Real life adulting by a near 44 year old single female!

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I have spent the last few days reading and reading and reading all these fabulous diaries and decided to bite the bullet and start my own! A little history
I am a 43 3/4 year old female and never been married, no dependents, work in a fabulous career that allows me the freedom to do my hobby as my job and i am very grateful for that!. Been living here for 2 years and renting a beautiful apartment overlooking the marina, and paying someone elses mortgage to the tune of £850 per month! decided I do want to settle here and put down some roots! 
So got a mortgage quotation and started looking- 1st flat i saw i fell in love with :) Heart and head say its right and my offer was accepted last Monday! 

So the here and now 

Mortgage £132,525 Barclays 2 year fixed Payments per month £612 

Deposit and solicitor fees will wipe my savings, I pay off one low APR loan of £7000 and thats my only debt, so my plan is as follows

Regular savings currently are around the £300 mark in various pots- Add to this £200 saved on mortgage V Rent means that my savings pots can build up again very quickly. 
So First 6 months pay regular mortgage payment and pay £500 into savings, Once the savings pots are back up above the £3000 start to slowly overpay the mortgage with a few to clearing it sooner rather than later or reduce the term of it at the least. 

For the time being Im waiting exchange and completion and then will be able to move forward with clearing things!


Mortgage free wannabe! No idea on date yet! £132,350 TBC
Loan paying off May 2022 £7000
«134567

Comments

  • powerspowers
    powerspowers Posts: 1,124 Forumite
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    Good luck Salduck! Do you think you’ll have long until you move? Is there a chain?
    MFW 2021 #76 £5,145
    MFW 2022 #27 £5,300 
    MFW 2023 #27 £2,000
    MFW 2024 #27 £1,350 /£3,600


  • draiggoch
    draiggoch Posts: 153 Forumite
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    edited 6 May 2022 at 2:07PM
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    Have you looked to see if it would benefit you to fix for 3 or 5 years rather than just 2? With interest rates rising it may be better to fix for a little longer rather than being caught out in 2 years time when rates may be quite a bit higher.
  • savingholmes
    savingholmes Posts: 27,560 Forumite
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    I too would fix for longer if poss as rates are increasing rapidly.

    Congrats on finding a flat and on the costs being less moving forwards than rent
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 236 payments to go - now £183,036 Equity 26.8%
    2) Spend on handyman & external building works & new patio door £12.65K
    3) CC £4.6K on 0% spends card but offset by £33.8K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £10.2K/£127.5K AVC target 8% value at 15/5
    5) FI Age 60 annual income target £13.7/30K 45.7%
  • salduck
    salduck Posts: 1,070 Forumite
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    Good luck Salduck! Do you think you’ll have long until you move? Is there a chain?
    Thanks for dropping by! No chain as buyer moved in with boyfriend already so hopefully be quite quick, but won’t hold my breathe yet!, 

    Mortgage free wannabe! No idea on date yet! £132,350 TBC
    Loan paying off May 2022 £7000
  • salduck
    salduck Posts: 1,070 Forumite
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    Thanks folks, I did wonder about fixing for longer however I’m always a bit wary in case my circumstances change and I need to sell or move etc. I am gonna stick with 2 years at present and see where it gets me to 
    thanks though and appreciate the comments and welcomes. 
    Mortgage free wannabe! No idea on date yet! £132,350 TBC
    Loan paying off May 2022 £7000
  • Bargainhunter30
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    I wouldn't put too much pressure on to save in first year, moving into a property can be expensive - finding jobs that need doing and any decoration you want to do. Good luck x
    Mortgage start date Nov 2014  - £90,545 over 25 years
    Re-mortgage Oct 2017 - 78,295 over 23 years
    Re-mortgage Jan 2020 - 55,000 over 26 years @ 1.94%
    Current Mortgage Outstanding Middle December 2020 - £
    47893.35 - a reduction of £42,652 in just over 6 years!  


  • salduck
    salduck Posts: 1,070 Forumite
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    I wouldn't put too much pressure on to save in first year, moving into a property can be expensive - finding jobs that need doing and any decoration you want to do. Good luck x
    Thanks, Im defo not putting myself under pressure but will keep the regular savings going and empty the bank account into savings on day before payday :) Im really lucky that the place i am moving to is in immaculate condition and the lady who has sold it has looked afte rit so well :) 
    Mortgage free wannabe! No idea on date yet! £132,350 TBC
    Loan paying off May 2022 £7000
  • killerpeaty
    killerpeaty Posts: 2,655 Forumite
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    Oooh so exciting! Definitely will following your adulting!
  • South_coast
    South_coast Posts: 4,969 Forumite
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    Me too - I may learn a thing or two 🤣!
    Mortgage start: £65,495 (March 2016)
    Cleared 🧚‍♀️🧚‍♀️🧚‍♀️!!! In 5 years, 1 month and 29 days
    Total amount repaid: £72,307.03. £1.10 repaid for every £1.00 borrowed

    Finally earning interest instead of paying it!!!
  • gwynlas
    gwynlas Posts: 1,735 Forumite
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    You have not mentionned service charge and ground rent which would have been paid by your landlord to date. Good luck going forward. Have you thought about critical illness insurance in case anything should happen before mortgage paid off?
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