Starting Afresh Back Home

Hi Everyone. It's been over a year since I posted on the forum and a lot has changed since then so I thought I'd start a fresh new diary to go with my fresh new chapter in life.

Last year my marriage broke down and I left Yorkshire and moved back to my home village in Lincolnshire. I'm currently living with my parents but have just started the process of buying my own place. It's only a small one bedroom, semi-detached bungalow and it doesn't have a garden but it is enough for me and my two dogs and the bf if he decides he'd like to move in too! It was on the market for £85K but I got it for £78K and I have a £6K deposit so my mortgage will be for £72K. To enable me to get a mortgage I had to sign over the mortgage on my Yorkshire house to my soon to be ex husband, with the condition that when he sells it I get half of the equity in it (I'm hoping this will be about £10K), if he doesn't want to sell it, he has to give me my half then.

I basically left Yorkshire with nothing apart from my clothes, my two dogs and my slow cooker! I have slowly been buying things for my bottom drawer so when I do come to move into the new house, I'll have the essentials. Before I can move in and start overpaying my mortgage (I made sure I got one where I could over pay 10% of the mortgage value each year) I'm hoping to use this diary to encourage me to save, so that I can pay off the bill for my divorce when it arrives, buy things for the new house, build up my savings again and hopefully start an 'Overpayment Pot' so I can start overpaying straight away.

I went for a 5 year fixed rate mortgage and the payments will be £363.55 a month. As I say, the mortgage is for £72,000 and I can overpay 10% of the mortgage value each year. I was lucky enough to get a job in the village I live so I don't have to worry about travelling costs. With the job also came my first pension (at the age of 32 I'm a bit ashamed I don't already have one but better later than never!). I just need to get back into the swing of scrimping now!

The last year has been a struggle but I'm also proud of what I have achieved. I got a new job and was able to save enough for a deposit on a house. It might not be my dream house but it's a start and it will be mine.

Thanks for reading and I hope to catch up with all the diaries I used to read and that I miss reading and some new ones too!

This is the link to my previous thread: https://forums.moneysavingexpert.com/showthread.php?t=5542187
Mortgage Balance as of Jan 24 £36,500 Starting Mortgage Balance (June 2019) £72,000. 2024 Overpayment Challenge: Jan £558.40, Feb £588.11, Mar £497.32
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Comments

  • Throwaway1
    Throwaway1 Posts: 527 Forumite
    First Anniversary First Post Combo Breaker
    Happy new diary Jessy and well done with what you have achieved so far!
    MFW - OP 10% each year to clear mortgage in 10 years!
    2019: £16,125/£16,125
    2020: £14,172.64/£14,172.64
    2021: £12,333.62/£12,333.62
    2022: £10,626.55/£10,626.55
    2023: switched tactics to saving in a higher interest rate account than mortgage interest rate
    2024: mortgage neutral!
  • Jessy103
    Jessy103 Posts: 1,824 Forumite
    First Anniversary First Post Name Dropper Photogenic
    Thanks Throwaway1 :)
    Mortgage Balance as of Jan 24 £36,500 Starting Mortgage Balance (June 2019) £72,000. 2024 Overpayment Challenge: Jan £558.40, Feb £588.11, Mar £497.32
  • julicorn
    julicorn Posts: 2,281 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Happy new diary Jessy! It's really impressive what you've achieved already, it can't have been an easy time. Really looking forward to reading your updates :)
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Mortgage neutral: September 2022, mortgage redeemed: December 2022
    New house, new mortgage: December 2022, £276,007
    Current balance: £217,800 minus £8,300 overpayment savings pot
  • Socajam
    Socajam Posts: 1,238 Forumite
    First Post Name Dropper First Anniversary
    Happy for you and hope things work out.
    Me personally, I would not let the boyfriend move in until you have had sufficient time on your home and in your home.
    I would build up 12 months emergency fund (all the bills you have to pay) and 12 months life happens fund - open a different bank account from the one where your salary is paid. Either transfer the money over or have a direct debit.
    If and when you boyfriend moves in, do not depend on his money, make you that you can manage on your own if for some reason the relationship does not work out.
    Use this opportunity to live in your new place without running out to buy new furniture right away.
    Envisage how you want your new place to look and chose your furniture, carpets, decoration on that vision. It may take a time to get there, but this is your baby and you get to chose things for yourself without depending on someone else.
    I wish you all the best.
  • Jessy103
    Jessy103 Posts: 1,824 Forumite
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    Thanks julicorn:)
    Mortgage Balance as of Jan 24 £36,500 Starting Mortgage Balance (June 2019) £72,000. 2024 Overpayment Challenge: Jan £558.40, Feb £588.11, Mar £497.32
  • Jessy103
    Jessy103 Posts: 1,824 Forumite
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    Thanks for the advice Socajam. I already have two savings accounts set up, one for an emergency fund and the other for overpaying the mortgage and house stuff. The bf has already signed a consent form to agree that he has no entitlement to the house if he does move in. It's very much my house and I'm taking no chances! I've already got a spreadsheet set up to track my spending and I've gone through all the potential bills so I know how much I'll have left of my wage each month and we're looking at about £300 a month. I agree with you about the decoration and I've bought a sofa off a work colleague for £50 so i have something to sit on until I can choose what I want. I'm excited but also nervous, I haven't been on my own in 13 years so this is a big step for me and I'm trying to be as sensible as possible. I appreciate the advice, I need it so I don't get carried away!
    Mortgage Balance as of Jan 24 £36,500 Starting Mortgage Balance (June 2019) £72,000. 2024 Overpayment Challenge: Jan £558.40, Feb £588.11, Mar £497.32
  • Hettyhound
    Hettyhound Posts: 947 Forumite
    First Anniversary Name Dropper First Post
    Hi Jessy, are your two dogs hounds by any chance? Fantastic luck with your new property. I’m paying, and overpaying on my own and it is very possible. My marriage ended about 14 years ago and although really tough at the time I’m in a better place now on my own, well not quite on my own as I have a six year old, plus hound, plus two cats.

    You will find loads of support here and many an inspirational way of making those pennies stretch :D
    Grocery challenge SPC #023 SPC 12: £125.86[/COLOUR]:SPC 13: £214.98: SPC 14: £297.41 SPC 15: £237.27 SPC 16 £335.39; SPC 17 ? MFW #21 Mortgage start Dec 2015 £79,950; January 2024 £26,105 2024 OP £150/COLOR]/£1,500 MFiT T6 #3 £13,159/£25,500 (51.60%)
  • Jessy103
    Jessy103 Posts: 1,824 Forumite
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    Hi hettyhound. Yeah, they are Whippets and they are my babies lol. Thank you for the kind words and I wish you the best of luck on your journey
    Mortgage Balance as of Jan 24 £36,500 Starting Mortgage Balance (June 2019) £72,000. 2024 Overpayment Challenge: Jan £558.40, Feb £588.11, Mar £497.32
  • Hettyhound
    Hettyhound Posts: 947 Forumite
    First Anniversary Name Dropper First Post
    Bet they can’t wait to get on that new sofa! I’ve subscribed to your thread, good luck with the move when it happens.
    Grocery challenge SPC #023 SPC 12: £125.86[/COLOUR]:SPC 13: £214.98: SPC 14: £297.41 SPC 15: £237.27 SPC 16 £335.39; SPC 17 ? MFW #21 Mortgage start Dec 2015 £79,950; January 2024 £26,105 2024 OP £150/COLOR]/£1,500 MFiT T6 #3 £13,159/£25,500 (51.60%)
  • MovingForwards
    MovingForwards Posts: 16,916 Forumite
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    Have a look round British Heart Foundation, I kitted my rented unfurnished (except white goods) out and had change from £750!

    Good luck with your new home, I'm sure you and your furbabies will be very happy :)
    Mortgage started 2020, aiming to clear it in 2026.
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