The Case of the Overwhelming Mortgage

savingholmes

Hugs. I think all firsts are hard. It's good that you have strategies in place to help you get through.

AgathaSquirrel

Down to £69000 this month.

AgathaSquirrel

Into the £68000s

AgathaSquirrel

Have started running again recently. Now managing 30 minutes. Aiming for 5k soon, then start incorporating that with gym routine. Gym time has suffered in last month as focusing on running.

Off to supermarket soon. Going to get the slow cooker out and cook a bolognese for dinner. I’m out this afternoon so need to get organised.

Ideally I’ll get into the garden today as well.

Was checking university savings yesterday. Had hoped mortgage would be paid off by the point eldest goes but not to be. We will need to juggle mortgage and university together for 3 years. We will have £11000 saved by this summer. Eldest is sitting national 5s just now so will potentially go to university in 2 years.

savingholmes

Well done on the savings. Wish we'd been that organised. I'd encourage your eldest to get a job too. No reason for the burden to fall all on you.

Well done on the mortgage progress.

AgathaSquirrel

Thank you. Yes, there would be an expectation they work too. According to Martin Lewis we need £3000 per year parental contributions just to bring them up to the full loan amount. So £24000 needed for both 😱. I know this won’t be enough. Cost of living is extreme. However we both work and will have a smaller mortgage in a couple of years. We’ll manage. We’re fortunate we can support higher education if that’s what they decide to do.

They are also extremely fortunate my dad saved money for them. Ideally I don’t want them to touch it and have it there for a car or towards a house deposit but it is there if they need it.

In other news I ran 5k this week. First time in over a decade.

glass_half_full

Well done on the 5k! I also do a bit of running, find it helps with clearing the mind.

savingholmes

Well done on the run.

Uni costs are scary. Good you have a plan.

AgathaSquirrel

Not sure probate will clear in time for us to pay off the small mortgage and paying small mortgage on variable and reducing term of big mortgage could be costly. Currently looking into 2 year fixes for £67000 mortgage. We would then save the £20000 and pay off in 2 years. Looking like an extra £100 a month. Compared to others we are fortunate it’s only £100 but I would still prefer to save it.

savingholmes

Frustrating about the probate. Good you have a workable plan that gets you through.

Hope you are doing well in yourself.