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  • FIRST POST
    • sarahevie1
    • By sarahevie1 10th Apr 15, 12:36 AM
    • 513Posts
    • 2,681Thanks
    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 33
    • sarahevie1
    • By sarahevie1 30th May 18, 12:10 AM
    • 513 Posts
    • 2,681 Thanks
    sarahevie1
    Doing my month end a little early as having a bit of a break.

    Utilities including mortgage
    429.86 This is remaining pretty steady

    Petrol
    140.59Aim to decrease this a little. Again seems fairly consistent. Each time I work it's a 16 mile round trip.

    Food
    156.88 Back on track with this

    Childcare
    332.10 Managed to get my childcare back, just need to see whether the increased hours at work, justify the cost.

    Clothes
    112.12 Extravagant but we all needed some. I do so well with clothes as a friend gives me all her daughters old ones, and they are always designer/high end high street. However,the girls needed a couple of new pairs of shoes each and I only buy decent ones usually Clarks or branded trainers.

    Dancing
    56 The girls activities remain important.

    Cash
    150
    Brownie residential, brownie subs, fee for a dancing show, school trips.

    Hol
    90 spending a couple of nights in Scarborough in August.

    Presents
    42.43

    Social
    60.98 four meals out with friends.

    Money spent 1657.96
    Money earned 2058.60
    Mortgage 1 - 29000 Value 283000 (Mortgage val survey Sept 15.) 22 years 3 monthsOPs 86167ithout OPs balance 119000
    Mortgage 2 - 100000 Value 185000 (Purchase price 2007.) 15 years 11 months
    Original Mortgage debt 300,000 - Now 129000
    • sarahevie1
    • By sarahevie1 30th May 18, 12:13 AM
    • 513 Posts
    • 2,681 Thanks
    sarahevie1
    Year so far

    Earned
    9209.63

    Money spent
    5829.95
    Mortgage 1 - 29000 Value 283000 (Mortgage val survey Sept 15.) 22 years 3 monthsOPs 86167ithout OPs balance 119000
    Mortgage 2 - 100000 Value 185000 (Purchase price 2007.) 15 years 11 months
    Original Mortgage debt 300,000 - Now 129000
    • beanielou
    • By beanielou 30th May 18, 8:33 AM
    • 56,226 Posts
    • 227,343 Thanks
    beanielou
    Your figures are looking good
    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. MFW 2018. No 144
    • sarahevie1
    • By sarahevie1 11th Jun 18, 10:37 PM
    • 513 Posts
    • 2,681 Thanks
    sarahevie1
    Savings up to 7000. Will need to start spending these soon with the house move edging ever closer.

    Had a really lovely week away in the sun, but come back to feeling quite fed up.

    I think it's a combination of things, not sure I want to move anymore. Don't like the new house, it's practical and I've got it for a very good price, but I'm a bit sick of being sensible.

    I'm really fed up at the thought of plodding on being frugal for another 10/20 years, forever... Jealousy is a hideous trait but my new tenants went to a very expensive private school in London and they are a bit rich kids of instagram and it's actually really getting to me.

    Anyway 11 days until I get paid from my main job and with 550 left in the current account, every penny counts for yet another month.
    Mortgage 1 - 29000 Value 283000 (Mortgage val survey Sept 15.) 22 years 3 monthsOPs 86167ithout OPs balance 119000
    Mortgage 2 - 100000 Value 185000 (Purchase price 2007.) 15 years 11 months
    Original Mortgage debt 300,000 - Now 129000
    • sarahevie1
    • By sarahevie1 13th Jun 18, 10:33 PM
    • 513 Posts
    • 2,681 Thanks
    sarahevie1
    Having a much better day.

    Went out for tea whilst the older girls had a longer than normal brownie meeting. Wetherspoons 4.39, just what I needed with some friends.

    Swimming with DD3 and work this morning. Filled up two big bags of yellow stickered items for 5.50, so shopping budget looking better.

    The problem I find is that it's often fattening things. Had a lovely chicken, bacon, avocado sandwich for lunch from Morrisons reduced to 20p, but don't think it was the healthiest. Was very tasty though
    Mortgage 1 - 29000 Value 283000 (Mortgage val survey Sept 15.) 22 years 3 monthsOPs 86167ithout OPs balance 119000
    Mortgage 2 - 100000 Value 185000 (Purchase price 2007.) 15 years 11 months
    Original Mortgage debt 300,000 - Now 129000
    • CathT
    • By CathT 14th Jun 18, 7:26 AM
    • 5,665 Posts
    • 39,537 Thanks
    CathT
    Good fats from the avocado though.

    The fact it was only 20p would negate the rest for me even though I am a dedicated calorie tracker!
    August 2018 -
    part 1 - 76,136
    part 2 - 45,033
    Total - 121,170
    • sarahevie1
    • By sarahevie1 6th Jul 18, 1:03 PM
    • 513 Posts
    • 2,681 Thanks
    sarahevie1
    Will track June's spending shortly just not been on top of it really.

    Outside influences have been upsetting me (would like to say more than normal, but I'm a sensitive soul and find I can worry about trauma in the world regularly.)

    Those boys in Thailand have been praying on my mind, especially with the devastating death of the Navy Seal.

    Had a really hard time turning round the tenancies and moving in the new tenants that I've got a valuer coming round to see what the BTL is worth. I'm not sure I can continue with a HMO anymore, it is just so expensive and time consuming to maintain.

    My car's engine gave up so I've had to scrap it. I've applied for a couple of new jobs.
    Mortgage 1 - 29000 Value 283000 (Mortgage val survey Sept 15.) 22 years 3 monthsOPs 86167ithout OPs balance 119000
    Mortgage 2 - 100000 Value 185000 (Purchase price 2007.) 15 years 11 months
    Original Mortgage debt 300,000 - Now 129000
    • sarahevie1
    • By sarahevie1 20th Jul 18, 10:06 PM
    • 513 Posts
    • 2,681 Thanks
    sarahevie1
    Later than normal but June spends

    Money In
    2308.09

    Out
    1306.03

    Utilities/Mortgage 569.23 (Higher than normal but includes 150.50 for annual TV licence.)
    Travel 148.10 train tickets but includes family trips to Newcastle, Manchester etc.
    Petrol 47.82 (cheaper than normal but didn't have a car for a couple of weeks when my engine failed.)
    Solicitor costs 245.76 (relate to the new house purchase.)
    Food 68.15
    Cash 226.97 (includes clubs, social, food.)

    Year to date

    Money in 11518.52
    Spent 7135.98
    Mortgage 1 - 29000 Value 283000 (Mortgage val survey Sept 15.) 22 years 3 monthsOPs 86167ithout OPs balance 119000
    Mortgage 2 - 100000 Value 185000 (Purchase price 2007.) 15 years 11 months
    Original Mortgage debt 300,000 - Now 129000
    • sarahevie1
    • By sarahevie1 1st Aug 18, 11:24 PM
    • 513 Posts
    • 2,681 Thanks
    sarahevie1
    Having decided that having any kind of debt is just not good for me, and in my new endeavour to lead an even simpler life, I've put my student house on the market for sale.

    I'm in two minds about this as everytime I look at the ad, (shamefully admitting at least once a day) I think this was my pension, and I *could* live off the income. (I've shown what I can live on over the years, so feel I have a good grasp of this.) Anyhow in the 5 days it has been on the market I've had 7 viewings so shall see what happens.

    The plan with the money is to go into developing. It's something I've done a little in the past but never been able to seriously commit to it due to lack of mortgage ability, finance, fear of paying interest whilst not getting an income during the build etc.

    I've added a timescale to this as my tenants are moving in in September and I don't want them inconvenienced by lots of viewings so I'm basically marketing it until then and will see what happens.
    Mortgage 1 - 29000 Value 283000 (Mortgage val survey Sept 15.) 22 years 3 monthsOPs 86167ithout OPs balance 119000
    Mortgage 2 - 100000 Value 185000 (Purchase price 2007.) 15 years 11 months
    Original Mortgage debt 300,000 - Now 129000
    • sarahevie1
    • By sarahevie1 1st Aug 18, 11:36 PM
    • 513 Posts
    • 2,681 Thanks
    sarahevie1
    July

    Income in 2229.79
    Out 1752.68

    Year to Date

    In 13748.31
    Out 8888.66


    Utilities including mortgage/petrol/phone/CTax 542.04
    Food 203.92
    Gifts 184.77 (July is a very expensive month for me as three close family birthdays, including one of my daughters within a week). I've also been to a friends' wedding this month. I refuse to scrimp with the gifts as quite frankly I live by the principal give what you can, not what you can get away with.
    Cash 60
    Social 173.70 includes a weekend in Newcastle, evening reception at a wedding, trip to a theme park, day out in Manchester (which isn't local to me).
    Child Care 588.25 still undecided whether the extra childcare is justified with the extra income. I have been offered a lucrative research contract from Feb which will bring in an extra 555 after tax (seems a long way off, but will need the childcare to be able to do this.) Will keep reassessing.


    There's been some bumps in the road with the house move, should have been completing in two days time, but still not exchanged. Despite there only being a 50,000 difference between the price I have achieved for my house and what I'm paying for the new house, I need to put 88,000 towards the sale, this covers the stamp duty, legals, estate agent fees and pays off the mortgage. I'm 5,000 short so will owe the bank of Mum and Dad (this will become an absolute priority debt as I hate owing anybody anything and haven't ever borrowed money before.)
    Last edited by sarahevie1; 01-08-2018 at 11:59 PM.
    Mortgage 1 - 29000 Value 283000 (Mortgage val survey Sept 15.) 22 years 3 monthsOPs 86167ithout OPs balance 119000
    Mortgage 2 - 100000 Value 185000 (Purchase price 2007.) 15 years 11 months
    Original Mortgage debt 300,000 - Now 129000
    • sarahevie1
    • By sarahevie1 2nd Aug 18, 4:34 PM
    • 513 Posts
    • 2,681 Thanks
    sarahevie1
    Had an offer for my student house today after exactly 6 days on the market. Lots of viewings booked in for tomorrow/next week, so declined it as it was lower than I'd like. Still not decided if I want to sell, but such a different experience to selling my home.
    Mortgage 1 - 29000 Value 283000 (Mortgage val survey Sept 15.) 22 years 3 monthsOPs 86167ithout OPs balance 119000
    Mortgage 2 - 100000 Value 185000 (Purchase price 2007.) 15 years 11 months
    Original Mortgage debt 300,000 - Now 129000
    • beanielou
    • By beanielou 2nd Aug 18, 7:56 PM
    • 56,226 Posts
    • 227,343 Thanks
    beanielou
    Had an offer for my student house today after exactly 6 days on the market. Lots of viewings booked in for tomorrow/next week, so declined it as it was lower than I'd like. Still not decided if I want to sell, but such a different experience to selling my home.
    Originally posted by sarahevie1
    Wow, that is fast.
    Good idea not to take the offer & see what happens in the next wee while.
    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. MFW 2018. No 144
    • sarahevie1
    • By sarahevie1 10th Aug 18, 11:04 PM
    • 513 Posts
    • 2,681 Thanks
    sarahevie1
    Really tight month had to spend 650 sorting out a leak in the roof and subsequently needed a corner of the room replastering. Also a further 100 spent on materials to paint at the student house.

    This has left me with 90 until payday next Friday, which wouldn't be so bad, but we go to Spain on Thursday so will need to get holiday spends out of the savings I have to move house. (Not ideal but a short term loan.)

    Have really enjoyed redecorating, gardening at the student house and not sure I want to part with it after all. I know I moan a lot about it, and financially the 700 a month mortgage feels like a huge noose, but overall it's been a nice little earner over the years. Have been back through the last 11 years of accounts and overall it has cost me 3000 a year in repairs. With the 15400 I currently get in rent, when the mortgage is paid (14 years to go) it's a nice little salary per annum. I could live nicely from 12400 per year as a single person. Sob sob the girls will be all adults in 14 years (one will be mid twenties ).
    Mortgage 1 - 29000 Value 283000 (Mortgage val survey Sept 15.) 22 years 3 monthsOPs 86167ithout OPs balance 119000
    Mortgage 2 - 100000 Value 185000 (Purchase price 2007.) 15 years 11 months
    Original Mortgage debt 300,000 - Now 129000
    • zcrat41
    • By zcrat41 11th Aug 18, 6:18 AM
    • 1,443 Posts
    • 3,914 Thanks
    zcrat41
    Hello. Just been reading the last page of your diary.

    Does it have to stay as a HMO? Could you rent to a family? I'd imagine half the stress is having a constant turnover of tenants.

    Do you mean developing houses?
    Aim: To o/p the mortgage by 131 pm.
    07/18: 254. Smashed it!
    08/18: On target for 131
    • sarahevie1
    • By sarahevie1 12th Aug 18, 10:48 PM
    • 513 Posts
    • 2,681 Thanks
    sarahevie1
    Hi Zcrat, yes the plan was perhaps to develop houses rather than have the ongoing maintenance of rentals. It's still very much up in the air, as usual, swing from thinking one thing and then the other, I'm sure it will work out.

    Lots of the issue with the HMO is the constant turnover of tenants most definitely, that, and the increasing demands of the student sector and the legislation which comes with it. Unfortunately it is a traditional Victorian terrace on a street of HMOs, in a very studenty area. I did look about 4 years ago at turning it into a family let but there was no demand.
    Mortgage 1 - 29000 Value 283000 (Mortgage val survey Sept 15.) 22 years 3 monthsOPs 86167ithout OPs balance 119000
    Mortgage 2 - 100000 Value 185000 (Purchase price 2007.) 15 years 11 months
    Original Mortgage debt 300,000 - Now 129000
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