SLLM (Single Lady Large Mortgage)

Queen_of_the_Hive · 30 June 2020 at 10:20AM

@sistergold its a visionary amount of 145k of which I'm nearly at 20k at so far

sofarbehind · 30 June 2020 at 10:39AM

Hi SG, I have been really enjoying reading about your extension plans - I love these TV shows too. The 100k target is exciting and you've made a very sound point about doing this now and enjoying the results, making the most of life is important. I have thought about having a ground floor extension instead of moving but it hadn't occurred to me that it makes more sense to do it before paying off the mortgage for this reason.

It isn't a very MSE thing to say but I think that if you really want the whirlpool, just get it and the one you really want. I think it's the sort of thing that would bring you a lot of important pleasure and relaxation. I bought a wood-burner for similar reasons and I should have just done it earlier without worrying about the cost.

Sistergold · 30 June 2020 at 12:20PM

clarissa62 said:

@sistergold its a visionary amount of 145k of which I'm nearly at 20k at so far

Welldone

Sistergold · 30 June 2020 at 2:44PM

@sofarbehind
You are really right that I should just go ahead and get the whirlpool when the time comes as to be honest I think I really want it! I just feel my life is really on the high end of stressful and I should just “splash” for myself here and there. Paying off the mortgage quicker is really important to me and I will carry on and OP as much as I can but not at the expense of house remodelling. Paying the whole mortgage is going to take me years and in the meantime my life is ticking, I am already middle aged and there will come a time I will not be able to swing into a deep bath 👵🏽. I don’t want to do anything except paint as I draw closer to selling or if death should take me while still in this house.

So @sofarbehind if you are planning on an extension then the sooner you do it the better and you are still doing something to your house which even if it does not increase the value which it will in most cases it will at least make the house sell quicker after you have enjoyed the addition for years before needing to move! Well that’s my philosophy at present. I do want to make sacrifices but I don’t want to not have some kind of satisfaction while doing it.

I was all geared up to put all I get extra towards OPs but I also need to enjoy life really.

seventh88 · 30 June 2020 at 10:18PM

Hi @Sistergold, thanks for this thread. I find myself recently single and recently with a mortgage by myself for the first time in my life and it's scary. Look forward to following this and hearing from others too :-)

Sistergold · 1 July 2020 at 5:21AM

Hello @seventh88
Well come to this thread! You will not be alone here and everyone on here is awesome and so are you! Please feel free to tell us more about yourself so that we can get to know you a little bit more! I do love to hear what your journey has been like to the land of Single lady with a mortgage!

Xx

Sistergold · 1 July 2020 at 5:30AM

Dear ladies
Well as you can see I am an early 🦅! I am up already!

It’s my Happy HouseVersary 🏡🧚🏾‍♀️🎉🤩🥳 this first week of July!

Time really flies! Last year this week I got my house 🔐! I must say I have come a long way with all these money saving ideas and starting to overpay!

In the past house year I also connected with all you lovely ladies! So to be honest it has truly been a blessed, wonderful year and I want to thank you all for you made my year more joyful and more productive than it would have been otherwise. 👏🏾👏🏾😘

💰💰💰 Another OP of £115 went yesterday so that’s also good! 🧚🏾‍♀️

Review of the past year

Joined MFW #136 target was achieved then reviewed upwards, and will continue to OP @£400/month plus adhoc OPs like Mortgage sweeps 🧹 and anything else I can pay as I will use every excuse under the sun 🌞 to OP

Joined challenge save 12K in 2020 #148 £6500/£6k saved already surpassed target but will still pay in a bit when I can

Now will see if I can save £100K in 48months starting 1st July 2020 to end 1st June 2024 this means a saving of £25k a year @£2Kplus/month

The mortgage OPs will not be counted for purposes of this savings account which I will then use for a big OP and or house development. I have now cleared one savings account to have zero balance so as to have a clean start 1st July. It is possible that I might find other ways to pay for the house extensions while the £100k is being built and so that is why I say it might be used for OP in the end but honestly extensions are the priority for a single lady should live to her fullest within budget and reason, whole OPng, no?

I know I can track the £100k easily in a notebook/diary but could anyone recommend/send a spreadsheet I can use to track savings? 😶

First week of the month is always a good time to sort out all finances so as to maximise savings. It’s amazing how you can move from a life of frittering money to now saving as much as you can! I know I could save more but hey Rome was not built in a day!

The £100K saving scheme is already underway as I have transferred £3400 into the said account as of this morning! So £3400saved and £96600 to go! I am really curious as to how long it will take me to save this £100k? I have given myself a target of 48 months? This sounds like such a long time but I did not want it to be unrealistic? 🧐 I do have a feeling that I can do it in a shorter time but I also did not want the pressure of setting to do it in too short a time as it might lead to apathy? Or will a long time target lead to complacency? Will see.

I don’t know why but the idea of the savings pot is really creating so much excitement in me for some reason? I am dreaming so much of the planned extension! I will be sweeping 🧹 into the savings pot and OP into mortgage as much as I can and that should keep me busy for the next few months! I do wish I had an offset mortgage which is what I used to have with Santander but hey those days are long gone! for me! The money saved is not going to earn that much interest but hey that won’t stop me from saving. I also want the savings pot to be easily accessible but will be reviewing where to keep the money as I go along. Maybe I can see if I can invest the money somewhere in lots of £25k? Any ideas about what I can do to maximise interest on lots of £25k? Will see? What will you do ladies with these savings while you wait?

Have a lovely day ladies and let the savings and OPs continue in this second half of the year!

Hugs and 😘

Sistergold · 1 July 2020 at 6:33AM

Me again
Although my interest is charged daily they add it to the mortgage all together once a month. So today my balance has gone up from £468600 to Balance 1/7/2020 £469078 eeekkkkee! 🤢🤦🏽‍♀️ Feels like one step forward and two steps backwards sometimes! Well the bank has to make their money I guess? Will make OPs and also mortgage monthly payment is set to go out every middle of the month on the 14th balance will feel better then!

Sandyra · 1 July 2020 at 8:44AM

Morning all, just quickly popping by as it’s the beginning of the month so it means finance shuffle. I’ve actually been going into work this week, for the first time since lockdown and I have decided to cycle the 1hr 40min journey there and back. Loving the whirlpool bath talk, this will be me in a few years time hopefully.

Sandyra · 1 July 2020 at 9:00AM

I’m back, good news on the save 12k on 2020 target SG. I might revisit mine and change it to £12k as opposed to £8k as I’ll reach that amount next month I think. As for the £100k savings pot. Having looked at renovation project that’s pretty standard when I was inquiring about extensions and my beloved walk-in wardrobe 😅. Oh those days of dreaming before lockdown hit us. I’m waiting to see what my interest this morning(...hurry up Santander) is to compare to the tracker. It’s frustrating SG, I make my OP on the second of the month after my mortgage comes out on the 1st to see the benefit, plus the earlier the less overall interest. My OP won’t be a high hitter like before as I’ve been spending 🙄. My savings are basically in my Marcus account, in a Virgin regular saver. I’ve just spread them out between the saving best rates on MSE. I’ve actually opened a NS&I premium bond in the hope I win a payout, my friend put £1500 in April and won £25 in May and June, so fingers crossed I’m that 🍀 lucky. Although an income bond pays the best I’ve heard. X