SLLM (Single Lady Large Mortgage)

badmemory

Merlin's_Beard said:

Excellent points, @Sistergold

To expand, I'm (hopefully) going to have a large (for me) 34 year £240,000 mortgage approved at some point in the next few weeks (don't ask, the broker is earning his keep trying to get me the max allowance!), but am planning to OP by £200 a month once my emergency fund (6 months outgoings) is back up to scratch. That will mean I'm basically paying like it's a 25 year mortgage.

I'm also planning to increase overall pension contributions from 17% to 22% (have a basic NEST workplace pension and a SIPP), and put £100 a month into an S&S ISA - diversified savings are best I think when you're a single income! Also have income protection because I'm a single income person - I need to review this once I know how much the new house will cost to run (costs me £42 a month at the minute but would pay out in an inflation-linked way to retirement if I needed it).

This sounds like a plan.  A good idea to have at least 6 months emergency fund when it is just you.  Are you looking at early retirement with need to assess savings before taking your pensions?

Sistergold

Some really solid plans @merlin’s_beard and @lantanna. OP of £200 a month is a good amount and over time it will start making a dent in the mortgage balance. I think if one can afford allocating at least £100 per £100k of original is a good Starting point. In my case initial balance was £487k so £400 to £500 as a minimum is what I aim for when things are going well. Having said that any amount is good. 

Merlin's_Beard

badmemory said:

Merlin's_Beard said:

Excellent points, @Sistergold

To expand, I'm (hopefully) going to have a large (for me) 34 year £240,000 mortgage approved at some point in the next few weeks (don't ask, the broker is earning his keep trying to get me the max allowance!), but am planning to OP by £200 a month once my emergency fund (6 months outgoings) is back up to scratch. That will mean I'm basically paying like it's a 25 year mortgage.

I'm also planning to increase overall pension contributions from 17% to 22% (have a basic NEST workplace pension and a SIPP), and put £100 a month into an S&S ISA - diversified savings are best I think when you're a single income! Also have income protection because I'm a single income person - I need to review this once I know how much the new house will cost to run (costs me £42 a month at the minute but would pay out in an inflation-linked way to retirement if I needed it).

This sounds like a plan.  A good idea to have at least 6 months emergency fund when it is just you.  Are you looking at early retirement with need to assess savings before taking your pensions?

In an ideal world, at the minute, yes - it would be nice to gradually decrease hours in the lead up to an early retirement. Whether I'll want to by the time I get there or whether it'll ever be a practical possibility who knows, but if I don't save it definitely won't be!

And at least if some is saved into an ISA it's accessible if my plans abruptly change in 10 years.

badmemory

Giving yourself options is always a good idea.  I found once I could go I was no longer desperate to go & those I worked for who knew I could go tomorrow were a lot more why don't you stay.

Sistergold

Mortgage update. 

Mortgage taken 14th April, £2941 of which £999,99 was OP. 

New balance 👇🏾

If I carry on with OP of £999.99 the prediction is 👇🏾

Hopefully I will be able to do better than the predicted 12years. 🤞

Sistergold

Good morning ladies. Just a build up to the long awaited achievement of under £400k goal.  When the next mortgage payment goes the balance will be around £399600 but when interest is then added end of May the balance will then go back up to around £400100 meaning I will be back to over £400k. So basically I will be well and truly clear of ever seeing the £4##### after the June payment! 😩. So in light of the interest bringing the figure back up I think the under £400k party needs to wait until June as that will be when I am well and truly always going to be in the £3##Ks. 🎉🥳
please join me on that day of celebration! X

lantanna

Well done sistergold. Great progress and motivation for others to see this.

Sistergold

lantanna said:

Well done sistergold. Great progress and motivation for others to see this.

Thank you 🥀🥰 can not wait for June! 

SuseOrm

So I completed today we went to pick the keys up I took my son to look at the house for the first time he hates it 🤣
there is so much to do but I’m very grateful my lovely sister-in-law is gonna take the rubbish out carpets to the tip tomorrow for me and she’s gonna do a coat of white paint in my bedroom to just try and make the place look a little bit more like home next time the boy goes round there.  We have a week to move in so it’s gonna be quite intense and full on. 

But on the mortgage free front the mortgage lender very kindly didn’t add the application fee to the mortgage so I got a phone call at 3 o’clock to say did I have a spare £990 to send to the solicitor and you know what us luck would have it I did.  So that’s two months over payments made already 🤣
Im allowed £499 per month but i have decided im going to fill up my pension just while the girls are at university because it makes absolutely no sense for me to be receiving that money PAYE.  

Sistergold

Wow @SuseOrm congratulations 🥳 on your completion! Wow new home! 🤗  kisses champagne from my end! 

Oh what a wonderful day it must have been for you! 

Oh your son saw it for the first time yesterday? Lol must have been the shock! Also boys tend not to like most things! Well that’s probably not true my older son is easy going my younger son well very difficult to please more like his dad! 

Happy new 🏡! Xx