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Minimoocow's 2008 MF Journey

Hello all,

I have been wanting to post stuff over the last few months but haven't as I've not been sure the MFi3 thread is really the right place for it! It was only when reading TallGirl's new diary that it occured to me I could start my own thread for my random ramblings . . . so with apologies to TallGirl for borrowing her idea . . . here is my very own MF diary for 2008!

So here we are!

We decided 12 months ago to pay off the mortgage (and after 3 months joined the MFi3 gang). Since starting in Jan 2007 at £55,000 we now have a mortgage remaining at £43,687 so have paid off £11,313 in the past year. :j

We've done this by renting out a property we bought at the start of 2006 as well as watching what we spend very carefully. This worked well for the first year however we have had loads of problems with our tenants over the past 6 months. We have now agreed that they will move out at the end of the month. Given the hassle we've had we have decided we don't really want to be landlord's at the moment - it has meant our finances are too closely linked to other people's! Whilst we can still make the mortgage payments even without tenants it does eat into our mortgage free journey so we have decided to tidy up the property and then put it on the market.

So 2008 will we a make and break year for us - the first 6 months we will be going nowhere (or even backwards) however depending on what we sell for we could pay the whole lot off in 2008 thereby saving £50k and 20 years of a 25 year term!

So if I haven't bored you all to sleep already watch this space for updates!

Good luck to all fellow MFW's in 2008!

MMC
:j MFiT Club Member 14 :j
Mortgage Outstanding 01 April 2007 - £51,051 :eek:
Mortgage Outstanding 25 February 2009 - £NIL :rotfl:
Savings 01 April 2009 - £1,522

Paid off 19 years 8 Months early - Original Mortgage £63,000 October 2003 - 25 year term

Comments

  • setmefree2
    setmefree2 Posts: 9,072 Forumite
    Mortgage-free Glee!
    Good luck- :T:T:T Looking forward to reading about your journey to FINACIAL FREEDOM:beer::beer:
  • minimoocow
    minimoocow Posts: 205 Forumite
    Ok so objectives for the year . . .

    We always do objectives rather than new years resolutions - it struck me a few years ago that we both have to prepare targets etc for work but didn't do any for us . . . so now we do!

    Anyone I mention this to finds it amusing but I'd recommend it - it is fun to look back at past years ones and I personally need a target otherwise there is a tenandacy to do nothing!

    We make up targets under 4 broad headings - work and career, marriage, finances and hobbies which I think keeps us balanced (It's based on a balanced scorecard approach for those managers out there!)

    Anyway financial objectives for this year are:

    Spend less than £50 pw on groceries (This includes toiletries, cleaning stuff, washing powder, cat food etc - last year was £60.32 so some way to go!)

    Sell BTL - put proceeds against mortgage

    Cancel Gym membership in April when it's up

    Switch to PAYG

    Increase pension contributions in April when employer increases conts.

    So I think we will aim to keep at the currrent level (£43000) of mortgage until we sell the house. This will be a challenge as we want to put in new double glazing and decorate and won't have an income from the property so if we can fund it out of our income we will be doing well.

    Bring it on!

    MMC
    :j MFiT Club Member 14 :j
    Mortgage Outstanding 01 April 2007 - £51,051 :eek:
    Mortgage Outstanding 25 February 2009 - £NIL :rotfl:
    Savings 01 April 2009 - £1,522

    Paid off 19 years 8 Months early - Original Mortgage £63,000 October 2003 - 25 year term
  • minimoocow
    minimoocow Posts: 205 Forumite
    I was called up on Monday by the one account asking me if I wanted to reduce my facility in return for a better rate . . . anyone else wondering if they are short of cash?

    My thinking is whilst I have the facility they can't lend it to somebody else but if I don't use it all (which having overpaid I'm not) they don't get to charge me for it so better from their point of view to lend it someone else they can charge instead.

    Any other MFW had similar calls?
    :j MFiT Club Member 14 :j
    Mortgage Outstanding 01 April 2007 - £51,051 :eek:
    Mortgage Outstanding 25 February 2009 - £NIL :rotfl:
    Savings 01 April 2009 - £1,522

    Paid off 19 years 8 Months early - Original Mortgage £63,000 October 2003 - 25 year term
  • minimoocow
    minimoocow Posts: 205 Forumite
    Oh dear, it's been a while hasn't it?!

    I've never been very good at keeping diaries - always have good intentions but it never seems to quite happen!

    Anyway, had a terrible couple of months moneywise due to doing work on the other house and putting it on the market . . .

    New Windows - £2k
    HIP - £500 (What a complete waste of money!)
    Decorating - £500
    Mortgage repayments - £1500 (3 months)

    So I suppose the fact that we are only £600 behind where we were at xmas isn't too bad! Hopefully by the end of April we should be back on track. (And if we sell the house we'll be way ahead!)

    House has now been on the market a month. We have had about 9 viewings and 1 very low offer so hopefully we can get it sold soon. In the current market we're not interested in making a fortune - just getting our cash back will be fine!

    I'll try and keep you all posted!

    MMC
    :j MFiT Club Member 14 :j
    Mortgage Outstanding 01 April 2007 - £51,051 :eek:
    Mortgage Outstanding 25 February 2009 - £NIL :rotfl:
    Savings 01 April 2009 - £1,522

    Paid off 19 years 8 Months early - Original Mortgage £63,000 October 2003 - 25 year term
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