Babystep 6

BabyStepper Forumite Posts: 771
Fourth Anniversary 500 Posts Name Dropper
edited 8 April 2020 at 5:06AM in Mortgage-free wannabe
Hiya :)

How's everyone doing? I'm a newbie here and have spent the last 2 years hanging out on the dfw boards, paying off £21,228.07 of debt - here's the link to my diary if you fancy a look. 

I am self-employed and OH has a very stable job. We learned how to budget and live within our means while paying off debt and used a mix of Dave Ramsey, Martin Lewis but mostly the helpful people on this site to get there. I need help with all this, managing money does not come naturally to me, and the support, encouragement and advice from everyone on here has been the single most valuable thing. So here I am for the next step, mortgage freedom.  

It seems to be the worst possible time to be starting a challenge like this - my job has taken a hit because of the virus and the future is uncertain. I had lots of plans for managing the finances once the debt was gone, all of them have had to be shelved for now. My wage has reduced temporarily but we can live on OH's wages, anything I can bring in is helpful, and who knows what I'll get from the government in June, just need to wait and see.

If anyone would like to join me for the journey, I would appreciate the chat. I'm also hoping that my wise friends from my previous thread find their way over here too, I still need your help! I'm planning to have a look around and see how others are getting on with it all - at the minute it seems like an insanely big task but hey, you've got to start somewhere, right?

It's good to be here, finally. :)  
Emergency fund £8,500/£8,500
Mortgage overpayment £260
£21,228.07 paid off in 22 months


  • Sunshine_girl2
    Sunshine_girl2 Forumite Posts: 2,625
    1,000 Posts Fourth Anniversary Name Dropper Photogenic
    On for the next challenge , look forward to reading your new diary. 
    Debt free April 26th 2021

  • DancingInTheRain
    DancingInTheRain Forumite Posts: 1,340
    Seventh Anniversary 1,000 Posts Name Dropper Photogenic
    Good luck on your MF journey, will continue to cheer you on 🙂
  • Drawingaline
    Drawingaline Forumite Posts: 2,896
    Seventh Anniversary 1,000 Posts Photogenic Name Dropper
    Have subscribed. Loved your previous diary (read the whole thing on my holiday last year!) and I am hoping to be able to move to this board at the end of this year too. 
    Debt free Feb 2021 🎉
  • savingholmes
    savingholmes Forumite Posts: 25,981
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Hi - followed you - I'm sure you will knock it out of the park. How much do you need to repay?
    Moving goals: Anticipated costs £6.5K (excluding new furniture or any post move renovations)
    1) Upfront house move costs Paid £1034/£3,197 (£448 for legal, £586 for mortgage, £76 post redirection, £1,500 removals - assumed may have to pay port and survey fees gain so roughly another £588)
    2) Balance of likely house move costs Paid £0/£3,272 (£1,772 legal, £1,500 land tax from equity - reduced land tax by £2.1K due to lower cost of house)
    Longer term financial goals
    3) £6,531/£10,000 Emergency/Freedom/Home/Moving Fund 65.31%
    4) MFW Nov 21 £201,999 with 264 240 payments to go - now £185,701 Equity 37.6%
    5) Mortgage neutral by June 2030 £6,289/£127,466 AVC target 4.93%
    6) FI Age 60 annual income target £12,500/30,000 41.66%
    7) CC Debt free April 22 (now stay that way!!)
  • longway2go
    longway2go Forumite Posts: 1,006
    Part of the Furniture 1,000 Posts Name Dropper
    Well done on clearing your debt, that's a fantastic achievement and welcome to the board. I think in these uncertain times it makes it highlights how nice it would be to have no debt and setting an intention of what you want for the future is good. My OPs are being directed to savings until this settle and then hopefully I will have a nice lump sum to OP with which a few of us are doing.
    How much have you got to clear and any targets in mind in the short term?

    Lots of luck 
    Mortgage Aug 2019 161,000 :eek::eek::eek:Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823, Dec 2021 136,120🙂EF 0/12,000 (0%)😕 (5062.44 was ERC), Jan 2023 128,650. Our Mortgage is never going to be as high as it is today. :jOnwards and downwards to a better life for our family. :jJust keep swimming
  • jenni_fer
    jenni_fer Forumite Posts: 529
    Tenth Anniversary 500 Posts Name Dropper
    Sounds like your dfw experience will help you on your way.
    Good luck!
  • bexster1975
    bexster1975 Forumite Posts: 1,576
    Part of the Furniture 1,000 Posts Photogenic Bake Off Boss!
    Hello. Wow re:debt clearing. Fabulous news. I shall take a look at your previous thread.  As for self employed, me too. Also took a serious hit. Also no idea what HMRC might provide in June. As you say, we will see. You say its a bad time to start MF, but actually you probably have more time for planning, meal planning and batch cooking etc which will all stand you in great stead. It sounds as though you have picked up some great skills from DFW, and if you can manage on OHs wage, you don't need to worry about debt repayments whilst your salary is down. I may have not seen this on your DFW diary, but do you have an emergency fund? If not, I think I would start there.

    Good luck

    Bexster  :)
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