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@.

    • shopaholicnumber1
    • By shopaholicnumber1 20th Sep 19, 10:14 AM
    • 52Posts
    • 160Thanks
    New Empty Nest Mum starts battle of mortgage ...
    • #1
    • 20th Sep 19, 10:14 AM
    New Empty Nest Mum starts battle of mortgage ... 20th Sep 19 at 10:14 AM
    I've lurked and read diaries on here for months to inspire me to start my mortgage free journey so hello!

    A little bit about me. I have been a single mum of 2 for the last 14 years and it's fair to say have struggled to the point where every one of the various boards has been a lifeline at one time or another. In 2008 (3 years single with a 7 and 9 year old) I had to start a DMP with some 45K of debt This was finally completed paid off in 2015 which was a huge relief!

    Next, I relocated from Derbyshire to Lancashire as my "partner" got a job there ... it was too soon and didn't work out. I rented out my house in Derbyshire but my children had made a life here and were doing well, so I sold it in 2018 and set about buying a new one up here. I opted for a new build (I know, I know!) as I needed the Help to Buy in order to get something big enough for 3 adults, a dog and a cat. Anyway, the developer only built 5 houses and, as it turns out, the build quality is really good and despite my reservations during the buying process, I moved in and fell in love with it (thankfully!) in March 2019.

    Within 12 months of moving north my "partner" walked out, leaving me with no permanent job and rent of 800+ per month. Perhaps stupidly we then tried again with my DS and I moving in with him again in late 2017 when my DD started university. This was even more disastrous than the first time -but did give me the opportunity to sell my Derbyshire house and save a little bit so not all bad

    I had to buy my new house in total secret and moved out one day while he was at work - leaving 95% of my possessions behind. The whole thing was more than a little bit stressful! I did feel guilty hiding something like that, but the relationship was emotionally and financially abusive and I needed to get not just me, but my children out of there and had a real fear of being out on the street with no family within 100 miles if I was upfront about it. Anyway, that's all in the past and now my little family have a lovely, sunny and happy home again :-)

    So, after 6 months of spending lots of money on setting up home again (at age 48 for heaven's sake!) and haemorraging money setting DS up for his first year at university I am finally in a position to start making small overpayments on the dreaded mortgage!

    DS was safely deposited at university last week (with a few tears from me) and DD will be deposited at her university tomorrow to start her final year (with possibly a few more tears!). She will be moving back though next May (yay!) and started a Teach First 2 year training course next September. My babies are learning to fly

    So, enough of my boring tale and to the financials...

    House price: 138,000
    Help to Buy loan: 27,600
    Deposit: 29,400
    Mortgage (March 2019): 81,000
    Term: 20 years
    Interest rate: 2.29% fixed for 5 years

    The plan:
    Goal 1: To overpay enough to be able to afford to remortgage at the end of the 5 year fix for enough to pay off the Help to Buy loan
    Goal 2: To overpay enough to finish the mortgage by the end of 2032 - 7 years early
    Goal 3: To increase my diminished emergency fund from 2500 to 8000 by the end of the 5 year fix
    Goal 4: To increase my pension contributions by 1% per year (employer contributes 7.5% so a decent enough scheme) so I can survive in retirement!
    Goal 5: To locate all my little pension pots and get advice on how best to sort them out

    Steps taken so far:
    1. 100 monthly overpayment set up to start asap (possibly too late for September payment)
    2. To get around to finding a local TSB branch to get them to sort out my access to online mortgage - awful, awful website that just won't accept my details!
    3. Pension just increased to 6% from this month's pay so my first tick done!
    4. Monthly standing order set up for 100 into savings pot, first payment set for just after payday this month
    5. Pension providers tracked down (I think!) and contacted. Response from one of them so far.

    I don't earn a fortune so things will be tight but I'm hoping that this diary - and reading all of your wonderful inspirational diaries will keep me on track during those times when I just want to give up! If you've got this far -thank you and well done!
    Last edited by shopaholicnumber1; 20-09-2019 at 10:32 AM.
Page 3
    • shopaholicnumber1
    • By shopaholicnumber1 14th Oct 19, 9:25 AM
    • 52 Posts
    • 160 Thanks
    Hi both - feeling loads better, just the normal Monday morning blues now
    Mortgage: 81,154.58 (03/19)/79296.40 (09/19)

    Emergency savings: 2500 (08/19) / 2700 (09/19)
    • shopaholicnumber1
    • By shopaholicnumber1 15th Oct 19, 8:20 AM
    • 52 Posts
    • 160 Thanks
    Another day another dollar!

    Yesterday wasn't a NSD as I needed petrol Only a month ago I wouldn't have given that any thought but I'm a changed woman and hate having to spend anything! Running the risk of becoming a real scrooge here

    Quiet night as usual pottering about and doing more of my embroidery. I'm not far off finishing but the rest is just green leaves so a bit boring - dying to get it finished though as it is the first of two pictures for my bedroom which currently is a sea of magnolia paint with nothing at all on the walls! I wanted to catch up on World on Fire but there are so many subtitles that I can't really embroider while I watch as I keep missing bits which is annoying

    Should be a NSD today which makes me happy

    Have a lovely day MSEers, my usual boring update will follow tomorrow!
    Mortgage: 81,154.58 (03/19)/79296.40 (09/19)

    Emergency savings: 2500 (08/19) / 2700 (09/19)
    • shopaholicnumber1
    • By shopaholicnumber1 16th Oct 19, 8:20 AM
    • 52 Posts
    • 160 Thanks
    Morning all

    Had a bit of a head mashing day at work yesterday so was well and truly ready for home and a glass of vino.

    Cooked ys pork loin and used up a slightly crinkly pepper, going soft tomatoes, floppy courgette and on-the-verge-of-dodgy onion with a baked potato - was really tasty and the veg looked fine once it was cooked! Had two loins and cooked two potatoes while the oven was on so I have a fully plated up meal for tonight that will only require a few minutes in the microwave.

    Sad person that I am, while I was eating I worked out the approximate cost of each meal and it came in at 1.04 which I am pretty pleased with

    Yesterday was a NSD and today should be too so the frugality continues

    I was thinking yesterday about over-paying my sofa to get it out of the way. Its on interest free credit though so not sure if that makes as much sense as throwing the extra at the mortgage. My thinking was, if I could pay it all off within 12 months (instead of the 3 1/2 years thats left), then the original payment (29.21) plus the overpayment (70) could go to the mortgage... putting it down in writing it doesn't really make financial sense, but psychologically it does. Not sure what to do now so any thoughts would be welcome!
    Mortgage: 81,154.58 (03/19)/79296.40 (09/19)

    Emergency savings: 2500 (08/19) / 2700 (09/19)
    • shopaholicnumber1
    • By shopaholicnumber1 17th Oct 19, 8:11 AM
    • 52 Posts
    • 160 Thanks
    Daily update for my own thinking ... have decided it doesn't make sense to pay off a very affordable 0% finance deal. The money would be better going to the mortgage or savings as it'll be paid anyway before I need to remortgage to clear the Help to Buy. Happy now decision is made!

    Had to stop at A1di on way home for cat litter and milk so wasn't a NSD in the end

    Made a lovely mushroom risotto for dinner but was so full after that I felt quite ill! Caught up on GBBO - I love that show. I boycotted it when it first moved to C4 and now I'm cross I missed a series!

    In the midst of boring mid-month nothingness - no bills going out but no pennies coming in either so frustrating as I'm itching to do my November budget on YNAB! Note to self ... I need to get out more!
    Mortgage: 81,154.58 (03/19)/79296.40 (09/19)

    Emergency savings: 2500 (08/19) / 2700 (09/19)
    • shopaholicnumber1
    • By shopaholicnumber1 21st Oct 19, 10:48 AM
    • 52 Posts
    • 160 Thanks
    Thought I'd post again (couldn't be bothered ranting on to myself on Friday!).

    Anyway, had a rather strange and unpleasant weekend. Ex was in touch and I agreed to meet him on Saturday. An hour later and a horrible row I left but then couldn't settle all weekend. Shut myself away in my bedroom with the dog all day Sunday just in case he appeared on the doorstep. Feel a bit pathetic, but he really rattles me.

    Then I got into work this morning to find the heating has broken - my office is already absolutely freezing so it's unbearable today :-(

    Anyway, feel generally down and miserable (and cold!). Not helped by the fact that I spent pointless money in the pub on Saturday as I wanted to meet him somewhere neutral :-(

    Oh well, onwards and upwards I suppose.
    Mortgage: 81,154.58 (03/19)/79296.40 (09/19)

    Emergency savings: 2500 (08/19) / 2700 (09/19)
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

147Posts Today

1,857Users online

Martin's Twitter