Skinny Latte's Mortgage Mugging

Skinnylatte · 22 February 2019 at 10:38PM

Seasidegal58 wrote: »

Hi skinny - well done for removing yourself from such a toxic relationship. I can commiserate completely as I went through the same thing some years ago. When I finished the relationship a good friend told me that when I was with the ex it was like an alien had taken over my body!

You've got a good plan going and best of luck with raising the rest of the deposit.

Well done!

Thank you :hello:

It's funny how life can change so quickly in such a short space of time!
Hopefully, unless something horrid happens, I will be picking up the keys to my new flat 1 month today. I have managed to raise the deposit; £17K in total with fees and stamp duty. WOW I don't even know how I did that, cashing in my old work shares (from the job I hated last year) and a £2k tax rebate, lots of saving and I found I had enough in my Ltd company to borrow quite a chunk. It doesn't have to be paid back for 20 months, and if I don't it's not the end of the world, I just get taxed on it as if it was income. Winner winner!!
I've advertised the house back on Airbnb and I've got bookings from 18 April onwards, so it better all go through else we'll be homeless!
Once I get my new mortgage, that is where my money will be going. Surplus money will go between pension top ups (seems mad not to with the current tax relief) and mortgage over payments. I can't wait to get started!
Once I've decorated and fitted a new bathroom and kitchen of course!!
I've just finished reading the Unexpected Joy of Being Single, which is a great read. Now I've started on The Unexpected Joy of Being Sober. According to my Dry January app I've saved £94 and 7975 calories so far this year :T

greent · 23 February 2019 at 9:57AM

Great news on new flat! - hopefully 2019 will be a brilliant year for you xx

Seasidegal58 · 26 February 2019 at 2:14PM

Hi skinny - congratulations on your new flat!:j And very well done on raising such a big deposit so quickly.

Good idea too on the pension contributions and mortgage overpayments which will stand you in good stead for the future.

Hope all goes well with the Airbnb!

And it just shows what a lot of empty calories from alcohol we can consume in a month!

All looking good for the future X

Skinnylatte · 1 March 2019 at 7:22PM

greent wrote: »

Great news on new flat! - hopefully 2019 will be a brilliant year for you xx

Thank you, I hope your year is awesome too. Your mortgage overpayments are seriously impressive!

Skinnylatte · 1 March 2019 at 7:31PM

Seasidegal58 wrote: »

Hi skinny - congratulations on your new flat!:j And very well done on raising such a big deposit so quickly.

Good idea too on the pension contributions and mortgage overpayments which will stand you in good stead for the future.

Hope all goes well with the Airbnb!

And it just shows what a lot of empty calories from alcohol we can consume in a month!

All looking good for the future X

Thank you

Still no completion date for the flat, so not sure when I'll get the keys yet. I am being oh so patient

.

Another Airbnb booking this week, which takes bookings for 2019 to over £4k already this year, which is awesome as it's only available 8.5 months this year due to me still living in it!

Payday yesterday, although after putting a big chunk into my house deposit fund, I don't have much left until the next payday now, so it will be a frugal month.
I haven't had a drink since 15th Feb, and have decided for the time being I will not drink at all, it's very liberating. I was out last weekend with some friends, I was very happy to drink tonic water. They drunk lots and ended up having a massive row. I don't think they will make it up either, which is a big shames as I am close to both and we socialised together a lot. My social horizon has sadly shifted now.

I've been away working all week, so no food costs

. Next week I have nothing scheduled which is awesome too. I'm going to plan in a big sort out in preparation for moving, and see if I can raise some cash through fleabaying.

Wishing you all an economical and happy weekend xx

Seasidegal58 · 2 March 2019 at 8:08PM

The Airbnb bookings are really paying off aren't they,:j

I'm sorry to hear about the row between your friends.:( here's hoping they'll make it up when after they've thought about matters in a sober state of minds.

Have a good weekend skinny.

Skinnylatte · 7 August 2019 at 7:35AM

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 3309
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 100
Total monthly income.................... 3409

Monthly Expense Details
Mortgage................................ 800
Secured/HP loan repayments.............. 354
Rent.................................... 0
Management charge (leasehold property).. 100
Council tax............................. 130
Electricity............................. 72
Gas..................................... 0
Oil..................................... 0
Water rates............................. 34
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 30.9
Satellite/Cable TV...................... 50
Internet Services....................... 0
Groceries etc. ......................... 150
Clothing................................ 100
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 29.61
Car maintenance (including MOT)......... 72.8
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 8
Life assurance ......................... 17.87
Other insurance......................... 0
Presents (birthday, christmas etc)...... 100
Haircuts................................ 50
Entertainment........................... 200
Holiday................................. 200
Emergency fund.......................... 100
Gym Membership.......................... 30
New Home Deposit........................ 100
Car..................................... 100
Total monthly expenses.................. 2839.18

Assets
Cash.................................... 2500
House value (Gross)..................... 331000
Shares and bonds........................ 0
Car(s).................................. 8500
Other assets............................ 0
Total Assets............................ 342000

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 98776....(800)......2.49
Secured Debt.................. 8500.....(354)......2.99<
Mortgage 2.....................108680...(0)........2.49
Total secured & HP debts...... 215956....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 3,409
Expenses (including HP & secured debts). 2,839.18
Available for debt repayments........... 569.82
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 569.82

Personal Balance Sheet Summary
Total assets (things you own)........... 342,000
Total HP & Secured debt................. -215,956
Total Unsecured debt.................... -0
Net Assets.............................. 126,044

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.

Skinnylatte · 7 August 2019 at 7:50AM

Well here I am again, I'm having another crack at this; 3 and 1/2 years after starting my mortgage free journey, I now have 2 mortgages!!
I can't even begin to tell you how much life has changed, so I'll just tell you about me now.

I live in a small flat in a lovely town in Yorkshire with my 20yo DS.
My DD is 22 and lives with my EXH and is about to start Uni and move into halls.
I have a job I love which takes me away from home most weeks.
I have a 2nd property which used to be my home, I now let this as an Airbnb home. Im an Airbnb superhost (Very proud of that!) and my wonderful neighbour (let's call her MRS M)cleans and manages it for me.
I have an online ecommerce business as a side venture, which is neglected but ticks over and wipes its face.
I'm single and am not on Tinder, POF or any of those other endless exhausting sites and intend to stay that way.
I cycle regularly and have recently discovered a love of yoga.
I like my holidays (just saying!)

So whats the reason for posting here again? - Well I want to have paid off my residential mortgage before I'm 60, that's 9 years and 1 month.

Mortgage 1 has 16 year and 9 months left, I'm currently overpaying £193 per month which will reduce my term to 12 years, so I've another 3 years to take off. This will be my main focus. Finding ways to save money and make over payments.

From my SOA, I've calculated I should have just over £500 a month spare. However in September I'm having heating fitted (don't currently have any!) and a new bathroom. I'm paying for this with a cash transfer from a credit card which will take me around 18 months to clear. So there will be no big over payments in the short term but I will be making small payments where ever I can.

Maintaining a diary should keep me focused and make me think about all my expenditure. I've come a long long way since I first ever poster here, I think that was around 2013, when I had a serious debt and spending problem. I'm now in a much better position, however I'm still prone to stray off the path and fritter money away.

Task for today is to resurrect my Monzo account, which will be my groceries and entertainment spending. £350 will go into this each month and that's my limit.

I'm on it!

Bennettxoxo · 7 August 2019 at 2:52PM

Just read through your whole diary. You've had quite the journey so far but you've made amazing progress.

Good luck on the rest of your MFW journey!!

Seasidegal58 · 7 August 2019 at 3:19PM

Hi skinny! I'm so pleased to see you posting again! Good luck on the next stage on the journey!

You've certainly come a long way since your original diary. I must say though I think you have things worked out pretty well moneywise now.

I finished my mortgage at age 61 - it's was a lovely feeling to see the back of it.

And thanks for popping in on my diary. Much appreciated!
X

Skinny Latte's Mortgage Mugging

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