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Minnie's Midden

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  • MinnieMidden
    MinnieMidden Posts: 33 Forumite
    10 Posts Photogenic First Anniversary Name Dropper
    My May update

    Mortgage amount owed:  £170,576.82
    Offset savings account:  £5,000.00

    It has been a quiet month and I went back on my plan regarding no overtime.  I went out and worked an extra four days and was glad of the extra in my pay packet.  I'll try and continue with it until September if it is available.  I have started my application for Uni and DH has already knocked out 1000 words for his application.  I got as far as filling in my name, address and detailing some of my work experience.

    The best news is though that I spoke to my Dad tonight and he is going to try and travel down to see me.  I suspect his health is not strong enoigh to manage but the thoight of an adventure will keep him occupied and take his mind off his health.  He asked if he could come and stay and it would be lovely to see him as I have not clapped eyes on him for at least a couple of years.  My fingers are crossed for a positive outcome.

    Here's to a miracle in May x


  • MinnieMidden
    MinnieMidden Posts: 33 Forumite
    10 Posts Photogenic First Anniversary Name Dropper
    1st June update

    Mortgage amount owed:  £169,915.21
    Offset savings account:  £6,860.00

    I have been dumping money into the mortgage account and withstanding the charges for being over the 10% allowance.  I've managed to curtail that now, so the mortgage is reducing by the normal monthly payment and I'll attempt to keep the offset savings in credit.  Monthly target for the offset account to be increased by is 3k.  One of my lodgers moved out last week as she has relocated to be closer to her Mum.  Another one is due to move in on Friday, but who knows if that will actually happen.  I also have interest in my only other room for let but there is still work to be done on the midden before it will finally be available.  DH doesn't want to let that room but I want the income so that I can get ever closer to being mortgage free.

    Here's to a productive and frugal June.

    MMx 
  • savingholmes
    savingholmes Posts: 28,682 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Good luck with your health and your MFW plans.
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K with 227 payments to go - now £177.5K Equity 29%
    2) CC1 £12465 (0% expires Aug 26), CC2 £9208 (0% expires Aug 25) & CC3 £240 (0% exp Mar 25)
    3) CC debt offset by £26.1K savings & £5.1K investments
    3) Mortgage neutral by 06/30 (AVC £17.7K + Lump Sums DB £4.6K + (25% of SIPP 1.18K) = 23.48/£127.5K target 18.4% value 17/1/25
    4) FI Age 60 income target £13.7/30K 45.7%
    5) SIPP £4.7K 17/1/25
    6) Set up new income streams: Start up costs £260
  • MinnieMidden
    MinnieMidden Posts: 33 Forumite
    10 Posts Photogenic First Anniversary Name Dropper
    Thank you for your kind wishes @savingholmes.  I'm keeping on keeping on ☺

    1st July update

    I'm actually wondering where the time is disappearing to.  We're now more than halfway through the year.  Am I becoming any more organised?  A little bit, perhaps.  I've been pushing for a fourth lodger with DH for many weeks and have had an ad up for the room for many weeks.  There have been enquiries but I put most of them off because the room still is not ready to let.  I had had an enquiry for July availabilty back in May and I said that I wasn't sure if I'd have a room but would monitor and revert with an answer at the end of June.  The propspective tenant came back to me before that and requested a viewing, came round and liked the house and area so much immediately asked to move in this month.  We are still not ready but we will get there.  I am delighted that all our rooms will then be occupied.  The lodgers were supposed to be additional means to reduce the mortgage but the income from them is now being diverted to covering the utilities.  This was not the plan.  We want to go down the renewables route and are going to start with a small scale project, see what the results are and then take it from there.

    Mortgage balance - £169,255.38
    Offset account - £11,225.0

    MM x

  • MinnieMidden
    MinnieMidden Posts: 33 Forumite
    10 Posts Photogenic First Anniversary Name Dropper
    I omitted my other "want"!  The bathroom that goes with the room that my part time lodger uses needs work done.  I want a double shower in there and DH wants to retain the rusty old bath.  I started a refurb on the rust well over a year ago and it caused a right stramash.  DH does not lime me doing jobs on the house as I rarely finish them and it just ends up being extra work for him.  I can't negotiate for a shower because there is more pressing work to be done but I could go back to refurbing the bath.  Need something done with the taps too, as the leaking is causing the rust build up.  I also need the plug hole/waste removed but who knows if I can negotiate with DH to do this for me.

    If I can manage to get this done, I could let the room out part time on a room only basis (per night) as I get plenty of enquiries for Bed and Breakfast.  I can't tie myself to BandB though because of my work commitments.  So that would be a not to bad solution as there is a huge shortage of tourist accommodation where we live.  
  • MinnieMidden
    MinnieMidden Posts: 33 Forumite
    10 Posts Photogenic First Anniversary Name Dropper
    And yet another post...It is a year this month since I started writing and so I have checked my figures to compare.

    Mortgage reduction over the year = £54,310.08
    Offset mortgage increase over the year = £9,478.39

    In amongst all that, I spent 12 weeks which covered receiving treatment for metastatic breast cancer and then receiving physio in an attempt to be able to walk again.  That was a miracle that I was gifted, as I was at death's door when I was admitted to hospital and thanks to the treatment I was given, I have received more time on the planet and made it back to work.  I am eternally grateful for all that I receive.

    MM x
  • savingholmes
    savingholmes Posts: 28,682 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Wow Minnie - you have been going through a lot and achieved loads. Best wishes for the future.
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K with 227 payments to go - now £177.5K Equity 29%
    2) CC1 £12465 (0% expires Aug 26), CC2 £9208 (0% expires Aug 25) & CC3 £240 (0% exp Mar 25)
    3) CC debt offset by £26.1K savings & £5.1K investments
    3) Mortgage neutral by 06/30 (AVC £17.7K + Lump Sums DB £4.6K + (25% of SIPP 1.18K) = 23.48/£127.5K target 18.4% value 17/1/25
    4) FI Age 60 income target £13.7/30K 45.7%
    5) SIPP £4.7K 17/1/25
    6) Set up new income streams: Start up costs £260
  • thanks @savingholmes I'm trying to get as much paid as I possibly can 😊 as quickly as I can 😍
  • elantan
    elantan Posts: 21,022 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Minnie just came across your diary, what a read, well done on the reduction of debt and extremely well done on walking again, 
  • MinnieMidden
    MinnieMidden Posts: 33 Forumite
    10 Posts Photogenic First Anniversary Name Dropper
    edited 3 October 2022 at 5:30AM
    Thank you for your kind words @elantan - my Oncologist says state of mind is a large part of the battle.  My Mother worked right up to three weeks before losing her battle with breast cancer so if I can manage that level of determination I'll be delighted.

    I've missed two months of posting but I had a rubbish August with not the best of health and I just did not get round to posting for September.  However, the scores on the doors for October are:

    14k of credit card debt (I was stoozing) has been repaid.
    Mortgage balance is £167,251.20
    Offset account £9,645.09

    I raided some of the offset dough as I hadn't realised I was being charged interest on one of my credit cards.  I get fed up with direct debits coming off my account which is why I ended up making a concerted effort to get rid of the credit card debt.

    We're back down to two full-time and one part-time lodger.  Also, it looks as if one of DH's businesses may just go belly up.  It is being undercut by a new business that opened up last Saturday.  We can convert it to accommodation if needs must, but the worst part is that the staff would all be out of a job and we're not that far away from Xmas.  At least there is no mortgage on the building to carry and thankfully we had not gotten round to taking out an interest free loan to convert to renewables.  I am so averse to taking on any more debt because of my health.

    October is Month 30 in my countdown to the end of my fixed term.  The Tory government have practically bankrupted the economy but I suspect we're going to hit a recession, strikes are going to continue long term, there will be a general election and once Laboir get back in, the Bank of England will have already started to lower interest rates again in a bid to boost the housing market.  My fingers are crossed.

    MM x


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