Saving, Living, and Ditching the Mortgage

RedLipstick

Thanks @South_coast that's an interesting point. The interest on the student loan is currently 4.3% though I think they do change it annually around August/September. Don't quote me on that though, I remember it was over 6% at some point in the past. Not live changing % but higher than mortgage indeed. According to my excel, I think with regular contributions and one (or three for a mental boost of seeing the numbers going down) chunky payments I should be able to get rid of it by end of 2026. Assuming I save up plus throw a bonus on it. Tempting indeed!

seventh88

House reno and time with your sister sounds lovely ha ha, nope, life has a habit of veering off course a bit doesn't it!! But what doesn't veer is your skill set: you have a good head on your shoulders and can flexibly work around curve balls like this. Keep focused on your goals and you'll get there.

RedLipstick

It's been a while! Time flies, work is very busy, the amount of work for the past few weeks has been dreadful.

Uni has now been paid, I'm now on a final leg and will be working on a dissertation for the next few months. Being a mature student and having a full time job has its challenges, I miss my free weekends and cannot wait until this is all done. I have quite a bit of time though until final submission, but planning to just get on with it once my topic gets approved.

Money matters going slowly due to the big uni payment. I've managed to put some money aside but didn't get a chance to overpay anything as much as I would like to. It's fine. I'm saving for another bit of renovation though, provisionally booked for September. Full flag reno with wallpapers going off the walls, ceilings being done (also covered in some lining paper), some electrics, painting, internal doors replaced, etc. Two rooms and a hallway so I expect a lot of mess. I have a spare bedroom so will need to somehow fit my bed in there and all the other stuff. Place used to belong to a lovely gentleman in his 90s so there is a lot of things to do and refresh, it has been a messy year already with the bathroom renovation so can just carry on I guess. Unfortunately a fresh coat of paint won't do the trick here.

I have also booked hotel for a week long city break in Denmark for next year. Absolutely adore the place so I'm looking forward to the trip. On the other hand, I desperately need a holiday and get away from work for a bit, it's almost a year to go but will give me something to look forward to.

Well, since it's a mortgage free wannabe thread, a lovely update to say my mortgage is now under 160k. Ummm, 159,999.00 but it counts! Will get it down a bit more on my next payday so it keeps moving in the right direction.

Hope everyone is keeping well in this weather! xx

CrazyBee787

Well done on Uni payment, it will be nice to know all paid for whilst doing it and knowing you will be worth more after. It sounds like the decorating is going well also, you are a busy person! Denmark sounds great, always nice to have something to look forward to. Well done on Mortgage too, it seems a while before nailing it but you will get there, this I am quite sure. Good luck for the course and payments. All the best. CrazyXX

seventh88

Great to hear your news, and well done on the uni payment and getting the mortgage under 160k - even by a little - it still very much counts! Denmark sounds like a wonderful, refreshing break on the horizon for you, and it iwll come around fast, I'm sure. Renovations sound like a much needed next step, and will be a good investment in your property in the long term. Well done on everything you are achieveing, brick by brick you are building the life you want. Cheering you on from the sidelines!