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  • FIRST POST
    • SWSEGirl
    • By SWSEGirl 12th Oct 17, 9:02 AM
    • 108Posts
    • 354Thanks
    SWSEGirl
    Mortgage free & able to live the dream!
    • #1
    • 12th Oct 17, 9:02 AM
    Mortgage free & able to live the dream! 12th Oct 17 at 9:02 AM
    Hi all,

    I've followed these boards religiously during my epic daily commute & had a thread over on debt free wannabe - although was terrible at keeping up with it

    My husband & I bought our first flat in London a year ago with 15% LTV & a mortgage of 322,000
    This seems to be miles higher than most people on here. We've got a 35yr term & are currently due to finish paying by time I'm 65 obviously the plan is to pay it off much sooner than this.

    We're both in reasonably well paying jobs & put roughly 1300 in savings a month, we've got a pot of 10k - but I'm now wondering if we should channel 1000 a month to a mortgage OP (this is the maximum OP we're permitted to make without charges). We're currently OP'ing by 200-300 pm. If we OP'd by the maximum we could be mortgage free in 15 years!!!!

    Our ultimate plan would be to buy somewhere close to where we're both from & hold on to our London flat. This is obviously a long way off - but that's what we'd work towards. The problem is I cant work out if we should be paying off our current mortgage quicker or saving for a deposit.

    The added complication is that we would like to start a family in the next year - which will definitely impact one of our earnings & probably our savings pot

    At least this diary will help me stay accountable & help us acheive the end goal!
Page 4
    • SWSEGirl
    • By SWSEGirl 3rd Jan 18, 8:12 PM
    • 108 Posts
    • 354 Thanks
    SWSEGirl
    Happy 2018!

    After a very spendy Christmas I'm back at work tomorrow in my new job. Ive got the proper back to work wobbles, the new job is likely to be full on & is a huge step up. It will also involve me travelling abroad & being away from home a lot. To be honest I'm pretty terrified. However, one of my New Year's resolutions has been to do something that scares me - so this is it!

    The major bonus to my new job is the increased pay until May - I'm going to really try between now & then to maximise our savings & mortgage OP.

    In the spirit of renewed frugality Ive spent the day organising the house, itemising our fridge & stocking up on food for my meal plan. Lunch is ready to take into the office.

    I'll post an updated SOA when I get the chance.

    Over Christmas my husband & I talked at length about our plans to move closer to our family in the next few years, we even looked at a few houses. We'd love to keep our London flat- but all the properties in the areas we love are upwards of 350,000 & there would be no option of me keeping my job if we moved - our earning potential would be hugely reduced. Whilst I could happily stay in London a few more years in order to afford a dream home, my husband wants to leave sooner. Hence OP'ing current mortgage & saving for a second deposit. It all feels a bit unachievable at the moment - bit we'll have to keep trying!
    Original Mortgage as of September 2016 = 322,999 Paid off by 2051
    Current Mortgage Balance as of September 2017 = 316,649
    Emergency Savings = 9,661 10,000 10,500 11,200 11463 12,213 13,000 14,000 18,000
    [/STRIKE]Mortgage OP's Total = 1500 2200 2900 3900 4900 5900 6900 7900
    • SWSEGirl
    • By SWSEGirl 5th Jan 18, 2:34 PM
    • 108 Posts
    • 354 Thanks
    SWSEGirl
    So my second day back at work in my new job, and all going relatively well so far. Happily I brought in lunch - so I'm hoping that today will be an NSD.

    I ran through my finances on my new salary and have set myself some new targets.
    With my increase (only on increased salary until May 18th) - I am aiming to put 1000 towards savings, and my husband plans to add the same. That's a target of 2000 a month, half of which we will put towards the mortgage OP (we are limited to a maximum of 1000 pm), and half into our regular saver.

    We could both potentially get a bonus in March/ April - although this isn't guaranteed. I hope we have the willpower to channel this into savings too if we're lucky enough to get it.

    The other factor that will change things a bit, is that I am due to be away for a month between March/ April for work. This means that during this time all my living expenses will be covered and I want to try and channel an extra 600 into my savings during this time as well.

    When I return I'm planning to have a proper think about work and what I want to do next - the increase in pay up until May will make such a difference to our savings, and I'd love to be able to continue being able to save like this, our earning potential won't be like this for ever after all!
    Original Mortgage as of September 2016 = 322,999 Paid off by 2051
    Current Mortgage Balance as of September 2017 = 316,649
    Emergency Savings = 9,661 10,000 10,500 11,200 11463 12,213 13,000 14,000 18,000
    [/STRIKE]Mortgage OP's Total = 1500 2200 2900 3900 4900 5900 6900 7900
    • SWSEGirl
    • By SWSEGirl 5th Jan 18, 9:43 PM
    • 108 Posts
    • 354 Thanks
    SWSEGirl
    ....It's a double post kind of day!

    Acheived my NSD, so feeling pleased with myself.....

    But now aimlessly browsing the January sales online posting here to demotivate myself.
    Original Mortgage as of September 2016 = 322,999 Paid off by 2051
    Current Mortgage Balance as of September 2017 = 316,649
    Emergency Savings = 9,661 10,000 10,500 11,200 11463 12,213 13,000 14,000 18,000
    [/STRIKE]Mortgage OP's Total = 1500 2200 2900 3900 4900 5900 6900 7900
    • SWSEGirl
    • By SWSEGirl 7th Jan 18, 8:20 AM
    • 108 Posts
    • 354 Thanks
    SWSEGirl
    Lying in bed, enjoying the warm & reluctant to drag myself out at the moment....

    Need to do an exercise video at some point - a cliched New Year's resolution is to eat better & do some form of physical activity- but my motivation is lacking I'm tempted to join the gym next to work & go at lunch times, although I know the gym isn't very MSE - thr payment does help motivate me.

    In other news - had brunch with a friend yesterday with 50% off - followed by drinks. I'm doing dry January, but did buy her a couple of glasses of wine.

    Then last night DH & I watched The Big Short - I was a bit reluctant - but it was great, really fascinating & terrifying to see how yhe 2008 crash happened. It makes me a bit apprehensive about our own mortgage, but its a good incentive for paying it off quicker!
    Original Mortgage as of September 2016 = 322,999 Paid off by 2051
    Current Mortgage Balance as of September 2017 = 316,649
    Emergency Savings = 9,661 10,000 10,500 11,200 11463 12,213 13,000 14,000 18,000
    [/STRIKE]Mortgage OP's Total = 1500 2200 2900 3900 4900 5900 6900 7900
    • SWSEGirl
    • By SWSEGirl 8th Jan 18, 3:15 PM
    • 108 Posts
    • 354 Thanks
    SWSEGirl
    Happy Monday!

    Looking at the week ahead, I'm hoping I should be able to achieve at least a couple of NSD's.

    It's 15 days until payday & I need to rein in spending to stay out of my overdraft. I've worked out I've got around 12 to spend a day to keep within my limit, so this should be do-able - I never seem to be able to stick to this though, so we'll see.

    I'm not sure if I mentioned further up thread that Student Finance started taking deductions again from my salary - I knew I still owed 171, because despite being told I'd finished payments, the information provided by HMRC come September showed I did still owe this small amount.

    Of course, they actually deducted 300 from my salary which was more than I owed - when I phoned them they told me it would take 28 days to stop any further deductions, so I'll also have 350 taken this month. I now have to send in a letter with my payslips as evidence to show I am owed the money back. The person I spoke to on the phone said they would 'consider a refund'!!! This made me pretty mad, since I will have overpaid 680 by then. Ah well, I'll have to put this money straight in savings when it arrives.

    I will be thrilled when I never have to deal with Student Finance again.
    Original Mortgage as of September 2016 = 322,999 Paid off by 2051
    Current Mortgage Balance as of September 2017 = 316,649
    Emergency Savings = 9,661 10,000 10,500 11,200 11463 12,213 13,000 14,000 18,000
    [/STRIKE]Mortgage OP's Total = 1500 2200 2900 3900 4900 5900 6900 7900
    • SWSEGirl
    • By SWSEGirl 9th Jan 18, 1:01 PM
    • 108 Posts
    • 354 Thanks
    SWSEGirl
    Lunch brought in - so hoping for an NSD today.

    Credit card payment came out today - so balance now sitting at 1828 - it feels good to have it below the 2k mark! Still at 0% until September - but with my temporary pay increase I'm upping the repayments to clear it ahead of time. It will feel great to be debt free (aside from the mortgage).

    I've just paid for travel to go skiing in March - it was pretty expensive (360 for 2 of us) - but we don't have to pay for accommodation when we're there, so feels more justifiable. I'm struggling a bit with the spending mentality - I am so keen to save, that even booking a break feels unnecessary & indulgent, but I don't want to miss these opportunities whilst we are still relatively responsibility free!

    Not much else to report - 2 weeks until payday - so trying to stay frugal until then.
    Original Mortgage as of September 2016 = 322,999 Paid off by 2051
    Current Mortgage Balance as of September 2017 = 316,649
    Emergency Savings = 9,661 10,000 10,500 11,200 11463 12,213 13,000 14,000 18,000
    [/STRIKE]Mortgage OP's Total = 1500 2200 2900 3900 4900 5900 6900 7900
    • Tradcob
    • By Tradcob 9th Jan 18, 10:19 PM
    • 92 Posts
    • 202 Thanks
    Tradcob
    Hi SWSEGirl,
    Just catching up with your diary, thanks for posting about your student loan situation, something that i will look out for when the time comes for me. Well done on the promotion and dont be too hard on yourself about breaks, you're saving a fantastic amount, you deserve the odd treat too!
    • SWSEGirl
    • By SWSEGirl 10th Jan 18, 8:15 AM
    • 108 Posts
    • 354 Thanks
    SWSEGirl
    Hi Tradcob!

    Thank you for dropping by, I've been following your diary - sounds like we share a love of fish finger butties

    The student loan issue is really annoying - so many people must be caught out & pay over the odds. My advice is switch to a direct debit the final year of repayments & carefully work out what you owe. I did do this, however, none of the figures from HMRC, SLC or my own workings match!! It has driven me to insanity. I'm just grateful to know it will all be done soon.

    In other news, I didn't have leftovers as such to bring for lunch today (fish fingers for dinner!) But we had ham in the fridge & I hard boiled an egg - so sure I can cobble something together out of this & have an NSD.

    As mentioned yesterday I paid for our holiday - but am finding it a bit frustrating that transactions seem to take so long to show on my FD account - so I'm never quite sure where I am. Ah well - I'll just have to be more organised as a result!
    Original Mortgage as of September 2016 = 322,999 Paid off by 2051
    Current Mortgage Balance as of September 2017 = 316,649
    Emergency Savings = 9,661 10,000 10,500 11,200 11463 12,213 13,000 14,000 18,000
    [/STRIKE]Mortgage OP's Total = 1500 2200 2900 3900 4900 5900 6900 7900
    • SWSEGirl
    • By SWSEGirl 11th Jan 18, 8:53 AM
    • 108 Posts
    • 354 Thanks
    SWSEGirl
    Some musings from my epic commute....

    I've obviously thought a lot about how I'm going to maximise savings on my temporary increase, but I've also started to think of ways I can invest to make life easier when my pay drops again come May. Here are a couple of thoughts - any other suggestions very welcome!

    * Buy a supermarket delivery smart pass - we tend to spend a lot less when we do a big online shop (we don't have a car) - and this would encourage me to meal plan & fewer impulse expensive shops. Online shopping also makes my life so much easier!

    * Clear credit card (1828 remaining). If I can clear this it will be akin to 200 extra in my purse each month.

    This is as far as I've got! Must think of some more....
    Original Mortgage as of September 2016 = 322,999 Paid off by 2051
    Current Mortgage Balance as of September 2017 = 316,649
    Emergency Savings = 9,661 10,000 10,500 11,200 11463 12,213 13,000 14,000 18,000
    [/STRIKE]Mortgage OP's Total = 1500 2200 2900 3900 4900 5900 6900 7900
    • *little.squirrel*
    • By *little.squirrel* 11th Jan 18, 4:37 PM
    • 62 Posts
    • 54 Thanks
    *little.squirrel*
    Just a quick note to say that I'm so glad John Lewis reissued your vouchers! I was pure gutted for you. Yay for good customer service.

    p.s. we do Tesc0 delivery saver and it works really well. We don't have a car either and I find online shopping really reduces the temptation to buy extras, mainly because you don't see them! I'm not sure if its different in London, but I only do midweek deliveries and it only costs me 3.49 a month.
    • SWSEGirl
    • By SWSEGirl 12th Jan 18, 6:52 AM
    • 108 Posts
    • 354 Thanks
    SWSEGirl
    Thanks so much little.squirrel! It was such a relief, I can't tell you!

    And thank you for your tip regarding your delivery pass - I'm going to do some research today.

    Another silly thing I must do is invest in more tupperware so I can take my leftovers in - my flat seems to eat tupperware

    In other news - I'm thrilled it's Friday! I've got no plans tonight (which is fine by me) then I'm seeing my best friends for lunch tomorrow. I also want to schedule a trip to Aldi, so I can get on with some batch cooking for next week.

    Im still deliberatingon whether to get a cleaner....our flat is a bit of a state at the moment & I know we can afford it, but I'm struggling to justify the cost when I'm being so mindful of spending in other areas...I'll stew on this some more!

    Happy friday all!
    Original Mortgage as of September 2016 = 322,999 Paid off by 2051
    Current Mortgage Balance as of September 2017 = 316,649
    Emergency Savings = 9,661 10,000 10,500 11,200 11463 12,213 13,000 14,000 18,000
    [/STRIKE]Mortgage OP's Total = 1500 2200 2900 3900 4900 5900 6900 7900
    • SWSEGirl
    • By SWSEGirl 13th Jan 18, 9:04 AM
    • 108 Posts
    • 354 Thanks
    SWSEGirl
    Well it's early(ish) on a Saturday morning & I'm on a bus destined for Aldi!

    I've got a relatively quiet weekend, so want to ensure I've cooked ALL lunches for the coming week & possibly next. Because work is set to become so busy, I really want to use my downtime to make the busier times easier...and less spendy!

    I'm going to do big batches of meatballs & veggie chilli for starters.

    I'm hoping to get some time to make banana bread this morning - my friend has recently had a baby, I'm seeing her today & don't like to go empty handed. It's also DH's favourite, so will be a nice surprise when he (finally!) wakes up.
    Original Mortgage as of September 2016 = 322,999 Paid off by 2051
    Current Mortgage Balance as of September 2017 = 316,649
    Emergency Savings = 9,661 10,000 10,500 11,200 11463 12,213 13,000 14,000 18,000
    [/STRIKE]Mortgage OP's Total = 1500 2200 2900 3900 4900 5900 6900 7900
    • SWSEGirl
    • By SWSEGirl 13th Jan 18, 5:46 PM
    • 108 Posts
    • 354 Thanks
    SWSEGirl
    So I'm sitting in front of Netflix chopping veg for my batch cooking....I'm setting myself a challenge, I'm going to try to have a No Spend Week! I don't think I'm quite dedicated to doing an entire 7 days, but I'm going to try to not spend anything between Monday - Friday - aside from my travel to work, but that's sadly unavoidable.

    Hopefully it'll encourage me that being organised is the key to success!
    Original Mortgage as of September 2016 = 322,999 Paid off by 2051
    Current Mortgage Balance as of September 2017 = 316,649
    Emergency Savings = 9,661 10,000 10,500 11,200 11463 12,213 13,000 14,000 18,000
    [/STRIKE]Mortgage OP's Total = 1500 2200 2900 3900 4900 5900 6900 7900
    • SWSEGirl
    • By SWSEGirl 14th Jan 18, 8:43 AM
    • 108 Posts
    • 354 Thanks
    SWSEGirl
    I managed to prep 8 lunches yesterday evening- half chicken stew & dumplings & half veggie chilli

    I'm almost set for 2 working weeks of not buying lunches & have the ingredients in to add more to my stock. I might do jerk chicken with an almond crust & salsa this evening & add in extra for lunch portions. It helps me avoid waste too.

    I need a frugal week as my bank balance is severely dwindling post Christmas. Happily I have 250 interest free overdraft, but I hate using it - when my pay comes in it feels like another deduction!

    Not sure of our Sunday plans...possibly the cinema, although I like to go earlier in the day, so I can have a chilled Sunday evening...it depends when DH will wake up
    Original Mortgage as of September 2016 = 322,999 Paid off by 2051
    Current Mortgage Balance as of September 2017 = 316,649
    Emergency Savings = 9,661 10,000 10,500 11,200 11463 12,213 13,000 14,000 18,000
    [/STRIKE]Mortgage OP's Total = 1500 2200 2900 3900 4900 5900 6900 7900
    • SWSEGirl
    • By SWSEGirl 14th Jan 18, 10:29 PM
    • 108 Posts
    • 354 Thanks
    SWSEGirl
    Fighting the Sunday night blues by posting. Had a lovely day with DH, lunch at local market, then cinema - lots of time to talk in between, it was perfect really.

    Got home to the chaos of our untidy flat & I managed to motivate myself to clean the kitchen & organise our bathroom cabinet. Small steps, but I'm determined to do one thing each night this week - we'll see how that goes!

    One thing DH & I can't agree on is whether to get a cleaner. I would love to & feel we could mitigate the cost by tweaking a few other areas. DH isnt keen - he works from home a lot & doesn't want someone cleaning around him, which I understand - but think he could arrange one day a week in the office to allow for it.

    Ah well I'm not sure it's something we'll ever agree on!
    Original Mortgage as of September 2016 = 322,999 Paid off by 2051
    Current Mortgage Balance as of September 2017 = 316,649
    Emergency Savings = 9,661 10,000 10,500 11,200 11463 12,213 13,000 14,000 18,000
    [/STRIKE]Mortgage OP's Total = 1500 2200 2900 3900 4900 5900 6900 7900
    • Kittenkirst
    • By Kittenkirst 15th Jan 18, 6:05 AM
    • 1,897 Posts
    • 10,183 Thanks
    Kittenkirst

    The student loan issue is really annoying - so many people must be caught out & pay over the odds. My advice is switch to a direct debit the final year of repayments & carefully work out what you owe. I did do this, however, none of the figures from HMRC, SLC or my own workings match!! It has driven me to insanity. I'm just grateful to know it will all be done soon.
    Originally posted by SWSEGirl
    How frustrating!! I switched to direct debit when I knew I was within distance of clearing my student loan, however called them this week and they!!!8217;ve told me I!!!8217;ve overpaid by 126- I!!!8217;m cautious of this as thought I owed 13 still. Wishingthemortgageaway has had similar issues too
    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
    • SWSEGirl
    • By SWSEGirl 15th Jan 18, 7:36 AM
    • 108 Posts
    • 354 Thanks
    SWSEGirl
    Thanks Kittenkirst - I just can't wait to be done with the SLC - I can't understand how they have such a archaic, clunky system - ah well!

    It's a cold, dark commute this morning - but I've brought my lunch in & so today should be an NSD to kick off my NS week, fingers crossed!

    If I manage it, I'll prove to myself that an hour or 2 dedicated to getting organised & batch cooking can seriously help our savings goal.
    Original Mortgage as of September 2016 = 322,999 Paid off by 2051
    Current Mortgage Balance as of September 2017 = 316,649
    Emergency Savings = 9,661 10,000 10,500 11,200 11463 12,213 13,000 14,000 18,000
    [/STRIKE]Mortgage OP's Total = 1500 2200 2900 3900 4900 5900 6900 7900
    • juniordoc
    • By juniordoc 15th Jan 18, 1:18 PM
    • 364 Posts
    • 286 Thanks
    juniordoc
    Following your diary SWSEgirl, my partner and I have just bought our first property (a very humble 2 bed flat) in the south-west and have 234K outstanding on a 22 year term. It is very much not our forever home, we will outgrow it as soon as a baby comes along so feeling like we need to start overpaying pretty soon to have a hope of owning a family home one day.
    • SWSEGirl
    • By SWSEGirl 15th Jan 18, 5:17 PM
    • 108 Posts
    • 354 Thanks
    SWSEGirl
    Hey Juniordoc!

    Sounds as though we are in similar situations, although your mortgage term is so much better than ours currently....it's really difficult to envisage being able to afford buying a family home, I'm trying not to get too disheartened by how long term that dream will be, as who knows what can happen? It's difficult though, as it's making me question if we should be starting a family now, but also - we can't wait forever!

    Our dilemma is that we could afford to buy somewhere close to where we grew up in the not-too-distant-future, but once we move, there are very few job opportunities and I would definitely have to give up my career, which is quite a difficult pill to swallow.

    All I can do in the meantime is try and maximise savings and work towards our end goal.

    Good luck with your overpayments - it really will be worth it!
    Original Mortgage as of September 2016 = 322,999 Paid off by 2051
    Current Mortgage Balance as of September 2017 = 316,649
    Emergency Savings = 9,661 10,000 10,500 11,200 11463 12,213 13,000 14,000 18,000
    [/STRIKE]Mortgage OP's Total = 1500 2200 2900 3900 4900 5900 6900 7900
    • SWSEGirl
    • By SWSEGirl 15th Jan 18, 9:02 PM
    • 108 Posts
    • 354 Thanks
    SWSEGirl
    First NSD of the week done & 2 lunches from tonight's leftovers

    I wasnt feeling particularly well this afternoon, but even managed to forego popping out to buy painkillers, an early night should sort me out.

    Onwards & upwards x
    Original Mortgage as of September 2016 = 322,999 Paid off by 2051
    Current Mortgage Balance as of September 2017 = 316,649
    Emergency Savings = 9,661 10,000 10,500 11,200 11463 12,213 13,000 14,000 18,000
    [/STRIKE]Mortgage OP's Total = 1500 2200 2900 3900 4900 5900 6900 7900
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