Booking myself in for an independent future

1235716

Comments

  • Runders
    Runders Posts: 292
    First Anniversary First Post
    Forumite
    I'm glad that the new job is going well :j

    I wouldn't beat yourself up if you don't reach your target, the fact you have made it most of the way is pretty good going and life does throw curve balls at us sometimes. I am off target for my savings and will be even more so after a holiday in October, but I am just trying to focus on what I have saved as anything is better than nothing :)
    MFW Start:[STRIKE] Sep 2014 - £110,844[/STRIKE], July 2019 New Home £190,995 :eek:
    Current: £82,999.69, £190,972.18, £188,091.57, £180,026.25
    2021MFW #97 OP Goal £296.36/£3000
    2020MFW #97 OP Goal £3104.09.09/£3000
    2019MFW #109 OP Goal £1024.99/£1000
  • Well this month hasn't been great money wise, I just haven't got things sorted yet.

    I was still on target to finish the month with £200 left to overpay and then today tickets were released for the Autumn season at the Royal Opera House so bought tickets to a couple of shows. Thankfully my friend paid be back straightaway but it will be more like £100.

    Get my first pay from my new job on Friday so then should be able to do a new SOA. Not great in terms of my pension but my new place doesn't offer the scheme where I can pay an extra 1% and they will add 2%. At least I will have a bit more each month now
    Mortgage £75,300 (December 2016) Mortgage Free Date December 2051

    Mortgage £17,350 (December 2023) Mortgage Free Date 1st March 2024
  • Pay day today so could make my end of month overpayment. This month I managed £147.10

    Mortgage is now down to a lovely round £67,000 :)
    Mortgage £75,300 (December 2016) Mortgage Free Date December 2051

    Mortgage £17,350 (December 2023) Mortgage Free Date 1st March 2024
  • beanielou
    beanielou Posts: 89,348
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
    Ambassador
    Love round figures :)
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing [email protected]. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.

    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • Busy weekend; lots of running and lots of MSEing

    1. Have moved myself onto a new tariff with my energy supplier (I am not allowed to change supplier) which is £1 a month cheaper than my current tariff, it also comes with a £40 Argos voucher for switching to it. I don't think I have been in Argos since I was a teenager but I am sure I can spend it on something. It may end up being spent on Christmas presents for niece and nephew. I also sent them an updated meter reading.

    2. I tried to do the same with my heating/water account but discovered it wasn't linked to my online account due to a postcard issue. So have sent an email off to them. This usually happens when some databases put Flat ## instead of just the number so they do not match up.

    3. I have set up a new savers account with HSBC that will be my new spend/save account to cover holidays etc. And a direct debit of £50 will now go into that each month.

    4. Have done two 10ks this weekend. I have signed up for next half marathon so need to up my training again. Fingers crossed no injuries in prepping for this one.
    Mortgage £75,300 (December 2016) Mortgage Free Date December 2051

    Mortgage £17,350 (December 2023) Mortgage Free Date 1st March 2024
  • kev2009
    kev2009 Posts: 1,037
    First Post First Anniversary Name Dropper
    Forumite
    Hi,

    In a similar position to you, bought a place in 2015 on my own, i'm single. I bought my property with a mortgage, didn't do shared ownership. I was fortunate enough that I've not been silly with my money and have been able to save money throughout my life so far so meant I could put down a reasonably deposit on the property and have a reasonable monthly repayment figure. I have a mortgage over 30 years, as I didn't fit into the 25 year term i originally wanted. Have a ok job etc, similar income to yourself, however my travel costs are half yours and also my costs are a bit different to yours such as my council tax is higher and other figures are higher and some lower. I've not made any over payments yet as this was my first property so had other expenses that go along with a first property when nothing to move into it :) However, I am looking to make a small over payment this year and then hopefully overpaying more for the next 2 years. I can only overpay 10% of what I owe each year which is fine for now as I cannot save that amount in 1 year anyway so i been saving a bit towards over payments for the last 3 years with a view to hopefully paying a chunk off. I took a 5 year fixed rate mortgage, which ends in 2020 and my plan s to overpay a small amount this year and then next 2 year overpay as much as I can to hopefully offset any potential interest rate rises to avoid my monthly payments going any higher. I'm planing on reducing my monthly payment when i make over payments so that i still have the 25 year term when i hope to fix again for 5 years after this 5 years. Then when i make over payments, I will reduce the term as i'm hoping to get my mortgage down a fair bit by then so that if interest rates do rise, it wouldn't be a massive increase as i'd owe much less is the plan anyway, fingers crossed it all works out!

    Ideally i'm hoping to complete the mortgage in 15 years or less and not go the full 30 year term. Hence my plan to keep term the same now till 2020 then reduce the term for 5 years of over payments, by then i will have had the mortgage 10 years so i'm hoping with good size over payments each year from next year, i will start to see the figures tumbling and hopefully a much smaller mortgage will remain.

    Then i'm hoping 3 - 5 years to pay off the remaining mortgage. Currently think 1 or 2 year fixed rate and then go variable rate which I don't think has any over payment limit so i could potentially pay it all off when i down to a low figure and have the money to pay it off, but that's a long way ahead yet and things could change so i'm just concentrating on reducing it as much as possibly by 2020 to hopefully get a good rate for another 5 year fixed deal as people are predicting interest rates being 3 - 4% by 2020.

    Good luck with yours!

    Kev
  • sound_mind
    sound_mind Posts: 17 Forumite
    Hello,
    so utterly single it is ridiculous, and love running (once I have made myself leave the flat).

    This cracked me up - it's like I wrote it. I like running, once I get to the park. And I'm so utterly single! I'm 10 years older than you, I have a child and a bigger mortgage though :)

    Good luck @BookmobileBadGirl, I'll be following.
  • Kev, sounds like you have a plan. I have a two year fix so have been pushing myself to get it down as low as I can. My mortgage is 35 years, and I doubt that will ever change.

    . I was fortunate enough that I've not been silly with my money and have been able to save money throughout my life so far so meant I could put down a reasonably deposit on the property and have a reasonable monthly repayment figure.

    I may just be grumpy due to heat, but this sounds like you are implying that I have been silly with my money to only be able to afford shared ownership.

    That is not the case
    Mortgage £75,300 (December 2016) Mortgage Free Date December 2051

    Mortgage £17,350 (December 2023) Mortgage Free Date 1st March 2024
  • Eurgh, I have been paying £35 a month service charge since I moved in, turns out I should have been paying £161 a month for over a year.

    Have just transferred the back pay, and adjusted the standing order.

    This is going to affect the SOA

    So I am trying to move forward with my plans to sell some things on eBay. I have even posted on the eBay board to get some advice!
    Mortgage £75,300 (December 2016) Mortgage Free Date December 2051

    Mortgage £17,350 (December 2023) Mortgage Free Date 1st March 2024
  • kev2009
    kev2009 Posts: 1,037
    First Post First Anniversary Name Dropper
    Forumite
    Kev, sounds like you have a plan. I have a two year fix so have been pushing myself to get it down as low as I can. My mortgage is 35 years, and I doubt that will ever change.




    I may just be grumpy due to heat, but this sounds like you are implying that I have been silly with my money to only be able to afford shared ownership.

    That is not the case

    Hi BookmobileBadGirl,

    No no, I wasn't implying you had been silly with your money, i was just saying I hadn't been was all, wasn't implying anything towards you, just explaining my position at present. Apologies if it came across the wrong way.

    wow £161 a month service charge, what does that include? Seems a bit steep no??

    Kev
Meet your Ambassadors

Categories

  • All Categories
  • 341.8K Banking & Borrowing
  • 249.7K Reduce Debt & Boost Income
  • 449.2K Spending & Discounts
  • 233.9K Work, Benefits & Business
  • 606.1K Mortgages, Homes & Bills
  • 172.5K Life & Family
  • 246.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards