Giant mortgage, single income… hi ho, hi ho, hi ho

After becoming marginally obsessed with another diary on here, I’ve decided to start my very own  :)

Current position…
Single income home with one teenage son (DS) and a lovely Labrador. I am in a long term relationship but we don’t live together. 

Current mortgage: £232,300. I recently received a bonus and after much paralysis about what would be the “right” thing to do with the money, last night I sent £1k to the mortgage balance. Woohoo! So hopefully the mortgage balance will update to £231,300 soon. 

Fixed rate of 1.31% ends in July 2023.
Current aim is to get the balance down to a minimum of £224,000 by then, as that will give me a 70% loan to value and hopefully a better rate at remortgage. I did wonder if I could make it to £192,000, giving a loan to value of 65% but I’m not sure it’s realistic to magic up £30k in a year  :D

I’m impulsive so I’m not always a great money saver. My worst discretionary spending categories… dining out, clothes, gifts. So forward planning is the order of the day!

My biggest current fixed spends… mortgage (gah!), dog walker (can’t do much about that one), electric and gas - I have an electric car, and food - teenage boys have hollow legs, it seems.

Here goes nothing…
Mortgage May 22: £231,250
Aim 1: £225,000 by Jan 2023 
Big aim: mortgage free by 2030 😱
«13

Comments

  • edinburgher
    edinburgher Posts: 13,458 Forumite
    Name Dropper First Anniversary First Post
    Welcome! Can confirm that teenage boys have hollow legs, at one point my parents had 4 in the house at once! :D
  • Today is payday!

    Having done my YNAB, there’s not a lot of wriggle room in the budget though - June is an expensive month. 

    We have:

    • a week off work
    • hosting a bbq for the jubilee
    • DS’ birthday
    • a weekend-long wedding anniversary party. This is only camping so we just need to take beers and a small gift, but I’m not sure whether we need a new air bed. Last year mine seemed to be flat as a pancake every time I woke up
    • A festival! This is likely to be spendy. We can take our own alcohol, but only into the campsite, not the arena, which is where you spend most of the day.

    So I feel a bit deflated about the mortgage balance, but there is a lot to look forward to. Actually, all that socialising sounds a bit exhausting! 


    Mortgage May 22: £231,250
    Aim 1: £225,000 by Jan 2023 
    Big aim: mortgage free by 2030 😱
  • savingholmes
    savingholmes Posts: 27,324 Forumite
    Name Dropper First Anniversary Photogenic First Post
    Good luck on your journey
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26%
    2) Spend on handyman & external building works & new patio door £11.9K
    3) CC £3.7K on 0% spends card but offset by £34K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £9.6K/£127.5K AVC target 7.5% value @15/4
    5) FI Age 60 annual income target £13.7/30K 45.7%
  • I have managed to overpay £1415.30 in May. £1k of that came from the bonus so a “true” overpayment of £415.30 which I’m really happy with.

    The budget for June, however, is looking horribly spendy, with the following:-

    • Oven clean £45
    • DS’ birthday £TBC
    • Festival - budgeted £200 
    • Doggie daycare whilst at the festival £120 😩
    • Friend’s 10th wedding anniversary weekend - aiming to do this as cheaply as possible - I have a posh bottle of champagne in the cupboard I will regift 
    • Fertility appointments - £750 (this is coming out of savings)
    • Stepsister’s wedding in early July but will need to buy present in June, £100 - will come from savings 
    • Home insurance £150 - will come from savings 
    • Dog’s annual jabs and an implant - TBC but likely around £220

    In good news, I’ve started using an energy tracker called Loop. It connects to your smart meter and since using it I’ve got my energy spend down from £45 a week to £25. Mostly through not using the tumble dryer, washing at 30 degrees instead of 40, and charging my car away from home wherever possible. 

    Off to our fertility appointments this morning at 9, and the oven cleaner is arriving at 8. Eek, need to go and get ready. 
    Mortgage May 22: £231,250
    Aim 1: £225,000 by Jan 2023 
    Big aim: mortgage free by 2030 😱
  • savingholmes
    savingholmes Posts: 27,324 Forumite
    Name Dropper First Anniversary Photogenic First Post
    Hope your appointment went well.

    Well done on OP and on energy use reduction
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26%
    2) Spend on handyman & external building works & new patio door £11.9K
    3) CC £3.7K on 0% spends card but offset by £34K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £9.6K/£127.5K AVC target 7.5% value @15/4
    5) FI Age 60 annual income target £13.7/30K 45.7%
  • Merlin's_Beard
    Merlin's_Beard Posts: 1,427 Forumite
    First Post First Anniversary Name Dropper
    Sounds like a fun week!

    I do like YNAB for bringing you right back down to earth though.
    Start mortgage date: August 2022; Start mortgage amount: £240,999; Original mortgage free date: August 2056
    Current mortgage amount: £233.529.75
    Start student loan 2012: £29,750; current student loan: £11.400.50; OP offset fund: £750
  • Yes, YNAB is quite the leveller! DP has had his own money issues - he’s spent the last two years on his debt payoff journey. I’ve been trying to convert him to a YNAB lover but he hates it. He’s managed to get down from nearly £40k debt to around £6k now though! 😱 

    The vet appointment was £315! Dogs are becoming a rich person’s game. Fertility appointments went ok, we speak to the consultant next week to get our results. DP felt very awkward in the “production” room, but he got the job done. And the good man took some photos in there for me (no, not like that!) as I was curious to know what those rooms look like. Wipe clean sofa and not much else, for those wondering. 😂

    The bbq was a financial disaster, worse than I expected. I ended up in a flap that I didn’t have enough seating or crockery for everyone so there was an impulsive spend on garden furniture, followed by a late night trip to IKEA to buy glasses and crockery and serving bowls. Then DP cleaned the bbq and the damn thing fell to pieces on the lawn! So another panicked trip to town to try to find a cheap BBQ. Of course, the very cheap ones had all sold out thanks to the glorious weather, so that was another £200 unplanned spend. 

    I really need to get what’s left of my bonus out of my easy access savings because it just burns a hole in my pocket and I’ll have nothing to show for it. 

    Mortgage balance this morning was £230,652.14. I decided to use £652.15 of the remaining bonus to get the balance down to £229,999.99. I’M IN THE £220k’s! *dances*


    Mortgage May 22: £231,250
    Aim 1: £225,000 by Jan 2023 
    Big aim: mortgage free by 2030 😱
  • savingholmes
    savingholmes Posts: 27,324 Forumite
    Name Dropper First Anniversary Photogenic First Post
    LOL at the hosting frugality fail. That's the sort of thing that has happened to me in the past. Well done on the mortgage OP. It's a journey. Some steps forward some back. Sounds like you are going in the right direction which is the important part.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26%
    2) Spend on handyman & external building works & new patio door £11.9K
    3) CC £3.7K on 0% spends card but offset by £34K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £9.6K/£127.5K AVC target 7.5% value @15/4
    5) FI Age 60 annual income target £13.7/30K 45.7%
  • Thanks, SH. You’re right, it’s a marathon rather than a sprint and there will be good days and not so good days.

    We’re all back to work and school tomorrow, and DP will be returning back to his place after a week here. I will miss him. The weather is grey and miserable, matching our feelings about returning to normality! 

    Jobs for today:
    • Meal plan and prep for the week using only items I already have in the house. 
    • Go to Halfords and get a bike for DS’ birthday present on Tuesday. We had applied to use the cycle to work scheme via DP’s work which would have saved 40% on the cost of a new bike but the blimming voucher hasn’t arrived yet. 
    • Visit my Gramps for a quick cuppa. 
    • Do my nails. I’ve been doing my own gel nails for about 9 months now rather than going to the salon - saves me £25 a time 😱
    • Long walk with the dog when there’s a gap in the rain from 11am-1pm.
    • Quick YNAB budget session after my spendy session this week. Need to face the music! 


    Mortgage May 22: £231,250
    Aim 1: £225,000 by Jan 2023 
    Big aim: mortgage free by 2030 😱
  • savingholmes
    savingholmes Posts: 27,324 Forumite
    Name Dropper First Anniversary Photogenic First Post
    I would wait for the bike... I know it's hard but a 40% difference is a lot. It's good to teach your kids delayed gratification too... Even if you went in to buy it - it's rare that you can take them home immediately. They normally have to spend some time setting the bike up for you. You could take him in to choose it but delay the purchase until the voucher comes.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26%
    2) Spend on handyman & external building works & new patio door £11.9K
    3) CC £3.7K on 0% spends card but offset by £34K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £9.6K/£127.5K AVC target 7.5% value @15/4
    5) FI Age 60 annual income target £13.7/30K 45.7%
Meet your Ambassadors

Categories

  • All Categories
  • 343.1K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.2K Work, Benefits & Business
  • 607.9K Mortgages, Homes & Bills
  • 173K Life & Family
  • 247.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards