Snug & Sorted: Our Race to Mortgage Freedom

kaycastle · 2 February 2023 at 9:23AM

Hello - welcome to my shiny new diary! I've refreshed this first post as of March 2025.

Timeline so far:

First home in 2017, paid down mortgage from 228k 169k, thanks to the lovely support from people here and keeping up with a diary
Moved into forever home early 2024, mortgage now £295k!!!!
Lost any momentum over the past year due to crazy size of mortgage and just having no focus
Motivation found again in Feb 2025 - thanks to the inspirational diaries and encouragement here
Absolute drive to get rid of the mortgage - see latest post on page 10 for update!

A bit about me:

Happily married with a 3 year old
Early 30s - I think I can still just about get away with saying that
Good career but *could* be very different in approx 10 years due to AI or even sooner - not sad about it but I'll likely be doing something very different in my 40s
Love the outside and gardening - still learning not to kill plants
Enjoy simple living, exploring the outdoors with my family
Keen runner and I like yoga

Former diary:
Formerly titled "Forging our forever home and aspiring to mortgage freedom"

https://forums.moneysavingexpert.com/discussion/5972088/thirty-something-dreaming-of-not-paying-mortgage

South_coast · 2 February 2023 at 1:30PM

Ooh, an exciting new diary 😀! Welcome back! You sound like you have really "grown" mentally, so will be excited to see where this takes you x

Sncjw · 2 February 2023 at 5:49PM

Hi

Sorry I didn't read your other diary but interested to know what you spent that pot of money on as you say you don't have a big pot of money for that purpose

kiss_me_now9 · 2 February 2023 at 5:53PM

We sound very similar! I’m also in my early 30s, due my first baby in March, love running and crafting. Would love to be MF one day

I also tend to ‘hoard’ money without really thinking about what the best option for it is.

kaycastle · 2 February 2023 at 6:32PM

Thanks all

Ooh I will check out your latest updates @South_coast , pleased to see you're around still!

@Sncjq Sorry if I was unclear I still still have that pot of money - but I want to make plans to spend it or grow it according to my real goals instead of the purpose of it being to save me from something terrible.

@kiss_me_now9 Thank you and congratulations on your first baby! That's so exciting, do you know whether you're having a boy or girl? I'm glad I'm not the only money hoarder. Its very easy too - it becomes a habit.

kaycastle · 7 January 2024 at 3:17PM

Okay so its a year later and I was terrible at keeping a diary last year but this year is going to be very different.

I shall be increasing my lurking, activity and will be in much need of all your wisdoms and inspiration.

Because I have some really big - and not very frugal - news.

We're moving home - a big move to a forever home that we've fallen in love with and meets all our needs forever - and is more westerly instead of easterly but still very much south. In a location we've dreamed about for a long time. Its a beautiful home with lots of character.

It will be a much bigger mortgage - yikes....and the process is all under way and be moving in the spring.

Our mortgage will leap from £168k to £292k.

Our current fixed is 1.89% so our monthly payments are only £816 so we've been living well within our means for a while and have managed to over pay and save a lot over the years. Our current rate would have expired later this year. Our monthly payments will be doubling to £1600 which feels scary.

I'm still only going to use our equity and not any savings for new purchase.

Also I moved jobs last summer and have landed very much on my feet in a place with an amazing culture so I have a lot more energy.

My goals before the move will be to save as much money as possible and live very very frugally.

Look forward to catching up on all your diaries.

South_coast · 7 January 2024 at 3:36PM

Yay, you're back 😀😀😀! The move sounds great, wishing you the best of luck for it x

kaycastle · 7 January 2024 at 4:00PM

Thank you @South_coast , yay I'm so pleased to see you too x

I'm so excited - I'm excited for different walks and exploring different places. And I'm excited that my child will have their own room and I'll have my own space to WFH.

This is the most "heart" financial decision I've ever made - all good and still completely sound financially but I'm just a bit like ahhhhhhhh

We have done a January goal of not eating out/no little cafe trips etc. which we've stuck to for a whole week yay

The only exception to this is a close friend's birthday meal in a couple of weeks as with leaving the area this might be the last time we are able to attend.

kaycastle · 28 January 2024 at 11:57AM

I'm taking a pause from house work to finally write an update here.

Partner and child are out doing the food shopping - when they return I'll be making some cheese + rosemary bread which will do nicely for tea. Toddler will assist which is always good fun.

It's been so difficult to write an update - I've started several times but something else always happens. I forgot how much admin was involved in house moving. Its so painful. Its so boring and frustrating and seems designed to charge me money for random things I'm not that interested in.

It makes me relieved to have chosen a forever home as I will never be moving again - only possibility will be when I'm 60+ years old and if I want to downsize or retire to a village or something.

Money-wise I've been working out budget for new house.

One of the costly things was going to be that the only nursery I could find is really expensive and only allows you to use 4 hours of 15 free hours a week for part of a particular day.... And costs more than twice that of childminders and will come to about £1200 a month, and that's only 4 days too and takes into account the tax free discount thing. And you're forced to do the whole year as well - partner is a teacher so we try to do term time only.

BUT I've found another nursery close to house that allows you to use the whole hours and costs about the same as childminder so would come to about £430 a month. I've messaged them practically begging for a space - they've been advertising within the past week so I'm hoping they wouldn't advertise unless they have spaces.

Please please if you're reading this cross all your fingers for me as saving about £800 would be a massive win. I'm hoping so hard I dreamt about nurseries last night.

Hope everyone is well - I hear the return of the family so that will be it for now