Cheery's country living adventure

edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe
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  • TamsinCTamsinC Forumite
    625 Posts
    Subscribing to your lovely thread. Will have to make my own now! So inspiring..
    “Isn't this enough? Just this world? Just this beautiful, complex
    Wonderfully unfathomable, natural world” Tim Minchin
  • therocket_2therocket_2 Forumite
    59 Posts
    Third Anniversary 10 Posts Photogenic
    Hi Cheery! Just subscribed to your journey!

    I love a project and it's my dream to one day get stuck into doing up a house in the countryside - so I'm reading with a keen interest! Best of luck!

    Rocket
    MFW - diary has finally arrived!
  • museumworkermuseumworker Forumite
    2.2K Posts
    Part of the Furniture Combo Breaker
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    Hi Cheery, love your diary, it makes me want to sell up and escape to the country (and I'm a die hard Londoner!)
    Look forward to following your progress.
    MW x
    Mortgage [STRIKE]16/03/2011: £190K 01/01/2017: £107,729.65 [/STRIKE] 01/07/2017: £95,979.89
    OPs 2011-2016 = £45K 2017 OPs = £9250.20
  • Cheery_DaffCheery_Daff Forumite
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    Ooh, lovely people! :hello: so pleased you all dropped in :D

    I think a lot of people have escape to the country dreams :j I'm actually not sure I ever did - as much as I love *going* to the countryside for a day out, and looking at it :rotfl: I think I was always reluctant to make myself so very reliant on a car... I did live on a boat for a while but only had a bike then - but then I did only work a couple of miles away :rotfl:

    I also lived not too far from here actually when I worked for the YHA many years ago, but that was live in accommodation so there was literally no commute at all :rotfl:

    Still. The first place we viewed was about 5 miles from work and we thought it was too far :rotfl: :rotfl: second was 8 miles away, gosh we loved that house - 8 bedrooms, two staircases, ludicrously giant games room etc and it went for £220k as it was a repossession :eek: sadly we witnessed a shady drugs deal outside the cafe round the corner and that plus the 'extensive commute' put us off :eek:

    Looked for about 2 years in the end as we did our old house up :eek: explored all kinds of areas to the north, south and east of the city, ignoring the west because it's a national park and we'd never be able to afford a detatched house in the national park...

    Time went on, and my wages went up :rotfl: and eventually we found somewhere we loved, had our offer accepted, sold ours, our buyer sold theirs - and we changed our minds :o:o They'd not even taken it off the market so we didn't feel too bad ;)

    After a rejected offer on another place, this one turned up. We'd not spotted it as it was £50k over the top of our budget :eek: :o but by that point we had an offer on our old house for £15k more than the asking price (and £45k more than the first estate agent valued it before we started decorating :eek: ) so we expanded our range a little bit...

    Of course, this was the most expensive and furthest away and ludicrous one we saw :rotfl: we fell for it immediately, suspected we'd never get it but had our second offer accepted at £25k under asking price.

    And here we are, still feeling slightly shell shocked and LOVING country living, even with all the snow and mud :D

    Anyway, waffling on :o I'm off work now til 9th April and i can't tell you how excited I am to have time to potter about :j Sister is arriving tomorrow and I already have a list of jobs :rotfl:
    Mortgage end date at start: Feb 2043
    Mortgage end date now: Feb 2033
  • Cheery_DaffCheery_Daff Forumite
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    Oh, and I WILL ring and pay our first mortgage overpayment tomorrow :money: I also want to ask them why they sent a welcome letter today addressed only to Mr Cheery with no mention of me on it! :eek: :eek: :rotfl:
    Mortgage end date at start: Feb 2043
    Mortgage end date now: Feb 2033
  • Cheery_DaffCheery_Daff Forumite
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    Just made our first mortgage overpayment :j :j :j :j Just under a month after moving in :D

    £130.44

    (just putting that in big numbers so I'll find it later :D )

    Made up of council tax refund from old house, a bit from secret survey site, and the little rewards we get for our current account :j :j

    HOWEVER, apparently overpayments under £1000 make NO difference to the mortgage interest until the annual review date in Feb... they're just set aside until that point, presumably to raise interest for the building society :mad: I thought the whole point was to drop the interest on the mortgage?

    I've done this one, but now can't decide whether it's better to just save them up myself and pay them in one lump sum before the review date... Of course the danger with that is that there's a risk we might spend it on something else... :eek:

    Any advice from seasoned overpayers? Is it better to save it up til we've got £1000? Of course, it's highly likely that that might not even happen once in a year :rotfl:
    Mortgage end date at start: Feb 2043
    Mortgage end date now: Feb 2033
  • KarmacatKarmacat Forumite
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    Congratulations on the overpayment! Yes, I think your instinct is right - save it up yourselves, till you have the £1k, so that it's always you that gets the benefit of the interest reduction and earning. It's not much money, but it will add up - and rates are going up, there's a lot of murmuring about a rate rise in May, I think.

    How exciting to have a holiday and your sister there too! Enjoy :)
    Downsized and paid off mortgage 2010
    Retired August 2016
    Paid off French mortgage September 2018
    New kitchen fully installed June 2019
    Not counting this! 2020
    Garden fencing completed, woohoo 2021.......... Bunny hugger
  • WannabeFreeWannabeFree Forumite
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    You sound so happy and the house sounds amazing!

    x
    “Once you hit rock bottom, that's where you perfectly stand; That's your chance of restarting, but restarting the way.”
  • blocpartyfanblocpartyfan Forumite
    68 Posts
    Part of the Furniture 10 Posts
    Hello lovely people :hello:

    I'm Cheery, been around these parts a long time now and had several DFW diaries over the years, most recently here.

    We are two - Mr Cheery and I. We've been together over 12 years now, and last week we moved from the middle of the city to the middle of nowhere. We were snowed in within 24 hours and unable to leave for a week :eek: Quite an introduction to country living :rotfl:

    I now have a mortgage for the first time in my life :eek: Mr Cheery had one before, but as it was near the end when I met him, we never added me, and then it got to the end of its 25 year span a few years ago. Now we have a brand new one, and I would like to pay it off as soon as possible :D

    It's going to take a while - we've borrowed £215,000 over 25 years :eek: :eek: A reasonable rate though (1.8%), fixed until Sept 2019. Our monthly payment is £890, and I'd like to overpay by £10 at least - with the aim of on average paying off an extra £110 a month to take it up to a round £1000.

    If we don't pay it off early, it'll run til I'm 62, and Mr Cheery is 80 :eek: :eek: :eek: :rotfl: A good incentive to get on with it :D

    Sadly our building society doesn't have online banking for mortgages (bloody ridiculous) and only sends annual statements, so it looks like I'll be ringing them up every five minutes for a new balance :D

    I would love it if you dropped in occasionally for a nice cup of tea, especially if you brought along some cake :D

    More details in a minute :j

    What a wonderful story, and sounds like you're doing a fantastic job of getting stuck in with making the mortgage free aspiration a reality! :T
    Mortgage when started:
    Jan 2013: £200,999; 2nd Jan 2018: £137,500; 2nd Jan 2019: £119,000; 2nd Jan 2020: £98,800; 22nd May 2020: £81,000; 27th July 2020: £71,500
    Mortgage free day planned for: [STRIKE]25th June 2025 (day before my 40th birthday!)[/STRIKE] 31st December 2021
    [/STRIKE] 31st January 2022
    Mortgage free: 2nd June 2021!!!!!!
  • ZTDZTD Forumite
    24.3K Posts
    HOWEVER, apparently overpayments under £1000 make NO difference to the mortgage interest until the annual review date in Feb... they're just set aside until that point, presumably to raise interest for the building society :mad: I thought the whole point was to drop the interest on the mortgage?

    It does sound like it's a bit on the crap side.
    I've done this one, but now can't decide whether it's better to just save them up myself and pay them in one lump sum before the review date... Of course the danger with that is that there's a risk we might spend it on something else... :eek:

    Why don't you set up a monthly saver?

    For example, taking the first direct one (it's tied to your current account so may not be the one for you) - you have to pay a minimum £25 pcm - but you can make any payment up to £300 pcm and that carries/rolls forward. You can't access it for a year. It pays 5% - but be careful with that as it works out at approx 2.5% of the total of your regular payments.

    There are other ones available of course - depends who you're with.
    "Follow the money!" - Deepthroat (AKA William Mark Felt Sr - Associate Director of the FBI)
    "We were born and raised in a summer haze." Adele 'Someone like you.'
    "Blowing your mind, 'cause you know what you'll find, when you're looking for things in the sky." OMD 'Julia's Song'
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