A new chapter for Kaycastle: fresh start, renovations & the quest for mortgage freedom

kaycastle

Hiya all, it’s been a while. Thank you for all the support and advice after the divorce announcement last summer.

I have returned now I’ve sorted where my life is going more :)

We finally sold the marriage house, it’s been many buyers and a total nightmare but definitely completing start of May.

I have brought a new house which I’m very excited about.

Mortgage will be 278000 and I managed to get my rate fixed for 5 years at 3.99% before all the recent explosive stuff so that was lucky.

There is a lot of renovation to do and I’ve left myself 18k from my equity for some of that. Have about a 6k emergency fund.

Will post full figures and new budget later.

I know coming on here again will help me feel supported and stay on course, thanks all :)

Sammie_1985

I remember reading your previous diary just before I started mine, you were smashing it and I have no doubt you’ll do the same with your new mortgage. Good luck.

beanielou

Happy shiny new dairy. A new chapter begins.

kaycastle

@Sammie_1985 Thank you so much 🤩 You are also smashing it - love seeing mortgages get further and further away from 200k 🤩

@beanielou Thank you!! And woahhhh 99,000+ posts!!! Just 😮

kaycastle

Right…lets get down to it then shall we 😎 Big post warning…. oh yes I like to waffle…

Days until moving: 28 days. Hopefully not like the movie…

Next priority: Book removals company. Contacted 2 last night now date is confirmed so should hear back today hopefully.

Things I'm nervous about:

• Owning a home all by myself for the first time ever
• DIY. My new home comes with a workshop shed…. and of course to be MSE I'm going to do as much DIY as I can. This does not come naturally to me.
• Settling in my child + their happiness (50/50 custody, all amicable)
• I know in about 5-10 years there will be a transitionary period where AI affects my area of work so much that earning potential will go down/I will need time to pivot/may earn less indefinitely. I'll talk a lot about the strong foundations I'm building in preparation for this in this diary. But having a much lower mortgage will be really important here

Money things

Recent wins:

• Got half price Which? subscription to help me with purchases and renovations over the next year. Also did it via topcashback where I apparently have £26.86 cashback pending for it 🤑
• Got a bonus in April of £1529 . Very very useful timing.
• Used a £50 giftcard from work and patience waiting for a sale to get a very nice new bosch kettle and toaster from JL for £3….

New home & money goals:

• Emergency fund: 6.2k (My goal will be ~14k but will review how fast to build this)
• I have £1.6k in immediate savings for removal company, appliances/priority items I need to get. I've been chipping away at the list in preparation and I've been adding £400 to this every month…
• New mortgage:
  • 278k
  • LTV 82%
  • Current end date: 2066. Oh hell no.
  • 5 year fixed. I went for 40 year to minimise mandatory monthly payments but obviously I plan to overpay and do lots of renovation to get that LTV and mortgage down…
  • In 5 years mortgage will still be 266k…. don't know if this is crazy yet and just pulling a random figure out my head but I'd love it to be under 200k….
• New budget comes to £3195.41 - this includes house maintenance fund of £200 for surprises, £200 for life admin/haircuts/gifts, £150 fun and freedom - wanted to be generous with these sorts of pots to bring joy and comfort at first. This still leaves £353.40 leftover each month
• Post full new budget breakdown
• I will have ~18k renovation fund from equity….there is a lot to do 😱- will post my plan soon

Future wins I'm excited about:

• Not paying for 2 adults food anymore (I still do 99% of food shopping and meal planning)
• Privacy.
• Student loan will be paid off mid next year - that's a pay rise of almost £300/month.
• Interest free furniture finance paid off in 8 months - £46 back per month
• Nursery fees ending before September - £290 back per month. Bit less with associated school costs but…yeh
• So within 2 years I'll be at least £500+ up per month… that I can throw at overpayments…or yet more renovation :)
• Learning to drive this year (just waiting for house move to be over so I have head space…)

Other money things I know I need to sort:

• New savings account/ISA…I've been really lazy and not sorted it since higher rate ended….just been a bit overwhelmed. Its the most disorganised I've been with savings. Also because I lost half of savings I had built in divorce - in my head it was like…what is the point in trying to get a few more pounds of interest when I've just lost thousands of pounds but I've come out of this way of thinking a bit now
• Compare current accounts (just don't want the hassle of this in middle of moving but will sort this out as soon as I move)
• Pension review - pot is currently ~50k

beanielou

I’ve been around a long time 🤣

South_coast

I read "Book removals company" and my immediate reaction was "How many books does she have 😱???" - before re-reading it and realising I was being a wally 😅!

So lovely to see you back, that's a chunky mortgage but I have every faith in you and it will be so satisfying to get it nailed on your own 🥰

AgathaSquirrel

https://forums.moneysavingexpert.com/discussion/comment/81947365#Comment_81947365

I love the idea of having so many books I need a book removal company.

I think your sub £200000 goal in 5 years is possible.

kaycastle

@South_coast thank you so much haha I do have quite a few books but I have been trying to declutter.

It is lovely to be back thank you, I’m feeling like my head is feeling so much clearer with the dates in sight.

thank you @AgathaSquirrel I’m going to start planning the figures after bedtime routine, excited to see how it will work.

I need to do some diary catchups tonight :)

progress today: removal company coming to quote next week, other one needs chasing tomorrow so they can do a quote

kaycastle

Things don’t feel very MSE in the run up to the move 😂

I have a list of musts to get which I’ve been chipping away at. In the last 24 hours I got:

Boxes and packaging and covers for mattresses

Cleaning products (been running these down so needed new ones for move… there will be a lot of cleaning to do in the new place)

And coming up will be buying a fridge freezer, my ex is moving out a week before and in the divvy up he is taking the fridge.

I narrowed down my choice using which? Product reviews which were really useful.

I got 2 companies coming next Thursday to quote for the move.

Now doing a couple of days of chilling over Easter which I really really need.

The plan for getting to 200k is coming together. There will be a first light phase while I also build my emergency fund and do work to the house. That will last about a year or so and then I’ll ramp up big time, as it will actually be quite tough but I do like a number starting with 1 😂

It’s crazy to think a few years ago before buying this place I had got well under 200k before.
Determined to put myself in a strong position in 5 years. While also having fun and crucially for the first time I’ve left a big pot of 18k to start renovating as what I’ve learned from last few houses is that it really affects motivation and how you feel if there is something fundamental you need to get fixed/changed…. Especially in rooms like the kitchen where we spend a lot of time, Plus there are some urgent things like minor leak in the roof 😂 …

tbh there is a lot to do and I’m a little bit nervous but the house just has such a homely feeling, I immediately had a gut feeling about it, it just needs some TLC

South_coast

You may need some TLC while you get used to it just being the two of you and no other adult in the house, you and the house can look after each other 🩷