Mortgage freedom/FIRE diary

Poppycat1

Sorry diary for neglecting you for so long.  

I did go for one of the options.  I have ordered a little van and I am having it converted to a camper van.  I have paid the deposit and have been working hard to get the rest of it.  I am still short by around £6,000 so will probably end of borrowing some money.  I love a money saving challenge so may try and save £1,000 so I only need to borrow £5,000.  It should be ready in March.

The plan is to use it for long weekends and holidays over the next year and decide if I like it.  Also to save some money and then to take a career break and go to Europe for a while the year after.  I am hoping not to have to rent my home out or sell it.  I am doing small and cheap things in the bungalow to give me the option of renting it out if I need to though.

So I don't really belong here anymore.  But I have overpaid the maximum of 10% on my mortgage this year and a little more.  I now owe £78,500.  Next year I will pay odd amount each month to get it to end with 00 but that will be it.

My lovely DS2 is leaving to travel to New York on 30th December.  He has a holiday booked to come back at Easter for two weeks. 

I hope everybody is well and Happy Solstice.  This really is a celebration bigger than Christmas for me, this is because it means from tomorrow the days will get longer and my depression normally improves. x

savingholmes

Wow - just got to the end of your diary - to read about your DS moving abroad - and you deciding to take a career break. Sounds daunting, exciting, sobering, joyous, a rush of emotion all at once. Well done for putting what your DS wants first even at the literal financial and emotional cost to yourself. You have done so well with everything... 

Poppycat1

@savingholmes that is how I feel, so many emotions.  

I have been a single Mum for 15 years and with that, most of the time, living with hardly any spare money if any.  It difficult to come to terms with being on my own again.  I am so proud of myself for bringing up two lovely boys and still being able to keep my home.  I nearly lost it several times at the beginning.

FtbDreaming

You’re doing fantastic! I hope 2022 brings you a joyous year full of new experiences and happiness xxx

savingholmes

Well done for all you've achieved. I know it's no consolation but it will be good to put yourself at the top of the list for a change.

L9XSS

Just did a brief catch up, focussed on the last 5 pages. I know it must be tough for you balancing so much, some parallels, my youngest daughter moved overseas with her mum at 17. My partner was a single mum for 5 years with two lovely daughters. I feel blessed to have met her 5 years ago. Thankyou for your kind words to my post earlier. There is an awful lot of support on this forum, everyone cheering everyone else on, we have all come unstuck at times. Please persevere with your goals whether it’s mortgage overpayments, plan to travel, taking a year out, whatever. This forum from like minded people offers great advice and support. I will be cheering you on! Your in my thoughts.

Poppycat1

I have just read my last few pages too L9XSS, I got quite emotional.  It's difficult being so far away from them, isn't it.  My DS2 seems quite happy in NY and although doing well at school, he isn't enjoying that part as much.  He has been home twice since moving over there and is due back a week before Christmas for two weeks.  DS1 is doing well at uni.

Although I now have the camper van and have enjoyed several times away in it.  It has put in to a bit of debt.  I now have a loan of £7,500 and a 0% credit card debt of £2,750.   I do love having it though and don't regret buying it.

My home was on the market until about 10 days ago.  My remortgage date is in about 4 weeks and I just couldn't wait for the place to sell whilst interest rates were getting higher and higher.  I have remortgaged for another 5 years at 4.34%, more than double what is was at 1.99%

I have done a budget and after all my monthly bills, food, fuel, cat food, saving for yearly bills and sinking funds come out.  I have minus £45.00.  Luckily I have opportunities to take on overtime.  I normally stick with the department I usually work for but they don't always come up.  Today I have applied and got four overtime shifts at another department.  They are weekend shifts so pay a bit extra

So the plain was to sell up and buy a new build in a nice area about 45 minutes away, that isn't happening now.  So I am staying put.  The second plan was to borrow around £30,000 extra on the mortgage to fit a new bathroom kitchen, boiler and radiators in my current home.  At 4.34% interest, I couldn't justify it.  The loan is at an interest rate lower than the mortgage rate.  So financially I'm better off paying extra off the mortgage if there is ever any free money.  Any extra money earned through the bank is going to an emergency fund that currently stands at £42.17!

I also do have a spare room so could rent that out but only going to if I really have to.  I have got set in my ways and don't like the idea of sharing.

University will not accept me without a GCSE English so I am now at college studying for that.  Not 100% sure university is right but having the GCSE will help get another job as well.

Two cats went to live with my sister so I now have just the three.

Baileys_Babe

My friend has a part time lodger, they only stay a few nights a week. You might find that a suitable compromise.

Regarding any free money it might be more beneficial to put it in a savings account as interest rates keep increasing.

Poppycat1

Today is the last day of my old mortgage rate of 1.99%.  Tomorrow it will go up to 4.34%.  Looking forward to checking my account tomorrow when it should of been updated.  

After giving myself a kick up the backside I have managed to save a bit of money.

So I have £400 in my sinking fund.  This is to cover my annual bills, gifts and holidays etc.  I am saving £200 each month for this (included in budget).  

I've managed to add to my emergency fund and I now have £200.  Not huge but it is a start.  I have been working O/T so I can add to it.

I am keeping both in a easy access account paying 2.75% interest.

£50.68 was earned through PA last month, my best this year. 

I was given a voucher for a free recipe box.  I think it should of cost around £46.  I had to pay £4.99 delivery but got 3 different meals for four people.  There is only me so 12 generous main meals for £4.99.

Still not put the heating on because it has been so mild but will need to soon as my home is starting to feel slightly dump.  

All in all I feel in a slightly better position to when I last posted.  

Baileys_Babe

Good to hear you are building up the savings pots. Even £50 can mean a situation is manageable or sends your finances into a negative spiral.

Enjoy free recipe box, the standard price is eye-watering though.