FtbDreaming wants to clear £69,700 before Im 40 (2027)

slm6002

Wow what a month.  A marathon, blood giving, career advancing training and events, DIY, a big mortgage overpayment and fingers crossed less rats   It sounds like life is good for you at the moment

FtbDreaming

Hahaha tell me about it! I think I’m still on a bit of an energy high off the back of the half marathon lol but yeah things have been good so I’m not complaining! 

Not gonna lie I did hesitate for todays OP but then thought I need to do it to get in the £50ks by 2024. If I’d left it in my current account I’d have only wasted it on rubbish. 

I’ve started vinted too. I’ve made £56 last month. I do sell things super cheap but it’s just junk really not getting used so even if it’s £1 it’s all good. I’m hoping to get £100 by December and then I can spend it on Xmas presents (might even leave it in there and get them some pre-loved bits!) 

My HelpToSave account closes on the 1st December (that’s the mortgage neutral fund in my signature) I’ll be paying £1000 off the mortgage then I want to find a decent savings account to put the rest in.

I’ve also got 11 payments left on my kitchen! I can’t wait till that’s done £250 a month. Then I’m going to go back into the nhs pension because I’m getting a bit anxious being out of it Now. 

Xxx

slm6002

It will be a shame to say good bye to the help to save account.  I still have 1 year left and already have a plan for the money.  Yay for getting the money out of your account before you buy things you don't need.  You will get into the 50's before long

savingholmes

I'd prioritise getting back into your pension if you can. You are losing out on free money and paying more tax than you need to otherwise. 

FtbDreaming

savingholmes said:

I'd prioritise getting back into your pension if you can. You are losing out on free money and paying more tax than you need to otherwise. 

Yes I understand that. The pension at present makes about £250 a month difference to my take home pay which is the money for the kitchen. As soon I’m as that Is paid I can go back in the pension: I know I’m overpaying around £200 but that’s just optional/ at a stretch. Ultimately I need that money available now to get by. 

Long term my plan is to get back into the pension as soon as the last kitchen payment is made. Xxx

FtbDreaming

Morning! I am coming to the end of my fixed term and wondering what to do… ideally I’d like a 3 year fix on a low interest rate and I’ll overpay as and when I can to meet my goal of MF by 40 (or as near as)

But then… I just done a calculation on a comparison site and I could have a 10 year fix at 5.19% for a 10 year term. That would give me certainty that my payment would be £650 a month for 10 years and I’d be mortgage free at the end. 

I know none of us know the way the economy will go. It could be a great deal if interest rates keep on increasing but if they drop then I’d be paying more money in interest than I had to for x amount of years. Plus I’d be stuck here for most of the 10 years  so that would take away the option of moving without an ERC. 

Anyway it’s just something to think about. I’d be MF at 46 with very little effort really. 

On another note which will probably make me decide on staying on longer term/shorter fixes… I’ve been accepted onto the Non medical prescribing course at uni. This is massive for my career! I’ve been smashing it anyway but not being a prescriber was the biggest barrier to the next pay band so I think I’ll easily be on £43k in 2 years time plus I’ll have so much earning potential outside of my main job it really is a golden ticket! Thus that 4 bed detached house could be quite a real possibility in the next couple of years 🙏 I was on a £16k salary and tax credits when I bought this in 2020 so I’m deffo flying through xxx

skint_spice

That’s great news for your future plans, well done Ftb!

FtbDreaming

Hello!! Well the excitement has certainly died down 🤣 

Today was the first day I could choose my next fix. I have gone for 5 years at 5.17%… it’s shocking isn’t it going from 2.38% to over 5% means my monthly payment will increase by approx £130 a month. 

I plan on keeping an eye on the interest rates and can select another product if the rates drop but I wanted to secure the current rate in case it increases. I think I do want to move so was debating the 2 year fix but the calculations made the monthly payment + potential ERC still better on the 5 year fix with that additional security if rates did rocket further. 

Im also on 61.2% LTV today and plan to be on 59% after Xmas so that could take me into another product bracket hopefully. 

Oh and I’ve made another £250 OP so all is going to plan up to now! Soo we’ll see how life pans out. MFW vs dream home 🏡 I’ve got 20 months to decide and will be OPing and saving what I can in the meantime anyway x

slm6002

I like to know what payments will be.  Well done on getting it sorted

FtbDreaming

Hi! 

Happy new year… I know I’m late 🙂 little update. All the best laid plans go to 💩… we had an extremely costly December. Both cars decided to get very expensive faults. I had loads of events which drained me financially. A sick dog that cost me £400 in the vets plus the usual excess of Christmas… I’m sure there was more but I’ve deleted it from my mind now because it was so stressful.. anyway my bank said I spent £5000 in December 😲

So the £1000 mortgage OP didn’t happen as I’d hoped. I have bought the balance down by £300 a month though instead of £200 so still been overpaying. I need to get in touch with the Halifax this week and see if there are any better interest rates on the fixes now. I’m sure it’s come down since November but not sure by how much. Every penny helps though doesn’t it. It’s  due to refix in May and still will be below 60% LTV

Anyway I’m back in here tonight because I’ve been updating the finances and all the 0% cards are coming to an end between now and September. I am currently paying around £600 a month off these but would be nowhere near done before the end of the fixes. 

I am not one for uncertainty so I have applied and been accepted for a Tesco loan for £10,000 this will consolidate all the debt and bring my monthly payment to £298 for 40 months. So I should be £300 a month better off straight away plus I’ll have approximately £1000 left over to keep me afloat whilst I rebuild some funds. 

My finances aren’t dire and I’m not even in my overdraft but I am constantly making CC payments and not scratching the surface so this way it’ll all be in one place and there will be a definite end date when the balance will be £0 and I can comfortably afford £300 a month! 

Life’s good. Works good. I’m currently on my prescribing course so hoping to get a band 7 in the next year or so which will be approx £5000 pay increase. I’ve come a long way since I got the house on a £16k bank nurse  salary lol! 

I’ll try and catch up with some diaries. Hope everyone is well!

I’ll come back and update when I’ve got my exact fix etc x