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  • FIRST POST
    • MandM90
    • By MandM90 7th Oct 14, 10:00 AM
    • 1,452Posts
    • 7,623Thanks
    MandM90
    Diary of a Property Dreamer
    • #1
    • 7th Oct 14, 10:00 AM
    Diary of a Property Dreamer 7th Oct 14 at 10:00 AM
    Update

    We now own a house worth about 305,000, with a mortgage of 216,944.65

    We are 25 and 24 respectively and are currently bringing in about 50,000 between us after a change of careers.

    Things are tight so we are taking it slow and trying to be patient, whilst keeping costs to a minimum and trying to advance our careers (and income!)

    AIMS

    By June 2016 Build up a buffer of three months worth of expenses


    Hello!

    I'm desperate for a little house with a south facing garden, a property that isn't owned by someone else and poorly maintained. OH is a simpler creature and is happier with a decent Guinness and a belly full of pie (He sounds very rotund here; he's actually rather slender!)

    I earn fairly good money through self employment by working my bottom off in the holidays and around uni (I'm also a FT Chemistry student at a v. competitive University); I'm trying to live off only about 25% of it (before tax!) and save the rest. Due to being self employed I understand I'm probably going to have to wait a little while longer than others to be mortgage eligible. In the meantime I'm trying to save 50k to put down on a 250k house, which should get me somewhere modest I can nest down in, where I live. Still haven't spoken to a mortgage advisor

    Like to spend the very little free time I have pottering in the garden, growing things, messing about with the chickens or watching Great British Bake Off with a cat on my lap. I sound horrifically boring now, don't I? Oh, did I mention? I'm 23

    I'm going to try to use this blog to keep motivated. In the past I've done silly things like fall off the wagon and go to Cuba/Japan/Thailand...I like to travel! But now I just want to buckle down and get into a place where I feel comfortable, and am not spending 12k a year on rent!

    Today I have a morning "off" but I need to catch up with emails and update my accounts records, organise a handyman to come and sort a few things in the house, plant some things in the garden, put dinner in the slow cooker, pick OH up from French class, pick up a prescription and clean out the chicken coop! Wish me luck
    Last edited by MandM90; 03-03-2016 at 12:12 PM.
    I'm a Board Guide on the Marriages & Family,
    Old Style, Mortgage Free Wannabe, Green & Ethical
    boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com
Page 2
    • MandM90
    • By MandM90 4th Mar 16, 1:47 PM
    • 1,452 Posts
    • 7,623 Thanks
    MandM90
    Ok, rang mortgage provider who said minimum payment is 500, they charge 75 admin fee + 3% ERC so if I want to reduct my mortgage by 1000 I'd need to pay 1120.

    We have various 'pots' of money in our budget for car repairs, home improvements, pets etc, and are also trying to 'age' our money more, so I need to think about how we will OP reasonably without dipping into buffer funds.

    Right now our budget (incl. all savings pots) is comfortably covered by our salaries. As previously mentioned we've both decreased our salaries in what we hope will be a sensible career move, so I'm thinking that I will have to overpay with outside funds e.g. selling things, airbnb. Also considering tutoring Chemistry but need to look up insurance and tax implications too.

    Lots to think about, but I'm feeling excited and ready to kick this mortgages a***!
    Last edited by MandM90; 04-03-2016 at 2:09 PM.
    I'm a Board Guide on the Marriages & Family,
    Old Style, Mortgage Free Wannabe, Green & Ethical
    boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com
    • Kittenkirst
    • By Kittenkirst 4th Mar 16, 5:50 PM
    • 1,957 Posts
    • 10,552 Thanks
    Kittenkirst
    I love the idea of having friends over and having a nice budgeted evening in! ��

    The chemistry tutoring sounds exciting too!
    2018 MFW #20 - OP 3000.58/ 3000 100%
    June: 182.76 July: 356.59 Aug: 461.02

    Mortgage Oct '16 170.995 LTV 90% end: Nov 2041
    Overpayments 2016 255.50 2017 2600.40
    • MandM90
    • By MandM90 21st Mar 16, 3:21 PM
    • 1,452 Posts
    • 7,623 Thanks
    MandM90
    We're slowly but surely edging towards the golden 31 day old money mark. Currently YNAB calculates we spend our money 26 days after we earn it. That's the longest we've managed since buying the house I've been logging our expenses and income religiously and it's making me feel much more in control.


    We've cancelled a few direct debits we don't need, and the little pots (wedding, pet, home, car) are starting to fill nicely.




    On top of everything else I've decided to try and drop a dress size this spring. I have loads of lovely Ted Baker dresses hanging in my wardrobe which I wouldn't fork out on now, but I might as well wear them! They are size 6-8 and I'm about a 10 now, so I hope I can get back into them by the summer.



    I had 28p bean soup at my desk today (recipe here: http://thriftcottage.blogspot.fr/2016/03/beating-bulgeon-budget.html). Only 221kcals. I've decided I'm going to lose weight for free. That means no faddy foods, teas, vitamins. No magazines, no gym subscriptions. I'm going to run and eat lentils and beans and give up drinking (probably the hardest of all the challenges!)
    Last edited by MandM90; 21-03-2016 at 3:25 PM.
    I'm a Board Guide on the Marriages & Family,
    Old Style, Mortgage Free Wannabe, Green & Ethical
    boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com
    • MandM90
    • By MandM90 22nd Mar 16, 2:04 PM
    • 1,452 Posts
    • 7,623 Thanks
    MandM90
    Last night was one pan egg dish. It was yummy, filling, only cost 50p and I was well within the calorie 'budget' for the day. We spent the evening snuggled up watching movies/programmes and I all of a sudden couldn't believe that this was OUR HOUSE!



    We managed to get curtains up in the dining room last week, so I can walk around in the nude without scaring the neighbour. Makes me feel much more at home The curtain rail was free from freecycle and the curtains were from our previous house. I just popped them in the wash for a freshen and hung them.

    MIL is redecorating their living room and has offered me a triple lined curtain to cover the front door, as it's the original Victorian door and is letting lots of draught in. So we're getting there.

    There are some very exciting things on the horizon job-wise, which is good as I've always got one eye on our remortgage in autumn 2017.

    Current age of money is still 26 days. Current mood regarding age of money is still chuffed yet keen to push on to 31 days!
    I'm a Board Guide on the Marriages & Family,
    Old Style, Mortgage Free Wannabe, Green & Ethical
    boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com
    • MandM90
    • By MandM90 24th Mar 16, 2:15 PM
    • 1,452 Posts
    • 7,623 Thanks
    MandM90
    Last night's dinner was 41p. Came back after a 4 mile run with mum and was exhausted (haven't exercised it about a year), so threw this together. Some veggies, eggs from our hens and rice:



    Tomorrow we are taking our lunches out to a National Trust property (we have a membership) and will pay 3 for DD to partake in an egg hunt.

    Saturday will be spent at the allotment, then will watch movies and snuggle.

    Sunday I suspect we will have lunch at the in laws house. They're going to some sort of music festival but I'm afraid it'll be dear so we may just pick up some local ale and go home to play board games after! No plans for Monday as yet, but I should probably try to squeeze some cleaning/sorting out into the weekend

    I found out I owed 1800 to tax credits from a while back, which was a bit of a bummer (strangely they have my last two addresses but hadn't written to me up til now!?) but I've set up a payment plan of 50 a month. We've always been honest and kept them up to date so I don't understand how it happened but of course now I have to pay up. We will try and throw extra at it when we can but we have other financial bits and bobs to sort that are more urgent.

    OH has been asking about a new mattress for the bed as ours is awful. We also have a wedding coming up and he's not feeling great about having to wear (his only) winter suit in May. I suggested just a shirt and grey trousers but I think it's more the tight budget that is getting him down than the outfit. He says he wants to wear nice clothes now while he 'still has his looks'


    I don't want him to feel like I'm a tight taskmaster that just wants him to work, eat rice and do DIY so we will have to find middle ground between my budget obsession and his need for 'things'.
    I'm a Board Guide on the Marriages & Family,
    Old Style, Mortgage Free Wannabe, Green & Ethical
    boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com
    • Shahsmit
    • By Shahsmit 31st Mar 16, 6:49 AM
    • 1 Posts
    • 0 Thanks
    Shahsmit
    Without 3 Years Accounts
    You should speak with a specialist mortgage broker.. 3 years accounts may not necessarily be required. There are a lot of factors to be considered.

    Have a look at this (regardless of you being a contractor or not):

    itcontractorsuk.com/mortgage/contractor-mortgages.php
    • Moneyfordreams
    • By Moneyfordreams 31st Mar 16, 8:07 AM
    • 1,094 Posts
    • 5,435 Thanks
    Moneyfordreams
    Ok, rang mortgage provider who said minimum payment is 500, they charge 75 admin fee + 3% ERC so if I want to reduct my mortgage by 1000 I'd need to pay 1120.
    Originally posted by MandM90
    I can't believe you have such high charges to pay back money!! It's robbery
    or have I misunderstood?
    Mortgage restart June 2018 119950
    zero personal cc
    6x166 for sofas ending November 2018
    2500 on DD1s car cc
    • MandM90
    • By MandM90 6th Apr 16, 3:42 PM
    • 1,452 Posts
    • 7,623 Thanks
    MandM90
    I can't believe you have such high charges to pay back money!! It's robbery
    or have I misunderstood?
    Originally posted by Moneyfordreams
    You haven't misread. If I told you who our lender is you wouldn't be surprised. But in 18 months we will remortgage, and we are both employed now so it's likely that, even with an interest increase, we will do well out of switching to a high street lender

    March Update
    • Started to get back in control of my eating a little more - making me feel good and in control of my life
    • Paid off more than 750 in money we owe (had to pay our IFA and accountant)
    • Have two very attractive job offers. I start one of the two later this month (need to decide tonight), either way for the first time ever I'm feeling secure about my job situation
    • Allotment has started up again - hoping for a good supply of free/cheap veg this year
    • Got some money in the kitty towards holidays, house improvements, car and emergency fund
    • Managed to buy all groceries for only 160!

    April Goals
    • Stick to daily calorie budget
    • Get half of the allotment planted out (we only got this one last year)
    • Pay off the rest we owe to the IFA, start to clear surprise HMRC debt
    • Sell everything I don't need as part as a spring clean, to get emergency fund up to 1000
    Last edited by MandM90; 06-04-2016 at 3:48 PM.
    I'm a Board Guide on the Marriages & Family,
    Old Style, Mortgage Free Wannabe, Green & Ethical
    boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com
    • MandM90
    • By MandM90 13th Jun 16, 12:52 PM
    • 1,452 Posts
    • 7,623 Thanks
    MandM90
    Update:

    Emergency fund: 563.75 (aim to get this up to 1k by end of this month)
    Holiday fund: 367 (this will be 567 by the time we go off on our camping jollies in July. Ample for a week in Dorset)
    Christmas fund: 160
    Car Maintenance fund: 135
    Home maintenance fund: 133 (I need to up my game with this, once emergency fund is covered. We've dipped into it a few times to make improvements)
    Car insurance renewal fund: 500 (on track so I can buy a years in full in November and will probably have 300 or so change to reallocate)

    Paid off mortgage advisor/IFA

    I'm feeling really positive. By the end of next month we will pay off HMRC, then will only owe family and our mortgage provider

    Oh, and I've also lost a stone and am back into size 6/8 so feeling really confident in myself


    Tonight I'm going to Lidl to do the weekly shop.

    This week's meal plan:

    Monday: Salmon and pea pasta, to use up leftover sour cream and chive dip!

    Tuesday:

    Lunch: leftover pasta

    Dinner: Beans on toast!

    Wednesday:

    Lunch: Egg salad

    Dinner: Three bean chilli and rice

    Thursday:

    Lunch: Leftover Three bean chilli and rice

    Dinner: Spaghetti olives (courgetti for me!)

    Friday:

    Lunch: Leftover spaghetti

    Dinner: Out

    Saturday:

    Lunch: Vegetable soup or a brunch of egg on toast

    Dinner: Baked bean lasagne

    Sunday: Picnic things. At a summer solstice party. Will make some frittata and some vegetarian falafel scotch eggs to bring and share

    I've made my list, ready to stick to it and see how well we do! I've abandoned Sainsburys completely now. I feel like I always walk out with hardly anything buy a stinging wallet!
    I'm a Board Guide on the Marriages & Family,
    Old Style, Mortgage Free Wannabe, Green & Ethical
    boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com
    • MandM90
    • By MandM90 15th Jun 16, 3:27 PM
    • 1,452 Posts
    • 7,623 Thanks
    MandM90
    Beans and rice for dinner tonight. What was meant to be three bean chilli and rice is now two bean chilli and rice...ahhh cutbacks

    I've been thinking a lot about my car today. I bought a 40k car in finer times, which I LOVE, but which costs me nearly 500 a month in the PCP, GAP insurance, car care plan etc

    I think it's time I added a category on YNAB so when the next three years is up I can be sensible and buy a second hand motor cash, or maybe even just a cheaper new one as potential repairs worry me and I like the idea of a warranty.

    I phoned my mobile provider today, it seems on 27th June I can cancel my contract and go SIM only for 15 a month. I've popped it in my diary...every little helps!
    I'm a Board Guide on the Marriages & Family,
    Old Style, Mortgage Free Wannabe, Green & Ethical
    boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com
    • MandM90
    • By MandM90 17th Jun 16, 12:16 PM
    • 1,452 Posts
    • 7,623 Thanks
    MandM90


    Have 1000 in the emergency fund...woohoo!!!
    I'm a Board Guide on the Marriages & Family,
    Old Style, Mortgage Free Wannabe, Green & Ethical
    boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com
    • MandM90
    • By MandM90 14th Aug 16, 11:00 AM
    • 1,452 Posts
    • 7,623 Thanks
    MandM90
    I haven't checked in for a while, so here's the lowdown. We decided to pay off family in full whether they like it or not!

    Also decided just to completely pay off our PCP as that means come remortgage time is September we will be clean as a whistle.

    Well, we totted all this up and realised we were 50,000 in debt (unofficial family loans + car loan). Well, we raided our savings and have funnelled every spare penny into repayment and we've managed to pay off 20,000 so far this year



    I'm hoping spring next year we will be completely done. At which point we're going to split our excess money between mortgage overpayment and low risk long term investments. The fun never ends

    Our family fun has consisted off 1.50 Sunday morning movies with snacks snuck in.

    Grocery shopping hasn't exceeded 45 a week (incl. toiletries, cleaning and cat food) for a few months now. This takes a lot of planning and requires being a Lidl devotee (love that place).

    I've also stopped saving for a holiday next year. We will have enough to pay for a holiday with one months discretionary pay, once we are debt free. The only thing I am saving for is Christmas, as I won't deprive DD of a little festive fun. But our budget will be fairly modest.
    I'm a Board Guide on the Marriages & Family,
    Old Style, Mortgage Free Wannabe, Green & Ethical
    boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com
    • zcrat41
    • By zcrat41 14th Aug 16, 11:08 AM
    • 1,490 Posts
    • 4,037 Thanks
    zcrat41
    That's amazing. How do you do screen shots like that?
    • MandM90
    • By MandM90 14th Aug 16, 12:00 PM
    • 1,452 Posts
    • 7,623 Thanks
    MandM90
    That's amazing. How do you do screen shots like that?
    Originally posted by zcrat41
    I used a budgeting programme called YNAB and the Chrome extension lets me do reports I then create a URL using a website like tinypic (or in this take the URL from where I've posted my progress on a more sophisticated forum!)

    I love the reports. I keep starting lovingly at them. I'll love them even more when we have a positive net worth (though of course I've left my house off - that would make me feel better but wouldn't be so easy to see progress!)
    I'm a Board Guide on the Marriages & Family,
    Old Style, Mortgage Free Wannabe, Green & Ethical
    boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com
    • MandM90
    • By MandM90 10th Nov 17, 3:42 PM
    • 1,452 Posts
    • 7,623 Thanks
    MandM90
    A lot has changed since I last checked in!

    - We finished paying off our debts. It felt like it would never happen, but seemed to snowball once we got going.
    - We both have had income increases. I'm in a job I love, OH is still in financial services which he doesn't love but finds interesting and they're now paying him more money than we've ever seen as a couple.
    - Emergency fund is now up to 10k, with extra pots for the next car, holiday, home maintenance, teeth etc ticking away
    - We went on holiday three times last year and didn't even blink
    - We remortgaged at 1.8% so are now only paying 714 a month.
    - I've started investing and have 4k sitting in Vanguard.
    - We've upped our pension contributions.
    - We've been paying off 1.5k extra a month on the mortgage (and will try and match that in investments) so hoping to have a mortgage for under 100k at the end of the 5 year fix. We currently owe 208,200

    In general life is very good. I just need to remember to be patient and occasionally stop to smell the roses!
    I'm a Board Guide on the Marriages & Family,
    Old Style, Mortgage Free Wannabe, Green & Ethical
    boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com
    • MandM90
    • By MandM90 13th Apr 18, 10:55 AM
    • 1,452 Posts
    • 7,623 Thanks
    MandM90
    Small update:

    - Currently owe 201,925.30, which means we've paid 6,275 since I last posted
    - We've also replaced the front and back doors and the two windows are the front of the house (with handmade wooden sash ones!). Due to have the front and side of the house relandscaped and fenced next month. Managed to cashflow it all and borrow nada!
    - DH has got a new job with an 8k pay rise
    - I've had a small 1k pay rise
    - Once renovations are finished we're hoping to overpay/tuck away 2k per month, which should see the mortgage finished in our early thirties. Woohoo!
    I'm a Board Guide on the Marriages & Family,
    Old Style, Mortgage Free Wannabe, Green & Ethical
    boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com
    • Moneyfordreams
    • By Moneyfordreams 13th Apr 18, 7:12 PM
    • 1,094 Posts
    • 5,435 Thanks
    Moneyfordreams
    fabulous , are you still using YNAB ?
    Mortgage restart June 2018 119950
    zero personal cc
    6x166 for sofas ending November 2018
    2500 on DD1s car cc
    • Miss Money Magnet
    • By Miss Money Magnet 14th Apr 18, 7:24 AM
    • 126 Posts
    • 421 Thanks
    Miss Money Magnet
    Well done on your journey so far, its impressive!
    "Never underestimate the power of small amounts"
    New Mortgage started March 17 236,000 (28 years) NOW 231,500 March 3 18. 68% LTV
    Regular overpayment of 130 (reduces to 22 years)
    Target extra overpayments: ..??
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