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    • sarahevie1
    • By sarahevie1 10th Apr 15, 12:36 AM
    • 506Posts
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    sarahevie1
    sarahevie's single quest to mortgage freedom
    • #1
    • 10th Apr 15, 12:36 AM
    sarahevie's single quest to mortgage freedom 10th Apr 15 at 12:36 AM
    I had a diary a while ago but I let it slip, my circumstances have changed massively in the last six months, so I am back aiming for one thing mortgage freedom.

    So about me, single mummy of three beautiful girls. Full time primary school teacher, I also have a Saturday job at a well known supermarket.

    About six months ago oh walked out on me after 12 years, I found myself 30, single and struggling. A few weeks later he was back, and we see each other most days, although he rents a flat in a nearby town. I've had to use literally all my savings to get the joint mortgage into my sole name, £20,000.

    My mum and dad paid oh his equity share of the house £10,000, will have to pay this back. Oh is now in the process of buying his own house, he's asked me to move into it with him, as he never felt like my house was his, although it was in joint names, I'm undecided about moving into ohs new house. All I know for certain is my house is my responsibility and the £58000 mortgage has to go.
Page 2
    • MM10
    • By MM10 16th Apr 15, 5:16 PM
    • 57 Posts
    • 173 Thanks
    MM10
    Oh has had a crazy idea move into his new house free of charge, sell my house and use the equity to buy a couple of rentals to increase my income to cut down my working hours. Firstly, I'm not moving. Secondly, I want my own home not a couple of investments. Thirdly, who's to say I'd earn enough to cut down my hours.
    Originally posted by sarahevie1
    I did not really get the twist of your OH's financial scheme.
    1. So you move into his house "free of charge" whatever that really entails ... So maybe you end up handling the utilities, groceries, kids fees etc...
    2. Buy rentals to increase income ??? How about just renting your house as is as newgirly mentioned
    3. Cut down your hours.... To what? And for what.

    Well I would say nothing would help your sanity better than your security.

    You can always move in and watch how things go....but with an OH who has walked out once before you'll really want to have a plan B
    Total mortgage when started £256,809 in May of 2011; 2018 MFW #5
    Main mortgage was £214,309; now £110,716 at Feb 2016 ; £63,645 at Feb 2017 ; £10,600 at May 2018
    Original repayment date 2036; Main mortgage free date July 2021; Dec 2020; January 2019 June 2018
    • sarahevie1
    • By sarahevie1 16th Apr 15, 10:48 PM
    • 506 Posts
    • 2,660 Thanks
    sarahevie1
    Hi sarah , why would you need to sell your place and buy investments to rent out if you did decide to move in, Wouldn't you just rent your place out and maintain some security longer term ,keeping your own home ?
    Originally posted by newgirly
    I think he was thinking about perhaps buying something with a better rental return, or something closer to the city centre, with a view to making renting easier. It was a self build, in a conservation area, its not your typical rental pad.

    Although the more I think about it, my house was rented for 6 years before we bought it, as the person who built it, remortgaged it so heavily he couldn't sell it. Eventually it was repossessed and we picked up an auction bargain. My house previously achieved £995 in rent.
    • sarahevie1
    • By sarahevie1 16th Apr 15, 10:57 PM
    • 506 Posts
    • 2,660 Thanks
    sarahevie1
    I did not really get the twist of your OH's financial scheme.
    1. So you move into his house "free of charge" whatever that really entails ... So maybe you end up handling the utilities, groceries, kids fees etc...
    2. Buy rentals to increase income ??? How about just renting your house as is as newgirly mentioned
    3. Cut down your hours.... To what? And for what.

    Well I would say nothing would help your sanity better than your security.

    You can always move in and watch how things go....but with an OH who has walked out once before you'll really want to have a plan B
    Originally posted by MM10
    Thanks for your take on it, completely agree.
    1. I think I'd pay for nursery fees, clothes, shoes for kids. I think he genuinely would pay his mortgage and the bills.
    2. I don't think he sees my house as the perfect rental in terms of supply and demand. There's certainly houses which would give a higher yield. Its not a trendy, young professionals type area, its a conservation area. The house itself isnt a two up two down or a flat, its a self build. I will consider renting it though, as it was rented for 6 yes at £995 a month.
    3. Reducing hours - he's desperate for me to get rid of Saturdays at the supermarket. I'd keep my teaching job full time, although he would like me to go part time in this.

    Plan b; which he suggested tonight, was him renting his new house out, and moving back with me.
    • sarahevie1
    • By sarahevie1 17th Apr 15, 12:00 AM
    • 506 Posts
    • 2,660 Thanks
    sarahevie1
    In other news, Halifax have declined my mortgage application. Despite them telling me if I reduced my borrowing amount by £20,000 it would definitely go through, it appears not.

    I'm not surprised, my outgoings are huge, salary modest. What has grated on me a little is that I said a few times, are you sure I need to reduce the amount, will it then be OK. I was told it was a resounding yes.

    Its not completely over, I just need the tax credit award notice when it comes, to offset my childcare expenses. So now I'm even more keen for my claim to be processed.
    • mumto2monkeys
    • By mumto2monkeys 17th Apr 15, 9:15 AM
    • 262 Posts
    • 3,152 Thanks
    mumto2monkeys
    Just read from the start and have to say I admire you greatly. It must be really tough teaching FT and then working on a Saturday too - it takes me the weekend to have a handle on the teaching alone!

    Are you still fairly new to teaching? Looking at your salary, you should have some increments due. Will you get a TLR for leading your own subject next year? I'm just wondering how long you will work both jobs as it must be tiring, especially with DC.
    • sarahevie1
    • By sarahevie1 19th Apr 15, 6:51 PM
    • 506 Posts
    • 2,660 Thanks
    sarahevie1
    Had a much needed cheap weekend, spent around £10, the joys of spending 7hours of sat at the supermarket.

    Took the girls up to a Iocal tarn Friday night, had a mooch around the shops today. The girls had rehearsals for alice in wonderland both sat and Sunday so kept them busy.

    I usually meet friends sat morning but I stayed in and cleaned my house and car. I'm desperate for a cleaner but think of the money saved. Also spent 2 hours getting the girls reading books, homework, spellings up to date as first day back tomorrow.

    Treat of the day a newspaper.
    • sarahevie1
    • By sarahevie1 23rd Apr 15, 10:23 PM
    • 506 Posts
    • 2,660 Thanks
    sarahevie1
    Sadly I won't get a TLR for leading a subject, its expected as a main scale primary teacher. I'll definitely get an incremental rise, I am at the bottom of the pay spine.

    I've had my tax credit award through and I'll be getting £1299 a month from may so my childcare costs will be paid.

    Still only have £1800 to live on after childcare costs but giving up the Saturday job is a definite possibility. Going to keep a detailed spending diary for two months to see how I go.
    • sarahevie1
    • By sarahevie1 25th Apr 15, 9:22 PM
    • 506 Posts
    • 2,660 Thanks
    sarahevie1
    Busy, busy at the mo.

    Had a lovely birthday tea out Fri with a friend. Met a friend this morning, then a kids party, then my Saturday job.

    Feeling exhausted at the mo, not really sure why. Had a healthy pasta tea, so hope that will help.
    • MM10
    • By MM10 26th Apr 15, 6:47 AM
    • 57 Posts
    • 173 Thanks
    MM10
    Busy, busy at the mo.

    Had a lovely birthday tea out Fri with a friend. Met a friend this morning, then a kids party, then my Saturday job.

    Feeling exhausted at the mo, not really sure why. Had a healthy pasta tea, so hope that will help.
    Originally posted by sarahevie1
    Well after a week of hard work and a busy weekend. I think it's normal to be exhausted. Hope you're having a restful Sunday
    Total mortgage when started £256,809 in May of 2011; 2018 MFW #5
    Main mortgage was £214,309; now £110,716 at Feb 2016 ; £63,645 at Feb 2017 ; £10,600 at May 2018
    Original repayment date 2036; Main mortgage free date July 2021; Dec 2020; January 2019 June 2018
    • newgirly
    • By newgirly 26th Apr 15, 8:50 AM
    • 6,337 Posts
    • 43,815 Thanks
    newgirly
    Hi sarah , glad you got the tax credits sorted out that must be a weight lifted
    MFW 21
    Target for 2018 £40k/£13,632 paid so far

    Mortgage £36,319 4yrs left. Total owed £48,358 plan to clear in 14 months
    • MummyEm
    • By MummyEm 26th Apr 15, 8:59 AM
    • 573 Posts
    • 5,144 Thanks
    MummyEm
    Hi Sarahevie1

    Just wanted to say hi. I really admire what you are doing working six days a week. You are working so hard and seem to just be taking it all in your stride.

    When you think about budgeting, don't forget to consider bday and Christmas costs and the bits that don't crop up every month.

    Looking forward to following your journey

    MEm
    MFW original end date £295000 Nov 2039 currently £224,824.58 Jul 2035 Dream end date Nov 2025
    2017 Target EF £20,000/ £20,000 OP £2390.10/£1900
    TOTAL OP 2014 £1042.60 OP 2015 £3357.75 OP 2016 £6480.98 Family Loan £17000.00
    • sarahevie1
    • By sarahevie1 26th Apr 15, 7:25 PM
    • 506 Posts
    • 2,660 Thanks
    sarahevie1
    Four weeks to my half term hold. My parents are taking me and the kids abroad. The girls have never been abroad, I haven't had a sun hol in 7 years. I'm excited but worried about affording new clothes, sun cream - I haven't even got any suitcases.

    Spent the day in ilkley to day, such a lovely place. Very lucky to have it on my doorstep.
    • sarahevie1
    • By sarahevie1 26th Apr 15, 7:28 PM
    • 506 Posts
    • 2,660 Thanks
    sarahevie1
    Hi Sarahevie1

    Just wanted to say hi. I really admire what you are doing working six days a week. You are working so hard and seem to just be taking it all in your stride.

    When you think about budgeting, don't forget to consider bday and Christmas costs and the bits that don't crop up every month.

    Looking forward to following your journey

    MEm
    Originally posted by MummyEm
    Thank you, I try and buy card factory cards 7 for £1. However, inevitably I get caught out. Thinking about putting a box under the bed for school friends gifts. Buy them on offer then have a stash. Can never seem to find the budget to do this, although agree it would save cash.
    • sarahevie1
    • By sarahevie1 26th Apr 15, 7:30 PM
    • 506 Posts
    • 2,660 Thanks
    sarahevie1
    Hi sarah , glad you got the tax credits sorted out that must be a weight lifted
    Originally posted by newgirly
    It is, feel guilty that I'm getting almost my wage again in benefits but I really do need them short term.

    In two years, when dd3 starts school childcare should be minimal and my salary will increase. So better this way than income support. Very grateful for the help though.
    • littlegreenpeas
    • By littlegreenpeas 26th Apr 15, 7:59 PM
    • 352 Posts
    • 1,489 Thanks
    littlegreenpeas
    Hi Sarah
    I haven't logged for ages but you made me post . Benefits are meant for genuine people when they need help, not for the people that sit on there backsides doing nothing and thinking the world owes them a living. I wish you all the luck in the world and I hope that you you and OH work out a solution that you are both happy with.
    Mortgage value was £135,000 now £43,218
    TCB total £1200
    • sarahevie1
    • By sarahevie1 27th Apr 15, 10:57 PM
    • 506 Posts
    • 2,660 Thanks
    sarahevie1
    Hi Sarah
    I haven't logged for ages but you made me post . Benefits are meant for genuine people when they need help, not for the people that sit on there backsides doing nothing and thinking the world owes them a living. I wish you all the luck in the world and I hope that you you and OH work out a solution that you are both happy with.
    Originally posted by littlegreenpeas
    Thank you - I know I need the money as I have no alternative childcare. However, I am grateful and hope that in some way, by working 6 days a week I'm earning the help.
    • newgirly
    • By newgirly 28th Apr 15, 8:00 AM
    • 6,337 Posts
    • 43,815 Thanks
    newgirly
    Don't knock yourself you are doing a great job working so much and bringing up three kids, its a temporary safety net
    MFW 21
    Target for 2018 £40k/£13,632 paid so far

    Mortgage £36,319 4yrs left. Total owed £48,358 plan to clear in 14 months
    • sarahevie1
    • By sarahevie1 4th May 15, 11:46 PM
    • 506 Posts
    • 2,660 Thanks
    sarahevie1
    I've got a lodger moving in on the 13th, unsure how its going to work. I've got 3 bedrooms, and three kids.

    I'm having to give up my room and ensuite. May share with the baby, my older girls already share. May take the baby's room for me.

    Hoping it will help the cash flow.
    • beanielou
    • By beanielou 5th May 15, 9:35 AM
    • 55,074 Posts
    • 220,095 Thanks
    beanielou
    Sure it will help with cash flow.
    I have found it good to have some house rules when I have had lodgers & to have the odd house meeting some that little niggles get sorted out before they become an issue IYSWIM?
    Sure all will go well.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger.
    • MM10
    • By MM10 5th May 15, 6:41 PM
    • 57 Posts
    • 173 Thanks
    MM10
    I've got a lodger moving in on the 13th, unsure how its going to work. I've got 3 bedrooms, and three kids.

    I'm having to give up my room and ensuite. May share with the baby, my older girls already share. May take the baby's room for me.

    Hoping it will help the cash flow.
    Originally posted by sarahevie1
    How long due you intend to have the lodger? I guess it depends on how it goes....
    Total mortgage when started £256,809 in May of 2011; 2018 MFW #5
    Main mortgage was £214,309; now £110,716 at Feb 2016 ; £63,645 at Feb 2017 ; £10,600 at May 2018
    Original repayment date 2036; Main mortgage free date July 2021; Dec 2020; January 2019 June 2018
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