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    • BachSoon
    • By BachSoon 30th Apr 18, 8:35 AM
    • 97Posts
    • 148Thanks
    BachSoon's mortgage mission
    • #1
    • 30th Apr 18, 8:35 AM
    BachSoon's mortgage mission 30th Apr 18 at 8:35 AM

    Long time lurker here. I read your diaries and have been inspired to create my own. I've been particularly inspired by MuseumWorker, Sellotape, ShanghaiJimmy, Beanylou, Waty, amongst many others! I originally had one, way back in about 2014 when I brought my house on my own, when I was young, free and not quite single, but not committed At the time I had taken a salary drop to take a job in which I could progress and was away from the toxic atmosphere of my previous job. I made some small-ish regular overpayments while I had that mortgage, but nothing great as life events got in the way... in the form of an engagement, marriage and pregnancy!

    Fast forward to now, we are me, DH, both 30, and DS, 9 weeks and our absolute best ever achievement

    While we were expecting, we sold my house and brought one half way along DH's (previously long) commute to work. It now evens out both of our commutes and means DH gets more time at home with me and DS We fell in love with the house for it's original features, but it is currently having building work done, as the survey flagged up damp, so we decided to get that done before we moved in, but also decided to skim the walls, new carpets etc, as it had previously been neglected. Unfortunately when we got the keys, the work ended up being a bit more extensive when we discovered the kitchen units... gone? Also, we decided to get rid of the 'orrible bathroom and replace it with a nicer one We justified it with the fact it didn't have a bath, and we need want a bath especially with a child/future children. Long story short, it ended up being a bit more extensive than originally planned, but 1. it's nearly finished, 2, DH hasn't needed to do it, so it's taken months rather than years as it would have been around work, 3, we won't have to do anything to it pretty much forever now and 4, it's our forever, family home.

    DH has previously (before me) been financially irresponsible, but is now converted to saving, budgeting and overpaying He still leaves it all to me , but is happy for it to go ahead and for me to report back on progress, as long as it leaves enough disposable income for him to have a beer or two at the weekend and a nice camping or caravan holiday to France each year (we have another 4 years until this has to be in the school holidays, so we get a decent holiday for 500 in May ish ).

    We took on a mortgage of 225,250, with a current balance of 224,108.86 over 25 years, well, we're now down to 24 years and 10 months but we're intending to make this much less. Travelling the world in early retirement anyone? We're in a 5 year fix at 2.15%, for an 85% LTV. Since I showed DH the overpayment calculator, and the fact that we can reduce the mortgage to 19 years with an overpayment of a mere 250 per month, he's happy to go for it I'm planning to overpay as much as possible while DS is so young and while he's an only one, as I need to remember that we are MFW not DFW as I can be quite obsessive enthusiastic about it. Also, DH and I were extremely lucky growing up as we both had music lessons, dance/sport and scouting/guiding opportunities, which have been absolutely fantastic, so we want to make sure that the children have the opportunity to do the music/extracurriculars/clubs/sports that they want to do (within reason ) and that we will need disposable income available for these!

    My plan is that once we have moved in (currently squatting with my mum ) and our budget is a bit clearer, each month we are going to save X amount into our general savings, make a regular overpayment of 250 to the mortgage and any extra bits that i can squirrel away towards the mortgage, into a separate account, so that we can then make an extra yearly overpayment of anything that's 'spare' i.e. still in the account. However it will have to wait a few months, as our project has gone a little over budget (kitchen, I'm looking at you), and when we move in, we'll have an overdraft and a 0% finance to pay off. I'll be hitting the overdraft first, then the 0% finance just to get rid of it really. Plus, I'm currently on maternity leave and about to enter my 3 months of half pay and then 3 months of SMP. So my mortgage mission won't start immediately, but as soon as practically possible.

    How am I going to go about it...
    DH and I are both generally quite frugal. We don't go out drinking, or holidaying to far flung destinations (yet, and ignoring our honeymoon....). We don't eat out often as our socialising is generally with our siblings/their families or friends with either 1, the same goals as us, or 2, small children as well. I'm veggie so we don't buy/cook meat unless we are entertaining. DH is not fussed by meat and has no desire for it at home as his parents are veggie and he grew up with a veggie diet. DS can choose for himself hen he is older.

    I intend to:
    1. Batch cook/freeze. I did a lot of this in our last house, but it hasn't been feasible while living with parents.
    2. Remember to wash the nappies every day so they dry in time for me to not need to supplement with disposables
    3. Express, express, express! for when I am back at work, DS is breastfed, but we had difficulties at first and thought we'd end up expressing and bottle feeding for the duration. So we went out and brought an electric pump, but fortunately managed to get DS back on the breast after 2 weeks. Seeing as we have an all singing, all dancing pump, I'm continuing to express to freeze it for the day feeds when I go back to work in November, as DS will be 8 1/2 months old and still needing his calories from milk. This will hopefully avoid the need for formula feeding if I can stash enough to last until he is a year old. Have you seen how expensive formula is?? and hopefully the health benefits will continue
    4. Make sure I shop around for insurance renewals, any big purchases etc.
    5. Stick to the budget... when it's in place
    6. Continue with surveys - I do OnePoll and Prolific Academic which gives me a bit extra/treats money. Any suggestions for others? I don't get on with swagbucks.
    I think that's it for now but I shall continue reading your diaries for further inspiration Fancy coming along for the ride??

    Off to put the nappies in the washing machine and shower, as in a non MFW fashion, off to meet a friend for a coffee and scone. We'll see how virtuous I'm feeling...

    Last edited by BachSoon; 30-04-2018 at 8:36 AM. Reason: Gosh, that's an essay...
Page 2
    • Nichelette
    • By Nichelette 15th Apr 19, 6:58 PM
    • 1,816 Posts
    • 2,853 Thanks
    Hi Bach, thought I would seek out your diary to say hi! We actually sound quite similar, I'm veggie too and love batch cooking and freezing . My slow cooker lid exploded recently so I bought a triple slow cooker to replace it . It's really good for batch cooking and it's handy being able to make veggie stuff for myself and meat stuff for my husband, though I'm quite lucky he'll eat a lot of my veggie meals.

    Some of the national trust places are lovely. Husband was forced to retire from football after getting injured last year so I get him on Saturdays for the first time ever lol. Now we have some extra free time and the weather is improving joining the national trust is one of my plans so we can go on some nice walks and the like.
    Finally bought a home
    Starting mortgage 289,500 31.01.19 - Current outstanding 283,886.07
    MFW #86 - Aiming for 15k in 2019
    Overpayments so far: 3354.72
    • BachSoon
    • By BachSoon 16th Apr 19, 7:10 AM
    • 97 Posts
    • 148 Thanks
    A triple slow cooker?? What is this sorcery??! I must investigate!
    My DH is a meat eater also, but he eats veggie at home. He doesn't mind as his parents brought him up veggie. DS will have the choice when he's old enough.

    Well the slow cooker was filled and ready to go this morning. Only now I am sat on the train on my way to work do I realise I forgot to turn the flippin thing on looks like veggie burgers out of the freezer for tea instead of Ragu!

    I fully recommend national trust membership if you're into walking/a casual stroll around some nice properties and woodland

    Yesterday's OP has taken us into the 216's nicely, yay
    • jodles16
    • By jodles16 16th Apr 19, 10:00 AM
    • 1,425 Posts
    • 4,289 Thanks
    Hey BachSoon!

    Sounds like you are making good headway, its always hard to know what money is actually available or earmarked and you just dont know it yet! Keep up the great work!

    MFW2017 #29 1200.24/4524
    MFiT #66
    Overall aim 10,124.20/21,743 (156,000)
    2016- Jan-177,472, Apr-173,195.04, July- 171,417.47 Oct- 169,366
    2017- Jan- 167,347.80 Apr- July- Oct-

    • BachSoon
    • By BachSoon 17th Apr 19, 7:17 AM
    • 97 Posts
    • 148 Thanks
    Thanks for the visit jodles.

    Does anyone have periods of demotivation? I'm feeling like my target if 12,000 before the fix is up is a hopelessly optimistic target right now we've had an expensive few days! We brought new bedding etc at the weekend which DH really fancied? Couldn't really say no because the ones we have entirely pre dates our relationship so he got no say in the colour scheme have also booked airport parking for a family holiday later in the year (although it's a free holiday apart from spending money so I need to get over myself here...), booked a holiday for us and DS, although I got a good deal, it's in the UK and we holiday quite cheaply in general as we self cater, so after accommodation only really need to pay for petrol, a supermarket shop and the odd tourist attraction that isn't National trust. I also need to book a skip to clear our jungle garden so we can see what we've got and decide what to do with it. We're also going to get a bumper nursery bill in the next few days for late fees... We had a technical issue with the voucher website this month so a partial payment didn't go through on time and was quite late by the time it had been manually transferred by the voucher company. That will mean a rejig of next month's budget. The invoice is due to be sent out in the next few days so we will see what the damage is I've also had to transfer some money out of the savings to keep us in the black and avoid overdraft fees.

    It feels like an expensive month. I was a bit too optimistic with transferring so much into savings after last payday as I've had to transfer 500 back out.

    First world problems and all that. I think I'm just overly bothered by it as I'm recovering from a minor procedure and I'm sore. Ho hum.
    • Nichelette
    • By Nichelette 17th Apr 19, 10:07 PM
    • 1,816 Posts
    • 2,853 Thanks
    Triple slow cookers are amazing . I've been a bit rubbish with my cooking this week, so I think I'm going to use the long weekend to do a meal plan and some cooking. I used to meal plan religiously and it was so much better that way. Since moving I've really slipped on that front.

    Try and remember that any overpayment is a positive. Having kids is expensive and I certainly wouldn't be able to overpay the way we are if we had nursery fees and the like too. Don't be too hard on yourself .
    Finally bought a home
    Starting mortgage 289,500 31.01.19 - Current outstanding 283,886.07
    MFW #86 - Aiming for 15k in 2019
    Overpayments so far: 3354.72
    • BachSoon
    • By BachSoon 18th Apr 19, 11:26 AM
    • 97 Posts
    • 148 Thanks
    Haha thanks, the feeling sorry for myself is over I was just a little glum - DS is teething madly so not sleeping well, plus the recovery from my procedure meant I was in pain so was very woe is me

    Any amount of overpayment is just a bonus really! I shall see how the next four years goes

    Still awaiting mammoth nursery bill with late fees so haven't been able to rejig the budget yet.

    I love the look of a triple slow cooker. Mine is living a long life so far so not up for replacement... When it finally gives up the ghost, I shall replace with one of those it would be handy for if the DC decide not to follow our veggie choices. I've always said they can make their own choices when old enough, so who knows.
    • teapot2
    • By teapot2 18th Apr 19, 9:35 PM
    • 2,030 Posts
    • 7,424 Thanks
    Hope you are not so sore now and have a good weekend
    • Nichelette
    • By Nichelette 19th Apr 19, 10:36 AM
    • 1,816 Posts
    • 2,853 Thanks
    I think it's sleep deprivation that does it. My deputy at work has an 11 month old and I feel for him some mornings!

    My slow cooker used to belong to my mum. It had a good life but is now festering in my cupboard as I have environmental guilt with chucking it. The glass lid smashed but the rest is still fine hence the guilt. I looked for replacement lids but they were all expensive. Might look again..

    I'm not sure if it's my age but I've been thinking a lot about if we have kids would I give them meat or not. I wouldn't stop them from making their own decisions but I'm conflicted about what I'd do before they were able to. I suppose it's not something I need to worry about for now lol.
    Finally bought a home
    Starting mortgage 289,500 31.01.19 - Current outstanding 283,886.07
    MFW #86 - Aiming for 15k in 2019
    Overpayments so far: 3354.72
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