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  • FIRST POST
    • rumpetroll
    • By rumpetroll 16th Mar 19, 10:34 PM
    • 19Posts
    • 7Thanks
    rumpetroll
    RT's path to MF
    • #1
    • 16th Mar 19, 10:34 PM
    RT's path to MF 16th Mar 19 at 10:34 PM
    Having followed a bunch of these diaries over the years and now just about to complete on the purchase of a flat I thought I'd start my own MF diary.

    I'm 37, currently single and have 2 children, DD lives in Switzerland with her mum as did DS until a couple of weeks ago but he has now moved to England to live with me (I'll put more on this later). I'm hoping to be exchanging on the flat this week and completing shortly after, given that it's chain free and the purchase process started back in October it's been a bit frustrating with how long it has dragged on.

    The financials
    Property Cost: £215,000 (The seller bought this brand new 2 years ago for £240k)
    Mortgage: £193,500

    Salary: £65,000 (Take home £3700/mo after tax and pension contrib)
    Bonus: 15%-30% in January, so somewhere between £5k and £10k after tax

    Monthly outgoings
    Mortgage: £711
    Child Maintenance: ~£175 (this is under discussion at the moment, it was £350 when both kids were living with their mum)
    Mobile Phone: £13
    Other Flat Costs: £320 (Guestimate as not paying these yet, includes service charge, ground rent, council tax, insurance, utilities)
    Sports: £225 (DS and I both do parkour and go karting)
    Food: £300 - £400
    Switzerland Costs: £800 (~£570 to rent apartment there, plus travel costs, probably an over estimate)
    Petrol/Car: £70 (inc insurance paid annually)
    Holidays/B'day/Christmas: ~£300

    Total: ~£3014
    Total left for overpayments: £686 (not including my annual bonus as this might just be put straight in to my pension)

    Although this is a MF diary, I am actually going to be splitting where the money goes and I will class it as MF when my savings + investments is worth the same as the remaining mortgage, I currently have around £9k invested. Each month I will be putting some money in to my investments, and the rest will go in to savings accounts that pay more interest than the mortgage cost. At any point where the savings rate is less than the mortgage interest I will be paying the mortgage off with it. I can currently save at 5% so money is going in there ATM.
Page 1
    • rumpetroll
    • By rumpetroll 16th Mar 19, 11:15 PM
    • 19 Posts
    • 7 Thanks
    rumpetroll
    • #2
    • 16th Mar 19, 11:15 PM
    • #2
    • 16th Mar 19, 11:15 PM
    The situation with my kids is a little complicated as can probably be seen from the first post. My ex moved to Switzerland with our children 8 years ago (DS is now 9, DD is 11), she now also has 2 younger children. Things were a bit difficult to start with but over the years we've become friends again and I've been renting an apartment over there for some time and travel over regularly (probably spend a week or so of every month there). So while the maintenance I pay may seem low compared to my income it also takes in to account my expenses since she chose to live over there, infact the maintenance plus expenses is significantly more than I would pay in maintenance if she lived in the UK.

    As to why my son has moved over, his school in Switzerland had only 14 other children in with a 3 year age span, he wasn't being challenged with the work and he was suffering from bullying which was causing some behaviour issues. After discussing it with his mum we decided to try him at a school over here, we offered him the choice and he decided he wanted to try it, so he's now been here living with me and going to a UK school for the past 2 weeks. We're going to discuss it all again during the summer holidays and make a decision from there as to where he continues as he is due to go up to a much bigger school in Switzerland next school year, so it may be a case that he moves back then or he'll continue on over here.

    So lots of change for me at the moment but couldn't be happier.
    Last edited by rumpetroll; 13-09-2019 at 8:21 AM.
    • blue_mango
    • By blue_mango 16th Mar 19, 11:42 PM
    • 463 Posts
    • 1,466 Thanks
    blue_mango
    • #3
    • 16th Mar 19, 11:42 PM
    • #3
    • 16th Mar 19, 11:42 PM
    That was a very interesting read.

    May I ask why did you choose a flat over a house, do you live in an expensive city?

    My purchase was also chain free and took approximately 5 months, very frustrating...
    • rumpetroll
    • By rumpetroll 17th Mar 19, 6:35 AM
    • 19 Posts
    • 7 Thanks
    rumpetroll
    • #4
    • 17th Mar 19, 6:35 AM
    • #4
    • 17th Mar 19, 6:35 AM
    Thanks blue_mango.

    A couple of reasons for choosing a flat, firstly, like you suggest, it is an expensive town to live, the lowest cost houses that suited me were anywhere from £270k-£300k (2 bed and not in a rough area of town).

    It's also a 3-4 minute walk from the beach and very close to the town center which I wouldn't have gotten with a house. And finally with how much time I spend away in Switzerland I decided that a top floor flat in a secure block was more secure than a house.

    However, if I'd known at the time that my son would be living with me then I'd perhaps have chosen a house with a garden.
    • rumpetroll
    • By rumpetroll 18th Mar 19, 7:55 PM
    • 19 Posts
    • 7 Thanks
    rumpetroll
    • #5
    • 18th Mar 19, 7:55 PM
    Finally talking completion dates
    • #5
    • 18th Mar 19, 7:55 PM
    I was beginning to think it would never happen but had a call today from the solicitor and looks like we are going to be trying to set a completion date for Friday, with exchange of contracts hopefully happening tomorrow. So will be heading down to the bank to transfer over the deposit funds, and I've also got to go and get a new tyre on my car after getting a puncture last week from running over a nail, so an unexpected cost on that one, but at least I'm past the days of driving expensive cars with similarly expensive tyres.
    • FIREdoc
    • By FIREdoc 18th Mar 19, 8:02 PM
    • 46 Posts
    • 152 Thanks
    FIREdoc
    • #6
    • 18th Mar 19, 8:02 PM
    • #6
    • 18th Mar 19, 8:02 PM
    Happy new diary! And hope all goes to plan with exchange/completion!
    Starting mortgage Summer 2018 - £213,500
    2018 Dec £205,330
    2019 Jan £204 200 March £201 900 April £200 800 MAY £199,650 August £196 000

    Goal for 2019 - £195,000. Goal for 2023 - £125000
    MFW2019 #89 £4303/£10,000
    • beanielou
    • By beanielou 21st Mar 19, 8:58 PM
    • 67,005 Posts
    • 303,252 Thanks
    beanielou
    • #7
    • 21st Mar 19, 8:58 PM
    • #7
    • 21st Mar 19, 8:58 PM
    Happy shiny new diary
    Lou~ Debt free Wanabe No 55 DF 03/03/14. MFW. 17 months to mortgage freedom.
    **Credit card debt free 30/06/10~**
    **Weight loss 2 stone 11 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
    • greent
    • By greent 22nd Mar 19, 9:00 AM
    • 8,190 Posts
    • 83,206 Thanks
    greent
    • #8
    • 22nd Mar 19, 9:00 AM
    • #8
    • 22nd Mar 19, 9:00 AM
    Fingers crossed for a smoothly-running day today....
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786 12/18 £54829 2019 OPs (#18) £3757/£5K
    Net sales 2019 £518.64/£500
    • rumpetroll
    • By rumpetroll 22nd Mar 19, 10:54 AM
    • 19 Posts
    • 7 Thanks
    rumpetroll
    • #9
    • 22nd Mar 19, 10:54 AM
    • #9
    • 22nd Mar 19, 10:54 AM
    Thanks everyone, after being told we would be exchanging every day this week it finally got to the point yesterday where we were ready to exchange but the sellers solicitor had already gone home by 4pm so we ended up exchanging and completing this morning, but finally it's all done. The mortgage is also showing up in my online banking already which is nice, and there's already £24.28 of interest charged!

    Thankfully I don't own a huge amount of stuff so have already loaded most of it up in to a van and just about to head out and get the keys. It'll be great to unpack as 99% of our stuff has been boxed up for about 4 weeks.

    Then to buy a TV as DS doesn't agree with me that we don't need one, which I guess will mean getting a TV license for the first time in about 7 years.
    • greent
    • By greent 22nd Mar 19, 1:44 PM
    • 8,190 Posts
    • 83,206 Thanks
    greent
    Glad it's all happened in the end
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786 12/18 £54829 2019 OPs (#18) £3757/£5K
    Net sales 2019 £518.64/£500
    • twinklie
    • By twinklie 23rd Mar 19, 2:19 PM
    • 4,237 Posts
    • 11,132 Thanks
    twinklie
    Sounds like a busy weekend ahead for you. Don’t forget to just stop occasionally to acknowledge that this is your new home. We moved in November and I frequently walk round thinking “I cannot believe that this is my house.”
    Daily mortgage interest Oct'19 - £15.83 Reduction in daily interest - £0.62
    % of house owned/% of mortgage paid off.
    Oct'19 - 13.9%/3.9%
    MFiT-T5 #13
    Aim to be debt free by the end of 2019. % remaining Oct'19- 34.3%
    • rumpetroll
    • By rumpetroll 12th Sep 19, 9:59 PM
    • 19 Posts
    • 7 Thanks
    rumpetroll
    Time to get this diary started properly now, the past 6 months have flown past with learning how to be a single parent and trying to balance that out with work. Work has been stressful but I'll get in to that in a future post.

    DS has done fantastically at settling in to his school over here, he's been much calmer and although there were some initial problems at school these have become much less common and he has really opened up, 1 of the biggest challenges we had was that when he got in trouble or there were any incidents then he'd completely close up and refuse to talk and if he did say anything then he just claimed he couldn't remember what had happened, but now he'll actually come to me first and tell me without me having to ask.

    We had a moment shortly before school holidays when he had decided out of the blue that he wanted to move back to Switzerland despite up until that point being adament he wanted to stay here, so his mum flew over and we all talked it through letting him have the choice but emphasied that he couldn't change once school had started back again and he persisted that he was moving back to Swiss, then the night his mum went back I found him in bed crying his eyes out and saying he wanted to stay here. He was missing his mum and sisters which is why he wanted to go back but he knows that he has been getting on much better here and has loads more friends. So he's here now for this school year, has been really happy since that "moment" and actually much more settled than beforehand.

    In terms of finances, I spent a little more than planned when first moving in to our flat on furniture and appliances so savings were on hold for a couple of months, but things have been back on track and my current balances are:

    Debts
    £191,208 Mortgage (No OPs yet)
    £1000 finance on 0% for my sofa
    £7500 on a 0% credit card with 20 months left on the majority of it.

    Savings
    £11,250 S&S ISA (Vanguard LS80)
    £7500 Savings to offset the credit card and in preparation to pay it off when the 0% expires, although I'll probably end up shifting the CC debt to a 0% balance transfer and keep the savings going

    The current plan is to put £400/month in to the S&S ISA and £600/month in to savings. When the rate in any of the saving accounts drop below the mortgage rate I will take that and make an OP on the mortgage.
    • rumpetroll
    • By rumpetroll 15th Sep 19, 10:38 PM
    • 19 Posts
    • 7 Thanks
    rumpetroll
    It's been a bit of an expensive week, had to get someone out to fix some plumbing issues, turns out the problem was something I could have sorted myself but had been advised it was likely to be a boiler issue so sought professional help. So that was £70, but at least I know where to look if this comes up again.

    I also had a £380 bill from my podiatrist, part of it for diagnosis and the main chunk for some custom orthotics, I've had ongoing ankle issues for years from some injuries when I was younger, all manageable up until a few months ago but since then has been causing much more pain and I've not been able to run for more than about 15-20 minutes without it flaring up badly. Having had no real help from my GP who has consistently just told me to rest it and take pain killers I figured I'd take the plunge and get a specialist to check it out. He did an ultra sound on it and has pinpointed where the issue is (a pretty destroyed ligament) and is hopeful that we'll be able to manage it without having to resort to surgery. I've got some ambitious running challenges I'd like to complete so hopefully this is the start of the road to recovery.

    DS and I did got treated to a day out today to a local waterpark as a thank you from my friend who I rescued a few weeks back when he arrived at the airport and realised he'd left his wallet at home. So it's been a fun day and finally satisfied DS as he's been going on about going there for weeks.
    • rumpetroll
    • By rumpetroll 25th Sep 19, 8:31 AM
    • 19 Posts
    • 7 Thanks
    rumpetroll
    I've had 2 new staff start at work this week, so have had to travel to the office for a few days for induction and training but back home this evening. DS has been staying with my parents for a couple of days, he always complains about having to stay with them yet I think he secretly loves it as he get's much more freedom for playing video games than he does when he's at home.

    I've gone through the process of opening some new bank accounts over the past few weeks to grab the switching bonuses, so have bagged Natwest @ £150, and the Barclays Blue Rewards which should be £120 after 12 months, I could have qualified for the Barclays Premier and got the extra, but the hassle of having to move so much in to Barclays isn't worth it as it isn't going to be my main bank account. I also opened up an HSBC account but I don't think I'm going to get the switching bonus, it's been a right pain, the account has been open for a few weeks now and I still haven't got online access, so I've completely lost faith in them, I will be using the 5% regular saver though once I finally get access to the account.

    More excitingly, I have been sorting out a little holiday/13th birthday present for DD, I had a BA 2-4-1 voucher and a load of Avios, so we're heading to LA in business class, I haven't decided on where we are going to stay yet but unlikely to stay in LA for the whole trip, I'm considering heading down to San Diego for a few days. I'm really looking forward to getting away, despite how much flying I've done over the past few years I've had very few actual holidays.

    Nothing much on the finance front this week, I'm moving my ISA to a cheaper provider, a little disconcerting for the couple of days when the funds have left the old provider and yet to hit the new one but it's all there now.
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