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  1. #1

    Busy Mee's Last Leg

    Our Story
    We are me, Mr Mee and two grown up children ( one daughter living at home and one son who moved out last year). Mr Mee and I have been married for around a hundred years

    On the whole we have been quite good with money, having periods of our marriage when we have been very poor. We started with nothing and a mortgage interest rate of 13%, we then had little Mee's and had expensive child care costs ( no family nearby) and then supported them both through 7 years of university.

    We have also had very good years financially, Mr Mee and I both work in the public sector and over the years have both worked our way up to senior positions. We have always stretched ourselves to buy the most expensive house we could afford and added value where we could.

    However aound 9 years ago we decided to build our own house...cue the most stressful and scary financial period of our lives You have all watched the programmes on the TV and know how this goes, the plans get bigger, the bills get bigger, we mortgaged up to the hilt and borrowed as much money as we could on 0% credit cards and a bank loan. We even borrowed the kids savings.

    Thankfully we managed to get all the debt paid off and we now just have our mortgage which currently stands at a still eye watering 238,491.35.

    We are lucky in that we have a great mortgage product and pay just 1.19% (0.69% lifetime tracker). We have been therefore saving hard in higher interest savings accounts to offset the mortgage. We currently have 65k saved ( I love round numbers

    We feel very fortunate in that we have a house we love, built to our specification and our children are both doing well and financially independent.

    Mr Mee will retire in 2 years time ( he will be 60) and I would like the choice to retire too ( I will be 56).

    This diary will hopefully help me to focus over the next 2 years, and save as much as we can to offset the mortgage, along with some of our pension lump sums. We would like to keep the house, although downsizing is an option.

    We also love to travel ( we couldn't afford to when we were young) and don't want to wait until we retire. We therefore live very frugally on a day to day basis to be able to afford trips away, in addition to saving

    So......24 months until retirement.......that is a scary, yet exciting prospect so better better get started

  2. #2
    That is exciting! Very good luck. Offsetting is an excellent way to go as it means you can be flexible. Don't blame you for wanting to stay when you built it yourself. I'd be gutted to leave it!

    Bexster

  3. #3
    Shiny new dairy... 24 months to retirement, now that is worthy of a countdown!

  4. #4
    Wow, that's quite a life story! I have a dream of building my own house, or completely gutting and redoing a wreck but that's almost certainly going to remain a pipedream for life I think!! You have an incredible goal, I'd love to come along for the ride We're in the process of saving all our possible pennies in order to buy our first house, but living down in Surrey makes for some rather expensive property!!!

  5. #5
    Im so excited to tag along with you Busy Mee1 , i know you will do brilliant things over the next 24 months and i shall love being here to watch you do them . Heres to retirement


 

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