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    • amycool
    • By amycool 25th Jul 14, 4:43 PM
    • 788Posts
    • 3,283Thanks
    Second Time Lucky
    • #1
    • 25th Jul 14, 4:43 PM
    Second Time Lucky 25th Jul 14 at 4:43 PM

    Having got very close to becoming mortgage-free (about 8000 remaining) on our first house, we will soon be moving into the house that we intend to live in for a very long time, which means taking on another mortgage.

    I have really enjoyed reading everyone's diaries over the past few years and think it will be motivational to record our progress once we move in and start to overpay. I expect it will be incredibly dull to read for others so I hope nobody minds me taking up internet space.

    Background - a little about me

    My husband and I have been together since we were teenagers
    but we don't really share the same financial opinions. He is very laid-back with money and will spend it if it is there, but he's happy for me to budget how I see fit and trusts my financial decisions. I suspect I could remove 10,000 from the savings account and he wouldn't notice. I grew up in a household where every penny counted and for a time we relied on government benefits, so since being very little I have been very debt-averse and have always saved.

    We have both worked since we were 15 and during university we lived with OH's parents. Things didn't go quite to plan with my career due to illness so we stayed there rather longer than planned, but they very kindly allowed us to live rent-free as we were saving for a deposit.

    In Spring 2011 we bought our first home with a large deposit from our savings. The plan was to stay here for 5 years and pay off the mortgage (OH was still training when we bought but is now qualified and employed) but we realised we didn't want to keep waiting to have children and we wanted to move somewhere bigger first.

    The Mortgage

    Our new mortgage will be 70000 on a 2 year fix at 2.64%.
    Monthly payments are 500.

    The short-term plan

    The house needs work but we want to get into the habit of overpaying and knock a nice chunk off before we have children (hoping to adopt next year) so the initial plan is:

    50% of anything left over to overpayments
    50% to be split between various savings pots
    Aim for a 10,000 emergency pot

    Having been mega-frugal for a very long time I'm quite bad at spending money and if left to my own devices I would probably cut back on everything and overpay as much as I can. However, I'd quite like a nice house and the occasional holiday so by choosing 50% I can't go overboard.

    Of course we might uncover all manner of things at the new house so I'm not setting a figure to aim for at the moment. Once we have moved in and worked out how much it will cost to run I will have a better idea.

    The long-term plan

    To be mortgage-free by the time we are 40

Page 39
    • amycool
    • By amycool 4th Jan 18, 9:42 AM
    • 788 Posts
    • 3,283 Thanks
    Have been dying to get on the computer to make an overpayment (after a year of waiting) but OH has been working from home!

    Made a 3724 overpayment today (10%) which has brought the mortgage down to 33516. It is nice to be past halfway! Our mortgage deal runs out in August I think so I'll let it go onto the standard variable rate, overpay another big chunk, then get another 2 year fix. Technically, we could pay the whole thing off, but that would leave us with little in the way of savings. I am overly cautious so like a year's living costs saved.

    Yesterday I booked our summer holiday. 700 for a week in North Yorkshire. Not any kind of deal but it's a lovely cottage and well worth the money. The plan is to try to mostly use DD's Max Card as there are lots of museums under the scheme. That should really reduce the spend. We also get free entry to some places with the cottage. This is the first time we're not taking my Mum. It was a real squeeze to get all of our stuff into our little car last year and although it's useful for extra childcare, it's an extra person to keep happy and often causes more stress. Last year she went away with my sister twice so I didn't feel guilty when we made the decision but then my sister got pregnant and isn't going away this year now! Oh well, I can't please everyone!

    I've already bought a few gifts in the sales and have used the free 100 mastercard that I got from switching phone so that's cost me nothing. Also bought DD some new clothes. We had a big sort out and gave lots of charity and I realised she doesn't have a single smart dress anymore. So two dresses at half price. Annoyingly I couldn't find any shoes in her size so I got the next size up and I'll save them.

    This weekend we're celebrating my birthday (a little early as we're busy next weekend) with roller skating (12) and a meal (2for1 on vegan mains!).

    Right, next on the list is to write some thank you emails. DD got so many lovely things this year.
    Mortgage (Start Sep 2014)- 70,295/31532.34- 55.1%
    Overpayments - 22659.03
    • debtfreeoneday
    • By debtfreeoneday 5th Jan 18, 1:09 PM
    • 2,822 Posts
    • 9,725 Thanks
    Hope all Ok with you A! x
    DFW (08/08) 64,346.53 Credit card debt: 3,123.18 over three credit cards.
    MFW (01/15) 118,031.21 89,560.75
    • amycool
    • By amycool 2nd Mar 18, 12:52 PM
    • 788 Posts
    • 3,283 Thanks
    Oh my, it's been ages since I came on here. A combination of constant illness, family emergency, and DD being on holiday then snow days.

    Financially, things look okay on paper...but OH is on strike. It could last 4 weeks we've been told so that's going to be a big knock to the savings account.

    In other news, the fridge broke, full of food, and we spent 400 on a good quality new one.

    The pipes under the bath are leaking and the shower is leaking so we've decided to do a half bathroom refurb. The idea is to replace the bath/shower and retile around it, but leave the rest of the bathroom for a better time. Haven't got round to getting any quotes yet.

    We've had 2 poorly rats needing surgery, which brings the vet bill since summer past 1000.

    And OH has to go abroad for work but it doesn't look like they're covering meals or travel, so that's yet more money.

    And of course the gas and electric meters have been whizzing around like crazy all winter as we've had snow on and off for months now.

    So, just as the little line on my line graph was heading strongly upwards, it looks like it might take a rather large dip.

    Still, I'm glad we have worked so hard to save as I know lots of his colleagues are really panicking about how they will cope.

    In other news, OH being ill, a very long half term holiday (inset days either side) followed by snow days all week, means that I haven't had the house to myself for 3 weeks! I've been quite ill too so haven't been able to properly rest and recover. DD is not coping well with the change to the routine. I am really hoping that school is open on Monday!
    Mortgage (Start Sep 2014)- 70,295/31532.34- 55.1%
    Overpayments - 22659.03
    • in need of direction
    • By in need of direction 2nd Mar 18, 10:12 PM
    • 5,283 Posts
    • 31,186 Thanks
    in need of direction
    you sound completely beleaguered. take care
    Mortgage at 01.01.14 119,481.83 today 74,121.52, target 65,000 by 31/12/18 Offset fund today 307.27 target 5,500 by 31/12/18
    Emergency fund 860/5.5k & 200/200 cash.
    Weight 8 July 14st 4lb
    determined to stop defining myself by my mistakes.
    Progress not perfection.
    • amycool
    • By amycool 14th Apr 18, 7:24 PM
    • 788 Posts
    • 3,283 Thanks

    We still haven't started the bathroom. Can't decide whether to wait and get the whole thing done. My worry is that I really wanted to properly design it and have a company come in and sort everything and this way we'd have half a bathroom that might not fit in with the final scheme. The leak isn't coming through the ceiling since we put an ice cream tub under and resealed it so we do have some time to think.

    We lost one of our furry friends last week. She had cancer and the operation didn't fix it. Very upsetting but glad she is no longer in pain. So we have 4 rats left and (touch wood) they all seem fairly well at the moment. Fingers crossed!

    OH survived his trip abroad. Ended up costing us about 200.

    We're in debt by about 100 with the power company but they haven't increased the payments yet. Hoping the warmer weather will get us closer to 0 soon!

    Got the new light fitted in the boxroom for 36. Tried to do it myself but our wiring is insane.

    DD back in school on Monday. Have paid for dance lessons this half term and had to buy some uniform. She is growing so fast! It's been a cheap Easter holidays at least! We did a 1 charity shop challenge and mostly went to free parks and the library.

    Wages down last month and will be down again this month and more strikes to come possibly.

    To Do:

    1. Renew car insurance. It has gone up so can hopefully find a better deal.

    2. Fill in the holes and cracks in the plaster in the box room.

    3. Buy gifts for DD's adoption day (already got some)

    4. Get gutters cleared and conservatory washed (already booked in but have to pay for it!)

    5. Get gift bag and wrapping for a few birthday gifts.

    6. Hospital appointment (5 months late as it keeps getting cancelled!)
    Mortgage (Start Sep 2014)- 70,295/31532.34- 55.1%
    Overpayments - 22659.03
    • amycool
    • By amycool 25th Apr 18, 2:08 PM
    • 788 Posts
    • 3,283 Thanks
    Got the car insurance for 60 less than the renewal quote with better cover, and ironically from a company owned by the original one!

    Have started filling the holes in the plaster and trying to remove those last fiddly bits of wallpaper.

    Bought a handmade card for DD. Think I have enough gifts now so just need wrapping paper.

    Gutters cleared, conservatory roof cleaned and windows cleaned for 118.

    I found a giftbag and wrapping for the other gifts so didn't have to spend there.

    Appointment is next week so still to do.

    In other news...
    DD has broken yet another pair of shoes. These were really good quality and very lovely but for some reason she didn't like them so kept pulling the strap really hard until it snapped. Her back up shoes have also now been trashed by walking on the edges of her feet and jumping in muddy puddles (not waterproof) so she's in trainers until we can get to the shops at the weekend.

    We had a nice trip in the sunshine to the countryside at the weekend so bought ice lollies and then we couldn't face cooking so as a very rare treat we spent 22 on takeaway curry. It did 2 nights meals so not bad value and they gave us a free bottle of pop!
    Mortgage (Start Sep 2014)- 70,295/31532.34- 55.1%
    Overpayments - 22659.03
    • amycool
    • By amycool 29th May 18, 3:14 PM
    • 788 Posts
    • 3,283 Thanks
    5 months until the fixed deal is up and we can make a big overpayment so just trying to save as much as possible until then.

    Incoming - OH earned a bit extra this month with some extra work

    Outgoing - Ordered the wallpaper for the box room. Once it comes I'm hoping to get the same decorator as last time as he was really reasonable.
    - Have had to buy lots of new clothes for DD as she keeps growing out of everything!

    June plans

    1. Holiday - will try to use Max card as much as possible to cut down on days out. We're self catering so shouldn't need to spend too much on food.
    2. Finish the last bit of filling and sanding and sort out decorator
    3. If that gets done, order new carpet and curtains, put up curtain rail and new light
    4. Another hospital appointment (starting a new treatment that will fill much of the day)

    I know I really need to sort through the home file as it's bursting at the seams but not sure I'll get the energy to do it!

    Have started yoga this month to try to strengthen my muscles and reduce joint pain. So far I've pulled my back 3 times!
    Mortgage (Start Sep 2014)- 70,295/31532.34- 55.1%
    Overpayments - 22659.03
    • amycool
    • By amycool 13th Jun 18, 2:35 PM
    • 788 Posts
    • 3,283 Thanks
    Holiday was great. Saved a lot with the Max Card on a few museums and spent lots of time in parks and on beaches. We only paid for food out a few times and mostly took packed lunches.

    I have the number for a decorator but need to empty the room first.

    Some good news! The Student Loans Company phoned to say they'd been trying to get hold of OH. It turns out he has paid off the loan and more so we should be getting a refund of over 1000!! I know technically it was our money anyway but it feels like a bonus!

    Although the money hasn't actually appeared yet, I have ordered a tent and sleeping bags in the hope that we can sleep in the garden in the summer holidays. They were from Aldi so not expensive.

    I also did a Book People shop and could easily have spent 100 but stuck to 40 and got 8 off and free delivery. 2 books for Father's Day, one with loads of ideas for outdoors activities. The rest were all for DD - some stuff for the summer holidays and some for birthday and Christmas.

    Must sort life insurance for OH soon. We've decided it's well worth the monthly payment (especially now we have no student loan to pay off) for peace of mind.
    Mortgage (Start Sep 2014)- 70,295/31532.34- 55.1%
    Overpayments - 22659.03
    • amycool
    • By amycool 3rd Jul 18, 12:37 PM
    • 788 Posts
    • 3,283 Thanks
    Life insurance sorted. Only 6.37 a month and gives us peace of mind.

    Vet bills of 325 this month. Very lucky that we got the student loan money!

    Oddly, OH's wages haven't gone up to reflect not paying the loan, which I'm hoping we'll notice next month, unless he already hasn't been paying it? It's tricky now statements are all online.

    We gave 200 of the student loan money to charity and we spent 50 on 2 massive water butts. We have a 100L one to collect the conservatory rainwater (as the conservatory was built without a proper drain so otherwise it would flood the garden) but with the dry weather this is completely empty. Obviously the water butts won't help for this year but hopefully next year.

    In the meantime we've been using the shower water to water the plants (just put the plug in). We use the watering can and it takes 5-6 trips but saves using all the drinking water. We have lost a few plants to the heat unfortunately and our poor Christmas Tree has lost loads of leaves but is hanging on.

    Even with extra expenses we managed to save a fair bit in June.

    July plans

    1. Didn't get at all far with the decorating due to starting a new intensive treatment for my illness. It leaves me with little time or energy but hopefully we'll get somewhere this month
    2. Make plans for summer holiday activities
    3. Sort out home insurance (surely it hasn't been a year already?)
    4. Sleep. Lots.
    Mortgage (Start Sep 2014)- 70,295/31532.34- 55.1%
    Overpayments - 22659.03
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