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  • FIRST POST
    • Moneyfordreams
    • By Moneyfordreams 5th Nov 15, 10:32 AM
    • 1,257Posts
    • 6,152Thanks
    Moneyfordreams
    In the nick of time
    • #1
    • 5th Nov 15, 10:32 AM
    In the nick of time 5th Nov 15 at 10:32 AM
    Hello,
    I been reading debt free diaries and mortgage free diaries since the summer and I have been hugely inspired and reassured my dreams are achievable.

    My husband was significantly in debt until 2 1/2 years ago through a failing business during the recession. Due to having equity in our home I was able (had to) to re-mortgage and pay off the debts. that's the simple version anyway.

    During the time when my husbands income was negligible we had a lodger. Unfortunately those basement rooms require about 5K worth of work and are currently unlettable. I hope either to save this money by the spring, or maybe withdraw some capital from my husbands small pensions. He gets about 200 pcm plus 800 wage. He has his own debt to pay until June next year, then I gain 120 to go towards the mortgage.

    I have a fairly good job and have always worked extra hours. My husband is working in a job on minimum wage. After many money related traumas and battles our relationship is fantastic.

    My aim is to retire at 55 if I can. I am going to go hell for leather to make this happen. We trimmed our expenses years ago. We have the occasional slip up and overspend in fact this year has been an overspend on some big items whist shopping at lld1.

    We have recently registered with airbnb to increase our income and may soon break even from initial outlay.

    Sold house March 2018

    Savings
    Rainy day 2000

    Short term goals
    Buy new home, pay down mortgage to < 100k by end of fixed deal June 2019 (looking less likely as spent 10 weeks in temporary accommodation)
    NEW HOME page 32

    KEY DATES
    Can access work pension 2025 (55 years)
    Have very small 2k private pension to close 2025
    DH state pension 2025, plus current pension of 200 pcm
    DH shares can be accessed from June 2020 and 2021but aim to cash them 2025
    my state pension 2037
    Official mortgage end 2030

    http://www.whatsthecost.com/snowball.aspx

    Mortgage OP
    June 2018 OP 278. 68
    June 30th OP 200.00 = 478.68
    July 2nd OP 34.14 = 512.82
    January 2019 = 4.99 = 517.81
    February 2019 = 4.96 = 522.77
    March 2019 = 3 = 525.77

    Long term savings shares/ISA (without interest/growth)
    Me
    July 2018 100 & 143
    August 2018 100 =343
    September 2018 +100 = 443
    October 2018 +100 = 543
    November 2018 +100 = 643
    December 2018 +100 = 743
    January 2019 +100 =830 ( loss of value)
    February 2019 +100 = 930
    March 2019 + 100 = 923 + 141 = 1064
    April 2019 + 100

    OH SM shares
    June 2018 1200 + 200 = 1400
    July 2018 +200 = 1600
    August +200 = 1800
    September +200 =2000
    October +200 = 2200
    November +200= 2400
    December xmas month off

    Jan 2019 200 = 2600
    Feb 2019 200 =2800
    March 1st 2019 = 3000
    March 28th 2019 = 3200
    Last edited by Moneyfordreams; 06-04-2019 at 3:00 PM. Reason: to add link
Page 42
    • jodles16
    • By jodles16 23rd Apr 19, 5:25 PM
    • 1,433 Posts
    • 4,317 Thanks
    jodles16
    Hey MFD,

    Sounds like sticking with the current provider is the best option! We locked in for 5 years, with the view that we know we are safe for 5 years regardless, but that could end up backfiring in the long run! Everything is so uncertain!

    It is so easy to say yes to shifts, then the regrets hit when it comes to time! I am going to drop agency now I am back in full time, I feel like working full time is enough!haha. But like you said, May's pay will be amazing!

    Makes sense to get the patio right, needs to function properly! I think with the extra shifts you shouldnt be too hard on yourself for not exercising as much, its so hard!

    Jodles
    MFW2017 #29 1200.24/4524
    MFiT #66
    Overall aim 10,124.20/21,743 (156,000)
    2016- Jan-177,472, Apr-173,195.04, July- 171,417.47 Oct- 169,366
    2017- Jan- 167,347.80 Apr- July- Oct-

    • newgirly
    • By newgirly 23rd Apr 19, 8:54 PM
    • 6,695 Posts
    • 46,474 Thanks
    newgirly
    Glad the cruise was ok, shame about the missed port but 200 back is a good result
    MFW 21

    75,073.14 left, target 10k/ 3926k in 2019
    • Tahlullah
    • By Tahlullah 23rd Apr 19, 10:17 PM
    • 949 Posts
    • 5,037 Thanks
    Tahlullah
    I agree with Jodles. Seems like madness to pay out more money for the sake of a remortgage, when you can stay where you are without the added expense and stress.

    Personally, I always go for 2 year fixes and have never been caught out with the interest rate going above and beyond reasonable. Just started my new fix in March at 2.15%. I don't think this is unreasonable. I guess if you have lived through the 15% era, then anything around the 3% mark is great. Ultimately, its about how you are with risk. I am completely risk averse, but still find 2 year fixes to give me choice when I need it.

    You will make the best decision for you!!
    Still striving to be mortgage free before I get to a point I can't enjoy it.

    15 February 2019 - Mortgage debt - 78,400
    23 April 2019 - Mortgage debt - 85,000
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