Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • amycool
    • By amycool 25th Jul 14, 3:43 PM
    • 846Posts
    • 3,728Thanks
    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 40
    • amycool
    • By amycool 15th Mar 19, 12:54 PM
    • 846 Posts
    • 3,728 Thanks
    amycool
    Big relief! I decided to just check every possible reason for the TV not working and it turned out it only switched off when connected to the internet. Had to trawl the internet for about an hour but finally found a site where they had a software update and instructions and it appears to work!
    Mortgage (Start Sep 2014)- 70,295/5971.20 - 91.5%
    Overpayments - 45009.03
    • amycool
    • By amycool 3rd Apr 19, 10:41 AM
    • 846 Posts
    • 3,728 Thanks
    amycool
    I haven't got the exact figure but we now owe less than 9000 on the mortgage!

    In other news,
    I've cancelled the window cleaner. It was 15 a clean and going up to 16.50 and the clean was getting worse every month. This time the bird poo was still there! We'll be getting new windows in the next year or two so we'll just do the lower ones ourselves for now and not worry about the upstairs ones. They've failed so much now that you can barely see out of them anyway.

    I stupidly had an ISA I hadn't looked at and realised it's on 0.6% so switched to a 2yr fix for 1.9%. I know logically I should use it to pay off the mortgage but I like the safety of it.

    I also switched my Mum's and transferred some money for her that was earning 0% interest!

    I helped my mum to order a water meter after learning she's paying 65 a month!! Ours is 45 with 3 people.

    Some roof tiles above the conservatory have fallen out so the plan is to fix them myself at the weekend. It was designed very badly. Most refuse to work in that area as there's no way to safely put ladders/scaffolding but I've fixed it before and the conservatory took my weight. I weigh a few pounds less now!

    Car Insurance due this month but the premium has gone down, which is good.

    Still not heard if OH is getting a payrise but his pension contribution is going up this month. We pay 1% of his wage to an investment builder so I've just switched that to the ethical option, which annoyingly performed better last year than the default option. His employer is no longer matching the 1% but we're continuing with it.

    Easter holidays next week and I have planned literally nothing.
    Mortgage (Start Sep 2014)- 70,295/5971.20 - 91.5%
    Overpayments - 45009.03
    • amycool
    • By amycool 10th Apr 19, 5:22 PM
    • 846 Posts
    • 3,728 Thanks
    amycool
    First spend of the Easter holidays was 6.50 for a bus pass and 10 to see the Lego Movie with DD. Then used the bus pass to visit a park. Well worth the money.

    Yesterday I cashed in the 5 I won on a Mother's Day scratch card and spend 3 on Fry's Orange Creme.

    Just ordered the refillable shower gel from splosh.com to add to the household products. I love not using so much plastic.
    Mortgage (Start Sep 2014)- 70,295/5971.20 - 91.5%
    Overpayments - 45009.03
    • amycool
    • By amycool 3rd May 19, 3:47 PM
    • 846 Posts
    • 3,728 Thanks
    amycool
    Hit a milestone today. When the mortgage began we were paying 5.08 a day in interest. It is now at 88p!!!

    We are managing to overpay 1000 every month at the moment so we're down to 7614.35. If we can keep this up, we'll be mortgage free by November.

    I'm aware that we still need to pay about 2500 to the Bathroom fitters and obviously other things might come up, but I'm determined to have it gone by Christmas.

    The plan after that is to start saving for new windows and door at the front (all totally failed now and I can feel the breeze when I'm watching TV), and get that done in 2020.

    Then we would like to save for an electric car. Ours is only 4 years old and diesel but most of our trips are really short. Once the electric car is paid for we will start saving for the solar roof. The roof needs replacing in the next 5-10 years anyway so I would like solar tiles.

    It's very odd to be able to plan for big purchases without having to scrimp and save but hopefully those years of living with parents and never spending any money will pay off.
    Mortgage (Start Sep 2014)- 70,295/5971.20 - 91.5%
    Overpayments - 45009.03
    • Firegirl
    • By Firegirl 4th May 19, 7:23 AM
    • 795 Posts
    • 3,098 Thanks
    Firegirl
    88p!!!! That amazing! You’ve done so well and it sounds like your money savings is going to be good for the environment too!
    Mortgage balance Feb 2015 start of MFW Journey-245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance 173, 000
    Target for May 2019 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= 193, 132
    14 Year Target Balance MF50= 174, 766
    • amycool
    • By amycool 5th May 19, 11:33 AM
    • 846 Posts
    • 3,728 Thanks
    amycool
    Thank you firegirl! I've wanted solar panels for so long and to have enough money to be able to live in as green a way as possible.

    Think we also need to look at the banking situation and find a more ethical bank.
    Mortgage (Start Sep 2014)- 70,295/5971.20 - 91.5%
    Overpayments - 45009.03
    • debtfreeoneday
    • By debtfreeoneday 24th May 19, 9:19 AM
    • 2,907 Posts
    • 9,993 Thanks
    debtfreeoneday
    I've been AWOL for so long on here, but had to come find you and say hello! Sorry to hear you have been unwell, glad to hear you are on the mend now. x
    DFW (08/08) 64,346.53 Gone for good (02/19)
    MFW (01/15) 83,748.02
    • amycool
    • By amycool 25th May 19, 3:33 PM
    • 846 Posts
    • 3,728 Thanks
    amycool
    Thanks for stopping by! Half term has just begun so we have 2 weeks of (hopefully) lie ins and adventures!

    I'm very close to paying off the mortgage now!
    Mortgage (Start Sep 2014)- 70,295/5971.20 - 91.5%
    Overpayments - 45009.03
    • debtfreeoneday
    • By debtfreeoneday 26th May 19, 4:40 AM
    • 2,907 Posts
    • 9,993 Thanks
    debtfreeoneday
    You are doing so well, but scary to hear you talk about driving lesson for DD! Enjoy half term!
    DFW (08/08) 64,346.53 Gone for good (02/19)
    MFW (01/15) 83,748.02
    • amycool
    • By amycool 27th May 19, 5:38 PM
    • 846 Posts
    • 3,728 Thanks
    amycool
    If you saw DD on a bike you'd be even more worried! Distracted by everything! I'm hoping to start her young on driving as I suspect she'll need a lot of lessons, much like OH and I! Time has flown. The other day I was melancholy as her face is already getting slimmer and more mature. Then I was talking to a Mum of teens and she said "Of course they don't want to spend time with me" and it dawned on me that it's only 4 or 5 years away!!!
    Mortgage (Start Sep 2014)- 70,295/5971.20 - 91.5%
    Overpayments - 45009.03
    • amycool
    • By amycool 27th May 19, 5:40 PM
    • 846 Posts
    • 3,728 Thanks
    amycool
    Some good news!
    OH is getting promoted!
    He didn't think to ask what the salary would be but we're assuming it's going up.

    Fingers crossed the pay increase starts this month and we can throw all the extra money at the mortgage.
    Mortgage (Start Sep 2014)- 70,295/5971.20 - 91.5%
    Overpayments - 45009.03
    • debtfreeoneday
    • By debtfreeoneday 28th May 19, 5:54 AM
    • 2,907 Posts
    • 9,993 Thanks
    debtfreeoneday
    Great news on the promotion. I did something on inst@gram recently about driving lessons for younger children, will look into it when mine are older. Seems only yesterday we took the stabilisers off the bikes!
    DFW (08/08) 64,346.53 Gone for good (02/19)
    MFW (01/15) 83,748.02
    • amycool
    • By amycool 30th May 19, 1:51 PM
    • 846 Posts
    • 3,728 Thanks
    amycool
    In usual University fashion, we still haven't even got the official okay on the promotion so no increased salary this month. I've worked out it will hopefully be 200 extra each month. We shall see.

    We've been pretty good this month with the spending (only big expense was 83 for the zoo) so I've sent an extra 350 in addition to June's 1000. I'll wait until it all gets updated but I reckon by next week we'll be just under 6000.

    Now we're getting close it feels like it's moving at a snail's pace!

    I have another project in mind on top of everything else. I've started clearing out the rubbish from the big shed in the hope that we can empty the small shed and turn it into a playhouse for DD and her friends. If we can move the small shed to the side of the house we'll also have space for a wildlife pond. Quite a way to go...
    Mortgage (Start Sep 2014)- 70,295/5971.20 - 91.5%
    Overpayments - 45009.03
    • debtfreeoneday
    • By debtfreeoneday 30th May 19, 7:19 PM
    • 2,907 Posts
    • 9,993 Thanks
    debtfreeoneday
    Awesome progress!
    DFW (08/08) 64,346.53 Gone for good (02/19)
    MFW (01/15) 83,748.02
    • amycool
    • By amycool 2nd Jun 19, 5:33 PM
    • 846 Posts
    • 3,728 Thanks
    amycool
    I've had my first digging mortgage-free comment in a while!

    My sister was telling my Mum (who always reports back to me) that paying your mortgage off early is stupid and you should shower your children with fancy holidays and gifts instead whilst they're young.

    Weirdly, this is the same person who is constantly nagging me to make money by working (I don't currently work as I have a chronic illness and quite like being able to see my daughter a lot).

    I would say that since becoming a parent, our money saving has taken more of a back seat. We buy more treats now, visit more places, have the heating on more. But essentially we still don't like waste and we still really enjoy holidays in the UK and days out. I don't see the point in buying hundreds of plastic toys when DD has more than enough, far more toys than I ever had.

    On the mortgage front though, I'm so happy we did this! We're wealthier than we have ever been and we never have to worry about money. I never dreamed of that as a child. Yes we could have bought a bigger, detached house, but this one is lovely and why would I need more than lovely?

    Of course everyone has different wishes in life. One of my siblings is renting and has no savings and he's totally fine with that. Personally I would be constantly stressed in his situation. Security is all I have ever wanted and I'm very grateful that we have it.

    How do other people's families react?
    Mortgage (Start Sep 2014)- 70,295/5971.20 - 91.5%
    Overpayments - 45009.03
    • NorthernMonkey1
    • By NorthernMonkey1 2nd Jun 19, 6:07 PM
    • 289 Posts
    • 1,099 Thanks
    NorthernMonkey1
    I think you're making exactly the correct decision. You're prioritising time with her over money. You're buying expedience and memories instead of plastic tat. Go you.

    I worry about many things (too many things) but at least I've crossed the house off the list of things to worry about now.

    If you do go down the solar panel route, look into a tesla power wall at the same time. Its basically a big rechargeable house battery, that charges from the solar panels and then runs the house in the evening.

    I've just got myself an electric car. It costs 3.8p per mile in electricity instead of 15p for my petrol car. Even less than that if I charge it from the many free charging points instead of at home.
    • Nicosy
    • By Nicosy 3rd Jun 19, 8:38 AM
    • 17 Posts
    • 15 Thanks
    Nicosy
    As well as treats there's the option to use the additional cash to teach the kids about money and saving. MSE has a good write up about about it at /savings/child-savings-tax-free/

    Some of the banks offer kiddies savings accounts at a much better rate than you or I could get, so you'll actually make more money that way! Just make sure the kids appreciate that!
    • amycool
    • By amycool 3rd Jun 19, 8:46 AM
    • 846 Posts
    • 3,728 Thanks
    amycool
    I think you're making exactly the correct decision. You're prioritising time with her over money. You're buying expedience and memories instead of plastic tat. Go you.

    I worry about many things (too many things) but at least I've crossed the house off the list of things to worry about now.

    If you do go down the solar panel route, look into a tesla power wall at the same time. Its basically a big rechargeable house battery, that charges from the solar panels and then runs the house in the evening.

    I've just got myself an electric car. It costs 3.8p per mile in electricity instead of 15p for my petrol car. Even less than that if I charge it from the many free charging points instead of at home.
    Originally posted by NorthernMonkey1
    I've been looking at the Tesla option. Looks like it'll be more available in a few years so by the time we can afford it, we won't be on a long waiting list. I definitely want a battery. Can't wait to get a new car. We bought diesel just before the news came out saying how polluting diesel is! We don't drive that much but it would assuage my guilt when we did (already on 100% renewable tariff for electricity).
    Mortgage (Start Sep 2014)- 70,295/5971.20 - 91.5%
    Overpayments - 45009.03
    • amycool
    • By amycool 3rd Jun 19, 8:55 AM
    • 846 Posts
    • 3,728 Thanks
    amycool
    As well as treats there's the option to use the additional cash to teach the kids about money and saving. MSE has a good write up about about it at /savings/child-savings-tax-free/

    Some of the banks offer kiddies savings accounts at a much better rate than you or I could get, so you'll actually make more money that way! Just make sure the kids appreciate that!
    Originally posted by Nicosy
    I completely agree in principle. As a child I loved going to the Building Society and saving up for things.

    In DD's case, she has SEN and she doesn't really understand money yet. 5p and 5 are the same, so she has been known to give large amounts of money to friends! It's likely we will be helping with budgeting well into adulthood so it's safer to keep it in our names.
    Mortgage (Start Sep 2014)- 70,295/5971.20 - 91.5%
    Overpayments - 45009.03
    • debtfreeoneday
    • By debtfreeoneday 3rd Jun 19, 12:51 PM
    • 2,907 Posts
    • 9,993 Thanks
    debtfreeoneday
    Money education is on our to do list at some point as well though I'm always talking about it with the littlies.

    I didn't discuss debt and MF quest with family.. in fact I don't talk about it with anyone except on here!
    DFW (08/08) 64,346.53 Gone for good (02/19)
    MFW (01/15) 83,748.02
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,254Posts Today

6,875Users online

Martin's Twitter
  • It's the weekend, it's the weekend, yay. It's that moment, when as usual, to sign off for family time. So I bid y? https://t.co/2RYRnz3fEe

  • Actually the BBC was set up to "educate, entertain and inform" so I think it is one of its responsibilities and cle? https://t.co/HMP4Q2Uptu

  • Today's FRI twitter poll: Puritanical new laws by Tories/Labour/EU/Trump/Putin (pick ur own scapegoat) dictate mode? https://t.co/3LW55tFGJ9

  • Follow Martin