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  • FIRST POST
    • amycool
    • By amycool 25th Jul 14, 3:43 PM
    • 858Posts
    • 3,764Thanks
    amycool
    Second Time Lucky
    • #1
    • 25th Jul 14, 3:43 PM
    Second Time Lucky 25th Jul 14 at 3:43 PM
    Hi,

    Having got very close to becoming mortgage-free (about 8000 remaining) on our first house, we will soon be moving into the house that we intend to live in for a very long time, which means taking on another mortgage.

    I have really enjoyed reading everyone's diaries over the past few years and think it will be motivational to record our progress once we move in and start to overpay. I expect it will be incredibly dull to read for others so I hope nobody minds me taking up internet space.

    Background - a little about me

    My husband and I have been together since we were teenagers
    but we don't really share the same financial opinions. He is very laid-back with money and will spend it if it is there, but he's happy for me to budget how I see fit and trusts my financial decisions. I suspect I could remove 10,000 from the savings account and he wouldn't notice. I grew up in a household where every penny counted and for a time we relied on government benefits, so since being very little I have been very debt-averse and have always saved.

    We have both worked since we were 15 and during university we lived with OH's parents. Things didn't go quite to plan with my career due to illness so we stayed there rather longer than planned, but they very kindly allowed us to live rent-free as we were saving for a deposit.

    In Spring 2011 we bought our first home with a large deposit from our savings. The plan was to stay here for 5 years and pay off the mortgage (OH was still training when we bought but is now qualified and employed) but we realised we didn't want to keep waiting to have children and we wanted to move somewhere bigger first.

    The Mortgage

    Our new mortgage will be 70000 on a 2 year fix at 2.64%.
    Monthly payments are 500.

    The short-term plan

    The house needs work but we want to get into the habit of overpaying and knock a nice chunk off before we have children (hoping to adopt next year) so the initial plan is:

    50% of anything left over to overpayments
    50% to be split between various savings pots
    Aim for a 10,000 emergency pot

    Having been mega-frugal for a very long time I'm quite bad at spending money and if left to my own devices I would probably cut back on everything and overpay as much as I can. However, I'd quite like a nice house and the occasional holiday so by choosing 50% I can't go overboard.

    Of course we might uncover all manner of things at the new house so I'm not setting a figure to aim for at the moment. Once we have moved in and worked out how much it will cost to run I will have a better idea.

    The long-term plan

    To be mortgage-free by the time we are 40

Page 41
    • amycool
    • By amycool 6th Jun 19, 1:56 PM
    • 858 Posts
    • 3,764 Thanks
    amycool
    I've been thinking about National Insurance contributions as my Mum was talking about hers.

    I worked part time jobs from 15-22, whilst in full time education, but I'm guessing they don't count. I remember getting a letter many years ago asking me to top up and at the time I wasn't in a position to afford it.

    Then I did 8 years that do count. I'll get NI credits until DD is 12 so that's another 7. That only gives me 15 years.

    My problem is that I'm not unwell enough to qualify for any benefits using their calculations, but I'm not well enough for anyone to employ me. I almost lost my old job a few times as I frequently have exacerbations that mean hospital and strong medication.

    It won't be a problem as long as OH and I stay together (17 years so far!) as his private pension will easily cover our basic needs, but it's a bit scary to think about!

    I'm hoping that with new technology and ways of working, I might be able to get a job in the future that I could do from home. I have looked into data entry jobs and at the speed I type I wouldn't make minimum wage. Also I'm exhausted after an hour.

    I'm very fortunate to have OH, and grateful to my younger self for saving so much. I guess if I was single I would just have to massively decrease my life expectancy by working anyway. A horrible situation to be in.
    Mortgage (Start Sep 2014)- 70,295/4064.28 - 94.2%
    Overpayments - 46009.03
    • amycool
    • By amycool 6th Jun 19, 1:58 PM
    • 858 Posts
    • 3,764 Thanks
    amycool
    In other news, OH will get his new pay from September. Looks like it will be about 100 extra per month and we'll still get full child benefit for now.
    Mortgage (Start Sep 2014)- 70,295/4064.28 - 94.2%
    Overpayments - 46009.03
    • debtfreeoneday
    • By debtfreeoneday 8th Jun 19, 6:11 AM
    • 3,061 Posts
    • 10,592 Thanks
    debtfreeoneday
    Good news on the pay rise. I keep meaning to look at the NI situation but I'm assuming if you get till DD is 12, I would to? I do have about 27 full years contributions..
    DFW (08/08) 64,346.53 Gone for good (02/19)
    MFW (01/15) 77,993.33
    • amycool
    • By amycool 13th Jun 19, 10:57 AM
    • 858 Posts
    • 3,764 Thanks
    amycool
    Good news on the pay rise. I keep meaning to look at the NI situation but I'm assuming if you get till DD is 12, I would to? I do have about 27 full years contributions..
    Originally posted by debtfreeoneday
    Yep, I think everyone does, as long as you are claiming for the child benefit. It sounds like you'll be fine. Over 10 years you get a proportion of the full pension so I will get something, even if I never manage to go back to work.
    Mortgage (Start Sep 2014)- 70,295/4064.28 - 94.2%
    Overpayments - 46009.03
    • amycool
    • By amycool 14th Jun 19, 1:25 PM
    • 858 Posts
    • 3,764 Thanks
    amycool
    Some good news. After contacting 9 plumbers, I finally got the magnetic filter put on the boiler today!

    Next job is to order the new ceiling light for the bathroom, then measure up for the new internal doors. We've decided to just do upstairs for now.
    Mortgage (Start Sep 2014)- 70,295/4064.28 - 94.2%
    Overpayments - 46009.03
    • ElmoR
    • By ElmoR 15th Jun 19, 9:56 AM
    • 103 Posts
    • 360 Thanks
    ElmoR
    Hi Amycool



    Sounds like we are/have been in a similar situation with National Insurance contributions. I am short of years because I was a student, worked abroad and had Maternity decreases.

    You can login to the NI website and find out exactly which years you did make enough contributions to count and also if there are any you can still top up (you get quite a long time to be able to do that). As a teenager I worked a lot of part-time hours to save up for college etc. Amazingly, many of those years I did actually contribute enough for them to count. So things might not be as bad as you estimate.



    Strongly recommend you get yourself a login to the website and find out for sure. Knowledge is power!


    ElmoR
    2018 40,000 and 2027 M end date
    Aiming to reduce to, using OPs: 2019 30k, 2020 20k, 2021 10K, 2022 MF
    • debtfreeoneday
    • By debtfreeoneday 17th Jun 19, 10:55 AM
    • 3,061 Posts
    • 10,592 Thanks
    debtfreeoneday
    Thank you ElmoR - I just logged in and all is good to date.
    DFW (08/08) 64,346.53 Gone for good (02/19)
    MFW (01/15) 77,993.33
    • amycool
    • By amycool 2nd Jul 19, 2:50 PM
    • 858 Posts
    • 3,764 Thanks
    amycool
    We are 93.3% paid off as of today. If we didn't have the bathroom to pay for next month I'd probably pay it all off. It felt like we'd spent a fortune this month but we had just enough to overpay another 1000.


    I've already spent loads this month and we're only on the 2nd. My new niece came into the world yesterday so I've bought some lovely monogrammed booties. Also for the teacher gifts I've bought a World Vision School dinners gift. Also new school shoes in the Start Rite sale. Was hoping to get boots again but they don't seem to do them anymore.


    Still need to get the new doors and handles (if I keep putting it off will they magically get cheaper?)

    Home insurance renewal this month too.
    Mortgage (Start Sep 2014)- 70,295/4064.28 - 94.2%
    Overpayments - 46009.03
    • amycool
    • By amycool 31st Aug 19, 4:58 PM
    • 858 Posts
    • 3,764 Thanks
    amycool
    I haven't written for ages due to the school holidays.

    We went away (in the UK) for a week and actually spent a lot less than I expected as we were really lucky with the weather so mostly went to the beach and took picnics.

    Unfortunately, the bathroom refurb has been really stressful. Despite being promised that it would be done in 2 weeks, it took 3 weeks and still has stuff that needs fixing. So disappointing to spend the best part of 8k for peace of mind, and then we had to live with family for a week, plus had to be out of the house all day for another week, so lots of expensive days out.

    Once we've paid and everything is done I shall put it behind me!

    So no overpayments for a few months but hopefully back on track soon.
    Mortgage (Start Sep 2014)- 70,295/4064.28 - 94.2%
    Overpayments - 46009.03
    • debtfreeoneday
    • By debtfreeoneday 4th Sep 19, 9:17 AM
    • 3,061 Posts
    • 10,592 Thanks
    debtfreeoneday
    Sorry it's been a bit of a nightmare. x
    DFW (08/08) 64,346.53 Gone for good (02/19)
    MFW (01/15) 77,993.33
    • amycool
    • By amycool 5th Sep 19, 1:30 PM
    • 858 Posts
    • 3,764 Thanks
    amycool
    Stayed in all Monday afternoon as the installers were supposed to fix everything. Arrived after 4 and said he hadn't brought the right equipment.

    Told they'd ring. They didn't. We contacted them again. Said they'd sort everything Thursday afternoon.

    I've been stuck in, waiting, unable to get any shopping. It's 2.30pm and they're not here. Need to collect my daughter from school soon!

    Lies upon lies. The heap of rubbish should have been cleared 2 weeks ago.

    It's all very stressful and giving me health problems. Sigh.
    Mortgage (Start Sep 2014)- 70,295/4064.28 - 94.2%
    Overpayments - 46009.03
    • amycool
    • By amycool 18th Sep 19, 9:43 AM
    • 858 Posts
    • 3,764 Thanks
    amycool
    The bathroom is "finished". 7 weeks instead of 2. There are still issues but I can't face another visit from them. A scratched window, water butts and pots all covered in a thick layer of dirt, grout really messy in places, bath panel falls off every time you get in and out of the bath.

    It's been really horrible but I'm going to pay them today so I can move on. Can hopefully DIY some of the issues.

    In other news, I paid for an autism assessment and I was diagnosed last week. I've suspected for a very long time so it's very weird to finally know for sure.

    It was very expensive so not helping the mortgage situation! Going to check the banking now and see where we are.
    Mortgage (Start Sep 2014)- 70,295/4064.28 - 94.2%
    Overpayments - 46009.03
    • debtfreeoneday
    • By debtfreeoneday 18th Sep 19, 3:48 PM
    • 3,061 Posts
    • 10,592 Thanks
    debtfreeoneday
    Since DS was diagnosed, I've been thinking of doing this as I'm fairly sure I am, where did you go?
    DFW (08/08) 64,346.53 Gone for good (02/19)
    MFW (01/15) 77,993.33
    • amycool
    • By amycool 21st Sep 19, 1:05 PM
    • 858 Posts
    • 3,764 Thanks
    amycool
    Since DS was diagnosed, I've been thinking of doing this as I'm fairly sure I am, where did you go?
    Originally posted by debtfreeoneday
    I used Spectrum North West, mostly as they can visit you at home but also because all staff work in the NHS too. It was a 4hr interview so quite intense! They were really lovely though and made me feel comfortable to talk.

    Another option that a friend used was a Skype service, which is considerably cheaper if you're okay with Skype (I hate it!).

    It seems really common that as kids are being diagnosed parents realise they're autistic too. It just wasn't diagnosed in females when I was a kid.
    Mortgage (Start Sep 2014)- 70,295/4064.28 - 94.2%
    Overpayments - 46009.03
    • amycool
    • By amycool 27th Sep 19, 3:51 PM
    • 858 Posts
    • 3,764 Thanks
    amycool
    Have just updated the spreadsheet - it's been a shockingly expensive month!

    OH is now getting his new wage - seems to be around 250 a month extra, which is nice.

    Mortgage interest is down to about 15 a month.

    Not sure whether to start overpaying again and wait for the savings to build back up later or wait another month. We do have 10k in an ISA as back up but it doesn't feel like much! Will decide next week maybe once we're in the new month.

    I know I should be waxing the other interior doors and finding someone to fit them but school is a massive issue right now and is taking every bit of my mental energy.

    I've started buying Christmas presents as and when I see things. We've really reduced who we buy for now so it isn't a chore.
    Mortgage (Start Sep 2014)- 70,295/4064.28 - 94.2%
    Overpayments - 46009.03
    • kaycastle
    • By kaycastle 27th Sep 19, 4:34 PM
    • 116 Posts
    • 255 Thanks
    kaycastle
    I am extremely late on this point but congratulations on adoption a while ago

    I'm adopted and its a wonderful thing to do but a heart wrenching process - all for good reasons like you said. I quickly scanned through all the past few years of your thread to make sure you succeeded before I posted!!

    I was adopted quite young and my mum kept a diary of the years they went through...they even got told to lose weight (and they weren't what anyone would consider large), neighbours are interviewed...lots and lots of waiting and hoping. And it was really sad reading how my mum was feeling - just crazy emotional experience. But also very happy when it finally all worked out.
    Oct 2017: 228,041.09
    June 2019: 209,941.93
    • amycool
    • By amycool 28th Sep 19, 1:41 PM
    • 858 Posts
    • 3,764 Thanks
    amycool
    Thanks Kay. My views on adoption have changed a lot over the years having got to know lots of adoptees/adopters/foster carers and birth parents. There's a lot wrong with how the system works and the lack of support for everyone involved. It looks like views are slowly changing now at least. People see the importance of adopted children having relationships with their birth family, being honest about their past and supporting with the trauma experienced before and during the adoption. Worryingly, with so many cuts to social services, children's centres, mental health services, the number of children needing to be taken into care is rising. It makes me very angry and frustrated.

    I am very lucky to have DD in my life. We're quite odd in that we chose adoption over trying for a baby. I think it makes the process easier in that we hadn't been through the loss and grief of miscarriage or the stress of IVF. And we knew from the start that our daughter had been through trauma so we would need to parent differently.

    Saying that, I do remember at the time being very stressed! All good preparation for parenting!
    Mortgage (Start Sep 2014)- 70,295/4064.28 - 94.2%
    Overpayments - 46009.03
    • amycool
    • By amycool 28th Sep 19, 1:45 PM
    • 858 Posts
    • 3,764 Thanks
    amycool
    Just as I thought we could start saving for new windows to replace those that don't open anymore...

    ...the conservatory roof is leaking. It's really poorly made (here when we moved in) and the gutter between the house and conservatory is constantly blocked. There's no way to access it either. It looks like the best option will be to replace the roof and redesign how the guttering works. We also need to get the gutter on the house roof changed as there's a join in the middle that's also leaking.

    We need to work out what to replace it with. I'm guessing tiles won't be possible on the existing structure but maybe glass. Knowing our luck, the whole thing will probably need to be replaced!
    Mortgage (Start Sep 2014)- 70,295/4064.28 - 94.2%
    Overpayments - 46009.03
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