£207,470.42 to go...! (now £395,000 to go!)

miss_undastood

Hi.

We bought our house in 2013, our mortgage was around £308k and like you we are trying to clear it.

We had our first child in 2014 followed by a 2nd in 2016; this year we have both finished paying off our student loans - whoop! But I now only work part time now.

Just remember everyone has a starting point and some people are much further down the line than you our.

We took out a 35 year mortgage too - our payments started at nearly £1300 a month and are now £1100 (we are consciously letting the contracted payment reduce) that way we can not overpay for a few months if we need to and we feel it gives us more control and a bit of flexibility

Good luck in paying your mortgage down. Every little helps

getmore4less

Your key goal get the LTV to a level where the better rate is available..
That should be easy in 5 years.

Simple ratio to retire in 20years
spend 1/3 save 1/3 buy a house with 1/3.

With kids make that 1/4s and add 1/4 to pay for kids.


Your current budget seems to have a lot of big speeds in it.

Do some plan with 20, 25,30 year targets using today's money.

Work out what your lifestyle spends are that is what you need to cover once retired..

25 multiple is a good start spending £20k a year living needs 1/2 million.

TheOpportunist

Morning all,

This month I took advantage of a trading platforms offer by opening an account with them and referring a few friends and colleagues to do the same as they are offering a free share for opening an account and a share for the referrer too. Through this I have five shares worth a combined £100

Instead of spending it I shall make an over-payment on the mortgage once it has been withdrawn. The Mrs doesn't think it will make much difference, however it will save us about £9 in interest from now until the fixed term ends in September 2021 - and as Miss Undastood and a former employer have said "Every little helps".

Miss Undastood, your approach is something many people appear to like. I will look to reduce the term for the mental boost, but leave us some wiggle room for when/if we need it once we have children of our own.

GetMore, your ratios did get me thinking about how our money below is a not so exact breakdown:

Apologies for the double fractions and percentages.

2/8 mortgage (just over 2/8ths but w/e)
1/8 food and petrol (4/5 food, 1/5 petrol)
1/8 bills + surplus
1/8 allowances
1/8 (well 70% of an 1/8th) 0% credit card repayment until Nov then its clear

The remaining 2/8ths this month went on:
- £300 ISA contributions
and £700 on:
- Euro tunnel tickets for a wedding later this year
- Glasses for Mrs
- Monthly train ticket for work - may consider an annual ticket now that I plan to stay longer term
- One off train ticket for the Mrs work trip to LDN which will be reimbursed for
- Birthday gifts for the MIL
- Passport renewal for myself
- A new pair of jeans (I wear mine until the crotch wears away)
- Replacement makeup (about to run out)

All logged on a spreadsheet

SavvySaver007

Ooh, this is timely as we are just about to sign for a mortgage of around the same amount. Terrifying but exciting at the same time! Good luck on your journey and look forward to seeing your updates

System

£255K here. I have no other debts though so It doesn't bother me, our loan to value is still good as the house is worth ~£400k.

TheOpportunist

Afternoon Savvy,good luck/congratulations on the house! Scary times to be buying, we had hoped the 5 years mortgage will see us through brexit and out the other side however we are still amongst it with 2.5 years to go until our fixed rate ends.

Nice work beany!
The Mrs only has £6k on her plan 2 student loan which will bring in some extra pounds once its all clear. With her private work it should only be another 2/3 years.

April should provide an uptick in wages for me and perhaps the Mrs as we both work in local government and NHS so its all banded.

kaycastle

Good luck I'll be following your progress as my situation is very similar. We are recent newlyweds in the south east. I'm a bit younger than you but our mortgage is 215k - started out at 228k. 1.74% interest fixed for 2 years.

TheOpportunist

Afternoon all,

So since I last posted the bathroom has been redone :j

We were quoted around £7k, instead we bought the parts separately which was a nightmare as the company wouldnt release the order until everything was in stock and by the time one thing was in stock another was out. That being said, we sourced a plumber to move a radiator who was a colleagues partner and found some tilers through facebook who did a really good job and came back for touchups without any issue.

All in all we have spent £3.5k - plus £265 for a bespoke mirror which wasnt quoted for originally.

Labour has been paid, the materials are on the 0% CC.

This weekend just gone we also bought a new car, well new to us. We had been looking for ages and I remind the Mrs that no, we don't NEED a new car, we WANT a new car. This car will be financed entirely out of the Mrs' private work which earns us a pretty penny.

We ended up buying the car we took for a test drive. 10 months old, 14k on the clock and about £5k cheaper than new. They kept trying to sell us the new car at 5.9% APR on PCP quoting the repayments being the same and I kept having to point out that I'm happy with the used car and that whilst the payments were the same the overall cost was a much different story. We almost walked out!:mad:

So, very spend spend spend this past month or so, however the spend was around £25k where it could have been £35k. The personal loan is over 7 years to get the minimum repayments down in case the worst happens, the plan is to pay it off sooner.

In the coming weeks I'll let you know where we are at mortgage wise - including my lovely new spreadsheet and how filing the self assessment has worked out for the Mrs.

The £100 of shares are still in T212 with an auto sell if they reach £5 profit. One share has auto sold, four more to go.

Oh and we have reduced our allowances down from £50 to £20.

chelseablue

TheOpportunist wrote: »

Afternoon all,

So since I last posted the bathroom has been redone :j

We were quoted around £7k, instead we bought the parts separately which was a nightmare as the company wouldnt release the order until everything was in stock and by the time one thing was in stock another was out. That being said, we sourced a plumber to move a radiator who was a colleagues partner and found some tilers through facebook who did a really good job and came back for touchups without any issue.

All in all we have spent £3.5k - plus £265 for a bespoke mirror which wasnt quoted for originally.

Labour has been paid, the materials are on the 0% CC.

This weekend just gone we also bought a new car, well new to us. We had been looking for ages and I remind the Mrs that no, we don't NEED a new car, we WANT a new car. This car will be financed entirely out of the Mrs' private work which earns us a pretty penny.

We ended up buying the car we took for a test drive. 10 months old, 14k on the clock and about £5k cheaper than new. They kept trying to sell us the new car at 5.9% APR on PCP quoting the repayments being the same and I kept having to point out that I'm happy with the used car and that whilst the payments were the same the overall cost was a much different story. We almost walked out!:mad:

So, very spend spend spend this past month or so, however the spend was around £25k where it could have been £35k. The personal loan is over 7 years to get the minimum repayments down in case the worst happens, the plan is to pay it off sooner.

In the coming weeks I'll let you know where we are at mortgage wise - including my lovely new spreadsheet and how filing the self assessment has worked out for the Mrs.

The £100 of shares are still in T212 with an auto sell if they reach £5 profit. One share has auto sold, four more to go.

Oh and we have reduced our allowances down from £50 to £20.

We also bought a new (new to us) car at the weekend!

12 months old with 13k on the clock.
The thing I'm most thrilled about is it has a sat nav in it :rotfl:

What car did you get?

TheOpportunist

12 months old with 13k on the clock.
The thing I'm most thrilled about is it has a sat nav in it

What car did you get?

Great minds think alike! I was surprised that the Mrs was the one to suggest getting a used car if we are paying by a loan as previously she wanted NEW NEW NEW. I think seeing the price difference and having driven the used car thinking it was brand new threw her off.

We have a Peugeot 3008, a nice upgrade from a Toyota Aygo (not the new model). The Aygo is being kept as a second car as its cheap to run hasn't even done 50k in 8 years! The poor thing struggles with hills and is very noisy on the motorway as its practically a shell without noise dampening.

I have a bias against french cars, mainly because the pedals are too close together for my feet :rotfl:

What have you gone for?