South Coast Mortgage

sarahb100

I've recently discovered this site and this forum, a great source of inspiration and helpful to know I am not the only one with a large mortgage. I guess I am posting as I've spent the best part of a year saving for a move from the Midlands to the South, have now moved and am now somewhat freaked out by the amount of mortgage debt I have in the process. I am lucky in that I can earn a good salary though it is somewhat dependent on the amount of hours I am wiling to work and that has recently been 60-70 a week. I guess I am posting as after a year I am finding it harder to stay disciplined and am hoping that writing here will help remind me of the goal and provide me with some accountability.

A bit about me; nearer 40 than 35, single, no children and over £630000 of mortgage. Currently aiming to overpay my residential mortgage by £2000 a month but also want to renovate, the two don't go together!

Mortgage 1 debt £338500 March 2018!! --> £298000 Sep 2018. Mostly due to the decision to put the renovations on hold.
Mortgage 2 debt £174000 --> not going to go down as interest only BTL
Mortgage 3 debt £158000 --> not going to go down as interest only BTL

pawlala

Wow that's big ££££. But suffice to say, and I've cleared 2.5 of them, you will soon make inroads into your mortgage if you stay focused.

2018 Mortgage Free Wannabes

Good luck. :www:

sarahb100

2.5 of them is impressive! I've accumulated more than that many!

I am very good at justifying spending to myself, both monthly budget which in areas is way too high and one off purchases. Currently coveting a shiny new laptop! Though I would point out on the later it has remained unpurcahsed for the last 6 months.

julicorn

Someone else in the South, yay! Hi, and happy new diary. That's quite the impressive mortgage you've got there. I wish you all the best, and can't wait to see how you get on.

tootallulah

I have been in almost your exact position, I had 3 mortgages all about £170k and my house did need renovating. I concentrated on my house ,paid my mortgage down to £100k and then added back £35k in renovations this was because I lived there and wanted a nice, warm, secure home. I then hit 1 btl mortgage at a time and got them paid off, next I rolled my salary, and both rents into paying off the mortgage on the house. In total all three took me 13.5 years. Having the rent and my salary got through the house mortgage in about three years. Good luck, in that time I had great holidays and a good life and now I am retired on about as much as my salary was - you can do it.

beanielou

Happy shiny new diary

sarahb100

Thanks Tootallulah and congrats that sounds impressive. I have to admit there are some days then I panic and think I have been a bit borrowing crazy. 13.5 years is a brilliant achievement, I hope I get somewhere near to that but having a feeling it might be the other side of 15 (at least!).
Goal number I get residential mortgage down to £270,000 which is actually 60LTV, Goal number two which is somewhat less achievable in the immediate future; have less than half a million in mortgage debt!

I know there are a few other people on here with bigger London style mortgages and some paying them on a single income. I don't know if its just me but the figures are somewhat overwhelming and to the point where it seems like it would make no difference stopping that £3 regular Starbucks coffee. Does anyone else struggle with this? Logically I know it all helps but it seems so minuscule compared the the mountain to climb!!

tootallulah

sarahb100 wrote: »

Thanks Tootallulah and congrats that sounds impressive. I have to admit there are some days then I panic and think I have been a bit borrowing crazy. 13.5 years is a brilliant achievement, I hope I get somewhere near to that but having a feeling it might be the other side of 15 (at least!).
Goal number I get residential mortgage down to £270,000 which is actually 60LTV, Goal number two which is somewhat less achievable in the immediate future; have less than half a million in mortgage debt!

I know there are a few other people on here with bigger London style mortgages and some paying them on a single income. I don't know if its just me but the figures are somewhat overwhelming and to the point where it seems like it would make no difference stopping that £3 regular Starbucks coffee. Does anyone else struggle with this? Logically I know it all helps but it seems so minuscule compared the the mountain to climb!!

I panicked A LOT & did wonder what I was doing plus I was 10 years older than you. Believe me when you retire you will thank yourself. Just get together a plan that allows you to have a good life plus pay off the btls, once they are debt free it gives you a lot of money to work with.

sarahb100

End of 2018:

Bank loan paid off was in Aug £18000. Credit cards all paid off was £2600 in Jan 18.
Emergency fund now was £0 now £20000, ISA was £0 now £2000
Mortgage 1 debt £338500 (moving costs £15000) March 2018!! --> £298000 Sep 2018. ---> £274000 Jan 2018.

All from woking two jobs and cutting back. I really need a day off, need to work on the cutting back still. Next year goal £250000 for mortgage 1.

Mortgage 2 debt £174000 --> not going to go down as interest only BTL
Mortgage 3 debt £158000 --> not going to go down as interest only BTL