Yorkielass starts again

Yorkielass

Hi, I've had a couple of diaries on here in the past - but then got to the point where we were in a very fortunate position to be able to pay pretty much our full overpayment allowances and were on track to be mortgage free around 45, in a house we bought in 2018 and were part way through fully renovating, so I stopped posting. 

Then in February last year my life was turned upside down when my now ex husband left me, after 20 years together. It's been a really tough year obviously with lots of upheaval in many ways but two weeks ago I moved into a new house and today I paid my first ever solo mortgage payment. 

I've been very fortunate that a combination of equity from my previous house, a gift from the bank of mum and dad, and a mortgage mean I have a lovely new home which is not a project home and which I can start again in. 

But to make things work on my current salary and mortgage rates I needed to go to a 34 year term so rather than being mortgage free in my mid 40s I'm currently set on my mid 70s and I can't let that happen. 

So this diary is a new start as I adjust to living on my new solo finances with a solo mortgage for the first time. I'm not sure where things will take me I have found diaries and posting on here in the past useful so I hope it will be again. 


My starting details:

Initial Mortgage January 2024- £160,000 
Initial Repayment date - January 2058

My current mortgage payment is £820.38 so I've set up an overpayment of £79.62 (to take it up to £900 a month) as a start based on my initial budget and so I have a regular overpayment which will help psychologically.

I'm allowed to overpay £16,000 a year and I'm obviously not going to get anywhere near that but my target total overpayment for this year is £4000, from the regular payments and then extras as I get myself sorted. 
 

Mortgage as of 1st February 2024 - £159,134.98
Overpayments to date - £79.62
Current Mortgage free date - January 2058

Let's see where this journey takes me. 

MrWannabe

Good luck on your journey @Yorkielass.  I think we can safely predict that you will be Mortgage Free far sooner than 2058.  Look forward to reading about your progress in the years to come. 

newgirly

Hi yorkielass welcome back 😊

Sorry to hear you have had such a challenging time, but I wanted to wish you all the best with your new home and diary x 
 

pebbles01

I just wanted to wish you the very best of luck.  I'm in a similar situation (although my divorce was longer ago).  It's quite overwhelming doing it all by yourself, but overpaying anything is fantastic.  You know from before the benefits of overpaying, so you will definitely do this before 2058!

I'm cheering you on!

redofromstart

Shoogling shiny pompoms for every overpayment you make @Yorkielass

beanielou

Happy shiny new diary.
A new chapter begins 

Yorkielass

Thanks everyone for their kind words - it's lovely to be back and for the support. I'll get back into reading everyone's diaries as I get myself sorted too as I've missed that. 

Got a few things sorted this week money wise so made a few over payments. 

House move money leftover - £318.87 
What I had left from my pot of money to move after all the expenses were paid. 

Old house/joint account money - £586.78
My shares of the last of our joint money and a couple of other bits from the old house

Interest - £661.01 
I've been putting interest to one side all year, and then moved some money around accounts this week which generated more interest so I've popped that on as an overpayment too. 

That means £1646.28 overpayment in total now which should take 10 months off my final mortgage free date - March 2057.

Think that'll be it for substantial money for now but it feels good to have made a start. 

Initial Mortgage January 2024 - £160,000

Initial Mortgage free date - January 2058

Mortgage as of 8th February 2024 - £157,721.35

Overpayments to date - £1646.28

Current Mortgage free date - March 2057

redofromstart

That's a really great start. all the little bits really add up too as you know.

beanielou

Amazing totals

Yorkielass

Just two very little additions since my last post 

£9.44 from Quidco 
£2.57 interest 

So my mortgage overpayment pot is now £1658.29


Keeping on working through my budget and keeping track of my spending as I go through my first month of paying all the bills solo for the first time ever. All part of the process but some things are taking a while to get sorted. 

HotDog2020

Sorry to hear about your unfortunate end to your relationship, I really hope you are happy in your new life and your new home, impressively big mortgage on your own, good luck and well done on the huge ops made so far, you are doing really well..on with the fight.