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

FtbDreaming

Well that was a bit of a whirlwind… I did have a bit of remorse this morning but the £10,000 went in my account this afternoon and I’ve paid everything off

MBNA £4000- £0
Kitchen £1800 - £0
Halifax 1 £1250- £0
Halifax 2 £800- £0
Fluid £900-£0
Studio- £250-£0
Paypal- £100- £0

There were so many bitty payments right the way through the month it was truly depressing so now it’ll just be one payment of £298 on the 1st of the month. This will give me more opportunity to OP and rebuild savings. I now have around £3k in my current account so I might stick £1K somewhere if anyone has any good ideas let me know. 

The payments for this aren’t until 1st May so that’s 2 months where I’ll have £600 more than usual then from then on it’ll be £300 a month better off.

I won’t be tempted to get back into debt by the way. The majority of that was the HGV course that we don’t speak of. Then a holiday to Disneyland and one to Benidorm. A new kitchen and then the little ones were all Xmas presents so not just daily overspending I actually live well within my means day to day. 

It has given me a migraine spending so much today though even though I’ve not really spent anything. I’m just juggling money in my brain. 

FtbDreaming

Good morning!
I’m off work this week so trying to get a bit of life admin done. I called Halifax and asked about the interest rates since I chose my fix in November at 5.17% it had dropped to 4.72% on my 60.24 LTV 

I made another £200 OP and got it down to 59.9 LTV and have just fixed at 4.57% 🙂 that’s a saving of about £40 a month I think on the original fix and I’m in the ‘posh’ LTV bracket now?! 😂

I’ve fixed for 5 years just for peace of mind with the current times. Hopefully this will be my last fix and I’ll be mortgage free by the time it expires 🤞🏻I can dream can’t I! Tbh it’s not that unrealistic. Save £1000 a month for 60 months and it’s paid. A lot of people are paying more than that just for their basic mortgage payment aren't they. I really do appreciate how lucky I am having such a low mortgage. 

Im currently in the middle of redecorating my bedroom. I say decorating but we’ve pulled the external wall right back to brick. Spent a long day yesterday prepping it and found a rotten joist which is highlighted a problem with the roof flashing causing a leak so that’s gonna be a job for the summer to stop it causing more damage. We’ve repaired it internally so hopefully have a nice fresh room soon. 

FtbDreaming

Hi! Well I’ve slipped off the MFW lifestyle… current mortgage balance is just under £59k and LTV 56%

I haven’t made many OP this year but I have done a LOT to the house. We have done my bedroom which was my last post that’s taken it from an average scruffy room to a lovely cosy clean relaxing space with really clean tidy storage. 

July we done a spontaneous loft conversion on a tiny budget. We worked about 17 hours a day for a month solid (I was off work sick for a month with anxiety and DIY is my outlet) and we created a lovely 4th bedroom for less than £2.5k 🙂 it has completely changed the dynamic of the house now all the kids are in their own rooms. They are getting along so much better and there’s virtually no bickering or arguing between them. 

Before the loft conversion we had started grinding down the brick on the front of the house and the plan was to get all the paint off and repoint- I’d been quoted £2000 in 2022 for it and when I got back to them in January it had increased to £4000 which is why I decided to DIY… we got back to that in October and spent my 2 weeks annual leave on the front and managed to completely transform the front of the house for less than £400! 

So mfw… I haven’t really gotten anywhere this year. It’s been a rough year in life and I’ve invested all that negative energy into transforming the house. The house is now in a place where it’s probably a forever home (well until I want to downsize once the kids are grown)  so it’s kind of swings and roundabouts. 

I’ve done loads in my job but unfortunately there’s no scope for pay progression. I am looking to move elsewhere in the same role and that should come with a £10k pay rise at which point i can start making more significant overpayments! That’s being manifested for 2025 

slm6002

Wow you have been busy - sorry you have had a tough time too.  I think if you have made your home better and possibly increased the price, that is just as valuable as making extra payments on the mortgage.

You are so right how a bedroom each makes life so much easier.  I was very lucky to be able to split a room and it changed how the children were.  It sounds like you have been able to create the loft room on a good amount.

Lets hope the next year will be better for you.