SLLM (Single Lady Large Mortgage)

Sistergold

@LadyWithAPlan, dear Mr X was into “business” once we have a savings pot he comes up with the next big thing, money goes and we start again. It was really together forever, joint accounts, except I was the one always holding a job while he was the business man in the making. In the end I considered everything, the lack of work consistency, the many business ideas which always took all the funds, the cheating, I reached my limits. Had to salvage something before I was 50. I think 50 to me seemed like the last boat to buying a house through mortgage. Was worried about affordability after that. 

Together forever is best left for those who are still wet behind the ears. Like you it will take a miracle for me to think I can put my resources together with someone else now. 50 is such that I don’t have age on my side to recover from another relationship mistake! 

LadyWithAPlan

Sounds to me like you made a very clear decision, that kind of jumping from one idea to another and his  inconsistency would drive me nuts...
I am over 50 and its only now I appreciate that each bday means my monthly payments soar... So I am starting to feel some inner pressure.

Sistergold

LadyWithAPlan said:

I am over 50 and its only now I appreciate that each bday means my monthly payments soar... So I am starting to feel some inner pressure.

Thankfully they have been increasing the age limits for mortgage making repayment still manageable for us later starters. Mine was 70 now I hear you can get upto 80 or can it be more? I remember the days of 60yrs as the age limit. If 60 was still the age I would not have afforded to buy the house I bought. London is one of those places you need to lock in the price sooner rather than later, unless ofcause if you have a chance of buying for cash. The good thing is you are maximising your savings so it should all come together. £300k deposit will not be bad! 👸🏼

Sistergold

Hello ladies
Where has the month gone? As it’s beginning of month the monthly interest has been added so mortgage has moved back up. 

From 👇🏽

To 👇🏽

Interest added this month 👇🏽

It will be nice to have the interest being lower than £1k. At present the capital repayment is 👇🏽

I am overpaying by £94 so monthly meaning 

As I am paying slightly more than the monthly interest I am hoping it will tip the scales a bit. 

We’ll every little helps

Always nice to update and enjoy your weekend ladies. 

LadyWithAPlan

At least you are paying more now off your principal than you are being charged interest each month - I guess that’s why you rounded it up 
have you worked out how much OP will get that interest down under £1kpa ? 

Sistergold

Dear diary 
I was hoping to do some gardening but it’s drizzling from time to time so maybe today is not the day? Will see if I can do anything outside at all. As I am typing the sun is now out so who knows? 

I have had to succumb to buying a small air fryer (3.8L). I know I had said I will do away with that so as to remove counter items and reduce duplication I bought a massive combi microwave which grills, airfrys and microwave. It has been okay but has broken down twice, this means four engineers visits. After booking a repair he comes to look and order the parts then comes back another day to fix. First the fan oven function stopped working, then the fan oven and turntable stoped working. So even on microwave the glass would not go round. 

The air fry function was not as quick and so now after two years of no air fryer I have decided to get one. My honest opinion of having tried no airfryer I can safely conclude that it’s a must have gadget. Nothing can really beat its spead! Makes sense for small portions especially. What I am not sure about is whether I should have sacrificed more counter space and gone for bigger? Time will tell I guess. I just felt mid-small fryer will do as already three massive ovens? If too small will go for a bigger one with time. 

I am not sure whether the whirlpool combi is just not a good make or if they are just giving it too many jobs so quickly breaks due to wear and tear as we are a largish family? 

Sistergold

@LadyWithAPlan, no I have not worked out what it will take to bring the interest down to below £1k per month. I have been maximising savings elsewhere as last time I overpaid that £100k lump sum. Felt like I needed to slow down my OP for a bit while I build up again resulting in the current low OPs. With increases in interest rates it felt like I was chasing my tail. Next year I will hopefully pay off most of the balance. I am more connected about bringing the total monthly payment to below £1k. I don’t like having £2k to pay every month it keeps me on edge, just feels like a lot. 🤷‍♀️

Friday1989

Huge congratulations to your daughter @Sistergold ! Her hard work and all your support was totally worth it! 

My goal was to get my mortgage down to £145,000 by the time I renew in February and I'm less than £500 away in November! It's kind of incredible to think how all the random lump sum overpayments combined with the regular overpayments have knocked off something like 25k in just over 4 years. I really didn't think it would add up to so much. 

I just saw a job advertised for internal applicants that's in my area of mental health and the next band up. I don't think I'm likely to get it but it's worth a shot so my Sunday will be spent doing the application. I don't really want to leave my team but when I spoke about progression in my last appraisal, my manager was clear there is no opportunity for progression within the team (we're a tiny team). Ideally I'd get the job, tell higher management and they'd realise they really don't want to lose me and create a new job but that isn't going to happen 😂

I'm seeing some friends tomorrow and Saturday but it will definitely not be wild so I shouldn't spend too much. I've got more gigs coming up this month (and the associated cost of beer...) but I've put the brakes on buying more gig tickets for a while. I managed not to buy tickets to two gigs yesterday but I've got an alert on twickets in case a ticket comes up for another band who say it's their final tour (although we've heard that before from many bands!)

Friday1989

@LadyWithAPlan I tried YNAB but it made my head hurt 😂 I can see how it could be helpful though. I think if it could link to my bank account it might be but it just seemed like an extra job I have zero energy for. I think just stopping and thinking before spending is my most successful method

Sistergold

@Friday1989, thank you. 

£500 to goal that’s means a Big congratulations are in order! £25k in 4years is a massive reduction in mortgage for sure! And as the balance gets smaller it will just one day be finished! I feel the mortgage seems impossible at start and then well seems like it starts tumbling down with the extra effort!

 Let’s keep it all up girls! 

A little bird is whispering about rate decrease? Let’s see if my bank will pass to me? 

@friday1989 at the moment I am as lazy as you are on the budget apps, and like you I do see how it will reduce my spending but so far I just can not be bothered to track! Probably blissfully ignorant. 🫣