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  • FIRST POST
    • twinklie
    • By twinklie 26th Oct 18, 10:06 AM
    • 4,275Posts
    • 11,204Thanks
    twinklie
    Twinklie returns to the property ladder
    • #1
    • 26th Oct 18, 10:06 AM
    Twinklie returns to the property ladder 26th Oct 18 at 10:06 AM
    Hi everyone!


    It's been a LONG time since I last had a diary. A bit of back story for anyone that doesn't remember me. We had a little 2 up 2 down house we were paying off, then we ended up moving about a bit and living in rented whilst the house was (or wasn't for a long time) done up.


    We subsequently had two children and have since sold the house and are STILL in rented.


    However, we are hopefully today exchanging on our forever home. It's a bit scary because it's a big mortgage and we now have the two kids (and both have new careers) but hey, I'm sure you all understand that.


    I'm not going to go into too much financial stuff at this point (we still need to actually exchange). It's been a long journey to get here. We first found this house September 2017, it's the first and pretty much only house we've both agreed on. But we still had to sell our house. We had 4 or 5 buyers pull out of our house sale (I forget how many now). And subsequently had to pull out of buying our house due to no buyer for our house.


    However, we sold in September 2018 and we are literally waiting to hear from the mortgage provider a date for drawing down funds. Once we have that we can arrange the completion date and hopefully exchange today.


    We have the insurance in place, life assurance is ready to go and we are ready to rock and roll. The first 12 months the focus is going to be on paying down (hopefully off) debts and building up some savings and then the focus will turn to paying off the mortgage.


    We are sort of OPing on the mortgage what we planned anyway because it's a 19 year mortgage term rather than a 25 year term.


    So please join me on my journey and any advice is greatly appreciated.
Page 5
    • longway2go
    • By longway2go 13th Oct 19, 3:01 AM
    • 117 Posts
    • 280 Thanks
    longway2go
    Looks like you are doing great. I also like to track daily interest and see it coming down and do think of it as the worst it will ever be aswell.

    Thank you for the junior Park run idea which I'm going to look into. It may be that atm mine are 2 young but something to consider further down the line so thanks for the idea.
    Mortgage - 161K

    Overpayments to commence when mat leave finishes. Making a better life for our children 😁

    • twinklie
    • By twinklie 13th Oct 19, 1:28 PM
    • 4,275 Posts
    • 11,204 Thanks
    twinklie
    Thank you for the junior Park run idea which I'm going to look into. It may be that atm mine are 2 young but something to consider further down the line so thanks for the idea.
    Originally posted by longway2go
    They have to be 4 to get a time, but you can take them younger (at least you can at mine) providing that you donít send them down the finishing funnel for a time.

    Weíve not made it for a few weeks now, due to weather, kids parties and lurgy! But will definitely go again as soon as we get chance. Although with the weather turning we might wait until after it starts warming up again.
    Daily mortgage interest Nov'19 - £15.77 Reduction in daily interest - £0.68
    % of house owned/% of mortgage paid off.
    Nov'19 - 14.2%/4.2%
    MFiT-T5 #13 MFW 2031/currently 2037
    New aim - to be debt free by the end of 2020. % remaining Nov'19- 62.2%
    • twinklie
    • By twinklie 20th Oct 19, 11:30 AM
    • 4,275 Posts
    • 11,204 Thanks
    twinklie
    Ooh just did a Zoopla house valuation and it says our house is worth 20K more than when we bought it.
    I’m not sure I believe them. But I’ll go with it.
    Daily mortgage interest Nov'19 - £15.77 Reduction in daily interest - £0.68
    % of house owned/% of mortgage paid off.
    Nov'19 - 14.2%/4.2%
    MFiT-T5 #13 MFW 2031/currently 2037
    New aim - to be debt free by the end of 2020. % remaining Nov'19- 62.2%
    • twinklie
    • By twinklie 21st Oct 19, 5:01 PM
    • 4,275 Posts
    • 11,204 Thanks
    twinklie
    Just been looking at the finances. DH has been paying off less than 4 quid per month off his CC - A. So I've just requested a balance transfer to his CC - B (0% for 18 mths). He'll pay that off in no time.


    I've just requested him a new CC - B because he has no idea where his physical card actually is. I need to transfer the bulk of the balance then to my CC (0% for 12 months). I've checked and the new balance I've just transferred to his card should get paid off last. But it will mean that I need to adjust all my debt figures. Boo.


    Still, hopefully we'll have more money to pay it all off prior to the end of the 0% interest periods and therefore won't need to transfer it again. I can't really think of anything else we are likely to need to pay on the CC's in the near future, so hopefully it should all reduce down.


    In combining the CC debt it'll be another 12 months prior to me being individually debt free. He will have a further 4 years due to the loan for the car. But we could pay that off sooner if we needed too I'm sure.
    Daily mortgage interest Nov'19 - £15.77 Reduction in daily interest - £0.68
    % of house owned/% of mortgage paid off.
    Nov'19 - 14.2%/4.2%
    MFiT-T5 #13 MFW 2031/currently 2037
    New aim - to be debt free by the end of 2020. % remaining Nov'19- 62.2%
    • twinklie
    • By twinklie 23rd Oct 19, 12:47 PM
    • 4,275 Posts
    • 11,204 Thanks
    twinklie
    Well that was quick, DH's CC transfer has already happened.


    I'm currently researching under counter freestanding freezers to that I can start batch cooking more. At the minute I'm unable to batch cook due to lack of freezer space.


    I suggested waiting until Black Friday but DH doesn't want to do that. He wants to stock up and batch cook now, rather than later. I think he's disaster planning in case of Brexit.
    Daily mortgage interest Nov'19 - £15.77 Reduction in daily interest - £0.68
    % of house owned/% of mortgage paid off.
    Nov'19 - 14.2%/4.2%
    MFiT-T5 #13 MFW 2031/currently 2037
    New aim - to be debt free by the end of 2020. % remaining Nov'19- 62.2%
    • twinklie
    • By twinklie 25th Oct 19, 2:00 PM
    • 4,275 Posts
    • 11,204 Thanks
    twinklie
    So all the debt shuffling has finished and I've had to change my DFW target to the end of 2020 now. When the new year comes I'll reevaluate everything and where my money is going.

    By the end of January I should have an extra 227.94 coming in per month due to debts that have been paid down. I'm thinking as my CC is 0%, I'll just set up a standing order to pay that off over the 12 months and put the rest into savings for now.

    Next year we should know a bit more about what is happening with DH's job and also the restructure situation at my work. I just feel more comfortable building savings rather than OPing the mortgage over the next 12 months I think. I'm just feeling a little risk averse.
    Daily mortgage interest Nov'19 - £15.77 Reduction in daily interest - £0.68
    % of house owned/% of mortgage paid off.
    Nov'19 - 14.2%/4.2%
    MFiT-T5 #13 MFW 2031/currently 2037
    New aim - to be debt free by the end of 2020. % remaining Nov'19- 62.2%
    • twinklie
    • By twinklie 2nd Nov 19, 9:23 AM
    • 4,275 Posts
    • 11,204 Thanks
    twinklie
    November update
    Happy moving house anniversary to us. We've lived in this house for a whole year!

    Daily mortgage interest is now down to £15.77 per day which is a reduction of 68p since the start of the mortgage.
    We now own 14.2% of the house and have paid of 4.2% of the mortgage!

    All our outstanding repayments following work done when we moved are all now paid off as well!

    I’m also £30 in credit with the utilities finally!
    Last edited by twinklie; 03-11-2019 at 10:36 AM.
    Daily mortgage interest Nov'19 - £15.77 Reduction in daily interest - £0.68
    % of house owned/% of mortgage paid off.
    Nov'19 - 14.2%/4.2%
    MFiT-T5 #13 MFW 2031/currently 2037
    New aim - to be debt free by the end of 2020. % remaining Nov'19- 62.2%
    • twinklie
    • By twinklie 3rd Nov 19, 10:03 AM
    • 4,275 Posts
    • 11,204 Thanks
    twinklie
    So my new MFW date is 2031, which is my 50th birthday year. When we get nearer to the time I’d really like to do it in 2030 because that’s DH’s 60th birthday, but we’ll aim for my 50th initially because that feels doable to me.

    We took the mortgage out over 19 years rather than 25, which saves 6 years. So knocking another 6 years off via overpayments feels pretty exciting and would mean we pay it off 12 years quicker than a standard mortgage. That feels like a nice manageable aim to me.

    Obviously it depends on what remortgage rate we can get in 4 years time. But fingers crossed we’ll be ok.
    Daily mortgage interest Nov'19 - £15.77 Reduction in daily interest - £0.68
    % of house owned/% of mortgage paid off.
    Nov'19 - 14.2%/4.2%
    MFiT-T5 #13 MFW 2031/currently 2037
    New aim - to be debt free by the end of 2020. % remaining Nov'19- 62.2%
    • twinklie
    • By twinklie 4th Nov 19, 6:59 PM
    • 4,275 Posts
    • 11,204 Thanks
    twinklie
    Ooh the utilities DD has been reduced by £70 pm. I’m quite excited by that!
    Daily mortgage interest Nov'19 - £15.77 Reduction in daily interest - £0.68
    % of house owned/% of mortgage paid off.
    Nov'19 - 14.2%/4.2%
    MFiT-T5 #13 MFW 2031/currently 2037
    New aim - to be debt free by the end of 2020. % remaining Nov'19- 62.2%
    • CathT
    • By CathT 5th Nov 19, 7:13 AM
    • 6,252 Posts
    • 43,415 Thanks
    CathT
    That's a big difference to the utility bill, definitely worth keeping an eye on usage etc to get that reduction. We are slightly in credit which will do me entering the colder period.
    Nov 2019 - part 1 - £66,153 part 2 - £42,004
    Total - £108,157 96 months to go!
    • twinklie
    • By twinklie 8th Nov 19, 7:48 AM
    • 4,275 Posts
    • 11,204 Thanks
    twinklie
    We had issues setting up the account when we first moved, we’ve been paying that off for ages. As soon as we hit £30 credit they reduced the DD! So I’m super happy with that.
    Daily mortgage interest Nov'19 - £15.77 Reduction in daily interest - £0.68
    % of house owned/% of mortgage paid off.
    Nov'19 - 14.2%/4.2%
    MFiT-T5 #13 MFW 2031/currently 2037
    New aim - to be debt free by the end of 2020. % remaining Nov'19- 62.2%
    • twinklie
    • By twinklie 9th Nov 19, 5:01 PM
    • 4,275 Posts
    • 11,204 Thanks
    twinklie
    I’ve had to cave and put the heater on in the playroom (conservatory). It’s freezing in there.

    But at least we are out most days (work and school/nursery) and the boys go to breakfast club so we aren’t in there as much as last winter.

    I also went for my physio assessment yesterday and they’ve given me loads of exercises to do. There’s an app where I record what I’ve done and if there’s any pain etc. Makes me pretty accountable. So it’s like a free gym routine tailored to what I need. I have to go back for a second appointment for an assessment on my neck/shoulder though. The physio said it’s going to need quite a bit of work. Oophs. So I will be on two separate physio cycles at the same time.

    So the aim is to be machine like strong for next year...but I will take pain free. Ha ha.
    Last edited by twinklie; 09-11-2019 at 5:05 PM.
    Daily mortgage interest Nov'19 - £15.77 Reduction in daily interest - £0.68
    % of house owned/% of mortgage paid off.
    Nov'19 - 14.2%/4.2%
    MFiT-T5 #13 MFW 2031/currently 2037
    New aim - to be debt free by the end of 2020. % remaining Nov'19- 62.2%
    • BVic28
    • By BVic28 10th Nov 19, 4:14 AM
    • 22 Posts
    • 27 Thanks
    BVic28
    Iíve just caught up on your diary. Looking forward to following along! Iíve also set up a spreadsheet so I can see the interest reducing - its so motivating isnít it?!
    • twinklie
    • By twinklie 10th Nov 19, 11:06 AM
    • 4,275 Posts
    • 11,204 Thanks
    twinklie
    According to my DH itís just sad and I need to get out more.
    Daily mortgage interest Nov'19 - £15.77 Reduction in daily interest - £0.68
    % of house owned/% of mortgage paid off.
    Nov'19 - 14.2%/4.2%
    MFiT-T5 #13 MFW 2031/currently 2037
    New aim - to be debt free by the end of 2020. % remaining Nov'19- 62.2%
    • BVic28
    • By BVic28 10th Nov 19, 4:39 PM
    • 22 Posts
    • 27 Thanks
    BVic28
    Haha mine said the same when I showed him what Iíd added to it through the night. At least this little hobby doesnít cost us any money haha
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