Single Mum: Freedom in Narnia

jakjak Forumite
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Having been an avid reader of mortgage free wannabe for years, I am beyond thrilled to have actually managed to buy my own home at last. It's taken an enormous amount of time, energy and saving but I finally completed on 7 October. The house needs some work so my move in date is 7 Nov. I cannot wait! 

A bit about me:
I'm a single Mum with a teenage boy. I have multiple health problems so have bought under the Home Ownership for Long-term Disabilities (HOLD) scheme. I own 50% of my home and pay rent on the other 50%. House value is £250,000. My deposit was £25,000. My mortgage is £100,000! A Huge amount for me but manageable as long as I keep plugging away at it. To that end, I've made my first over payment of 1 WHOLE pound today. I am quietly proud of myself for that. I'm going to give the mortgage people a call on Monday to make sure it's gone through OK, then start to formulate a plan.

My first step is to build my emergency fund to £3,000. Once that is firmly in place, then I will put anything I'm able to save over that into mortgage over payments.
So far my emergency fund stands at £1,900.
I've started pots for holidays, presents, and DIY so far. Christmas is fairly well covered this year due to some lucky comp wins and survey vouchers thankfully. 

My house is beautiful. It's got two bedrooms upstairs and 1 down- which will be the office/spare room with a sofa-bed I'm having delivered tmr. My son is an amazing artist so he is having the summer house in the garden for his art work. I also have a lovely lounge, kitchen and dining room. Oh and a downstairs loo. It's all very exciting! In my head, I call my house Narnia. It's a completely dull looking mid-terrace from the outside, then you go in the front door and it's just beautiful. Ooh I might get a sign made. Is it possible to re-name a house that is numbered?

Anyway, I'm going to update this to be accountable and to keep me on the path to mortgage freedom! Wish me luck wannabees, I'm so excited to be one of you now!  

JAK x
2022 Comp total (prizes + free spins): £494.81 #20 £12 a day Jan: £382.95/£372 #57 360 1p challenge: £17.70 £10 a day Feb: £571.09/£280 March: £280.72/£310
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Replies

  • kandfs_mamkandfs_mam Forumite
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    Best of luck JAK - Narnia sounds like a great name for your new home
    Mortgage Aug 22 £280,000
    Current mortgage  £37,000

  • savingholmessavingholmes Forumite
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    Best of luck Jak. Yes you can call your house a name as well as a number to be safe. 

    Well done on your first OP. I made a token OP straightaway too - it's good to get the journey off to a good start. Good luck with your work ahead of moving in. Hope it all goes smoothly.
    Target 1) Prioritise health & social connection 2) Write regularly 45,509/70,000 words Book 2 and 10,787/70,000 Priestess book, 30,000/95000 Memoir Prep 3a) Get to £10K EF/Savings Now £5,641 3b) £1.6K Savings for DD Car (Achieved) 4) MFW starting at £201,999 Nov 21 with 264 248 payments to go. Now £191,648) Mortgage neutral progress via pension £2,787 invested since Nov 21 6) Declutter 7) Invest in fun and frolics - and not just future self! 8) CC Debt free April 22 (now stay that way!!)
  • newgirlynewgirly Forumite
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    Hi Jak, congratulations on buying your first home, I wish a you all the best 😊
    2022 MFW 67 - 33 month challenge to clear mortgage, month 5 completed and on track 🙂MFI3 No.12
  • powerspowerspowerspowers Forumite
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    Congratulations JAK, your home sounds lovely. Good look on your mortgage free journey xx
    MFW 2021 #76 £5,145
    MFW 2022 #27 £5,300 
    MFW 2023 #27 £485 / £2,023 target


  • Cornish_mumCornish_mum Forumite
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    Many congratulations Jak! Best wishes for your lovely new home CM
  • jakjak Forumite
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    Thank you All. I'm very excited. I'm waiting on some damp work to be done. Work begins tomorrow. I've just received all my moving boxes! Woo! I've also managed to find two lovely pine second hand wardrobes. We have most furniture but still need two chest of drawers and a long dining table with 6 chairs. It's very difficult here as not many places do second hand furniture and I really want all of it to be second hand. It's better quality than I could afford otherwise plus it goes with the house. The house was built in 1890, so Victorian. 

    Oooh good to know about the naming of Narnia. That's great news. I May have seen a place that does signs. Currently thinking about whether to get one or not. It's not really on my list yet- mainly due to cost. I'm sure everyone can relate when I say: Good Lord Everything costs a fortune! It's tricky but I figure, get in, Then start to get the stuff that isn't a need. The furniture is essential, with the exception of the dining table. We can cope without that for a little bit, but we def need somewhere to put our clothes! 

    The movers are doing their thing on 7 Nov. My last day renting is 6 Nov so I need to extend by one day.
    Once I'm in and I know what my bills will be, I can Finally do my new budget. I DO love a budget! 
    I've a little book I write it in. I take great joy in ticking off all my payments. Total saddo to those in the real world, but so far it's mean't I've been able to buy a house for my son and I so it's clearly working!
    Right, off to pack stuff!! Woo.
    JAK x 
    2022 Comp total (prizes + free spins): £494.81 #20 £12 a day Jan: £382.95/£372 #57 360 1p challenge: £17.70 £10 a day Feb: £571.09/£280 March: £280.72/£310
  • South_coastSouth_coast Forumite
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    I tick off all my payments as they go out as well. I've done a paper budget for years and it's never done me any harm 😀!

    Good luck with the move and your plans for the house and OP'ing x
    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!!!
  • doingitanywaydoingitanyway Forumite
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    I wish you well in your new home. I love how you are so appreciative of everything you have. I will be following your progress. 
    If you have built castles in the air, your work should not be lost; that is where they should be. Now put the foundations under them.

    Solicitor/survey savings 300/1700
    Emergency fund 0/1000
    Buffer fund 0/200
  • MalMonroeMalMonroe Forumite
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    Wishing you all the very best, you have worked so hard and it's paid off. Your new home sounds really lovely and I hope you'll both be very happy there.    :)
    Please note - taken from the Forum Rules and amended for my own personal use (with thanks) : It is up to you to investigate, check, double-check and check yet again before you make any decisions or take any action based on any information you glean from any of my posts. Although I do carry out careful research before posting and never intend to mislead or supply out-of-date or incorrect information, please do not rely 100% on what you are reading. Verify everything in order to protect yourself as you are responsible for any action you consequently take.
  • savingholmessavingholmes Forumite
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    Good luck with finding the furniture you are after. Have you checked out FB?
    Target 1) Prioritise health & social connection 2) Write regularly 45,509/70,000 words Book 2 and 10,787/70,000 Priestess book, 30,000/95000 Memoir Prep 3a) Get to £10K EF/Savings Now £5,641 3b) £1.6K Savings for DD Car (Achieved) 4) MFW starting at £201,999 Nov 21 with 264 248 payments to go. Now £191,648) Mortgage neutral progress via pension £2,787 invested since Nov 21 6) Declutter 7) Invest in fun and frolics - and not just future self! 8) CC Debt free April 22 (now stay that way!!)
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