Future Me & the Rabbit Hutch House

So having lurked on MSE forum for a couple of years I am finally mustering the courage to start a diary to keep myself on the straight and narrow and to try and make proper inroads into 'becoming a grown up'. I've read through many of your diaries and have taken inspiration and learnings from all of them so let me start off by saying thank you for sharing. I ramble a lot so apologies in advance!
So Future Me & the Rabbit Hutch House. The rabbit hutch house is my first 'only me' house which I bought July last year. Its a teeny terrace house, that I am striving to turn into the cottage of my dreams (despite the fact it was built in the 1990's, is very much NOT a cottage and has about as much character as a carrot), but its in a lovely village round the corner from my folks. It needs a bit of work to get it homely having been rented since it was built, but it's mine (well 14.89% of it is) and as a committed introvert having my own space is pretty amazing. Previously I had owned a house with my sister for 10 years but this was before my financial awakening so I did absolutely nothing money wise for 'Future me' (but thanks to house price increases it did end up getting me a nice chunk of money for my deposit). Along with being a committed introvert, I am also a lazy s*d so I have tried to adjust to this intrinsic character flaw by doing things for 'Future me'. You know when you really can't be bothered to do the washing up before bed but then you think 'Future me will appreciate that in the morning' or, since my financial awakening, wanting to spend money on tat and thinking 'future me would probably rather I put that money into a savings pot to pay my car insurance rather than on a life size sculpture of a giraffe'(I joke but you get my drift..) So anyway as mentioned above I've been lurking on these boards for a while gathering inspiration and ideas and have made small baby steps but I find my motivation lacks and I'm hoping having a diary will make me more accountable and allow me to, in a rambly fashion, cement some goals and plans. I am wholeheartedly looking for support and ideas so please do throw any you have my way.
Well on to the financials. I have started with a mortgage of £140,000 which feels like a massive amount of money for one person to owe, especially when you realise it is debt and not just, you know, 'one of those things'. To date I have managed in a haphazard fashion to overpay about £1,300 on top of monthly payments which takes my current mortgage debt at a still huge £135,425. I read a lot that the first year of home ownership is a difficult time to make big inroads into overpayments so I'm trying not to get to disheartened at the pitiful progress, every £ paid is a £ less to pay interest on and all that. And here comes the crux of the issue and the bit that makes me secretly a little bit annoyed and frustrated. Doing it on my own. On paper I earn a decent enough salary but after bills and you know staying alive there is little left to overpay with. I wish wish wish I could share the costs, not because I want a partner (I am very happy to be on my own and have been for donkeys years) but because essentially I want someone else's income so I can make bigger payments! Not really a solid reason to go out and find a boyfriend! Anyway I digress. So here's to a hopefully start of some accountability, setting some goals so Future Me can enjoy the Rabbit Hutch House and pay that mortgage down so I can maybe buy an actual cottage one day. I'm going to post an SOA below so again any ideas and or support gratefully received.
MFW 2020 #139 £781/ £3000


  • regularsaver
    regularsaver Posts: 156
    First Anniversary First Post Name Dropper
    Hi Peaches113 and congrats on beginning your MFW journey. I have enjoyed reading your thread so far. I know what you mean about having an anxious human brain regarding paying off as much as you can against balancing building the EF. Your 10k target is the same one I have too. I am about at the same stage of house ownership as you but have a little more stashed in my EF currently than you do but its taken a long time to build. For me I went with balance, making OP's whilst also adding money to the EF every month. However small the mount you make in OP or into the EF, it will add up over time and for me, having that EF in place makes me a little less anxious. Thats worth more than money to me. Once I hit my EF level, then I will use that money to make large OP's. Thats my plan anyway. Hope that helps in some small way. 
    MFW - #133 - 2020 Challenge - £1230.67 / £1159
    MFW - #133 - 2021 Challenge - £1328 / £1270
    MFW #56 - 2022 Challenge - £325.35 / £1296
    Mortgage began Jan 2019 - £115,900
    Mortgage Currently            - £105,160
  • Peaches113
    Peaches113 Posts: 33
    First Anniversary First Post Name Dropper
    Thanks Regularsaver. You're right, I know you're right and I need to be patient and take the small steps. But I'm just so bl**dy impatient! I think part of the issue is I read diaries on here from beginning to end in one sitting so it feels like everyone else is achieving massive payments at breakneck speed but in reality its because I've spent 3 hours reading about 4 years hard work!
    MFW 2020 #139 £781/ £3000
  • South_coast
    South_coast Posts: 4,775
    First Anniversary First Post Name Dropper Photogenic
    Hello! I felt a lot of parallels reading your intro, from the long and painful commute, to the expensive car, to the trying to make a bland home more personal (1970's block of flats for me). And while I do have a BF, we don't live together, so he doesn't count (merely from a MF-perspective, of course 😂)! 

    Don't beat yourself up about the EF, if you add all those different pots up you've got way over £10k. If you were to lose your job, I'm sure keeping a roof over your head would justify a raid on the bathroom/heating/windows/whatever funds. Could you maybe split the £118 "left over" and the £200 towards the emergency fund into £159 each towards the EF and OP's so you were achieving both? Not sure what your timescale is for the improvements, but that cash could just sit there as a buffer just in case until you had the full  £10k you're looking for in the EF. 

    The other thing that stands out immediately for me is the £80 a month towards car maintenance. I'm assuming you have to pay for servicing, but if it's a new car it will be under warranty and it won't need MOT for a few years. There might be some cash you can free up in the budget here

    Good luck 😀!
    Mortgage start: £65,495 (March 2016)
    Cleared 🧚‍♀️🧚‍♀️🧚‍♀️!!! In 5 years, 1 month and 29 days
    Total amount repaid: £72,307.03. £1.10 repaid for every £1.00 borrowed

    Finally earning interest instead of paying it!!!
  • jenni_fer
    jenni_fer Posts: 529
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    Good Luck @Peaches113!
  • Thick_n_Thin
    Thick_n_Thin Posts: 329
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    Good luck, will be following with interest 
    Aiming to be mortgage free in 3 years June 2023. 
    May 2020 - £63,493
    Jan 2021 - £56,145
    April 2022 - £44,750
  • longway2go
    longway2go Posts: 1,006
    First Post Name Dropper First Anniversary
    Hi Peaches,
    I think SC is right in relation to your EF.  I do fight with myself about building the EF which seems like the boring thing to do) or making OPs which sees my mortgage figure drop and I know once the EF is filled to the desired level everything cn go towards OPs which is more exciting. What I am doing now is linking my mini targets to an amount of the mortgage and an increase in my EF and therefore I order to hit the target my EF has to grow but its rolled into an OP target so doesn't seem as dull. 
    I use the money saving expert mortgage overpayment calculator which is a bit addictive as you can see how things can snowball with OPs. 
    Have you tried batch cooking? I started about 8 months ago and save both time and money so might be worth trying if you haven't already?
    Good luck with your journey. I will be following your progress :smile:
    Mortgage Aug 2019 161,000 :eek::eek::eek:Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823, Dec 2021 136,120🙂EF 0/12,000 (0%)😕 (5062.44 was ERC), Jan 2023 128,650. Our Mortgage is never going to be as high as it is today. :jOnwards and downwards to a better life for our family. :jJust keep swimming
  • Sistergold
    Sistergold Posts: 2,000
    First Anniversary First Post Name Dropper Photogenic
    edited 10 May 2020 at 11:25AM
    Hi there Peaches113
    Another single lady with a large mortgage here. Wave wave. Have enjoyed reading your diary so far. You are doing well in your journey and all the different savings pots can always be used in times of crisis like the other ladies said. The emphasis on building EF is critical for when you don’t even have a penny after buying your house. So if all your savings are already over £10k then that’s fine and you can just build the actual EF pot slowly as well as overpay if that makes you feel like you are making better progress towards mortgage freedom. I also just feel so impatient with my mortgage sum and have to stop myself from just concentrating on overpayments at the expense of everything else! 
    Will be with you on your journey!
    Initial mortgage bal £487.5k, current £266.8k, target £243,750(halfway!)
    Mortgage start date first week of July 2019,
    Mortgage term 23yrs(end of June 2042🙇🏽♀️), 
    Target is to pay it off in 10years(by 2030🥳). 
    MFW#10 (2022/23 mfw#34)(2021 mfw#47)(2020 mfw#136)
    £12K in 2021 #54 (in 2020 #148)
    To save £100K in 48months start 01/07/2020 Achieved 30/05/2023 👯♀️
    Am a single mom of 4. 
    Do not wait to buy a property, Buy a property and wait. 🤓
  • Hiya! Lots of luck. Don't beat yourself up you are doing really well. What are the software subscriptions btw?
    Am sure you will have looked at this overpayment calculator? https://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator/ I love it because it gives you your results in really big letters and says how much sooner you would be mortgage free!
    "Everything comes to him who hustles while he waits" Thomas Edison
    Following the Martin mantra "Earn more, have less debt, improve credit worthiness" :money:
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