Making fairy dust of the mortgage

Accountant_Kerry

savingholmes said:

Well done on the OP. I can't imagine sharing a room with a parent/child - it sounds tough for both of you. How long is your timescale for trying to get a new place?

Thanks. We’ve shared since her dad and I separated, she’s loves it atm and it doesn’t bother me tbh. She’s also only with me half the time. By the time she’s 12 though she really needs private space so thats the limit so need to start looking in about a year. I hope to have £100k equity by then which means paying off £25k in the next 18 months plus Saving £10k for moving 😳

Accountant_Kerry

I just looked at an old post of mine from 2009 with my SOA at the time and I was £40k in debt and earning about £35k a year ouch!
Luckily those days are long gone and apart from my car loan which is paid by my work car allowance I don't have any debts and earn a fair bit more than I did then. I have come quite far really looking at all. As I am also now single and a mother and have been for a fair few years.

On another note interesting development yesterday I got a letter from the Pru looking for my dad who has been dead 20 years, apparently they have some policy in his name than was nerver claimed. Its probably a total pittance but might be a few hundred towards the mortgage you never know!

Jessy103

Well done on being debt free and fingers crossed on the policy! 😀

savingholmes

Good luck with the Pru -let's hope they have a windfall for you. I was reunited with a pension I didn't know I had worth £2.8k last year (total pot). Better than nothing.

Sistergold

Hey there @Accountant_Kerry
wave 👋🏾 
Another single mom here juggling 🤹‍♀️ it all. Enjoying reading your diary and hooting for you all the way! 

Xx

Accountant_Kerry

Thanks All.

Wednesday this week I find out what my annual bonus is. Fingers crossed it wont be terrible but given the current climate anything is better than nothing. It could be anything up to 15% of salary but if its more than 5% I'll be pleased. Whatever it is will be going straight off the mortgage.

DD started horse riding lessons back at the weekend so that £30 a week I've been saving in lockdown is now out of the window but its much cheaper than having a pony I guess.

savingholmes

Much cheaper than a pony. .Hope you get a good bonus.

Accountant_Kerry

advice appreciated here, I have £5000 left of my 10% allowable overpayment for this year and hope to have used this up in the next 3 months, meaning until the end of Jan any more overpayments would have a 2% early repayment fee. so what should I do with any additional funds any recommendations? I don't want to be tempted to spend it

Sistergold

Hey there
I guess add all extras to emergency fund? At remortgage all extras can OP then remortgage on a lower balance? Remortgage time is always a chance to make bigger OP I think. 

Xx

Accountant_Kerry

So not bad news on the bonus this means I will have £4k to overpay this month taking me below £75k which is great, I am starting to think the target I had in my head of £65k when I remortgage in Jan might just be achievable. 

I was also lucky enough to get an additional bonus in company shares, I am not sure when it will vest yet as need to get a letter apparently but all good as it was a few thousand £.