Thirty something dreaming of not paying mortgage

kaycastle

Morning frankersBri!
I just love how savings interest rate seem to reflect things super fast but other things that would work out for people are much slower haha, I don't follow everything too much but that's what seems to happen but I'm probably being cynical. I have been trying to chase measly interest for a couple of years now and I think after this one I definitely give up - can't see anywhere to go that's worth it and not a total faff. 

I agree throwing more at debt/pension just feels sensible right now. 

I've started doing the list and its a big one I'm not leaving anything unturned with what I would do with the house with time/money allowing. 

I'm not 100% sure on the destination, I keep changing my mind from Australia, Russia, Japan to travelling across America hehe but I'm going to put aside a good £5000 for it. 

I'm so happy to have inspired someone Let me know how it goes!

kaycastle

Also I got more "return" from growing my own tomatoes this year than I did interest by quite a bit haha!!

South_coast

Well done on the tomato return 😀😀😀

ruby_eskimo

I'm also finding the interest rate cuts rather annoying as most of my accounts that had good returns are now a pittance, but I guess a little is better than nothing in the current climate.  But at least you got a return on your tomatoes!

kaycastle

Thanks all
I've gone quiet again - I had so much anxiety in the past month just from the overwhelming year like most other people. So I've been exhausted at the end of work mostly and trying to hold on to any thread of sanity.

I got a really nice letter as we are 1 year in to our 5 year mortgage. After the first 2 years I did a 5 year fixed as interest rates were good and the product fees are so ridiculous these days, didn't want to pay out another £1k-2k in 2 years lol. 
In one year we have decreased the mortgage by £11.6k and in the letter this has reduced our monthly payments by £21. I'm so happy about this. I only started over paying in June so I'm thrilled and excited about next year. It was really nice to know that no matter what our monthly payments are £21 less now, if we weren't wanting to overpay of course . Our mortgage is £198k so very much safely inside the £200k mark now which is such a lovely feeling. 

This has come at such a crucial time as I've been feeling so down in my stressful, overworked but unsatisfying/boring job so being shown in print the impact of my hard work and that high wage has just been such a relief. Its really spurred a new positivity and reminder that I do this so my family will have the best future I can give them and we will have so much freedom in the future and my wage is high enough we can still do nice things in the mean time.

South_coast

I'm sorry you've been having on overwhelm wobble 🙁 I'm glad the mortgage figures have given you something tangible to hold onto though x

kaycastle

South_coast said:

I'm sorry you've been having on overwhelm wobble 🙁 I'm glad the mortgage figures have given you something tangible to hold onto though x

Thank you lovely x
Things have been improving the past couple of weeks and I'm feeling much better than what I was. I did 24 hours last weekend where we put our mobiles in a draw and the only internet we used was the tv. Went on big walk and read. Was so relaxing, cant recommend it enough 
 

kaycastle

Hiya,
Wow what a few months it has been. I have occasionally popped in to read other diaries like south_coast to keep me inspired. Thought I'd do a little update of my own today.

I can't believe my mortgage has reduced by a further 10k since I last updated my signature in November. It's reducing much faster now. 

Mortgage is now 188k  
I've been overpaying  by 1k every month as I'm still in my well paid job.
I have 18k in savings.

Work is great and has completely changed, some of the horrible people left and nice people joined. So much more balanced and its starting to change the culture. It's made such a  big difference and I'm genuinely enjoying work for the first time in about 4 years. 

I'm feeling super energised and happy. The effect is wonderful, I'm learning new things so much faster and just feel so positive.

I have only a few months left in my 20s and have begun to think a bit more about pensions and passive income.  My pension is about 18k right now - it's increased by over 7k in the last year alone so I'm quite pleased about it. 

I've been thinking of a few passive income ideas but need to do some more thinking hehe. 

frankersBri

Amazing progress @kaycastle - both on the mortgage and the pension! I'm pleased to hear the environment at work has significantly improved too.

Like you I have thoughts about passive income periodically, but nowhere near working out what it could be for me

kaycastle

frankersBri said:

Amazing progress @kaycastle - both on the mortgage and the pension! I'm pleased to hear the environment at work has significantly improved too.

Like you I have thoughts about passive income periodically, but nowhere near working out what it could be for me

Thanks so much makes such a big difference.

Yes passive income seems to need a lot of time invested upfront and I'm trying to work out whether various ideas are worth it. And ideas you've had in particular?