greent's mfw journey

Afternoon all!

I have been inspired after reading lots of the diaries on here to join in.

Background: OH and I are both 40. Have 4 children (12, almost 10, 4 and 10 months) OH was made redundant twice last year and recently started working as a contractor on a daily rate (4 month contract, may be extended a little) - so we now have a limited co of which we are both directors. I no longer work. We have a BTL property on which we have an interest only mtge and will clear that by selling the property (only bought for capital gain, not income, purposes) BTL property has long term tenant in. Rent covers mtge and buildings insce and repairs/ renewals with a small excess - but not much.However, it's on a fixed rate and takes care of itself.

MFW relates to our home. Bought in Oct 2005 for 277k, 130k mtge over just under 16 years (kept previous end date) Since then we have added a further 30k to the mtge for a loft conversion (needed due to the no of children!!) that cost approx 35k. We have also spent 20k+ on a bespoke fitted kitchen and building work - but financed that from savings/ income. And decorated and new carpets (previous owners ran out of money and had to sell, so place was full of stuff to do, even though it's still only 11 years old!) Some overpayments have been made, as can be seen from the overall balance.


OUr mtge is with C&G. I have a statement for balances as at 31/12/09:
(Balance as at 31/01/2009 was £124 616, so we reduced the balance by just under 20k last year)
Sub Account 01
Term remaining 12 years and 7 months.
Fixed rate 4.79% - until 30/09/10
Balance £79512.27

Sub Account 02
Term remaining 13 years 1 month
Fixed rate 3.99% until 30/04/11
Balance £25423.78

Sub Account 03
Term remaining 12 years and 7 months
Fixed rate 4.79% until 30/09/10
Balance £33.32


TOTAL BALANCE: £104969.37

We can repay by 10% a year without incurring penalty fees. We pay £1074.94/ month - this includes an element of overpayment, but I'm not sure how much (we didn't reduce our monthly payments when we paid off £12500 after DH was made redundant the first time)

My first step is going to be repaying Sub Account 03 We are with C&G, so I will phone them up about this. I can also afford to repay £4k to £5k from sub account 01, I think - but will leave that until after a meeting with our accountant (we are not sure yet exactly how much OH will be paid from the linited co)


I'm kind of looking for advice/ ideas, I guess... Would posting an income/ expenditure budget be an idea?

greent


ETA: We don't have any other debts. CCs are used (Tesco ones for Clubcard points for rewards) but are paid off in full.