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  • FIRST POST
    • michelle09
    • By michelle09 1st Jan 17, 4:24 PM
    • 776Posts
    • 4,281Thanks
    michelle09
    Plodding determinedly up a 300k mountain!
    • #1
    • 1st Jan 17, 4:24 PM
    Plodding determinedly up a 300k mountain! 1st Jan 17 at 4:24 PM
    Hi everyone! I have another thread on here but it is seriously out of date, so I figured I will start afresh. New year, new targets and all that.

    OH and I completed on our first house in May 2016. We had a sizeable deposit due to my ability to save and OH's inheritance. We could have afforded a decent flat but decided to buy a slightly rundown 3 bed end of terraced house and do it up while living in it. This seemed like a much better idea before we were living somewhere with a smashed in door, no hot water and only lighting in part of the house. So far we have plunged 20k into repairs (which sounds like a lot, but the doors, windows, bathroom, cloakroom, boiler, radiators, some of the wiring and floors are brand new). It's certainly been a character building experience, from turning up after completion to finding the old owner still living here, to getting the first batch of wiring fixed and discovering that every lightswitch in the house now turned on the kitchen light, but we are getting there slowly.

    The basic floorplan of the house we love, so once we are finished doing it up it will be brilliant. It's also in a great location, we are in London - hence the obscene price - but we are two minutes from the underground, can be in zone 1 in fifteen minutes from our front door, but can also be on the motorway out of London in the same time by car.

    We are now seeing the light at the end of the repairs, so in 2017 I want to start making a serious dent in our mortgage. I have taken on a second job and we have two friends renting our spare rooms - at mates rates - so it is a good time to start reducing the crazy interest rates!

    Figures -
    House Price: £440,000 *gulps*
    Mortgage: £259,700.00
    Student Loan: £19,103.29
    Repairs Estimate: £20k
    Monthly Mortgage Repayment: £940.87. 1.74% interest, lifetime tracker.


    I know that students loans are not a problem debt, but our aim is to try and clear the whole lot by the time OH is 40. Which gives us 13 years. This might be too much of a reach, but I would rather aim high and fall slightly low than not push. Though I may be relying on OH's lottery tickets actually paying off!

    Going to check out other diaries too, hopefully the support here will help.
    Last edited by michelle09; 01-01-2017 at 4:37 PM.
Page 11
    • michelle09
    • By michelle09 4th Feb 18, 6:44 PM
    • 776 Posts
    • 4,281 Thanks
    michelle09
    Thanks. The foot is a pain KC, and being a little ambitious on stairs with my crutch seems to have pulled a muscle in my chest. Can't flipping win, and I am trying not to let it get me down!

    This weekend we have been celebrating OH's birthday. We ordered pizza and I put together a few things like a new GoT oven glove, and a couple of tshirts. His sister felt that she'd not done enough recently and has just got a huge payrise so sent a PS4 and a flight to visit her in the US. Was a little overshadowed but OH is super happy with everything so it's been a good day.

    My other SiL, BiL and nieces came round yesterday. I did a quick shop in Asda Friday night to pick up picnic type food (kitchen will be done tomorrow) and picked up a couple of baguettes for 15p each, pork pies at 10p for a pack of four, 8 gluten free sausages for 60p and a selection of Pukka pies for 25p each. Gotta love the reduced counter.

    Current Balance: £245,800.00
    • beanielou
    • By beanielou 5th Feb 18, 7:44 PM
    • 54,122 Posts
    • 214,701 Thanks
    beanielou
    Glad your OH had a lovely birthday
    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.
    • michelle09
    • By michelle09 18th Feb 18, 9:27 AM
    • 776 Posts
    • 4,281 Thanks
    michelle09
    Whoops, it's been a while! Things have been up and down.

    Money wins
    Picked up extra tutoring work, realised that in 2017 I made £1100 all year. So far in 2018 I'm up to £600. Maybe I wasn't completely mad to think this might be a good career switch if the PhD applications don't come off.

    OH should have been home from work at 7am but is still stuck at work. Rubbish, but at least he's had the overtime agreed so he's being paid. I'm less worried than I used to be when he had to drive after this!

    Car failures
    Just when you think that the finances are starting to be pulled back under control the car engine light flips on! Two weeks before the service and MOT was due.

    £500 for the service later and we have discovered that there is a crack in a duct somewhere and water is leaking into the engine. The spark plugs were dripping. Annoyingly, we have to go to a Ford garage to get the parts replaced so that £500 didn't actually fix it.

    House Repairs
    The kitchen is done and I love it! There seems to be a slight glitch with the fridge but the fitter came back and will be back in a week to see if it needs replacing. We can still use it in the meantime though.

    Have started to put the living room back together. Our new dining table and chairs are arriving on the 27th, and I am very excited (not that eating on our bed / the sofa hasn't been an experience). In order to make space, I'm moving one of the book cases to the spare room. All of the wooden furniture in the spare room is grey so I am using my spare time to paint it grey, hopefully it'll be done this week.

    Next week someone is coming to rewire our middle floor so all of the lights will be activated by the right light switch. We have just bought all the replacement switches / sockets and light fittings to replace the tobacco stained ones we currently have.

    We are so close to finishing. I turn 30 in the summer and I am really keen to be done by then. It would be nice if some of the internal door fitters would actually get back to me this for quotes though!

    Current Balance: £245,800.00
    • Karmacat
    • By Karmacat 18th Feb 18, 9:45 AM
    • 29,221 Posts
    • 167,003 Thanks
    Karmacat
    No wonder you've been absent for a tiny while - good news all round there, thats a lot of plus points
    Retired August 2016
    • greent
    • By greent 18th Feb 18, 12:42 PM
    • 7,012 Posts
    • 71,607 Thanks
    greent
    It's all sounding very positive, michelle
    x
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786. 2018 OPs (#18) £877.49/£4000
    Net sales 2018 £495.54/£1000 PAYDOX18 (#15) £13869.38/£18694.38
    • CathT
    • By CathT 18th Feb 18, 2:52 PM
    • 5,552 Posts
    • 38,677 Thanks
    CathT
    Home improvement are sounding great!
    May 2018 -
    part 1 - £77,906
    part 2 - £45,391
    Total - £123,297
    • Goldiegirl
    • By Goldiegirl 18th Feb 18, 4:40 PM
    • 8,330 Posts
    • 48,853 Thanks
    Goldiegirl
    Glad the kitchen is done and the rest of the house is taking shape
    Early retired - 18th December 2014
    If your dreams don't scare you, they're not big enough
    • beanielou
    • By beanielou 18th Feb 18, 8:02 PM
    • 54,122 Posts
    • 214,701 Thanks
    beanielou
    Boo to car but great news on the rest
    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.
    • shangaijimmy
    • By shangaijimmy 18th Feb 18, 9:46 PM
    • 2,721 Posts
    • 13,441 Thanks
    shangaijimmy
    W
    Next week someone is coming to rewire our middle floor so all of the lights will be activated by the right light switch.
    Originally posted by michelle09
    Love it!! I tried my hand at electrics once and tried to fit an extra light in the garage. I thought i'd done a great job until the thing wouldn't switch off!!
    MFW: Turning June 2036 into March 2025... 38//120 Payments Challenge, Diary Reduction £40,984.38
    Aug 2009: £163,051 // Current: £95,015.63 // Avg Daily Interest £4.27
    MFiT-T4 #8 - 74.24% of £41,000
    • Busy Mee1
    • By Busy Mee1 21st Feb 18, 7:35 AM
    • 599 Posts
    • 2,712 Thanks
    Busy Mee1
    Hi Michelle just catching up. The new kitchen sounds fab. Do you think you will ever move out of London to cash in on the house ?
    • michelle09
    • By michelle09 28th Feb 18, 8:04 PM
    • 776 Posts
    • 4,281 Thanks
    michelle09
    Thank you everyone! Jimmy - you're entirely right not to. Turns out the reason we haven't had working light switch for two years is because the previous owner (the king of how not to DIY) incorrectly wired the middle floor. The electrician took a light switch off the wall and went 'this is wrong, and the wrong type of switch'. Put on the right type of switch for £55. But we now have working light switches and a brand new working fuse box.

    BusyMee - I think OH is already planning on it! We'd lose a lot of money if we moved now, house prices in London have stagnated / dropped and a house opposite us has just failed to sell for 10k more than we paid. Doesn't even cover the stamp duty. (Bizarrely there are 2 bed flats selling for £50k more than we paid a couple of minutes walk up the road. I don't get the housing market).

    We also had all the sockets/switches/light fittings replaced with new white ones. The previous owners were smokers so everything was brown tinged. Not a big deal but it's very exciting that we are fixing the small things now. Just need to save to replace the internal doors and redecorating the whole house now.

    Couple of slight down turns - the new fridge has a bit of a problem, lots of condensation is building up at the back. The fitter noticed it and is contacting Bosch. We also had our new dining delivered and there is clearly a dodgy hinge. We love the table and chairs, so hopefully they will come and replace the hinge and we will be sorted.

    However, I have an interview for the post I had a meeting for last month! The news had me grinning like an idiot all day. It'll be a £20k pay cut so not very MSE, but it's a dream position so I am very happy. I have another meeting with both potential PhD supervisors on Friday, as long as the weather doesn't put people off.

    The weather has knocked my whole winter of barely using the heating out of kilter. But needs must. And I've started investigating September holidays - they are all very exciting but also not very MSE.

    Current Balance: £245,800.00
    • michelle09
    • By michelle09 28th Feb 18, 8:11 PM
    • 776 Posts
    • 4,281 Thanks
    michelle09
    February 2018 Figures
    Parent Loan (0% interest): -£1500.00
    Mortgage Balance (1.24% interest): -£245,800.00
    Student Loan (1.5%): -£17894.12
    Remaining Repair Estimate: -£8,000.00
    Current Savings: £6699.87
    Total: -£266,494.25


    2018 Targets:
    1.
    Pay back £1500 parent loan Set for March. Parents have offered to extend into April if we need to due to car, but will try not to.
    2. Complete all house repairs Internal doors and redecorating. Going to leave March and get quotes in April.
    3. Reduce overall figure to £240k £1500 closer to this. Car really didn't help! If I get PhD I will revise this figure.
    4. Build up £10k emergency fund £5k. No further work.
    5. Find a new job Writing my presentation for interview!
    6. Lose excess 3 stone Lost 8lbs in February, not convinced it's an accurate figure, but definitely lost the double chin that was starting to appear.
    • beanielou
    • By beanielou 28th Feb 18, 8:39 PM
    • 54,122 Posts
    • 214,701 Thanks
    beanielou
    Ooh great news on the interview.
    Lots of positive vibes your way
    Great weight loss
    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.
    • Kittenkirst
    • By Kittenkirst 28th Feb 18, 8:47 PM
    • 1,892 Posts
    • 10,153 Thanks
    Kittenkirst
    Wow 8lbs is a great loss in a month- well done you especially with your crutches and over- exertion on them
    2018 MFW #20 - OP £1799.61/ £3000 60%
    Mar: £218 Apr: £528.91 May: £361.07

    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    Overpayments 2016 £255.50 2017 £2600.40
    • Tropically
    • By Tropically 1st Mar 18, 9:39 AM
    • 253 Posts
    • 742 Thanks
    Tropically
    Wow well done, I hope you get the job! Is the PhD separate from the dream job or are they one?

    Those small things like the light switches can make such a difference.
    Mortgage started at £318,000 in June 2016. Original MF - 2041
    2017 OPs: £7000/£7000
    Mortgage in Nov 2017 - £297,808
    • smallholdingsister
    • By smallholdingsister 1st Mar 18, 9:42 AM
    • 3,591 Posts
    • 30,128 Thanks
    smallholdingsister
    Great news on weight loss and fingers crossed for the interview.
    • shangaijimmy
    • By shangaijimmy 1st Mar 18, 10:31 AM
    • 2,721 Posts
    • 13,441 Thanks
    shangaijimmy
    Onwards and upwards (or downwards?). great progress on all fronts.
    MFW: Turning June 2036 into March 2025... 38//120 Payments Challenge, Diary Reduction £40,984.38
    Aug 2009: £163,051 // Current: £95,015.63 // Avg Daily Interest £4.27
    MFiT-T4 #8 - 74.24% of £41,000
    • Karmacat
    • By Karmacat 1st Mar 18, 1:41 PM
    • 29,221 Posts
    • 167,003 Thanks
    Karmacat
    Michelle, thats a great set of updates! And lots and lots (and lots) of positive vibes for the interview.
    Retired August 2016
    • michelle09
    • By michelle09 3rd Mar 18, 10:22 AM
    • 776 Posts
    • 4,281 Thanks
    michelle09
    Thanks everyone. Tropically, it is the PhD studentship. I am calling it a job as it will "pay" a £1400/month stipend. It's all one.

    Despite the snow I had a meeting with both supervisors yesterday. Since there are 10 studentships up for grabs and more than 10 projects, I think the supervisors are now fighting for funding. (Cynical much). It's only a 30 minute interview, both the supervisors claimed it's a long one, but it's been years since I had an interview under 2 hours so that's not phasing me.

    Bad news - the car is still broken. The new Ford garage seem good and charged us £400 to fix the cracked parts that are causing water to drip on the engine. Unfortunately they then took it for a test drive and the check engine light came back on. Three of the wheels are damaged and a sensor has gone. Hopefully they will get it back to us on Monday. So much for building up the savings this month...

    The snow is leaving! Which is wonderful. It's been a royal PITA getting to and from work this week. Not intending on leaving the house this weekend. Have finished painting my bookcase for the spare room this morning (if it doesn't come in grey, just paint one of your existing ones!) and will now do some clearing out.

    Yesterday I stopped in Iceland on the way home and decided to having a cooking session. I have never eaten calzone as I've not seen a gluten free one, and I've been gluten free since my teens. So I bought the ingredients to make a pizza dough and had a bash myself.

    I can't comment on quality (though I liked it) but OH said that with a bit more cheese and some tidying up of the dough round the edge, it would have been identical to the ones he orders in restaurants. So a happy stodgy meal was enjoyed by us both.

    Rounded up yesterdays mortgage payment so we have a lovely round number.

    Current Balance: £245,000.00
    • smallholdingsister
    • By smallholdingsister 3rd Mar 18, 11:36 AM
    • 3,591 Posts
    • 30,128 Thanks
    smallholdingsister
    Calzone YUM. I was very annoyed when pizza express stopped doing them.
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