Starry skies and butterflies - beginning the MFW journey as a solo buyer

penny*pincher_2

@South_coast thank you!! - I hope everything goes to plan, I am sure it will. The biggest hurdle last week was securing a removal because OFCOURSE everyone wants to move haha. Only for me, the stamp duty was not a factor. But I managed to get a cancellation where the original customer decided to move the following week. So this time in 2 weeks I will be enjoying my first weekend in my new home.

@Misslayed thank you I hope for a happy move day too. And yes... one day I will get there. I might be late to the party but I am sure I wont be the last to leave

_WorldTraveller_

Congratulations and good luck setting everything up.

I too am a single lady trying to clear off the mortgage as soon as possible. So will be reading your diary with interest.

To answer the Halifax query, I hope my experience with them helps - their OP runs Jan to Dec, so although your mortgage starts now in June, your 10% allowance will only be until 31st December. To add a further twist (perhaps it was just in my case), they send their annual statement around May covering the period up to 30th April. Therefore you may not receive the balance as at 1st Jan to calculate the 10% for that forthcoming year. My advice would be to call them early Jan and get the exact balance at 1st Jan point.

My previous mortgage with HSBC had the OP period aligned to the date that you drew the mortgage, so Halifax's way threw me. Still not sure I understand their logic, but that's another story.

ladysummerisle

Ooh, do remember to use cashback sites for any new services you set up! 

I wish I’d overpaid earlier but I kept on putting it off - start as you mean to go on is much better.

penny*pincher_2

_WorldTraveller_ said:

Congratulations and good luck setting everything up.

I too am a single lady trying to clear off the mortgage as soon as possible. So will be reading your diary with interest.

To answer the Halifax query, I hope my experience with them helps - their OP runs Jan to Dec, so although your mortgage starts now in June, your 10% allowance will only be until 31st December. To add a further twist (perhaps it was just in my case), they send their annual statement around May covering the period up to 30th April. Therefore you may not receive the balance as at 1st Jan to calculate the 10% for that forthcoming year. My advice would be to call them early Jan and get the exact balance at 1st Jan point.

My previous mortgage with HSBC had the OP period aligned to the date that you drew the mortgage, so Halifax's way threw me. Still not sure I understand their logic, but that's another story.

@_WorldTraveller_   Thank you so much!! This is so helpful for me to have some early answers - and to be honest, I thought that was the case. I doubt I will be making much of an OP this year (you will see in my next post why...) but I am going to start chipping away at it as much as I can. I will set myself a reminder for January to find out that amound to confirm the new 10% (to be honest, I doubt I will be able to make the max OPs but I will certainly do my best. 

May I ask if you have any experience regarding the OP'ments? I am still wondering about whether paying small regular amounts is worthwhile when considering their calculations or whether a 'lump sum' works better. - Any actual experience to share would be great as I can't really make out much from the written information. 

Do you have a diary for me to follow?

Thank you so much for sharing and stopping by

penny*pincher_2

ladysummerisle said:

Ooh, do remember to use cashback sites for any new services you set up! 

I wish I’d overpaid earlier but I kept on putting it off - start as you mean to go on is much better.

Hi @ladysummerisle - thank you!! - I am restricted with certain things - unfortunately the development has only specific internet providers and I cannot change the water/tv licence/ council tax side of things. But, once in, I will be looking at the gas/electric for sure!!

I am going to do my best to OP, but I can see things will be starting off a little tight! - I feel I have to start somewhere though. 

penny*pincher_2

So last night I found myself thinking about my retirement.... and rightly or wrongly I decided to open up a LISA before I am too old to do so (I will be 40 this year )

So I kissed goodbye to 4K until I am 60. 

I have been thinking a lot about retirement lately and I don't want to work until I am 68. I have a fair pension, but this was only set up properly in recent years and so I don't have a lot to fall back on in later life. I was really unsure if it was a good move to do this or whether I would be better off placing it as a OP on the mortgage - I got freaked out by the impending deadline and felt it was a 'now or never' type of thing. I guess I don't have to pay into it every year if I don't want to.

Thanks to @_WorldTraveller_ I am now clear that my OP annual time frame is 01 Jan - 31 Dec. This means once I move in my OP window for this current year is reduced. I am under no illusion that I will be able to make a 17k OP in that time. I have new things to buy and things to do for the house which is a bit of a shame really - but I will do my best to reduce my outgoings where I can. I have no choice but to get my bum in gear because I need to be ready to re-mortgage in 5 years and I want to get rid of the H2B and absorb that into my mortgage at that point. 

For some reason I feel even more anxious about this whole LISA and 4k business now. - I wish I had thought about all of this years ago. 

HAPPY SUNDAY EVERYONE!!!!

Today I plan to sort out my new internet (I will have no choice but to buy out of my current one as they do not supply at my new area) - this will be costly. I also need to order/buy some roller blinds ready to put up once I move in - I am hoping this will be a not too costly process who am I kidding.... 

penny*pincher_2

Dear Diary,

I will start by apologising - I had not intended to do two updates today

Small wins. It will not be possible for me to take my current internet provider with me when I move due to a closed network where I am moving to. Thankfully I am able to exit the 18 month (still 12 months on it) without charge. I had felt this was how it should be as they are physically unable to supply to me, but I was so pleased to hear it confirmed. I saw that exiting could have mounted up to £100 as per cancellation, so I am pleased I do not have to pay that. 

So what did I spend the money on? - blinds. Yes I made the order. I didn't realise nor appreciate how much they cost. I got a bit anxious thinking I may not have measured the windows properly but I am keeping faith. Next weekend I need to buy my curtain poles and a couple of new sets of curtains. - I also emailed a handyman for a quote to put everything up. I have never been handy with a drill so I am leaving that to someone who knows.... 

I am amazed how quickly the days are passing now. I will hopefully have my keys on Friday and will be able to move little things over before the big move (obviously nothing too precious nor valuable) I am flipping from excitement to fear. - I think I have the future me knocking at the door reminding me to be mindful of big spending. I have 2 new beds to buy (already disposed of mine prior to move), new washing machine/tumble dryer to buy and a dining table and chairs (again, already disposed of mine prior to move, it wouldn't have been suitable). - I have to tell myself some expenditure is normal and I need to enjoy my home and not feel bad for buying these things.

Thanks for reading, if anyone is there

ladysummerisle

Perfect timing. I need to open a LISA even though I won’t really be adding to it any time soon (maternity leave and mortgage to get through). Any recommendations? 

_WorldTraveller_

Thanks for the kind reply. I never thought of having a proper MFW diary on this forum.  Perhaps because whilst I am still very much wanting to get to be MF, the size of my mortgage balance and that I don't think I'm in my forever home means that if I start a diary, it may be the longest on that the message boards have had!


In terms of OP, I guess it's a personal preference. I've erred on the side of caution and set up a monthly standing order to what I feel is affordable,  but allows me to cancel if I need to. For example,  I had a short period in the New Year of not working and although I have built up an emergency pot, the month of no OP would be equivalent of about 3 months household bills.

I would advise to see how first 6-9 months go before deciding on lump sum or smaller but regular OP. 

Whichever you decide, set up a basic spreadsheet to keep on top of OP. I have a column that shows my allowance, how much is left following OP and the %for the year.  

Looking forward to reading your adventures. 

penny*pincher_2

Thanks for the sound advice @_WorldTraveller_ it really does make sense to see how things go.

I think you have done brilliantly with your overpayments looking at your signature - look how much that balance has come down in a year!!! That is flippin' amazing, you should be so proud! - and should think about a little diary too