The Hen House Chronicles

MerryHen
MerryHen Posts: 60
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edited 29 May 2020 at 2:03PM in Mortgage-free wannabe
Hello folks,

Former lurker and MFW frequenter here returning with a new name and diary. I haven't been around these parts for a while but was part of the Mortgage Free Wannabees challenge in 2016 and 2017 and even started my own (short lived) MFW diary in summer 2017. Life took a horribly unexpected change of direction that autumn when our newborn son suddenly and unexpectedly died, there's no way to put a fine point on this, all our carefully laid out plans, our hopes for the future, just everything about our lives came crashing down and we've been working on building them up again since.

Since then I've barely looked at our mortgage or any of our finances and I stopped coming on here. Being at home more recently though got me thinking again about this little part of the internet so I plucked up the courage to look at my old diary and even though it was written by a different me in what feels like a different lifetime my plans for mortgage freedom and building my family's future remain the same, it didn't feel right resurrecting that diary though so here's my shiny new diary instead.

So, a few things that have happened since my last diary:

  •  We put a pause on over-paying the mortgage with any sort of regularity after DS died, we just overpaid a lump sum every now and again.
  • I stopped keeping an eye on our finances, we're still in an ok position financially and not in any debt or anything but I have less idea of what our money is doing or what our spending is like any more. This is something I'd like to start getting on top of again.
  • Frugality went out the window, we're naturally quite frugal people anyway but I became less conscious of money saving and developed a but of an Amazon habit.
  • DH changed jobs and now works from home.
  • After finishing maternity leave I decided not to return to my main job, I had some self employment work I could do from home so I just did this.
  • We welcomed our second child in early 2019, she is wonderful addition to our family (and in no way a replacement for our son.)

Between surviving grief, our second pregnancy and the first year parenting our living child I've only recently felt like I have the breathing space to start thinking about making house plans again, I'm quite excited!

So here goes! Here begins my plans for mortgage freedom and building our family's future while we build our family home. Here begins the Hen House Chronicles.
Mortgage free 13/06/2023 🥳
8.5 years early saving ~£20,000 in interest.

Short term goals:
Save emergency fund: £5000/£15000 (33%)
Pay personal 🚗 loan: £-5087

Longer term goals:
Fix up the Hen House 🏠
Save for retirement 
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Comments

  • MerryHen
    MerryHen Posts: 60
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    edited 29 May 2020 at 2:18PM

    A few figures

    As the stars of the show I thought they deserved their own post  B)

    Mortgage Feb 16: £142,480 @ 2.89% on a five year fix, over an initial 16 year term.

    Current balance: £75325.58
    Total overpayments: £33,118.52
    Total paid: £77878.58

    Original redemption date: Feb 2032
    Current redemption date: Dec 2027

    Daily Interest: £11.28 Feb 16 to £5.95 today
    Time off total term: 4 years and 2 months

    Approx interest saved: £13-14k! (I can't remember how I used to work this one out but I think that's about right over the lifetime of the mortgage)


    Mortgage free 13/06/2023 🥳
    8.5 years early saving ~£20,000 in interest.

    Short term goals:
    Save emergency fund: £5000/£15000 (33%)
    Pay personal 🚗 loan: £-5087

    Longer term goals:
    Fix up the Hen House 🏠
    Save for retirement 
  • Hey Merry Hen. Your title drew me in but then to read of the sadness that your family has been through. You sound ready to roll up your sleeves again. I have bookmarked your diary and will be cheering you on. 
  • Cornish_mum
    Cornish_mum Posts: 617
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    Hi Merry Hen,
    I am very sorry for the loss of your son. Best of luck with your MF journey.  xCM
  • teapot2
    teapot2 Posts: 3,200
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    Welcome back Merryhen, sad to hear of the loss of your DS, you've been through a lot as a family and I wish you all the best with your plans.  I too returned to the MF forum after a long absence following a bereavement and found it to be a very welcoming space.  Like you I never completely lost my frugal ways but circumstances meant that I took my eye off the finances and lost my way a bit.  Having a diary on here has really helped me to refocus so I hope yours will do that too :)
  • dark^knight
    dark^knight Posts: 526
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    Hi MerryHen, really sorry to hear about your son. Wishing you and your family the best wishes for the future.
    x
  • Jessy103
    Jessy103 Posts: 1,810
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    So sorry for your loss, MerryHen and wishing all the best to you and your family. Good luck with your journey x
    Mortgage Balance as of Jan 24 £36,500 Starting Mortgage Balance (June 2019) £72,000. 2024 Overpayment Challenge: Jan £558.40,
  • greent
    greent Posts: 10,663
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    Welcome back to MFW, MerryHen! Sorry to hear about your baby boy x 

    Wishing you and your family all the best on your MF adventures from hereon in :) x
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/11 £89873 01/13 £52546 01/15 £12133 07/15 £NIL
    Net sales 2024: £20
  • jenni_fer
    jenni_fer Posts: 529
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    welcome back MerryHen! Sorry for your loss. x
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