Mortgage Free Plod

Ms_Potato_Head

Hello MFWs 

I'm de-lurking after living vicariously through you all for a very long time. I've exchanged on my first house today! So now I'm a MFW too. 

My context: I'm a divorced, single mum (1DS). We'll be moving into a little 2-bed house with our moggy. I've taken out a 95% repayment mortgage over 27 years, which takes me to what I expect will be SP age for my generation.

As well as plodding towards financial independence (and, with a following wind, early retirement), I like to enjoy the simple things: family and friends, crafty hobbies, reading and having a walk in the fresh air. 

Welcome to all who stop by. 
MPHx

Sammie_1985

Congratulations on exchanging today! When is your completion date? Good luck with your journey. 😀

beanielou

Happy shiny new diary. 

sunshineli

Congratulations on your new home! I look forward to following along. 

itsthelittlethings

Good luck 💜

Ms_Potato_Head

Thank you for the lovely warm welcome 😊 

Completion date is 18th November, but won't be moving in straightaway. I have an overlap with my rented place so I can move across without too much stress. 

powerspowers

Congratulations on your new home and good luck with becoming mortgage free! 

CrazyBee787

Good luck on your journey I look forward to seeing how you go. Enjoy your new home when you finally get the keys. XX

Ms_Potato_Head

Thanks @powerspowers and @CrazyBee787 😊

I went "shopping" in my mum's loft yesterday. I now have pots and pans, cutlery, crockery, glasses and even a lovely wall hanging. The kitchen in my rental is fully equipped, so I would have had to buy all that stuff. And Mum is happy because she's decluttered!

Ms_Potato_Head

It's all gone quiet re: completion. I'm taking that as a sign there are no issues and everything is still on for the 18th, not that the solicitor has ran off with my money. It wouldn't get them very far. 

This weekend I'll get my current house clean and tidy for when I hand the notice in next week. I've enjoyed the low rent and not being responsible for maintenance/repairs. I never felt in the proverbial rent 'rrap'. However, after modelling various retirement options this way and that it became very clear to me that, for my circumstances and low appetite for risk, I really do need to pay off a mortgage if I'm ever going to retire. 

My retirement planning falls roughly into 4 buckets: 
1. Accommodation- pay off a mortgage
2. Fixed costs- SP and a small DB pot from a previous employer 
3. Variable costs- DC pot I pay into now 
4. Emergencies- cash ISA

Ms_Potato_Head

Completed! 

We completed as scheduled on Tuesday. The house is as sweet and lovely as I remember, I'm sure we'll be very happy there. 

We'll Iactually move in about a month. I handed my notice in on the rented house, after getting it presentable at the weekend (just dont look in any cupboards or drawers). After all the rounds of decluttering I've done, I'm amazed I have any belongings left at all, and yet I filled 2 bin bags for either charity or the tip? I must accumulate as quickly as I declutter 😳