoy your young family, set up a 5 year plan and then go for it.
Times are uncertain however if you have Plan Band C you will be okay.
Your not lucky to be in this position, you have worked and saved to be at this point.
Good luck in all you strive for!

SWSEGirl

Thank you again L9XSS - I need to get DH on side & we need to establish a proper plan between us. 

Looking at the dismal interest rates, we might as well put our savings anywhere else! 

In other news, I’m still battling our management company on their charges - they are double what they should be. Annoyingly there seems to be water coming in through our ceiling, so the roof urgently needs looking at, I need them to be cooperative in order to sort that!

SWSEGirl

So I've tried to rationalise my finances a bit, and have done the following:
* Paused my Audible subscription (and set a reminder to cancel in 90 days)
* I went to cancel my NowTV subscription, as I don't use it that much & was paying £14 a month for a upgraded subscription, they then offered a 6 month deal for £6.99 per month, so I was persuaded to stay - I'm happy saving £7 though & I do use it for work.
* Cancelled a podcast subscription - £15 per month
So that's a £36 a month saving already - which I plan to funnel into a 'lump sum' pot to pay towards the mortgage.
I managed (after a bit of an argument) to get DH to access his pension and check it's progress - he's satisfied with his contributions and projection,  and we're both aiming for a £30k pot each on retirement, so we can put that to one side now!
We've both agreed to stop adding to our savings and put anything above £50k into our 'lump sum' pot for when we come to remortgage.
I managed to speak to someone at our management company about getting our roof looked at, we have serious damp issues in the winter, and I want to get this sorted before it becomes an issue this year!

Cornish_mum

I just wanted to pop by and say Hi and fantastic numbers.  

I am also from Cornwall and have a few friends (and my brother) who have returned home after living in London. All of them love it but the one who tried the 2-day London commute & had kids gave up the day job very quickly and set up her own business (100% in Cornwall instead). I would not under estimate the commute especially if you are considering using the train in the winter (as the line is very unreliable south of Exeter).

A lot of them rent their homes as AirBnB in the summer, as a second income stream (and temporarily moving back in with parents). I am from a SE Cornwall Seaside village; there you can make 2-3k a week in rent from a decent 4 bed in high season. 

 Good luck with it all and selling your flat. 

joshiesaunt

We too have a London mortgage but not the big salary to go with it unfortunately.  I think you are very disciplined and have some good plans.  I'd echo what previous posters have said - take the time to enjoy your children - they grow up in the blink of an eye!  We are lucky in London that there are parks everywhere and so much that is free for children to do.  

caeler

@SWSEGirl great job on reducing those monthly bills. I wanted to say “hi” and weigh in on the “pensions, savings, mortgage” issue. I’m hitting my mortgage with all I’ve got right now. Then I’ll think about pension and savings. I’ve got time but it does weigh on my mind if I’m doing the right thing and missing out on tax relief etc.  I’ve got some savings earning a pittance so I’ve got my emergency buffer and OP in waiting for when I reach my max OP allowance.  For me, being mortgage free is the right thing. 

debtfreeoneday

We moved to CW 10 years ago and never looked back. It is very active on the property market here at the moment - I guess as a result of Covid / home working etc. 

Property prices are up for sure. We have had ours valued again of late and it’s gone up £40k since beginning of year. 

SWSEGirl

Well, it’s been a truly terrible month. My toddler is undergoing a diagnosis for developmental issues, and we are currently at home where my family are as I am caring for my Mum who is very disabled & unwell at the moment. I’m still working, but have no childcare (we are still paying our childminder in London) and my days are stretched between washing, dressing & feeding my Mum, working & caring for my toddler as well as trying to get the necessary support in place for them both. I’m feeling exhausted, emotional & at breaking point at times.
I’ve finished applying for Attendance Allowance for my Mum and have been advised that we should apply for DLA for my son - I feel uneasy about this, since we are not in financial hardship - although it is not means tested & would pay for private therapy & investigations we now need, I just feel a bit uncomfortable about it.
Financially - I feel like I’ve been haemorrhaging money, buying various things for my Mum & clothes for my family (we originally only came back for a week, and now don’t know how long we’re staying).
For what it’s worth we have managed to overpay the mortgage by another £2k - but it feels a bit irrelevant now. Having put our flat on the market, we have taken it off again after no interest. Whilst it feels like the very least of our issues, it is hard not to be able to see our future in a new place like we planned, but it’s very hard to know what the future holds anyway at the moment. I guess in the long term we just need to save & hope we can find the best support possible for our baby.

Qtipps44

You can do this.
Take time, you need to be ok for everyone else to be ok. Look after yourself and focus on what’s important.
best wishes.

enthusiasticsaver

I am so sorry you are having a tough time with finding support for both your son and your mum.  It must be a struggle trying to work alongside all of that too.  I think if your son needs additional support and the DLA is not means tested you should apply for it regardless of what your financial circumstances are.  You do not know what is in the future so you may be glad of it and if it is to be used to help your son access therapy that is what it is for.  Can you buy in some care for your mum?