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  • FIRST POST
    • Moominmamma89
    • By Moominmamma89 1st Sep 16, 8:58 PM
    • 217Posts
    • 376Thanks
    Moominmamma89
    Baby steps towards mortgage freedom
    • #1
    • 1st Sep 16, 8:58 PM
    Baby steps towards mortgage freedom 1st Sep 16 at 8:58 PM
    Hello Everyone

    After lurking for around the last two years and being inspired by so many other diaries I thought it was about time to start my own.

    Me and DH are both 27 and this is the fourth house we have lived in - in fact it was the only one we ever had to re-mortgage as we managed to stay put until the initial fix came to an end! We currently have a little boy (5 yrs) and a little girl who arrived 10 weeks ago.

    Our house is a three bed Victorian terrace which we brought for £170k in 2014 on a 95% mortgage. We re-mortgaged in June this year at 80% with a 2.99% interest rate and fixed for 5 years - the house was revalued at £192k as we had put the original third bedroom back by taking out an en-suite.

    Our long term aim is to be mortgage free by the time we are 40 and if we stay in this house I think it will be just about possible, however it sometimes feels a little small and we would like another baby in the future so I doubt this will be our forever home. So in the short term we are aiming to have the mortgage down to 60% LTV for when the current fix ends in June 2021 which is around £115,200.

    To reach our target I have worked out that we need to be making over payments of around £250 a month which so far we have managed but I think this may become trickier once my maternity pay tails off.

    I am hoping having a diary and de-lurking will help keep me motivated.
    Last edited by Moominmamma89; 11-01-2017 at 4:21 PM.
Page 11
    • Florence J
    • By Florence J 10th Oct 17, 6:50 AM
    • 1,893 Posts
    • 11,183 Thanks
    Florence J
    Such a great achievement on your mortgage, well done!

    Have a drink on me.

    Sealed Pot Challenge 11 #553
    £1000 Emergency Fund Challenge #253
    Wombling free 2017 = £2195.92
    Pay off all your debts by Xmas 2017 #53 (£3168.45/£3000)
    February 2018 Credit Card Debt: £3885
    • ch4rly2002
    • By ch4rly2002 10th Oct 17, 11:05 AM
    • 358 Posts
    • 1,508 Thanks
    ch4rly2002
    Fantastic news on the offer...and first time buyers to boot! That really is great. Keeping fingers crossed that it all goes smoothly and will be sorted quickly for you guys It's fab that Mr Moomin is helping with fleabay... I might have to enroll the help of my DH rather than it being all on me
    Savings: Aim £13.5k. Dec 2016 £1,700 / Feb 2018 £12,350
    Mortgage: Dec 2014 -£216,000 / Mar 2018 -£191,390
    BTL Mortgage: Dec 2014 -£136,000/ Feb 2018 -£123,400
    CC 0%: Nov 2016 -£4,500 / Feb 2018 -£3,368.27
    Loan to In-Laws: Sep 2010 -£48,185.82 / Mar 2018 -£30,065.49
    Student Loan: March 2011 -£18,275.04 / April 2017 -£14,003.85
    • Moominmamma89
    • By Moominmamma89 10th Oct 17, 8:12 PM
    • 217 Posts
    • 376 Thanks
    Moominmamma89
    Thank you both - I have everything crossed it will all go through smoothly this time, I don't even want to think about having to do anymore viewings.

    Ah yes Ch4rly I just find it so hard to motivate myself so hoping between us we can shift some of our junk as I don't fancy taking it with us.

    I am upto £21 on YouGov but my god it's been a bit of a slog. I will push on to £50 but don't think I will continue afterwards. We will possibly make one more OP but not sure atm, I will keep updating - hopefully with fleabay progress!

    Wish me luck
    • ch4rly2002
    • By ch4rly2002 11th Oct 17, 11:50 AM
    • 358 Posts
    • 1,508 Thanks
    ch4rly2002
    Good luck
    Savings: Aim £13.5k. Dec 2016 £1,700 / Feb 2018 £12,350
    Mortgage: Dec 2014 -£216,000 / Mar 2018 -£191,390
    BTL Mortgage: Dec 2014 -£136,000/ Feb 2018 -£123,400
    CC 0%: Nov 2016 -£4,500 / Feb 2018 -£3,368.27
    Loan to In-Laws: Sep 2010 -£48,185.82 / Mar 2018 -£30,065.49
    Student Loan: March 2011 -£18,275.04 / April 2017 -£14,003.85
    • Moominmamma89
    • By Moominmamma89 18th Oct 17, 8:14 PM
    • 217 Posts
    • 376 Thanks
    Moominmamma89
    No posting has yet been done on Fleabay - betting none of you are surprised . TBF to me I seem to have caught the lurgy from a colleague and my head has been thumping. Not helped by the fact it is half term but we managed a walk today and Munchkin spent ages oohing and ahhing over all the Halloween decorations in Mr T before I dragged him round the aisle to ooh and ahh at the Christmas ones .

    Surveyor for our buyer is coming Monday so fingers crossed it goes well and solicitors are saying completion by end of November may be possible which means Christmas in the new house.

    Hope everyone is having a good week x
    • Moominmamma89
    • By Moominmamma89 25th Oct 17, 1:58 PM
    • 217 Posts
    • 376 Thanks
    Moominmamma89
    Well survey was done on Monday and guy said his report would be with lender that evening so I am hoping the fact I've heard nothing means it came back all clear! We thing we will be out of here by mid/end November so I am not sure what to do with the Nov OP I have budgeted on my spreadsheet. The sensible part of me says to OP it still whereas the other part of me wants to spend it on Xmas as in my excitement at getting into a bigger house offered to host everyone in my family (Mr Moomins are too far to want to travel down).

    Last week of half term this week and I was only in work Tuesday and have booked holidays in so not back in until November which is nice. Took kids to the fabric shop today and Munchkin helped me pick out some Xmas fabric to make some bags for my nieces.

    Otherwise no news - hope everyone is having good weeks x
    • Moominmamma89
    • By Moominmamma89 26th Oct 17, 12:12 PM
    • 217 Posts
    • 376 Thanks
    Moominmamma89
    Is it just me or has this been a long month? I will be glad when payday rocks round next week. Half term hasn't helped as I try to get everyone out at least in the morning which often ends up picking up a few bits in the shop.

    Button is having her nap and Munchkin is plugged into Frozen but think I may take them out to Ikea later to have a look at a new bed for Munchkin. Will not buy it until we have exchanged thou and then set it straight up in the new house.

    Talking of the new house we have been painting and cleaning at it for the last few weeks and it is starting to take shape - I'm hopping on nails hoping nothing stops the sale going through as getting very excited now!

    Hope everyone's weeks are going well x
    • Moominmamma89
    • By Moominmamma89 27th Oct 17, 12:09 PM
    • 217 Posts
    • 376 Thanks
    Moominmamma89
    Buyer has confirmed that their mortgage offer all came back yesterday so I am assuming nothing has been flagged - phew! I didn't think there would be but it's always a worry. She is now going to push her solicitor to hurry up with the searches so me and Mr Moomin have a weekend of painting ahead of us.

    Went for our walk this morning and picked up some chocolate for the trick or treaters (is it bad I'm hoping we get none so I can eat it all ) I figure as Halloween falls on Tuesday we may get some this weekend. We are going to the pumpkin farm tomorrow to get one for the front window so everyone knows we are "Halloween Friendly". We don't tend to get many mind - last year we had two and they were about three hours apart. The little girl who came last must have thought she hit the Halloween jackpot as we keep saying she could pick more from the bowl.

    Hope everyone has a good weekend x
    • Moominmamma89
    • By Moominmamma89 1st Nov 17, 1:34 PM
    • 217 Posts
    • 376 Thanks
    Moominmamma89
    Have spent the morning packing up books and DVDs - managed to put a few things aside that we no longer want to take with us so going to load those up online later this week to see if I can sell them - we are hoping to exchange next Friday with completion the week after.

    Have also done some studying today and two loads of washing so productive day so far. Mr Moomin has two more rooms to finish painting at the new house and then we can start moving some furniture and stuff across.

    x
    • Moominmamma89
    • By Moominmamma89 7th Nov 17, 12:57 PM
    • 217 Posts
    • 376 Thanks
    Moominmamma89
    Hello everyone.

    We should get our completion date this week - we are hoping the 24th but more likely to be 30th. As long as we are out by December I will be happy. No fleabaying has taken place but I have someone coming to pick a small box of books up on Saturday so will get £13ish for that.

    I am well into Xmas planning now and have most things for the kids brought so have to move onto family presents now - hoping to have it all done by November so I can wrap early December and then just enjoy the run up to Xmas.

    Hope everyone is having a good week x
    • Moominmamma89
    • By Moominmamma89 13th Nov 17, 12:33 PM
    • 217 Posts
    • 376 Thanks
    Moominmamma89
    Still no exchange or completion date - I think we are just impatient, our first house was a repo and had to be completed 28 days from offer so after that experience anything over 28 days feels like ages!

    I have started to pack and shift out what is unwanted but I never realised how much stuff we have shoved into our cupboards - I am also hunting for my nieces Xmas presents which I brought a while back when reduced and now can't find! The trouble is our stuff is spread between both houses and I only have a rough idea of where things are.

    No MSE news to report still plugging away at YouGov and waiting for payment for the book/DVDs I sent last week.

    Off to give blood this evening so will get an hours peace to read a book (surely I'm not the only parent that looks forward to getting jabbed with a needle for this reason).

    Hope everyone has a good week x
    • Moominmamma89
    • By Moominmamma89 26th Nov 17, 6:36 PM
    • 217 Posts
    • 376 Thanks
    Moominmamma89
    Just a quick update as things here are manic - have exchanged and will complete Tuesday. Have spent the last week moving things into new place and building Ikea furniture - we had inbuilt cupboards at the old house but none here so needed storage!

    I have also managed to catch a cold and have felt awful whilst moving and I don't think just eating junk has helped but I couldn't face proper cooking in the middle of all this muddle. Will be back next work hopefully with news of completion having taken place and a proper update.

    Hope everyone has a good week ahead x
    • ch4rly2002
    • By ch4rly2002 27th Nov 17, 9:31 AM
    • 358 Posts
    • 1,508 Thanks
    ch4rly2002
    Sounds like you've had a lot on! Hope all goes well with the move and look forward to hearing an update when it's all behind you
    Savings: Aim £13.5k. Dec 2016 £1,700 / Feb 2018 £12,350
    Mortgage: Dec 2014 -£216,000 / Mar 2018 -£191,390
    BTL Mortgage: Dec 2014 -£136,000/ Feb 2018 -£123,400
    CC 0%: Nov 2016 -£4,500 / Feb 2018 -£3,368.27
    Loan to In-Laws: Sep 2010 -£48,185.82 / Mar 2018 -£30,065.49
    Student Loan: March 2011 -£18,275.04 / April 2017 -£14,003.85
    • Moominmamma89
    • By Moominmamma89 19th Dec 17, 8:24 PM
    • 217 Posts
    • 376 Thanks
    Moominmamma89
    Sneaking back in having been very neglectful of my diary these last few weeks! Moving house and getting ready for Xmas is my excuse and not an experience I would recommend or repeat again anytime soon!

    I have been popping in to keep up to date with other people!!!8217;s diaries but as soon as I tried to sit down and update my own something cropped up and I never managed it. I did join the MFW 2018 challenge with a target of £10,000 as I want to add to the equity we go out of our last house which is sitting in Mr Moomin!!!8217;s premium bonds. After the sale we have just over £46,000 which we split:

    - 35,000: Into PBs for when we come to buy again
    - 10,000: New furniture
    - 1,000: Splitting between me and Mr Moomin as we both need new clothes

    Remaining couple of hundred we are unsure about but hoping I can stick straight into PBs and count towards 2018!!!8217;s target.

    The £ 10,000 on furniture looks very excessive but we were still using a lot of furniture we had when we first moved in together in 2009 plus Munchkin needed a new bed and we wanted to get him a desk for his room. We also got a new sofa as the old one we inherited when we moved into our old place and it had seen better days even then and as mentioned before we needed wardrobes as no inbuilt storage.

    It!!!8217;s hard to not try and justify it all the time but I knew if we didn!!!8217;t upgrade our stuff now when we had a chunk of money we never would as anytime we save it always is needed for elsewhere if that makes sense? There is still roughly £4,000 left in the furniture fund we haven!!!8217;t spent and we don!!!8217;t think we need to but there is something I would personally like to use the money for instead so we will see what happens.

    Anyhoo that means if I reach my 2018 target of £10,000 we should have £45,000 in PBs by the end of the year.

    I will probably start a new diary (which I can hopefully put a link in here for) in the new year as it is a new start. I am planning to put in a complete S of A to see where any savings can be made and hopefully reach my target.

    Hope everyone is well and enjoying the run up to Christmas - I am planing on posting again soon xx
    • ch4rly2002
    • By ch4rly2002 20th Dec 17, 10:42 AM
    • 358 Posts
    • 1,508 Thanks
    ch4rly2002
    I'm glad everything went well with the sale, and what a great amount to put away and spend on things you wouldn't normally have the opportunity, or personal justification, to buy. I totally agree with your approach, save the majority but spend on what you have neglected
    I'll be interested in seeing if you win much on the premium bonds. DH and I have £8.5k between us and have won two £25 prizes this year. I'm hoping you'll win more with having much more in the PBs than us, so please do update if you win!
    Hope you have a good Christmas and New Year in your new home x
    Savings: Aim £13.5k. Dec 2016 £1,700 / Feb 2018 £12,350
    Mortgage: Dec 2014 -£216,000 / Mar 2018 -£191,390
    BTL Mortgage: Dec 2014 -£136,000/ Feb 2018 -£123,400
    CC 0%: Nov 2016 -£4,500 / Feb 2018 -£3,368.27
    Loan to In-Laws: Sep 2010 -£48,185.82 / Mar 2018 -£30,065.49
    Student Loan: March 2011 -£18,275.04 / April 2017 -£14,003.85
    • Moominmamma89
    • By Moominmamma89 21st Dec 17, 10:58 AM
    • 217 Posts
    • 376 Thanks
    Moominmamma89
    Thanks ch4rly - until now Mr Moomin has only had about £280 in his PB and has not won anything (unsurprising) but we use mine to save for Munchkin's school fees which we pay annually. I started the year with about £14k and I'm now sitting with about £24k and if memory is correct I have won just over £400 in prizes this year which I'm more than happy with as I wouldn't get that in interest.

    We have our options set to reinvest any prizes won so mine get added to the school fee savings but Mr Moomin's will get added to the deposit fund.

    I have been redoing our budget now we are in the new house and think we have room to save about £6,500 towards our 2018 target so will need to try and find another £3,500. So will be getting my thinking cap on as to how to achieve that.

    Hope everyone is well x
    • Moominmamma89
    • By Moominmamma89 23rd Dec 17, 3:19 PM
    • 217 Posts
    • 376 Thanks
    Moominmamma89
    Spent this morning collecting meat from the butcher and last bits of Xmas prep. Have some baking left to do tonight and tomorrow but all in all pretty much ready for Xmas now.

    Happy Xmas Eve Eve everyone x
    • Moominmamma89
    • By Moominmamma89 30th Dec 17, 8:57 PM
    • 217 Posts
    • 376 Thanks
    Moominmamma89
    Evening All - hope everyone has had a lovely Christmas

    I have eaten far too much and moved way too little - this is not good for an aspiring personal trainer . My Fitbit is charging and I'm feeling motivated to getting back on track (starting January 1st)!!!

    I am hoping to set up my new diary on Monday so will have a little while to decided on my final resolutions.

    Hope everyone has a nice time tomorrow night x
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