SLLM (Single Lady Large Mortgage)

Sistergold

@savingholmes ,19th of November! Yey! 🥳🥳🥳

Sistergold

Hello all you lovely ladies
Just thoughts for today
I am just trying to plan ahead so as to be in a good remortgage position when the time comes. I know it’s 19 months to go but time flys  and also if I plan from now I can start slowly paying in to reach my target easier? 

Target LTV by 31/05/2023 is 60% £384000/£640000

At start July 2019 LTV ~75% £487500/£640000

Current LTV Nov 2021 is ~65% £416000/640000

My current mortgage product ends 31/05/2023 which is 19 months to go? 

Paying £1955(monthly payment) - £475(interest) = £1480(monthly capital repayment)
So will reduce capital by £28120 in 19months and that will bring balance to £387880 at remortgage time? 

60% LTV is £384000/£640000 so I need to overpay a total of £3880 by 31/05/2023 to reach the target of 60% LTV. 

£3880 divide by 19months = £205 per month needs to be overpaid to reach 60% LTV? My mortgage goes out on the 14th of each month and I now need to maintain a target OP of at least £205 until remortgage time. 

Just wanted to have this written down so I don’t forget. 

Sistergold

Update 
I have now called WestBrom to increase my OP to £240 per month. I am very excited about the increase in OP as this will mean further reduction in daily balance. Xx

Sistergold

Savings 
Just managed to add £2800 to the building fund. This is £200 short of my £3000 target for this month. I was going to move £3000 but had to leave £200 as I have now increased my OP from £50 to £240
due to the above target to reach 60% LTV by remortgage time. So basically instead of saving £3k per month into building fund I will now aim to save £2800 into building fund. Fingers crossed I can increase this at some point funds permitting. Xx

New building fund balance now £73400. Xx

savingholmes

Fab target, plan, income and achievements. I can't believe you still regularly call yourself bad with money on other diaries. Is that an old view of yourself you need to update? Is that guilt over what you spend despite it being proportional to your income? You don't have to say. Just being nosy...

Sistergold

savingholmes said:

Fab target, plan, income and achievements. I can't believe you still regularly call yourself bad with money on other diaries. Is that an old view of yourself you need to update? Is that guilt over what you spend despite it being proportional to your income? You don't have to say. Just being nosy...

@savingholmes, that’s a good question/observation actually! And I like “nosey”! Where I think I am “bad” with money is that there are areas I spend and I just know I could avoid spending but I don’t?

I don’t have a food, clothing or anything budget I just buy when I need to. 🤷‍♀️ I can have “pots” for say birthdays, eating out or stuff but to be honest I don’t stick to them and if they run out I just top them up so it’s not like I will not do something because there is no money in the pot. Topping up sometimes also means taking money from savings! 😶‍🌫️🙊

I am turning fifty and have never ever sat down to make a budget 😳 I just do what I need to do at any one time. When I was saving for house deposit I was strict on spending but even then I never created a budget to stick to. I do keep out of debt in my spending but looks like all cash can be spent? 

Should I maybe tell myself it’s okay not to have a budget, spend what I want to as long as I can still save? 🤔

slm6002

I think as long as you are not running up debts, you are paying all of your bills and you are putting some away for a rainy day / building work then you are winning. 

Sistergold

slm6002 said:

I think as long as you are not running up debts, you are paying all of your bills and you are putting some away for a rainy day / building work then you are winning. 

Yes this is me. I do pay my bills first, pay my credit cards first if I have spent on it, save some for a rainy day. I then spend spend spend, I find with children I have lots of unplanned spending but this is down to no budgeting in advance I guess? Xx

savingholmes

Sistergold said:

savingholmes said:

Fab target, plan, income and achievements. I can't believe you still regularly call yourself bad with money on other diaries. Is that an old view of yourself you need to update? Is that guilt over what you spend despite it being proportional to your income? You don't have to say. Just being nosy...

@savingholmes, that’s a good question/observation actually! And I like “nosey”! Where I think I am “bad” with money is that there are areas I spend and I just know I could avoid spending but I don’t?

I don’t have a food, clothing or anything budget I just buy when I need to. 🤷‍♀️ I can have “pots” for say birthdays, eating out or stuff but to be honest I don’t stick to them and if they run out I just top them up so it’s not like I will not do something because there is no money in the pot. Topping up sometimes also means taking money from savings! 😶‍🌫️🙊

I am turning fifty and have never ever sat down to make a budget 😳 I just do what I need to do at any one time. When I was saving for house deposit I was strict on spending but even then I never created a budget to stick to. I do keep out of debt in my spending but looks like all cash can be spent? 

Should I maybe tell myself it’s okay not to have a budget, spend what I want to as long as I can still save? 🤔

If I were you I would do a budget and just track your spending against it for a while and see what it tells you. All a budget is - is you telling your money where you want it to go. You then set how much you think would be reasonable to spend in each category from your available money. You are the one deciding your budget. You are doing it unconsciously anyway - but this could give it structure. That way you can spend guilt free - as long as you are meeting your wider goals - and maybe feel more in control rather than feeling it is somehow getting away from you or that you messed up...

You say you have 4 kids if I remember correctly - do you have university money saved up for each for example? Does your Ex?

Have you got a good pension sorted? Be aware of the lifetime allowance cap though and don't get caught out... You may need to put some savings elsewhere. You are used to what seems to me to be a huge income - however are you due to have anything like it in retirement? A lot of guides suggest you want 2/3s of what you get in now to live on per year. Given how much you are already saving and putting towards your mortgage - that might not be true for you and you might 'manage' on a much lower figure but still always best to be prepared... 

You sound like you have a decent emergency fund.

Just my two-pennarth....

Sistergold

@savingholmes, thanks for some good pointers with regards to budget and pensions. Yes I do have four children. 

I have put money aside for their university to be able to offer them my full support as I don’t think/know if Mr X will help. If he does then I will just have some money left over which is a bonus, I can then help the children with their house deposits if I am moved to at the time. 

Yes pension plans are definitely reasonable. Xx