Single gal balancing my way to mortgage freedom!

Sistergold

Wow beautiful kitchen! 

frankersBri

Thank you for all of the compliments on the kitchen! I hope to make the rest of the house look that nice at some point..


So in MFW news, I've remortgaged. My old fix is up at the end of Feb (2.04%). I've just submitted my application for a product transfer to a new 5 year fix at 0.89%. I'm super pleased (providing it all goes through) as that gives me some certainty with interest rates likely to increase and it also brings my monthly payment down by £100. 

Which, is good news as I also discussed additional borrowing today, because yes, I got offered a place on the sailing race I applied for! So exciting! So next month I'll apply for some additional borrowing to cover that expense, and then I can just settle back into my OP routine. Particularly when I get that lodger in. Room almost ready, just waiting for carpets to be installed which will be another couple of weeks probably.

MovingForwards

Congratulations 🍾 I'm looking forward to hearing about your sailing adventures!

Positive news about the remortgage, that's a nice % and saving.

Kittenkirst

Wow congrats on the sailing race that sounds like a truly life changing adventure!

Sistergold

@frankersBri, wow that’s a great interest rate to fix for 5 years! £100 saving that’s really good reduction! Sailing wow that’s sounding like a great adventure! 

powerspowers

wow that’s going to be amazing!! Do you know what leg you’ll be doing? 

Well done on the remortgage, sounds like a firm plan and good idea to get a lodger 

savingholmes

Well done on the remortgage and kitchen looks great

frankersBri

End of 2021 wrap up post 

Mortgage balance - £171,149
Total OP's - £1,750.62

I am pleased with where I landed this year, given my choice to make 2021 one to spend on renovating the hosue and getting it to a standard I am happy with. I have basically finished that now; a few more little jobs to do but I am proud to show off the house when people come round now. 

I took out £14k additional borrowing on the mortgage this year, to help fund my ocean racing sailing adventures, so that increased the balance significantly. However, at £171k, it is still 10k lower than when I took out the mortgage 18 months ago, so I am very pleased!

So, onto 2022 plans. 

• Get a lodger. Spare room is decorated, carpet in, new furniture. When I return home from visiting family after Christmas I will take photos and get it up on Spareroom. I am planning on this bringing in £650-£700 per month. Once I take off increased bills for having someone else here (council tax, utilities) I think it should be an extra ~£550 per month
• £5k left on personal loan I took out to pay for the building work/new kitchen earlier this year. This will be fully repaid in August 2022, and will mean £635 back in my pocket each month
• Paying off my sailing adventure at circa £1k a month for 18 months
• Mortgage OPs - difficult to predict where I will land. I hope to make small OP's each month, and hopefully some lump sums towards the end of the year. I think I will set a £3.5k target and evaluate it each quarter

Merry Christmas to everyone that has read and interacted with my diary this year - I hope you have a lovely festive period keep healthy and well.

MovingForwards

You've done really well this year and your 2022 plans look great.

Have a wonderful Christmas!

savingholmes

@frankersBri - that sounds like a full on year. Your lodger plans sounds like they will get your extra debt sorted in no time.