The Call of Cornwall

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  • Danny5
    Danny5 Posts: 95 Forumite
    Pretty much a month since I last posted so I thought I had better update...


    Paid the OP for November, Decembers is already in the bank & I'm halfway to Januarys already.


    I've been absolutely rubbish with money this last couple of months. Think its going to be a case of muddling through to January as I've got allsorts on between now and then including Christmas parties, weekend away with the other half and a Wedding Anniversary party over New Year...


    The biggest news is that I start a new job next Monday, doing the same work but for better prices and the new company has got tons of work on, most of it local too.
    Other positives are that holidays are paid at 12 week average earnings instead of the flat rate, and they are in a pension scheme. Even better news is I've managed to haggle being paid for the 2 week shut down at Christmas which I wouldn't usually be entitled to as I haven't built my holidays up with them over the year, so I'll get paid my remaining holidays from my current job and can stick them straight into the OP pot which should take me over Januarys full OP... Then I can start on Februarys :T.


    Is anybody else really excited for their annual mortgage statement or is it just me?!
    :rotfl:
    Mortgage Start April 2007: £84,000 (28 Year Term)
    Mortgage Now:£3200 (3.55% LTV)
    Mortgage OPs Jan '16 - Dec '16 £12,000:£12,000 (100%)
    ISA Top Up To 20,000:£10,405 (52.03%)
    2017 - Pay off Mortgage Start Amount: Paid: Remaining
    £15,000:£11,800:£3,200 (21.3% remaining)
  • Danny5
    Danny5 Posts: 95 Forumite
    So I came on to update my diary, thinking I hadn't done it for a couple of months... Better make that 6 or 7 months, oops!!

    Its been a pretty good start to 2016 so far. Made maximum OPs every month, and have the next 3 in the bank already (takes me up to the end of August).

    Last year I set myself £6000 OPs as my target, but after work picked up I smashed it and did the maximum allowed £12000. This year I set myself the target of hitting maximum again as I figured I should aim high and if I've done it once I can do it again! So far so good. Basically I've got another £4000 to find to hit the target.

    My ISA savings are also coming on, I've been saving £25 a week, just to try and keep it ticking along. Once the mortgage is paid off I'll probably increase this.

    I've been looking at longer term savings a bit too and just dipping my toe in with a few investments (a couple of hundred pound), probably won't go much further than that until the mortgage is gone though, I think I just wanted to make the leap in the hope of trying to understand it a bit better!


    I think that's pretty much it as far as updating goes, I'm definitely going to try and be a bit more regular on here again though.


    I'm 30 next August (2017), and with the last year and a half of OPs going so well, I don't think it is beyond the realms of possibility that I could get it completely gone by then. So that is my aim. My 2 year fix ends in January so after that I can OP as much as I like, so literally every spare penny is going to be thrown at it!
    Mortgage Start April 2007: £84,000 (28 Year Term)
    Mortgage Now:£3200 (3.55% LTV)
    Mortgage OPs Jan '16 - Dec '16 £12,000:£12,000 (100%)
    ISA Top Up To 20,000:£10,405 (52.03%)
    2017 - Pay off Mortgage Start Amount: Paid: Remaining
    £15,000:£11,800:£3,200 (21.3% remaining)
  • Danny5
    Danny5 Posts: 95 Forumite
    Really happy with the way this year is going money-wise, especially with the mortgage.


    • Jan - May Max OP made
    • June's maximum OP done
    • July's already in bank
    • August's already in bank
    • September's will be in bank by Friday (if I get paid what I booked)
    I'm going to aim to have the years full OPs in the bank by the end of August, whether it'll work out like that I don't know!
    Once it is in the bank though, I'll start working on a big OP for January when my mortgage fix finishes.


    Looking forward a bit further, I'd like to be in a position to move to Cornwall by, at the latest, April 2022. If I manage to eventually have this mortgage paid off by My 30th next August, it gives me 55 months to save what I can to buy something decent outright (or with a very small mortgage).
    IF, and its a massive IF, I can continue to save the amount I'm currently paying a month on my mortgage including the max OPs, that'll give me £93,500 (£1700 x 55) in savings. My OH has a loan that she's paying £500 a month on that should be gone by the end of next year, which she's said she will then just save that towards Cornwall as she won't miss it, which should give us another £25,500 (£500 x 51)
    That gives us a Hypothetical £210,000 (current house valued around £90,000)


    I know there's millions of 'ifs' and 'buts' with these figures but I wanted to give myself a rough idea of what I might be able to afford, so I can see what that kind of money can buy!


    That's enough dreaming for today. Have a good week! :beer:
    Mortgage Start April 2007: £84,000 (28 Year Term)
    Mortgage Now:£3200 (3.55% LTV)
    Mortgage OPs Jan '16 - Dec '16 £12,000:£12,000 (100%)
    ISA Top Up To 20,000:£10,405 (52.03%)
    2017 - Pay off Mortgage Start Amount: Paid: Remaining
    £15,000:£11,800:£3,200 (21.3% remaining)
  • Pearla*Merle
    Pearla*Merle Posts: 1,611
    Name Dropper First Anniversary First Post Photogenic
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    Brilliant progress, Danny! :T
    a penny picker upper. MFW approx 78% to go | FIRE 3 years worth (30% savings rate: now aiming for 40%!) | Normality is a paved road; it's comfortable to walk, but no flowers grow on it | Whatever you're meant to do, do it now. The conditions are always impossible | The only thing you absolutely have to know, is the location of the library
  • Danny5
    Danny5 Posts: 95 Forumite
    I thought as its my birthday tomorrow and exactly 1 year until I'm targeting MFdom, I'd better update the diary..

    In my last post I said I wanted to have all of this years max OPs banked by the end of August..... DONE :j
    Not only that but I'm well on my way to having another full month of OP too!

    A member of my family has done really really well with a business, and is in the process of negotiating an investor buying in, if it all goes through they've told me there will be a figure in the region of 10k dropping in my bank account by the end of the year as a thank you for helping them out when they were on their !!!! a few years ago! I guess there is such thing as good Karma! (need to remind myself not to get too excited until its actually sat in my account!)

    IF it does happen, that only leaves me about £4000 more to save to clear the mortgage in January (when my fix ends), which is very do-able if current work circumstances remain until the end of the year.

    Going to have to start researching where to invest my money afterwards, as I save for my (Hopefully) MF Cornish home. Nothing much is happening with savings rates at the moment and I want my money to at least keep up with inflation!

    Could anyone give me any advice on how much a good Financial Advisor should cost, and how would I go about finding a good one?

    Thanks, have a great Bank Holiday weekend everyone!
    Mortgage Start April 2007: £84,000 (28 Year Term)
    Mortgage Now:£3200 (3.55% LTV)
    Mortgage OPs Jan '16 - Dec '16 £12,000:£12,000 (100%)
    ISA Top Up To 20,000:£10,405 (52.03%)
    2017 - Pay off Mortgage Start Amount: Paid: Remaining
    £15,000:£11,800:£3,200 (21.3% remaining)
  • Well done to you, will offer no advice just wishing you and your family MF happiness x
    Mortgage restart June 2018 £119950Re mortgage August 19 £110470, … Mortgage November 22 £85600 final 0% CC 3300Home renovations - £65000, mid 2018 - mid 2022
  • Danny5
    Danny5 Posts: 95 Forumite
    Happy New Year Everyone!

    Thought I'd better update my diary with where I'm at as we go into the new year...

    1. The business deal that I spoke about hasn't gone through yet, although it's looking possible by the end of Feb. Decided not to count on it anymore though as these business deals appear a lot more complex than I assumed!!
    2. My mortgage fix has now finished (as of 1/1/17) so my interest rate has gone from 2.34% to 4.75%
    3. My estimated mortgage amount is £15,000, my annual statement is due any day though so will have a better idea then.
    4. I have just over £8,000 saved to chuck at overpaying the mortgage once I get my statement and confirmation that I can now OP as much as I want!


    So, I have a couple of questions I'm hoping some of you guys might help me with.

    1. How much should a good financial advisor cost?

    2. If my mortgage is say £7000 by the end of this month, what is the best way of holding the debt. I.e keep it as the mortgage at 4.75%, switch it to another provider (will a provider even give me a mortgage for that amount?), transfer it to a 0% credit card (is that even possible to transfer money from a credit card to a mortgage?)


    Thanks in advance :beer:
    Mortgage Start April 2007: £84,000 (28 Year Term)
    Mortgage Now:£3200 (3.55% LTV)
    Mortgage OPs Jan '16 - Dec '16 £12,000:£12,000 (100%)
    ISA Top Up To 20,000:£10,405 (52.03%)
    2017 - Pay off Mortgage Start Amount: Paid: Remaining
    £15,000:£11,800:£3,200 (21.3% remaining)
  • Hi Danny! Can't believe the progress you have made. Iv always enjoyed your diary as I love the idea living in Cornwall.

    I certainly don't think remortgaging is an option, and in any event, the fees and legal costs would outweigh your interest payments.
    Mortgage Start - August 2013 £145,000 ************ Balance at April 2017 - £59,000

    Target - Overpay by £2,500 each month ************** Mortgage free by December 2018!
  • Darpett
    Darpett Posts: 71
    First Anniversary First Post
    Forumite
    I am sure Freshcotton is correct and that your amount is below the threshold to re-mortgage, however I have always been allowed to pay OP's by credit card so can't see why you wouldn't be able to pay off the amount in that manner.

    Good luck with it all!
  • kirtsypoos
    kirtsypoos Posts: 3,824
    First Anniversary Combo Breaker First Post Cashback Cashier
    Forumite
    You could always look at a cash transfer CC - you'd pay % transfer fee, but then could make payments as and when and it would be 0% until the end of the transfer period (I'm sure there's a 41 month 0% out there at the moment from MBNA)
    :j PAID VERY, Barclaycard x3, Vanquis, Natwest, O/D, Tesco & MBNA x2 PAID :j LBM 24/07/15 - Original Debt: £0/31010.23 (100% paid) :eek:
    Mortgage - £151.316.54 :eek:
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