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  • FIRST POST
    • sofarbehind
    • By sofarbehind 2nd Jan 18, 6:49 PM
    • 312Posts
    • 1,338Thanks
    sofarbehind
    All the single ladies vs 145k
    • #1
    • 2nd Jan 18, 6:49 PM
    All the single ladies vs 145k 2nd Jan 18 at 6:49 PM
    Put your hands up! Hello everyone!

    As a long term lurker on this section I'm very excited to finally be in a position to join you MFWs. I finally managed to buy a house by myself last year I am in my late 30s and had very poor wages and worse money management skills in my 20s that mean I am financially very behind a lot of people my age. I am indeed sofarbehind and have a lot of catching up to do.

    There is only me, newly single and I don't even have a cat. Wasn't financially involved with the ex so that is simple at least. My mortgage is for 145k over 24 years, 5 year fix at 2.29%. That is a LOT of money I owe the Halifax. Last year I didn't do a lot of saving, I spent a lot on household items..I had NO furniture / basic kitchen stuff thanks to house shares. So I cut myself some slack and have made the house a home. Now it's time to knuckle back down and tackle that 145K.

    There are a lot of positives to my situation. I am lucky enough to have a good job these days, have no other debts, am in a great pension scheme and I am quite MSE.


    My master plan is to get the balance down to 100k before I remortgage. That means I need to overpay by 25k in the next four and a half years. This is an ambitious goal but it's achievable if I am sensible. For the coming year I plan to save an emergency fund of 10k before I really start on the mortgage. I miss having a good safety net and want this in place by August. My current emergency fund is at 3k. I think I am going to round up my mortgage payments by 347/month to 1000 until this is done, just so that I am chipping away at it. I have prioritised the emergency fund this month so my first OP will be on 01.02.18.

    Phew, well done if you have read this far...I will come back and post a SOA later to help me budget.
    Mortgage overpayments 2018: 4602
    Mortgage overpayments 2019: 1741
    mortgage 2017 145K, Feb 2019 129.5k
Page 6
    • BookmobileBadGirl
    • By BookmobileBadGirl 25th Mar 18, 7:31 PM
    • 146 Posts
    • 199 Thanks
    BookmobileBadGirl
    Another single MFW here \ /

    Great going on the running, and good luck with your 10k.
    • sofarbehind
    • By sofarbehind 20th May 18, 7:31 PM
    • 312 Posts
    • 1,338 Thanks
    sofarbehind
    Hello diary,

    I can't believe it's been two months since I checked in. Eeek. This year is passing so quickly, the last few weeks are a blur.

    I have continued with the mortgage overpayments and was really pleased with my annual statement, the outstanding balance has dropped from 145k to 138k. I know this is a lot less progress than most of you but as I'm relatively new to OPing I'm pleased. Somehow in my head I expected the balance to be unchanged. After another year I will start to see progress. I'm chipping away at saving too and have saved 6.5k as an emergency / moving fund. When this hits 10k I will increase the OPing, hopefully by the end of the year.

    I would still like to move to my preferred area and have booked an appointment with a mortgage advisor in a few weeks to discuss the possibility. At least I will know where I stand and can talk things over properly. If it's not possible in the near future I'll come back to it in 3-4 years after I've really hammered the mortgage down.

    I am surprised and really proud to say that I have stuck with my running despite finding it a big struggle. I did a huge organised 10k race recently and found myself tearing up on the start line because the journey there was a hard one. It's not often I'm proud of myself so it was a lovely moment. 10k doesn't seem that far now. I'm working on getting faster and going further now.

    I've applied for a scholarship to do a masters and am crossing everything that it's a lucky break...

    Hope you MFWs are all ok. x
    Mortgage overpayments 2018: 4602
    Mortgage overpayments 2019: 1741
    mortgage 2017 145K, Feb 2019 129.5k
    • sofarbehind
    • By sofarbehind 24th Jul 18, 4:05 PM
    • 312 Posts
    • 1,338 Thanks
    sofarbehind
    Hello diary,

    I have been terrible at updating this. Still chipping away at saving and overpaying. Had a meeting with a mortgage advisor and had my house valued by a few agents. I think I'd been extremely pessimistic and irrational about the situation. I'm not trapped here by any means and can move if I want to. It's a popular area and my place is estimated to have gone up 15-25k, I imagine that is an inflated figure but I'm not in negative equity like I'd convinced myself.

    Gradually over the past six months my feelings have started to change. During the valuation I realised I'm becoming attached to my lovely little home, my pretty, quiet and safe street, my wonderful neighbours. I've been decorating the house to make it easier to sell and in the process started to nest. After all the fuss I made! All those wasted hours feeling sorry for myself. What was I thinking??! I remember why I bought here. I think I will move eventually to my top location but I'm not ready to do it yet and it's my choice.

    Sadly I didn't get the scholarship. Gutted but am dusting myself down and moving on. I'm applying for a horribly, horribly expensive course at a top uni instead. If I get in I will invest in my education and use it to work towards a career change. I think the 12-18 hour days I'm putting in at work aren't something I want to do long term. They're making me so tired I don't want to travel 30-40 mins to social activities after. That's the problem, not the area. So I have a plan.

    I'm thinking of upping my OPs by an extra 200/month, I can make serious, serious inroads on the mortgage if I do that. Plus if I'm studying in my spare time I will be too busy to spend. As I'm going to be here over winter I need to make sure I'm not cold. It was freezing downstairs last year. I'm going to see how much a wood burner and shutters would be...
    Mortgage overpayments 2018: 4602
    Mortgage overpayments 2019: 1741
    mortgage 2017 145K, Feb 2019 129.5k
    • pinkypig
    • By pinkypig 24th Jul 18, 10:10 PM
    • 1,519 Posts
    • 11,773 Thanks
    pinkypig
    Great news on the house valuation and even better news that you're feeling settled there.
    Good luck with your new course

    PP xx
    MFW 2018 #157 Target 15,000

    23,095.71/15,000
    • jaelato1
    • By jaelato1 24th Jul 18, 10:57 PM
    • 73 Posts
    • 42 Thanks
    jaelato1
    This is quite inspiring and Good luck with your course
    • sofarbehind
    • By sofarbehind 6th Aug 18, 6:42 PM
    • 312 Posts
    • 1,338 Thanks
    sofarbehind
    Hello MFWs,

    I have increased my monthly OPs to 546/month, feeling more confident now that I have a bigger emergency fund behind me. That should make much bigger inroads on my mortgage balance. I'll be panic saving again if I get accepted on this course and have 12k of fees to pay but I'll manage and it will be over 2-3 years. Ultimately I'd like the OPs to be as much as the mortgage payment but I'm not ready to commit to that yet. I'll see how I get on with this for six months first then reassess. Hopefully I will adjust and feel confident enough to increase again.

    I've been trying to sell unwanted stuff on ebay and gumtree, really pleased to have made 400 and decluttered. Will have a rummage and see what else I don't need to hang on to. Haven't priced up shutters or a woodburner yet, prioritising my education and I suppose an oil filled radiator would do for this winter if it's too much of a stretch.

    I'm still running, have started to actually enjoy it, which is great as it's free. I have recently joined a gym too, not an expense I wanted but I picked up an injury and need to cross train. I'm managing 2-4 classes a week depending on work. When I'm better I will probably ditch it. Love Pilates though..
    Last edited by sofarbehind; 06-08-2018 at 6:45 PM.
    Mortgage overpayments 2018: 4602
    Mortgage overpayments 2019: 1741
    mortgage 2017 145K, Feb 2019 129.5k
    • sofarbehind
    • By sofarbehind 4th Oct 18, 8:57 PM
    • 312 Posts
    • 1,338 Thanks
    sofarbehind
    Hello Diary,

    As usual it has been a long time. An important milestone has passed in my MFW project; I have paid off the first 10k on my mortgage. I've been here for 18 months now, I know it has taken me a long time compared to a lot of people but it's still the first bit of progress I've made. I calculate that at the current rate of OPing in another 12 months the next 10k will be gone. I'll feel a lot better then.

    I'm about to part with most of my savings for uni fees and feel very scared. When you grow up poor I think it gives you a risk adverse mindset and I keep worrying that it's a terrible way of investing my money. What it I don't manage my planned career change and I pay 12k for the privilege. I know I'm very lucky to have the option of doing this but I feel so scared I might back out of it.


    Feeling a bit down and lonely again. Just forcing myself to go through the motions as you have to sometimes. I feel so envious of people with good families. I'd give anything for a sympathetic parent I could call for TLC. Utterly pathetic at my age I know.
    Mortgage overpayments 2018: 4602
    Mortgage overpayments 2019: 1741
    mortgage 2017 145K, Feb 2019 129.5k
    • Moneyfordreams
    • By Moneyfordreams 6th Oct 18, 8:41 AM
    • 1,241 Posts
    • 6,070 Thanks
    Moneyfordreams
    life is always a bit of a roller coaster... some ups then lows... hope it doesn't last too long for you. Good luck with uni. I'm hoping my module will be paid for by my bosses but not this semester unfortunately.
    Mortgage restart June 2018 119950
    Feb 19 mortgage 112650, 5150cc, 7047, 1100, car 7550 (holy cr@9 )
    Dd1s car 1569
    Dd1s 170 owes me
    friend 200
    • sofarbehind
    • By sofarbehind 17th Dec 18, 5:10 PM
    • 312 Posts
    • 1,338 Thanks
    sofarbehind
    It's almost a year since I started my diary. I haven't achieved everything I was aiming for and it's been a mixed year but I'm in a better position now.

    Still going with the 546/month OPs. I have spent most of my emergency fund on tuition fees and a wood burner. My house is actually warm now so I'm glad I took the plunge eventually. Focussing on rebuilding the savings next year and then I will think about increasing the OPs again. Have another 4k of course fees to pay for too.

    Overall I have been sensible with my money this year, the course is painfully expensive but it could eventually lead to a higher paying job so fingers crossed one day it will pay off. I had hoped to be making higher OPs by now but ended up spending it on education.

    I'm in the middle of applying for a new job, it's a long process so won't know the outcome for ages. Recently failed to get another job I desperately wanted. I was gutted when I didn't make the final interview. I am trying to just keep looking for new opportunities...it's tough outside of London.

    I stuck with the running and somehow managed a slow half marathon. Really proud of myself for that. Love my running friends. Keeping this up but really struggling to breathe at the moment which is frustrating.

    Still wish I wasn't in this area but I'll just wait it out a bit longer and see what happens with work and house prices.

    Need to set myself some targets for 2019 now
    Mortgage overpayments 2018: 4602
    Mortgage overpayments 2019: 1741
    mortgage 2017 145K, Feb 2019 129.5k
    • selloptape
    • By selloptape 17th Dec 18, 6:52 PM
    • 566 Posts
    • 2,790 Thanks
    selloptape
    I have serious wood burner envy, am feeling the cold! Well done on progress this year and good luck with the job application
    GC Jan 209.67/278.61
    Save 12k in 2019 #8 682.65/1,5000
    MFiT T5 #22 Save 20k over 3 years
    Walk 1500 miles in 2019 - 224.56/1500
    • sofarbehind
    • By sofarbehind 17th Dec 18, 8:37 PM
    • 312 Posts
    • 1,338 Thanks
    sofarbehind
    I have serious wood burner envy, am feeling the cold! Well done on progress this year and good luck with the job application
    Originally posted by selloptape
    Thanks, crossing my fingers and toes.....
    Sorry you are cold, I was miserable last winter and the log burner has made such a difference. Not cheap but definitely worth the investment.
    Mortgage overpayments 2018: 4602
    Mortgage overpayments 2019: 1741
    mortgage 2017 145K, Feb 2019 129.5k
    • ninnoodle
    • By ninnoodle 18th Dec 18, 9:31 AM
    • 428 Posts
    • 2,076 Thanks
    ninnoodle
    Hey sofarbehind, good to hear from you and see how your year has gone
    I think sometimes we have to invest our money to make it grow - in this case you have invested in a course that will help you get a better job. The fact you are also working full time and managed to train for a half marathon as well just shows your determination - well done!
    And a wood burner is well worth the investment. I have one in my house and I love it - I don't use electric heating and just use the stove to heat the whole house. It still makes me happy on these long winter nights.
    Don't worry about the job you didn't get. As they say in Scotland, 'what's for ye won't go by ye'
    I've had a good year. I met someone new, it's going really well. I spent half my savings pot on a new bathroom as the old one was very old and dated - but that was in my plan when I bought the house.
    I have managed to overpay the mortgage where I can but haven't kept a diary of overpayments so am waiting for my mortgage statement to tell me how much I have overpaid in total. I think it is in the region of 4-5K.
    Here's to a fantastic, happy and successful 2019
    • sofarbehind
    • By sofarbehind 19th Dec 18, 7:35 PM
    • 312 Posts
    • 1,338 Thanks
    sofarbehind
    And a wood burner is well worth the investment. I have one in my house and I love it - I don't use electric heating and just use the stove to heat the whole house. It still makes me happy on these long winter nights.

    I've had a good year. I met someone new, it's going really well. I spent half my savings pot on a new bathroom as the old one was very old and dated - but that was in my plan when I bought the house.
    I have managed to overpay the mortgage where I can but haven't kept a diary of overpayments so am waiting for my mortgage statement to tell me how much I have overpaid in total. I think it is in the region of 4-5K.
    Originally posted by ninnoodle
    Ahh it's lovely to hear from you and have an update on your year. Sounds like it's been a really good one Well done, you really deserve it. I remember how we were both feeling in January...seems like a long time ago now. Lovely to hear you have some romance in your life too Fingers crossed the positive vibes will continue into 2019 for us both.

    Thanks for saying all those sweet, kind things too. the internet can be harsh place but this little diary corner of it has been amazingly supportive. Thanks.

    WHISPERS: I think I love my woodburner even more than my slow cooker....just don't tell Martin Lewis...
    Mortgage overpayments 2018: 4602
    Mortgage overpayments 2019: 1741
    mortgage 2017 145K, Feb 2019 129.5k
    • ninnoodle
    • By ninnoodle 20th Dec 18, 2:24 PM
    • 428 Posts
    • 2,076 Thanks
    ninnoodle
    WHISPERS: I think I love my woodburner even more than my slow cooker....just don't tell Martin Lewis...
    Originally posted by sofarbehind
    Me too! Also I think they can be quite MSE - if you can get a good deal on wood or can manage to collect your own from woods. I've managed to get a whole birch tree that was being chopped down nearby from a neighbour's garden. I've saved it for Christmas week as it is lovely to burn and very festive looking. The first logs of it go on this weekend. I can get quite easily excited about my log burner
    • DireEmblem
    • By DireEmblem 11th Jan 19, 9:55 PM
    • 307 Posts
    • 214 Thanks
    DireEmblem
    Hey - just discovered your thread, there are a lot of similarities between us as you say - I'm also a runner/we both have mortgages with the Halifax!

    Just a thought on the mortgage, mine has a clause where I get charged 1% on over payments in the first two years. Is yours the same? You may actually be better off putting your over payments into a regular saver that pays higher than your mortgage interest, and then use the chunk of cash to reduce your borrowings when you re-mortgage!
    • sofarbehind
    • By sofarbehind 12th Jan 19, 5:29 PM
    • 312 Posts
    • 1,338 Thanks
    sofarbehind
    Hey - just discovered your thread, there are a lot of similarities between us as you say - I'm also a runner/we both have mortgages with the Halifax!

    Just a thought on the mortgage, mine has a clause where I get charged 1% on over payments in the first two years. Is yours the same? You may actually be better off putting your over payments into a regular saver that pays higher than your mortgage interest, and then use the chunk of cash to reduce your borrowings when you re-mortgage!
    Originally posted by DireEmblem
    Hello, fellow Halifax mortgage runner We must have slightly different products because I can overpay 10% of the balance each year without penalty. I don't think I'm going to manage to get near 13k this year.

    Savings accounts have been so rubbish I haven't looked recently for a new one with decent interest. If I can get more than 3% you are right, it will save me more to transfer a lump sum annually. I will add that to my to do list....
    Mortgage overpayments 2018: 4602
    Mortgage overpayments 2019: 1741
    mortgage 2017 145K, Feb 2019 129.5k
    • sofarbehind
    • By sofarbehind 3rd Feb 19, 12:19 PM
    • 312 Posts
    • 1,338 Thanks
    sofarbehind
    I have been making 547 OPs for six months now and decided it was time to start increasing them a bit. From March they will be 647, I've increased them a bit sooner than I intended to because it really annoys me that less than 1k was coming off the balance with a pesky monthly interest rate of 250-270. Take that monthly interest rate.

    My emergency fund is still looking a bit lean so I will prioritise that for the next six months then either move or up the OPs again. It's depressing how long it's going to take to get rid of this mortgage even at this level of overpaying. Another ten years?! I'm starting to want this thing DONE in five. If I move and increase the mortgage it's going to be even longer...I feel like this MFW thing is gaining momentum. If I stay here I don't want it to take another ten years..

    In other news, I didn't get the job I wanted so will have to try again next year. Grrr. But it means I don't have to yet face the loss of overtime payments, so I have another 18 months to financially kick a-s-s.

    Running is such a struggle at the moment. Have been ill and the cold air mean I've had to walk a lot recently. I am sticking with it though and hope that in a few months I'll be back on form.
    Mortgage overpayments 2018: 4602
    Mortgage overpayments 2019: 1741
    mortgage 2017 145K, Feb 2019 129.5k
    • beanielou
    • By beanielou 3rd Feb 19, 10:57 PM
    • 61,787 Posts
    • 264,784 Thanks
    beanielou
    Just popping in to say hello.
    I think you are doing so well.
    Hope course is going well
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 12 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. ***Be the difference.***
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