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  • FIRST POST
    • sofarbehind
    • By sofarbehind 2nd Jan 18, 6:49 PM
    • 296Posts
    • 1,248Thanks
    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.
    Save 12k in 2015, Number #052 (19.4k)
    Save 12k in 2016, Number #031 (15.1)
    Save 12k in 2018, 7500 / 10k target

    Mortgage overpayments 2018: 3516
    mortgage 2017 145K, Oct 2018 134.3k
Page 6
    • BookmobileBadGirl
    • By BookmobileBadGirl 25th Mar 18, 7:31 PM
    • 84 Posts
    • 102 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
    • 296 Posts
    • 1,248 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
    Save 12k in 2015, Number #052 (19.4k)
    Save 12k in 2016, Number #031 (15.1)
    Save 12k in 2018, 7500 / 10k target

    Mortgage overpayments 2018: 3516
    mortgage 2017 145K, Oct 2018 134.3k
    • sofarbehind
    • By sofarbehind 24th Jul 18, 4:05 PM
    • 296 Posts
    • 1,248 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...
    Save 12k in 2015, Number #052 (19.4k)
    Save 12k in 2016, Number #031 (15.1)
    Save 12k in 2018, 7500 / 10k target

    Mortgage overpayments 2018: 3516
    mortgage 2017 145K, Oct 2018 134.3k
    • pinkypig
    • By pinkypig 24th Jul 18, 10:10 PM
    • 1,414 Posts
    • 11,016 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

    17,770.92/15,000
    • jaelato1
    • By jaelato1 24th Jul 18, 10:57 PM
    • 70 Posts
    • 38 Thanks
    jaelato1
    This is quite inspiring and Good luck with your course
    • sofarbehind
    • By sofarbehind 6th Aug 18, 6:42 PM
    • 296 Posts
    • 1,248 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.
    Save 12k in 2015, Number #052 (19.4k)
    Save 12k in 2016, Number #031 (15.1)
    Save 12k in 2018, 7500 / 10k target

    Mortgage overpayments 2018: 3516
    mortgage 2017 145K, Oct 2018 134.3k
    • sofarbehind
    • By sofarbehind 4th Oct 18, 8:57 PM
    • 296 Posts
    • 1,248 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.
    Save 12k in 2015, Number #052 (19.4k)
    Save 12k in 2016, Number #031 (15.1)
    Save 12k in 2018, 7500 / 10k target

    Mortgage overpayments 2018: 3516
    mortgage 2017 145K, Oct 2018 134.3k
    • Moneyfordreams
    • By Moneyfordreams 6th Oct 18, 8:41 AM
    • 1,105 Posts
    • 5,495 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
    zero personal cc
    6x166 for sofas ending November 2018
    2500 on DD1s car cc
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