Halving our income and still aiming for mortgage free!

smetf

Morning all,

Fixed rate saver matures and all moved around. I've opted for a more cautious £1100 OP and the rest has rebuilt the short term savings.

I have instantly applied for a new fixed rate saver - it's still the best interest rate around so makes sense.

The holiday fund is looking very healthy so I'm pretty confident we will be able to pay the remaining £2k OP but I really don't know what our costs will be in Japan. We're unlikely to have another holiday there so want to make the most of it!

Today is my short working day so a busy few hours ahead with 2 meetings, then supporting youngest at a group. Followed by a walk with a friend and a catch up and coffee with other friends.

Nearly the weekend!

S

smetf

Morning all,

We had a phenomenal time in Japan, all 5 of us enjoyed although there were quite a few wobbles from my youngest along the way. She did really well overall and is pleased she pushed herself out of her comfort zone to come.

Cost were not too crazy when we were there, expensive trains and activities but balanced by very cheap eating out! All accounted for and last chunk on credit card being paid on Monday.

This has meant I have reconciled everything and paid the final £2000 OP of the year yesterday. Signature updated accordingly. Daily interest recalculated and down to £3.72

Got a few money bits to sort over the next week or, self assessment for 25/26, new car insurance, pension options.

We have had a bit of a curveball and may be looking at buying a new house, it belongs to family members and is significantly bigger. We may need to increase our mortgage slightly and there would definitely be some spending on making it work for us/ installing heat pump etc. I have mixed feelings as I really like where we're up to with our house!

Hope everyone has a lovely weekend.
S

smetf

Update time:

We are definitely buying the new house, should get completion date very soon. Ours sold quite quickly but there have been some delays along the way despite a relatively short and simple chain.

Our mortgage will go up to 80k, I went back and read the first post I made and it was good to reflect.

We're buying a bigger house as it's likely to continue to house 4 adults for the foreseeable. I've had a pay increase at work so we can afford it especially when combined with the hard work we've done both saving and reducing the mortgage so far.

Mortgage free plans are still there but need some rejigging and thinking about. Our two year fix allows up to 10% OPs a year and that seems like a very achievable start. There'll be some costs associated with the move and to make the house ours so not quite sure what it's going to look like yet.

In 8 years I'll be 57 and that should be time enough to clear it, anything before then will be a bonus!

S x