The final countdown to June 2026

carboot_karaoke

Mortgage interest is BRUTAL

£21,650.52 - Thats the predicted interest of our new mortgage based on full term@ current BOE rate. The last time we owed this much it was at 1.24%

Needless to say I have sent off our savings withdrawal paperwork.  Apparently, just that OP will save £7580 in interest can you imagine!!

Nothing like a huge mortgage interest bill to refocus the mind.  I've been diligently filling out our food/petrol spreadsheet.  We are quite the carnivores with 33% spent of total budget on meat and fish.  Although I have picked up quite alot of reduced meat this month.
We'll still be eating it in July.  Definitely potential to reduce our budget currently £318 left this month. Any future savings will be added to my utility/food reserves for future high spend months like August and December.

The new gas/elec payment starts from July so that £40 will be added to the OP.

I researched my car insurance, but l got my renewal date mixed up with my oldests car so another month before it's due.  Current quotes suggest the amount l have saved will cover insurance and the tax/mot. But nothing to carry into 2025 so need to look at that. 

In other news our tenants are due to move in soon,  can't wait to not be paying council tax, and utilities at two addresses.  Alot hinges on this venture being a success, which makes me nervous although, I've only included about 55% of the expected rent to allow a pot to build for maintenance costs and void periods.

Still no further with the listing of clothes on Ebay/Vinted . I sorted out my kids wardrobes on the weekend and yet MORE things we're added to an already massive pile.They take up an entire wardrobe l really need to get a grip and either list or give to charity. Perhaps 1 listing a day might be a target to aim for. 

Busy weekend ahead youngest kids are off school tomorrow so looking forward to no school run. I've brought all the ingredients for homemade pizza for us to make together . Hopefully the weather will be good too so we can eat alfresco.

Saturday I'm off to the spa with my older children courtesy of tesco vouchers. I'm really looking forward to some quality time with them.


Happy Thursday Everyone 

carboot_karaoke

Drum roll please .....we have made our first OP £4177.01 allowing for interest our current amount outstanding is £95,500.

Sadly, I have to adjust our annual mortgage targets. With interest charges, my original plan was very ambitious unless l could save every penny we wouldn't hit £60k not a million miles off at £63k but still l was a bit disappointed. 

We also need to spend some money on our own house, but we don't have anything saved for that atm. So if we hit the revised targets any surplus will be added to "our home" fund.

Quite pleased to have completed most of June to do list. Decided Ebay/Vinted will be ongoing with a target of 1 item per day from July. 

This week's priority is to finalise the tenancy, get keys to estate agents and ensure the expenses paperwork is completed etc so not going to put more pressure on myself.

Enjoy the sunshine 🌞 

carboot_karaoke

Afternoon all, had a busy few weeks, hence the radio silence 

Cant believe the kids break up next week!!

MSE News

I've joined the July Grocery Challenge to keep me focused on food spend.

Ordered school uniform with % discounts at M&S and Matalan

Still have to do Blazer and official PE kits but l have 15% off at the local supplier as long as l go before the end of the month. Shoes will be brought in August.

Made our standard £500 +Interest payment so our new balance is £95,000. I'm waiting for the final rental bills before making our next overpayment.

Chased up the savings company for our bulk payment, they said they didn't have the form despite it been sent 3 weeks ago  

Also washed and ironed items for Vinted ready to list today, but my account has just been suspended ??? Apparently they will contact me in a few days to explain. I might just list on Ebay in the meanwhile.

I still have loads of prep/packing to do for camping trouble is there are no short cuts, everything is needed whether were staying a night or a week. But l am trying my best not to take loads of food (my normal down fall) .

Have a good weekend 

carboot_karaoke

Afternoon I'm still alive  its been a busy few months.

Despite my lack of posts l have still been chipping away at our mortgage our current balance is nearly £20,000 less than my last post    although this is largely down to taking a lump sum out of our savings account.

The new balance as of today is £75,500 I'm hoping to shave another £12,500 off by the end of the year.

Money saving activities

Since July I've been joining the monthly grocery challenges. Its really helped with accountability and has reduced my spend by £100's non of which has made it onto the mortgage yet but has really helped out overspends elsewhere on the budget. 

I finally listed some things on Vinted lots more to add (actually that's what I'm meant to be doing now ) l made +£100 which l put towards the kids uniform. Any other earnings will be added to the kids fund.

l chased up a utility refund from the rental property only £9.39 but every little helps and this money will be paid off the mortgage.

I also referred a friend to our energy supplier so if all goes well we get a £50 credit each which will be useful for the coming winter. 

So far the rental venture has gone well. We've saved all the rent received to cover future bills or maintenance October will be the last month we add to that pot for a while although. We have been served a notice of intention by the council for works amounting to over £1000 they say the money wont be due for 12-18 months after the works are carried out. Must keep a mental note to hold money back for that. This means from November the rent will be added to the money we can overpay to hopefully reach that £63k target.

I've also been giving some thought to getting a new 0% spending credit card, the idea being that we use it for everyday spends only paying the minimum amount each month. The money we've spent would then be sat in our savings account offsetting our mortgage thus bringing down the interest payments. Obviously we would pay the balance in full. Has anyone done this before? Would you recommend or am l likely to get into a mess 

carboot_karaoke

Evening all,  l finally listed another batch of items today one has sold already  that's £10 to add back into the depleted kids fund.  

I also applied for the free national trust family day pass so that's a nice cheap day out to look forward to 

A few payments have come into our account so I should be making another chunky payment on the mortgage this week.  

carboot_karaoke

Evening all,

Just a quick update to report our latest payment of £5,501.  New balance is £69,999 I could resist paying that extra pound  just so the total began with a "6" . 

We are still nearly £7k off this years target and another bill has arrived for the rental property. But hopefully we'll get there. 

HotDog2020

carboot_karaoke said:

Evening all,

Just a quick update to report our latest payment of £5,501.  New balance is £69,999 I could resist paying that extra pound  just so the total began with a "6" . 

We are still nearly £7k off this years target and another bill has arrived for the rental property. But hopefully we'll get there. 

I have just read your diary well done on the OPs you have reduced the balance nicely. Also you have been savvy getting a rental property and paying off the mortgage so all rent money will go on maybe FIRE? Or at least a great addition for pension or for whatever you want? Good luck reaching targets and good luck keeping good tenants that hopefully pay their way.

carboot_karaoke

Thank you @HotDog2020 it is all a big learning curve atm.

So far tenants have been good but l know its very early days. l try to view that income as a bonus rather than relying on it. Although I'm currently using it all to try and bring the mortgage down as quickly as possible. 

Occasionally l let myself think of life after the mortgage but the truth is we don't have any savings left and only a few £1000 in a pension despite being nearly 50. So we are along way off FIRE. 

I have read through some of your diary, sorry to hear things aren't going so well atm, sending you best wishes.

CK

carboot_karaoke

l have just made our main October payment, of £1999 so our new balance is £68,000  

£5000 left to reach 2024 target. Its going to be tight  because we're also trying get money together to decorate the kids bedrooms, if need be I'd rather miss the target and see them happy.

Going to list as much as possible on vinted and ebay to hopefully claw some of the money back.  

HotDog2020

carboot_karaoke said:

Thank you @HotDog2020 it is all a big learning curve atm.

So far tenants have been good but l know its very early days. l try to view that income as a bonus rather than relying on it. Although I'm currently using it all to try and bring the mortgage down as quickly as possible. 

Occasionally l let myself think of life after the mortgage but the truth is we don't have any savings left and only a few £1000 in a pension despite being nearly 50. So we are along way off FIRE. 

I have read through some of your diary, sorry to hear things aren't going so well atm, sending you best wishes.

CK

Thank you CK I appreciate the sentiment, I go through phases of ups and downs, I try and remain as positive as possible on the diary, but sometimes I leak, I do find it helpful to write it down, but I am aware that most people like to read positivity, bringing about their own positivity. I hope you didn't feel awful afterwards, I have to check myself. I think it should be okay to write negative things providing it is done either humourously or with a glimmer of hope, on occasion I have written quite dour entries but I am trying my best to avoid this, I may have deleted the more negative entries before they were published after checking myself. Sorry for the waffle.