SLLM (Single Lady Large Mortgage)

Sistergold

Good morning ladies. 

New month and monthly interest has been added on to the mortgage. So mortgage figures back up again😥, what a cycle but hey ho I borrowed so I have to pay. The bankers do need to make their money too but my duty is to race to the finish line. 

So after mortgage was taken out last month  this was the picture 

And today after daily interest has been all totalled up and added we are back up and this is the mortgage picture today

So interest added was £475.39. Last month the interest added was £493.02 so looks like it has gone down a bit(by £17.63)? On top of that £1955.09 monthly payment I OP £50 so total capital repayment a month is £1500. It’s not a bad thought to think I am “being forced” to save £1500 each month! It is £180k over the next 10years taken off the capital if I don’t do anything else other than pay that amount. Just a thought for today. 

That 4 at the beginning of the mortgage balance really needs to change to a 3! 🥱

Enough waffle for one day! Xx

badmemory

So you have reduced your interest by over 55p per day in just one month.  Nice one!

Sistergold

Thanks @badmemory for the calculation! Sounds a lot if one looks at it as 55p per day! 🥳

LadyWithAPlan

Well done on the monthly interest reduction whilst also saving for the big extension.. i have yet to start properly looking agai but have eyed up a few flats locally and on rightmove.

@Me_v_The_Mortgage_Mountain I live in Central London and currently very near a train line and I now sleep through everything. I briefly stayed in West Hampstead and hated the foxes screaming at night, whereeas some drunk men yelling in Soho at 3am loudly outside I could  sleep through without an issue..

@savingholmes you sound like you are very organised and your pensions sound sorted which is a relief as many women's are not especially when they have had kids.  I cant imagine being with someone who constantly wanted to get into debt.. A 4 bed house gives you lots of short term options and as you say you can always downsize if needed.
I am very late to some of this planning so my mortgage when I finally get it will be to aged 73 or 70... At least I know now I need to buckle down so finding it easy to save and not spend excessively. 

@Felicityfandangle I also use Monzo for the various pots as you can have as many as you want. I will say that the savings pots where they pay you interest within Monzo  though dont 'release' the money til the next day so I just use normal Monzo current acct pots. Monzo is also the best for travel as it gives a great FOREX rate and you can see immediately on your app how much it cost after the exchange.

Honeysucklelou2

Well done @sistergold on seeing the reduction on the amount of interest paid a month. It is amazing how even the smallest overpayments can help reduce that interest. I can only make small overpayment £50 here or £100 there and in just a few months I’ve noticed that the interest payments have reduced.

Sistergold

Thank you @Honeysucklelou2, yes £50 here £100 there makes a lot of difference in the life of a mortgage! XX 

Sistergold

@Queen_of_the_Hive, don’t think you are the only one feeling that we are “travelling at snail speed”, and we are all finding the road to be full of potholes! Same money many jobs! I think for some years it will be an uphill then at halfway point it will get better and clearer? Well that’s what I am saying to myself for now! XX 

Sistergold

Thank you @LadyWithAPlan, I can’t wait for you to find your flat! We will surely have a virtual party 🎉! Keep us posted with progress! XX 

Sistergold

@savingholmes, it’s good that you have BIL to help so learn as much as you can. Diy courses are a quick way though as they follow a program and by the end of it you have learnt that particular thing. I have found it to be a fun learning environment. Xx

Queen_of_the_Hive

Sistergold said:

@Queen_of_the_Hive, don’t think you are the only one feeling that we are “travelling at snail speed”, and we are all finding the road to be full of potholes! Same money many jobs! I think for some years it will be an uphill then at halfway point it will get better and clearer? Well that’s what I am saying to myself for now! XX 

Thanks @Sistergold, never meant it to sounds like everyone is having it easier, actually far from it . I'm having one of those big dilemmas that has no right answer. Stay living in the same area where kids and me are settled but spending good money on rent or move away to an area where we could buy a home. Kids have very good stable relationship with their dad so reluctant to rock the boat but when your budget can buy a 1 bed flat its not easy. I've had this dilemma since becoming a single parent and things are getting slowly improving but at a painstakingly snails pace.