Easter 2025 I’m coming to get you!

Hettyhound

Car had an interim service and MOT today which it passed.  Mortgage goes out tomorrow and I need to move some money around and make an over payment.  Also need to find new car insurance which expires at the end of the month.  Food budget seems to be going OK, sausage casserole in the slow cooker for tomorrow, probably with some dumplings and I'll make more soup for lunch, thinking red pepper and cashew nut.  Oh and I need to work as well   

savingholmes

Great news on the MOT pass.

Food sounds tasty.

Hettyhound

So I have just made an OP of £135 which means I’ve exceeded my OP target for the year.  I completed on this house 7 years ago today!  So with “9” years remaining I now owe £34,198.98 meaning I have paid back an impressive (in my eyes) £45,751.02 🥳

savingholmes

Woo - congratulations. What does that mean for your target MF date?

beanielou

That's awesome.
Be proud.

Hettyhound

Thank you everyone.  @savingholmes in terms of payback I really can't calculate that very well.  I'm currently on child tax credits but according to Martin I'll get moved to universal credit by the end of 2023.  As he also points out one of the groups worse off on UC is single parents, ie me.  My calculations for UC are dire and I think I may virtually loose any payments.   So my aim for 31.12.22 is to get the balance down to 32,750, potentially at a push 32,500.  From January 2023 I'm going to "ignore" any tax credit payments and survive on just my salary and the child benefit (this will be tight so clever budgeting required).  Up until my tax credits go I'll try and save them in the emergency fund and then review how life is treating me.  Currently I'm being quoted a SVR of 5.04 from my bank but the monthly payment will reduce by around £30 due to the smaller balance owing at re-mortgage date.  I suspect the calculator will get used a lot over the next few months.

savingholmes

That's rough on UC. Good you have a workable plan though.

Deni_debt-free_dreamer

Morning Hettyhound
That is an impressive mortgage payment so far on your own, well done
I was a single parent and got child tax credits. Even though i filled in the annual review each year i somehow ended up owing over £1k when my DD1 finished school at 18. I think it's very sensible not to use CTC or UC in your budget if you can manage without. 
Love Deni 

Jessy103

Well done hetty, that's great progress 🙂

Hettyhound

Hello everyone, hope you had a nice Christmas and are looking forward to the new year.  Today I have made my final OP of 2022 as my mortgage deal ends tomorrow; I did it! 🥳 The outstanding balance stands at £32,500.  This means in the 7 years that I’ve had this mortgage I have paid off £47,450 from the original balance which I am soooooooo proud of.  Sadly the svr has gone up to 6.29 but I should still save around £20 a month on the payment which obviously will go back on overpayments.  I haven’t worked out the budget for next year yet, savings do need building up again though.  Very kindly the childcare provider have sent me a bill today for January 🤦‍♀️  Still positive thinking, only 18 months more of childcare and then scarily he’s on his own, still wfh seems to be a thing now so I’ll be around most days.  Have considered asking for reduced hours at work but I don’t think it’s worth it as I would still have to pay out for the childcare and it’s would reduce surplus income and wouldn’t increase my universal credit payments by much.  Today however it’s been announced that I live in the area that has seen the highest % house price increase, all relative though as I need a house to live in 🏡