Mortgage free mum

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  • longway2go
    longway2go Posts: 1,006 Forumite
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    Just a quick update from me, I'm still waiting for the remortgage to go through which will be end of the month. I haven't been on for a while but feel that is because my mat leave money has dropped significantly and we are having to use savings which I hate but I just need to remember I am not getting anywhere near my normal salary.

    I did make some no purchase presents for my sons teachers today which felt good.

    My business is gaining a bit of momentum with 2 booked clients, one has paid and more work lined up in Nov, Dec and Jan 😊

    I have also been having thoughts about splitting the amount I owe by the rooms in my house. I have 10 so each is allocated 16k each. The first room in my house I want to 'own' is my living room 😁

    So still need to:
    *get a mortgage pig
    *calculate daily interest

    I need a little bit of information about tax for my business and other house. Does anyone know if there a board I can ask on please?
    Mortgage Aug 2019 161,000 :eek::eek::eek:Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823, Dec 2021 136,120🙂EF 0/12,000 (0%)😕 (5062.44 was ERC), Jan 2023 128,650. Our Mortgage is never going to be as high as it is today. :jOnwards and downwards to a better life for our family. :jJust keep swimming
  • longway2go
    longway2go Posts: 1,006 Forumite
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    OK so based on a rate of 2.64% and a mortgage of 158970. The interest we will pay is:
    Year £4196.80
    Month £349.13
    Day £11.49

    Hopefully these figures will reduce soon!
    Mortgage Aug 2019 161,000 :eek::eek::eek:Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823, Dec 2021 136,120🙂EF 0/12,000 (0%)😕 (5062.44 was ERC), Jan 2023 128,650. Our Mortgage is never going to be as high as it is today. :jOnwards and downwards to a better life for our family. :jJust keep swimming
  • BachSoon
    BachSoon Posts: 172 Forumite
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    Hi longway 2go

    Sounds like you are making great progress, even whilst on mat leave. The Hypno birthing is very cool
    I wanted to do Hypno birthing when I had my son, but just read up on it in the end. Plus it all went out the window in labour :-s

    Congratulations on the remortgage!
  • longway2go
    longway2go Posts: 1,006 Forumite
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    Thanks for stopping by.
    I absolutely love the hypnobirthing, feel so blessed to be involved in a couples life at such a special time and make a difference. I think it's getting really popular which is fantastic for women and also business 😊
    Mortgage Aug 2019 161,000 :eek::eek::eek:Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823, Dec 2021 136,120🙂EF 0/12,000 (0%)😕 (5062.44 was ERC), Jan 2023 128,650. Our Mortgage is never going to be as high as it is today. :jOnwards and downwards to a better life for our family. :jJust keep swimming
  • savingholmes
    savingholmes Posts: 27,384 Forumite
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    I like the idea of allocating your mortgage mentally by room. I may give that a go myself. My dream is to one day own a home in the country with some land. Have a way to go before that though.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26%
    2) Spend on handyman & external building works & new patio door £12.3K
    3) CC £4.9K on 0% spends card but offset by £34.1K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £9.6K/£127.5K AVC target 7.5% value at 15/4
    5) FI Age 60 annual income target £13.7/30K 45.7%
  • longway2go
    longway2go Posts: 1,006 Forumite
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    Saving Holmes good luck with your dream, you will get there just have a plan ��

    I think for me the room allocation breaks it down a bit more and makes me feel like I have achieved something.
    Mortgage Aug 2019 161,000 :eek::eek::eek:Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823, Dec 2021 136,120🙂EF 0/12,000 (0%)😕 (5062.44 was ERC), Jan 2023 128,650. Our Mortgage is never going to be as high as it is today. :jOnwards and downwards to a better life for our family. :jJust keep swimming
  • longway2go
    longway2go Posts: 1,006 Forumite
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    Loving mat leave but definitely looking forward to getting my salary back.

    We are now days away from the remortgage and still feel that I want to reduce it as quickly as I can but may need to sort my accounts out a bit before we can do that. I do now feel that actually making an overpayment is in touching distance.
    Mortgage Aug 2019 161,000 :eek::eek::eek:Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823, Dec 2021 136,120🙂EF 0/12,000 (0%)😕 (5062.44 was ERC), Jan 2023 128,650. Our Mortgage is never going to be as high as it is today. :jOnwards and downwards to a better life for our family. :jJust keep swimming
  • longway2go
    longway2go Posts: 1,006 Forumite
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    Remortgage completed today and the outstanding amount is less than we thought.

    161,000 borrowed
    159522.17 owed to old lender
    1,453.83 due to us (fee taken)

    The amount we get back will go straight back against the mortgage:
    159522.17 - 1453.83 = 158068.34 owed

    Interest (2.64%)
    Annual 4173, month 347.75/day 11.43

    Mini target 155k which brings interest to :
    Annual 4092, month 341/ day 11.21
    Mortgage Aug 2019 161,000 :eek::eek::eek:Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823, Dec 2021 136,120🙂EF 0/12,000 (0%)😕 (5062.44 was ERC), Jan 2023 128,650. Our Mortgage is never going to be as high as it is today. :jOnwards and downwards to a better life for our family. :jJust keep swimming
  • longway2go
    longway2go Posts: 1,006 Forumite
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    OK so a little update from me. I am now the proud owner of a mortgage pig, not sure what money will go into him. What do other people tend to do? Change? Money you would have spent?

    Forgot to include a booking fee in my figures and also the fact that we are basically making an extra mortgage payment due to the remortgage timing and now paying in advance for the month. So we now owe £160,424.50 which is a bit frustrating. I haven't yet made an op as need to see where we are after the next mortgage payment with me being on mat leave. Mortgage payment due on the 1st.
    Mortgage Aug 2019 161,000 :eek::eek::eek:Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823, Dec 2021 136,120🙂EF 0/12,000 (0%)😕 (5062.44 was ERC), Jan 2023 128,650. Our Mortgage is never going to be as high as it is today. :jOnwards and downwards to a better life for our family. :jJust keep swimming
  • savingholmes
    savingholmes Posts: 27,384 Forumite
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    Glad it's all sorted and you have a baseline.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26%
    2) Spend on handyman & external building works & new patio door £12.3K
    3) CC £4.9K on 0% spends card but offset by £34.1K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £9.6K/£127.5K AVC target 7.5% value at 15/4
    5) FI Age 60 annual income target £13.7/30K 45.7%
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