Beginning at the start! 6 March 2019 at 7:51PM in Mortgage-free wannabe 26 replies 2K views

Elika0215

Congratulations! It's a big commitment but you can do this!

With repairs, only do things that are urgent if you're reaching a months budget. Then you can chip away as and when funds allow.

Stay restrained and disciplined when it comes to spending on luxury items. For instance, if you always buy the latest tech then ask what the consequences are of buying that next iphone. Just an example, I'm not suggesting you do this.

There's lots of little tips which I won't go in to now but things like don't overfill the kettle or buy non-perishables in bulk while on offer. Not sure if that kind of thing is of any use.

Anyway, good luck and long may you be happy in your new house.

kev2009

Hows it going? All unboxed/settled in? Made your first OP yet

Kev

kaycastle

Good luck in your new home That's the biggest mortgage I've ever seen ahhhhhh! But you can do it

Do you have everything in a spreadsheet?

Yellow_mango

Thanks for the encouragement!

Had a very pleasant, if tiring and expensive, weekend of making a start on the decorating. One bedroom almost painted (in a lovely shade of pink for the 7yo!) and a good start on the wallpaper removal in another bedroom.

We won’t be moving in for a few weeks until at least the bedrooms are ready. I can’t wait though. It already feels more like home than anywhere I’ve lived before!

I’ve set up a line on my YNAB budget for OP. Don’t think there’ll be anything in there for a little while though!

kev2009

Glad its all going well!!

Kev

Yellow_mango

Well I’m afraid I’ve neglected this diary since completing on the house purchase. I’ve been mostly focusing on paying down the remaining debt.

I’m pleased to say that the last credit card has now been cleared :-) so I’m back to refocus on building up savings and attacking the mortgage in earnest.

Balance today is £564,357.60.

I’m not sure whether to start by building an EF, or making OP, or a combination of both. What do you think?

Moneyminded

Congrats on buying the house and clearing your credit cards. If you have no EF at all I would start there until you have at least 3 months worth of outgoings saved then you can start to make OPs.

Yellow_mango

Congrats on buying the house and clearing your credit cards. If you have no EF at all I would start there until you have at least 3 months worth of outgoings saved then you can start to make OPs.

Thanks! That’s feeling quite overwhelming right now - our expenses are very high. It will take at least a year to get close to 3x monthly outgoings even with a very ambitious savings plan. I guess it’s a good goal for this year...

Tropically

I'm in the same boat - I have two large mortgages (around £270,000 each). Congratulations on clearing the credit card debt! Good luck with the mortgage overpayments. You could always post a SOA if you wanted people to identify where you could trim the budget. But you might not want to when your expenses are high. Otherwise, can you boost your income?

South_coast

Hi Yellow_mango, thanks for visiting my diary. Your mortgage is huge, but that does mean every payment makes a noticeable difference to the balance - look how much it's come down already without making any OP's yet!

Good luck with the EF