SLLM (Single Lady Large Mortgage)

JennyJukes

Hi ladies, how's it going?

I've set up a SO for an extra £100 towards my mortgage every pay day.  I'm getting a pay rise from April, still to see exactly how much it is but I think it's about £200 per month extra after tax!  Weirdly I feel a little guilty about the extra money considering so many people are struggling right now, even before the energy hike.  How do people with their huge bonuses and multi millions not feel guilty?!  

I plan to buy some things for my home with the pay rise rather than put more into OP's.  I've moved around a lot and been in small 1 bedroom places, so I've had very little furniture and want to make my place more homely.  BF and I built a new bookcase around christmas and I got a new side table.  I'm looking for a new unit for my kitchen for more storage.  Long term I want to renovate or replace the stairs completely but it's not a need right now, it's just old and rickety looking.  Anyone replaced/renovated a staircase before?  It's just a straight up and down and about 13 steps, any idea how long it usually takes and what costs I'm looking at?

Mum and I have booked to go to Turkey this summer.  It's been a good few years since we've been abroad.  For her 60th next year she wants to go on a big cruise so tells me I need to save, lol I think she forgets I still work full time and can't take the time off!  But we did go on a cruise for her 50th and really enjoyed it 


Just a question, when you overpay, how long does it take for your mortgage term/monthly payment to change?  Mine is still stuck at the same term and monthly payment since the beginning of the mortgage, even though I've probably overpaid by a few months?  I requested my lender to recalculate a few times but they never have!  Thanks 

badmemory

Other people will not stop struggling because of changes YOU make.so don't worry about that.

Sistergold

Good morning @JennyJukes, congratulations and well done on the pay rise! £100 SO increase will make a good dent on your mortgage! It is strange that your lender is not actioning your recalculation instruction? My bank only action a recalculation if I pay a total of over £1k in any one month otherwise the term will stay the same and also minimum monthly payment will stay the same. At OP of less than £1k the balance and interest charged on the remaining balance is what goes down. At the end of my chosen product when I choose a different mortgage product they will then take all my OPs into consideration and ask me to either shorten the term and keep same monthly payment  or lower monthly payment and keep same term. Maybe your bank is like that? Maybe they don’t change anything until end of product or if you pay a certain overpayment say £1k per month in my case? 

Price increases are a bother at present! They have affected how much I can save as on-top of increased expenses, Mr X is not giving any assistance due to not working apparently? I am still grateful that it has not gotten to choosing between heating and food. 

It is good you are going to use some of the pay-rise to furnish your house, we need to live a little as we only live once. 

Friday1989

Hi everyone, hope you're having a good week

I started my new job a couple of weeks ago. It's going ok but I'm still finding my feet and have lots to learn. It's much less patient-focused and much more liaison and consulting than anything I've done before. I think it will be good for my stress levels but I can see me getting itchy feet. There's scope to get involved in different things depending on interests which is cool, but right now I need to get the basics down!

My gas supplier emailed an estimated annual cost after the price increase in April and it's a painful extra £400/year. I really hate being cold, so I'm probably just going to deal with it. I'm grateful to be in a position where I can make that choice. 

I'm still not smoking so that should be helping my finances, although I've been buying lunch a few times a week at work which needs to stop. Less because of money and more because Greggs sausage rolls are not a balanced diet

I'm going on my first date in almost a year on Thursday. I'm already feeling like I can't be bothered. We've been having interesting WhatsApp chats but I find it hard to get excited when it's someone from online because I can't tell if I'll be attracted to them from photos alone. I also think I have unrealistic standards because I like being on my own. My friend put it in a good way (she's the same), "I have to like spending time with them more than I like spending time on my own".  

Sistergold

Good morning @Friday1989, oh that’s good news that you started well at work and that there are many opportunities to do different things in your role. 

Now that’s interesting, a date. Well best try it out so that you don’t wonder if he would have been nice company. Nothing wrong with a meet-up! Tell us how it goes 🥰🤞
I also can not be bothered with much as I also like my heating, also just coping with the price increase as well what can I do? Bought a 2.5kw heater after the gas engineer shut of my gas fire as I know February can be very cold. The heater is so effective but ofcause does not look as pretty as the fire. I am sure my electric will be way high! 

Have a nice day everyone

Friday1989

The date's housemate got covid so he cancelled. I'm not sure I can be bothered to reschedule. 

I just paid another £1500 off my mortgage 🥳 I've decided the chances of me returning to a local authority in the next three years are very low so I'm going to take my pension contributions out of the LGPS. That's another £2500 to throw at the mortgage. 

Sistergold

@Friday1989, oh what a shame about the date cancellation, at least you are not too disappointed so that’s okay. £1500 op that’s really an impressive amount and another £2500 on the way that’s making a huge dent! Your mortgage will soon be paid off if you carry on like this. Well done ! 

Sistergold

Mortgage update
Good morning ladies. Oh it’s the 1st of March and as my mortgage product is a tracker my rate has gone up inline with BOE rate rise. Rate was 1.39%  now up at 1.49%. Minimum monthly payment was £1955 and now is £1941. Payment has gone down due to OPs which had not been adjusted for as they were less than £1k per month. So the strategy of OP and keeping mortgage term the same is having the desired effect of not increasing my monthly payments. I am happy with this and will continue OP to reduce monthly payments while keeping term the same so that my minimum monthly payment will never go higher than my initial minimum monthly payment of £2202. 

Previous balance, interest rate, minimum payment 👇🏾

new interest rate and new minimum payment.
Also new balance  (which has gone up as interest for the month has been added)👇🏾 

Interest added was a whopping £515 This is very high indeed as normally it was around £480s or so? 🤔 will see what the figures are next month. 

Sistergold

Sistergold said:

Mortgage update 
Hello laddies, it’s the beginning of the month and interest has now been added to the mortgage. 

New balance up at 👇🏾

Previous balance 👇🏾

Interest added ~£436 

Previously only £436 interest! 

Sistergold

Sistergold said:

Just a mortgage update
Interest has now been added balance was

Now 🤨

Interest added in this case £486