Bracing for impact - re-mortgage free wannabe

sabsob
sabsob Posts: 67 Forumite
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edited 12 January 2022 at 8:00PM in Mortgage-free wannabe
I have lurked (briefly), and I have read, and been inspired by the success stories. Our current mortgage is at just under £17K, but, for a variety of reasons, we are about to re-mortgage, and the new mortgage will be somewhere around £135K. Not what we had planned for our late 40s, and we are determined to get rid of it asap. We both have pretty good salaries - mine is solid, with little opportunity for add-ons, so my way to "find money" is essentially to spend less. Husband's salary fluctuates more, with potential additional earnings every now and then, which will hopefully contribute to one-off larger OP. We have a son, and, while we'd hoped to be mortgage-free by the time he goes to uni (he's in Year 9), that won't be the case now...although it would be a hugely ambitious target.

In preparation of the new mortgage incoming, I have thrown what we can at the old one, to start off as well as we can. I'll update with actual figures once things are finalised, but I am a bit daunted, and wanted to dip my toe into the supportive waters. Thanks for having me.
Declutter challenge: List 312 things in 2022: 45/312
Mortgage-free Wannabe: Re-mortgage at start: £131,423 (27th Jan 2022)
OP since re-mortgage: £1500
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Comments

  • sabsob
    sabsob Posts: 67 Forumite
    First Post Name Dropper
    Indulgently checking in with my own diary. Decluttering and listing stuff to both improve the house, and scrape pennies together for either old or new mortgage...
    Declutter challenge: List 312 things in 2022: 45/312
    Mortgage-free Wannabe: Re-mortgage at start: £131,423 (27th Jan 2022)
    OP since re-mortgage: £1500
  • sabsob
    sabsob Posts: 67 Forumite
    First Post Name Dropper
    Work is busy, so at the moment, the "spend less" part of my cunning plan is easier to achieve than the "list things for sale" part, but I knew that in advance and concentrated listing goals on the week-end. I think I will find it easier once we have the exact new mortgage figures, and I know what goal I am aiming for...even though it will be a huge goal (compared to the old one).

    In other news, some plaster fell off a wall...grrrrrr.......
    Declutter challenge: List 312 things in 2022: 45/312
    Mortgage-free Wannabe: Re-mortgage at start: £131,423 (27th Jan 2022)
    OP since re-mortgage: £1500
  • sabsob
    sabsob Posts: 67 Forumite
    First Post Name Dropper
    One step closer to the new mortgage......I so hope we'll have good news by the end of the week.
    Declutter challenge: List 312 things in 2022: 45/312
    Mortgage-free Wannabe: Re-mortgage at start: £131,423 (27th Jan 2022)
    OP since re-mortgage: £1500
  • sabsob
    sabsob Posts: 67 Forumite
    First Post Name Dropper
    I messed up - sold something on "that auction site", and sent the wrong item. That item was a bit heavier, so I was already out of pocket with postage, but still didn't "click" (lots going on at the moment). So didn't realise until buyer messaged. They kindly agreed to post the other item back (which was actually not listed at all, and not for sale, because it's needed in the house). So I a) already overpaid on postage, then b) refunded that postage, so buyer can post back, and c) posting the right item out. Stupid mistake, coming from trying to do too much, and now I'm out of pocket, embarrassed, and upset. I am nervous about the new mortgage coming in, although I managed to OP £500 this week to get the old one as low as I can........it feels odd: because it's not the new mortgage yet , it doesn't feel as though it *counts*, even though, in my head, I do know that it does, of course. 
    Declutter challenge: List 312 things in 2022: 45/312
    Mortgage-free Wannabe: Re-mortgage at start: £131,423 (27th Jan 2022)
    OP since re-mortgage: £1500
  • edinburgher
    edinburgher Posts: 13,454 Forumite
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    Sorry to hear that @sabsob - I think mistakes like that are harder to bear because we often aren't making particularly large sums from the auction sites. I know it will be little consolation, but you're not the only person to do it, I once sent one of the cheap CD buying places about 20 CDs without any sort of identification and they were lost completely :'(
  • sabsob
    sabsob Posts: 67 Forumite
    First Post Name Dropper
    Thank you @edinburgher - I was in tears yesterday, both with embarrassment and frustration. I'm sorry you had bad experiences, too. The other item I posted today was my wedding necklace - only costume jewellery, it sold for the princely sum of £1.20, which, after fees, will be...........tuppence, probably  :'(. I'm telling myself that I would not have worn it again, and if I find 100 such things in the house, it'll add up...but it's hard sometimes. When I started, I had a few things that were both big and worth a bit, so I had the double success of freeing up space and adding a couple of tenners to the coffers, but those ran out quickly. I am trying to treat it as both a declutter and a money-raiser, if I treat it as money-raising alone and work it out as an hourly wage, I'd probably be better off getting a second job instead  :D
    Declutter challenge: List 312 things in 2022: 45/312
    Mortgage-free Wannabe: Re-mortgage at start: £131,423 (27th Jan 2022)
    OP since re-mortgage: £1500
  • sabsob
    sabsob Posts: 67 Forumite
    First Post Name Dropper
    Over the last few weeks (since the summer, really, but full-on since November) I have *really* paid attention to food spending. Free food apps, TGTG boxes, turning up 20 minutes before closing time, batch cooking, you name it. Since the start of 2022 (bearing in mind I started the year off on a full freezer (full with nearly-out-of-date-food), I have managed to keep the weekly food spending for a family of three (including a hungry teenager) to around £20. Just now, I finished batch cooking a chilli, which will be one main meal, plus enough for four jacket potatoes. Potatoes often turn up in the reduced veg boxes, so I'm always after stuff to eat with them, and we ran down our tuna supply. I think, theoretically, I could get to the end of the month buying only bread and milk, but I want to avoid a mutiny  :D
    Declutter challenge: List 312 things in 2022: 45/312
    Mortgage-free Wannabe: Re-mortgage at start: £131,423 (27th Jan 2022)
    OP since re-mortgage: £1500
  • sabsob
    sabsob Posts: 67 Forumite
    First Post Name Dropper
    Sunday is listing day, and some difficult decisions to make. There are a few items I like, but never use, and likely will never use, so I think today is the day I'll say good-bye to them.
    Declutter challenge: List 312 things in 2022: 45/312
    Mortgage-free Wannabe: Re-mortgage at start: £131,423 (27th Jan 2022)
    OP since re-mortgage: £1500
  • Hi sabsob i've subscribed to your diary. i am probably a similar age but in a somewhat different position - my mortgage is double yours at around £29k but i do not love where we are for a lot of reasons and moving will mean a hike in the mortgage - our house is too small for our needs so a bigger house in an area as equally nice as this will mean a big new mortgage - all a pipe dream at the moment and for many years but it is what i will make happen if i can. 

    Congrats on the decision to release items which will hopefully be both loved and used by others. I am on a decluttering and listing mission too albeit at a slower pace than i'd like at the moment.

    Sorry to hear about the mix-up with your sale item, as edinburgher said, you aren't the only one this has happened to and it is frustrating when we think of the effort we put in for what can seem like a small return.

    Good luck on todays listings.
    Mortgage Balance
  • sabsob
    sabsob Posts: 67 Forumite
    First Post Name Dropper
    @StripeyTightsSpottySocks thanks for subscribing. Once the re-mortgage is through, we'll have about £135K to clear, which is scary! Good luck with your mission to get a bigger house, even if that'll mean a bigger mortgage :)

    Started the day by pulling together all foreign currency we had kicking around, and entering them on an exchange site...a lot of effort for what will ultimately be about £20, but, I suppose, they are only gathering dust and taking up space otherwise, so all in all, I'm happy :)

    Now onto listings! I have 5 items coming due today, and am hoping to add at least 6 (my weekly target) but hopefully 10 (stretch target) more :)
    Declutter challenge: List 312 things in 2022: 45/312
    Mortgage-free Wannabe: Re-mortgage at start: £131,423 (27th Jan 2022)
    OP since re-mortgage: £1500
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