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  • FIRST POST
    • CosmoCat
    • By CosmoCat 8th Jul 19, 5:13 PM
    • 653Posts
    • 442Thanks
    CosmoCat
    The Little Cottage - A Musical
    • #1
    • 8th Jul 19, 5:13 PM
    The Little Cottage - A Musical 8th Jul 19 at 5:13 PM
    I've been reading these MFW diaries now for a little while and they are greatly inspiring and uplifting.

    About 3 weeks ago we decided to sell our flat. We have a terrible managing company who charge us thousands per year and don't look after our building. We decided to get out of leasehold hell and own our own little parcel of earth down here in London town. So we booked the agent, had the pictures taken, immediately had loads of viewings. We also started looking for our home. In about a week and on exactly the same day, we received asking price for our flat and had our offer accepted on a cute, little period cottage.
    We were very lucky.

    We had our mortgage approved the next week and have filled in every single form known to man. We've sent every single bit of evidence we could gather. And now the wait begins.

    So the numbers -
    Both my partner and I are self-employed, so incomes can vary wildly. We now have a mortgage of 273 499, with our current mortgage being redeemed through the sale of the flat, which also provides our down-payment for the cottage. We are fixed at 1.8% for five years, after which we will try to remortgage to get a better deal. Our term is 26 years. We are both debt free, so this is all we'll be concentrating on.

    I've never overpaid on my mortgage, as the numbers seemed so colossal, they were hard to fathom. And I couldn't see how overpaying by even a small amount could make a difference. So, now I'm looking forward to do it. Payments will vary but I'm aiming to do at least 300 a month. This means that I won't be paying off my mortgage in 3 years or even 10 but I'll be working hard to bring it all down. That's all there is really. Even this would bring my mortgage term down to 18 years. And that would be glorious.

    So here we go.
    MFW Newbie - #17. (#116 in 2019)
    New Mortgage at Nov 19 - 273 499
    Current Balance - 271 599
    Want to cut down 26 year mortgage by 9 years!
    New MF date 2036
Page 1
    • BachSoon
    • By BachSoon 9th Jul 19, 7:52 AM
    • 172 Posts
    • 335 Thanks
    BachSoon
    • #2
    • 9th Jul 19, 7:52 AM
    • #2
    • 9th Jul 19, 7:52 AM
    Welcome!

    What an exciting journey a period cottage sounds like my idea of heaven!

    To see how every little payment helps, pop the details into the overpayment calculator and it will show you how much interest you will save on each payment, or pop in a reoccurring payment and it will show you the length of time you will cut off. It very motivating! https://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator/

    Good luck!
    • CosmoCat
    • By CosmoCat 9th Jul 19, 10:23 AM
    • 653 Posts
    • 442 Thanks
    CosmoCat
    • #3
    • 9th Jul 19, 10:23 AM
    • #3
    • 9th Jul 19, 10:23 AM
    Good morning and thank you @BachSoon I'll go check it out. You are so right, it is very motivating to see the numbers dwindle.

    I got a mortgage spreadsheet off of one of the users here (I can't remember who it is, but thank you, thank you, thank you!!) and I keep fiddling with the numbers just to see the balance go down. They're all dream numbers, I can't possibly overpay by 1500 a month but it is fun to dream.

    I can't believe I've done this diary already and I haven't even moved. I guess I'm just very excited. I've opened up our joint account, so bills will come from that one and that way I can keep an eye on things. I change jobs in a couple weeks so my salary will take a hit for a couple months, but then things should settle down by then.

    Right, off to have a lovely NSD and chase my solicitors!

    Have a great day all.
    MFW Newbie - #17. (#116 in 2019)
    New Mortgage at Nov 19 - 273 499
    Current Balance - 271 599
    Want to cut down 26 year mortgage by 9 years!
    New MF date 2036
    • Needhelpsaving
    • By Needhelpsaving 9th Jul 19, 1:44 PM
    • 938 Posts
    • 3,581 Thanks
    Needhelpsaving
    • #4
    • 9th Jul 19, 1:44 PM
    • #4
    • 9th Jul 19, 1:44 PM
    Welcome to the MFW boards, and congratulations on your new home!

    There are some great tips (and very inspiring diaries on these boards), so you'll be addicted to OPing in no time at all. One of my fave's is the Tilly tidy - overpaying small amounts by tidying up your accounts (I op'd 6p the other day by rounding down an account ... it all adds up).

    Do you have an emergency fund in place? It may be worth considering getting some savings in place as a buffer for life at the start of your journey.

    Wishing you luck x
    Last edited by Needhelpsaving; 10-07-2019 at 6:05 AM.
    Target 1 - Cash Flow Wedding - DONE

    Target 2 - Pay Mortgage Down Mortgage Starting: 58,073.00 Currently: 51,737.26
    • CosmoCat
    • By CosmoCat 9th Jul 19, 5:03 PM
    • 653 Posts
    • 442 Thanks
    CosmoCat
    • #5
    • 9th Jul 19, 5:03 PM
    • #5
    • 9th Jul 19, 5:03 PM
    Hey Needhelpsaving
    Thanks for the tip about the Tilly Tidy. I hadn't heard of it. It's a pretty cool idea.

    I do have a six month emergency fund in place to pay my bills and outgoings should something happen. Just need to top that up to include the increase in mortgage that I'll be taking on soon! Thank you for the reminder!

    From your signature, you're doing brilliantly! Well done. I'll be watching closely.
    MFW Newbie - #17. (#116 in 2019)
    New Mortgage at Nov 19 - 273 499
    Current Balance - 271 599
    Want to cut down 26 year mortgage by 9 years!
    New MF date 2036
    • beanielou
    • By beanielou 9th Jul 19, 8:45 PM
    • 67,755 Posts
    • 307,954 Thanks
    beanielou
    • #6
    • 9th Jul 19, 8:45 PM
    • #6
    • 9th Jul 19, 8:45 PM
    Happy shiny new diary
    Lou~ Debt free Wanabe No 55 DF 03/03/14. MFW. 15 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.***
    • zcrat41
    • By zcrat41 9th Jul 19, 9:41 PM
    • 1,617 Posts
    • 4,374 Thanks
    zcrat41
    • #7
    • 9th Jul 19, 9:41 PM
    • #7
    • 9th Jul 19, 9:41 PM
    Welcome. Sounds like a great plan. Like mentioned already I find plugging in my figures to the op calculator on here really great when it shows how much interest I'll save.

    Good luck & look forwards to reading
    • CosmoCat
    • By CosmoCat 9th Jul 19, 10:38 PM
    • 653 Posts
    • 442 Thanks
    CosmoCat
    • #8
    • 9th Jul 19, 10:38 PM
    • #8
    • 9th Jul 19, 10:38 PM
    Thanks Beanielou. Keeping myself accountable. It's worth it.

    And thanks Zcrat41, the calculator and that spreadsheet are my new best friends. I haven't even started paying the mortgage yet, haven't even moved, and yet I'm dreaming of being mortgage free already!

    NSD for me today. Although there are a couple big purchases in my future. I need to get a new ultrabook as I'm travelling for work in a month. I also am thinking of getting myself a bike. I'm moving further out from the centre of London than I've ever been. So thinking of cycling some of the way to make travel a little cheaper. And with some of the journey being by train, it will have to be a foldable. Not sure yet. Will have to see.

    Anyway, a quiet day for me. The house sale and purchase are at the point where it's all with lawyers and I can do nothing but wait.
    MFW Newbie - #17. (#116 in 2019)
    New Mortgage at Nov 19 - 273 499
    Current Balance - 271 599
    Want to cut down 26 year mortgage by 9 years!
    New MF date 2036
    • LeighofMar
    • By LeighofMar 10th Jul 19, 1:06 AM
    • 185 Posts
    • 442 Thanks
    LeighofMar
    • #9
    • 10th Jul 19, 1:06 AM
    • #9
    • 10th Jul 19, 1:06 AM
    Welcome with your new diary and congratulations on the period cottage. It sounds like a dream. Overpaying quickly becomes addictive and you will soon be amazed how much progress you can make.
    • VelvetFreak
    • By VelvetFreak 10th Jul 19, 5:00 AM
    • 308 Posts
    • 1,126 Thanks
    VelvetFreak
    Happy New Diary
    Congrats on the purchase of your new home, it sounds lovely.

    Emergency Fund: DONE! $10,000
    House Savings $7,017.35 / $80,000
    • CosmoCat
    • By CosmoCat 11th Jul 19, 11:22 PM
    • 653 Posts
    • 442 Thanks
    CosmoCat
    Thank you LeighofMar and VelvetFreak (great name!)

    Not much to report as I'm still in the process of buying. There was a little hiccup in our process. We had our lease extended a couple months ago, and got in touch with the old solicitor to have the application expedited due to the sale. Turns out he never actually lodged the application. So I've had to wait for them to get a new signed lease, and we're only now going to the Land Registry. What a palaver!!

    I'm not getting stressed about it. It wasn't my error. So they're sorting it out now. And they know what I think, so they're getting their a**es in gear.

    Other than that, I bought my new ultrabook today, via a cashback site, so I've got a few pounds back. I've made a couple quids on surveys. And they're all going to overpayment. I make great money now, but I'm getting into the habit of boosting my income. To quote a slogan, which quoted an oft used phrase, every little helps
    MFW Newbie - #17. (#116 in 2019)
    New Mortgage at Nov 19 - 273 499
    Current Balance - 271 599
    Want to cut down 26 year mortgage by 9 years!
    New MF date 2036
    • VelvetFreak
    • By VelvetFreak 12th Jul 19, 12:47 PM
    • 308 Posts
    • 1,126 Thanks
    VelvetFreak
    The solicitor hiccup is very annoying. I hope things go smoothly for you now
    I too have just started using a casback app. It’s true, every little bit really does help.

    Emergency Fund: DONE! $10,000
    House Savings $7,017.35 / $80,000
    • savingholmes
    • By savingholmes 12th Jul 19, 2:55 PM
    • 9,950 Posts
    • 20,327 Thanks
    savingholmes
    Congrats on the new diary. Hope all goes well.

    Thanks Zcrat41 - thanks for posting the link to the mortgage calculator. I am only making small over-payments currently as I have CC debt to clear - but even what little we are doing will reduce our mortgage debt by 1K over the next 2 years
    Target DFD Mar 21 Nov 20 38840 @ 13/7/19 25,369@0%
    Target MFD July 2031 March 28 owe 145551 @13/7/19 145,078 @1.7%
    • CosmoCat
    • By CosmoCat 14th Jul 19, 1:33 PM
    • 653 Posts
    • 442 Thanks
    CosmoCat
    Thanks VF, this is always the trickiest and most annoying part of house buying. We can do nothing but wait.

    Not much to report, one project ending next week Saturday and starting another the following Monday. Everyone is coming to visit next week, in one of my busiest weeks, but that's alright.

    Currently having a lazy day, eating bacon sandwiches and watching the cricket. Hope everyone is have a lovely Sunday.
    MFW Newbie - #17. (#116 in 2019)
    New Mortgage at Nov 19 - 273 499
    Current Balance - 271 599
    Want to cut down 26 year mortgage by 9 years!
    New MF date 2036
    • TallGirl
    • By TallGirl 14th Jul 19, 1:43 PM
    • 4,526 Posts
    • 9,334 Thanks
    TallGirl
    Exciting stuff I've subscribed as I'm at the same stage as you got a buyer and also had an offer accepted. So annoying having to wait but best it spotted now rather than before exchange.

    Cycling in London yikes I couldn't do that scary but agree it will keep you fit and also help cut cost and time. I'm spending 3 hours a day on commuting 10 miles across London that's why I'm getting out for now and moving back to the South Coast but keeping a bolt hole in London for work. Cottage sounds lovely are you doing any renovations etc? I'm getting a kitchen dinner done so busy getting inspiration although we arent likely to exchange until October.
    • CosmoCat
    • By CosmoCat 14th Jul 19, 2:49 PM
    • 653 Posts
    • 442 Thanks
    CosmoCat
    Hi there TallGirl and thanks for stopping by! Congrats to you too. Do you have a diary I can subscribe to?

    I agree, cycling in London is scary. But I'm far out from the centre so I'm looking at just cycling a little closer to the centre and then popping myself on a train lol! Ouch, that commute sounds crazy, no wonder you're getting out. The cottage I'm buying is in excellent nick, I think they've recently done a lot on it. It might need new appliances and some nicer cupboards, but the sink and counters are gorgeous. So no major work planned.

    I think I'm on exactly the same schedule as you, October looks likely. Looking forward to seeing how you get on.
    MFW Newbie - #17. (#116 in 2019)
    New Mortgage at Nov 19 - 273 499
    Current Balance - 271 599
    Want to cut down 26 year mortgage by 9 years!
    New MF date 2036
    • TallGirl
    • By TallGirl 14th Jul 19, 3:09 PM
    • 4,526 Posts
    • 9,334 Thanks
    TallGirl
    Sounds great you’re really lucky. My diary is here https://forums.moneysavingexpert.com/showthread.php?p=76034952
    I warn you I moan a lot lol.
    • CosmoCat
    • By CosmoCat 14th Jul 19, 3:23 PM
    • 653 Posts
    • 442 Thanks
    CosmoCat
    Pahahahaha TG. Moan away, that's what these diaries are for sometimes. You just wait, the more I have to wait to move to my cottage, the grumpier I'm likely to get!
    MFW Newbie - #17. (#116 in 2019)
    New Mortgage at Nov 19 - 273 499
    Current Balance - 271 599
    Want to cut down 26 year mortgage by 9 years!
    New MF date 2036
    • CosmoCat
    • By CosmoCat 16th Jul 19, 12:58 PM
    • 653 Posts
    • 442 Thanks
    CosmoCat
    Ugh, it's so boring when you're just waiting for stuff. I'm so ready to go and get my new house, but all the solicitor stuff just takes so much time. All I can do is spend my days clicking surveys and trying to make some extra cash for the mortgage overpayment that will happen in the future.

    I just know that the move will take place right smack bang in the middle of the period that I'm away from home for work. I'm meant to be working away from end of August to mid October. I can just imagine it all coming to a head right at that point lol.

    Anyway, more waiting.
    MFW Newbie - #17. (#116 in 2019)
    New Mortgage at Nov 19 - 273 499
    Current Balance - 271 599
    Want to cut down 26 year mortgage by 9 years!
    New MF date 2036
    • chumpy45
    • By chumpy45 17th Jul 19, 3:36 PM
    • 469 Posts
    • 2,052 Thanks
    chumpy45
    Hi CosmoCat, found your lovely new diary. Your new house sounds gorgeous, hope all the boring conveyancing stuff goes through as smoothly and quickly as possible so that you can begin your new journey. Looking forward to following you.
    Starting Mortgage 01.08.08 171,209.24. 01.08.16 42,418.93; 01.02.17 36,584.00; 01.04.17 34,694.71 09.06.17 32,828.89 MFW Target date Sept 2017; :) 06.08.18 24,769.47 01.11.18 23,825.00 22.01.19 21,990.00 06.02.19 21,200 03.03.19 19,862.9301.05.19 18,509.63 01.08.19 16,750.00 01.10.19 15,400.00 01.11.19 14,700.00 01.12.19 13,956.00
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