My MF Mission 2015

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  • Ali-OK
    Ali-OK Posts: 4,073 Forumite
    First Anniversary Debt-free and Proud!
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    Best of luck for tomorrow too :j

    Glad the insurance tracked :) 32 weeks is a looong wait!
    Back on the DFW Wagon:

    CC - £3,300 on 0% til 04/2020
    CC - £4,500 on 0% til 02/2019
    Loan - £12,063.84 as at 4/1/18
  • lippy1923
    lippy1923 Posts: 1,374 Forumite
    First Anniversary First Post Combo Breaker
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    Exam was a bit evil if I'm honest. Not feeling too optimistic about the results. Oh well, nothing that can be done now, so fingers crossed. Only have to wait 3 months for the results lol

    In other news, I forgot I won a scratch card at the weekend. £25 added to the OP pot for April.
    Total Mortgage OP £61,000
    Outstanding Mortgage £27,971
    Emergency Fund £62,100
    I AM NOW MORTGAGE NEUTRAL!!!! <<Sep-20>>

  • shangaijimmy
    shangaijimmy Posts: 3,796 Forumite
    Name Dropper First Anniversary First Post
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    Nice win bonus and a perfect place for it to nestle!
    MFW: Was: £136,000.......Now: £61,892.24......
    Mortgage Neutral Deficit: £43,082.90... Mortgage Neutral Savings: £18,809.34
    MFiT-T6 #13 - £3,517 of £15,500 (22.69%)
    1% Mortgage Challenge 2022 - £157.59 of £650
  • lippy1923
    lippy1923 Posts: 1,374 Forumite
    First Anniversary First Post Combo Breaker
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    So, I have just done my first bootcamp. Not going to lie, it was pretty savage. Really good feeling keeping up with all the regulars and completing the challenges. Glad I went. Feeling it already, so God only knows what my legs will feel like tomorrow.

    I'm off for an early night to sleep like a baby now :) Night night all
    Total Mortgage OP £61,000
    Outstanding Mortgage £27,971
    Emergency Fund £62,100
    I AM NOW MORTGAGE NEUTRAL!!!! <<Sep-20>>

  • hiddenshadow
    hiddenshadow Posts: 2,525 Forumite
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    Well done! I've been meaning to try bootcamp, maybe this year will be the year I finally get around to it.
  • lippy1923
    lippy1923 Posts: 1,374 Forumite
    First Anniversary First Post Combo Breaker
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    You should try it. They are all different and have different styles so try a few and see which ones/people you prefer.

    Legs are hurting today when it comes to stairs. Unfortunately my office building has lots of stairs :(
    Total Mortgage OP £61,000
    Outstanding Mortgage £27,971
    Emergency Fund £62,100
    I AM NOW MORTGAGE NEUTRAL!!!! <<Sep-20>>

  • lippy1923
    lippy1923 Posts: 1,374 Forumite
    First Anniversary First Post Combo Breaker
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    Sunday morning spent doing some financial checks. I am ashamed to say that all my credit card debt adds up to a nasty sum of just over £6k :eek: The only good thing to note is its all on 0%

    MY AIM FOR 2017 - To see the CC debt at £0, Pay £20k off the mortgage balance, Have £6k in a new emergency fund.
    Total Mortgage OP £61,000
    Outstanding Mortgage £27,971
    Emergency Fund £62,100
    I AM NOW MORTGAGE NEUTRAL!!!! <<Sep-20>>

  • lippy1923
    lippy1923 Posts: 1,374 Forumite
    First Anniversary First Post Combo Breaker
    edited 21 March 2016 at 9:39AM
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    Payday today. Only £100 added to the savings pot as will be needing some spending money for Vegas next month.

    Looks like next months OP will be coming from the savings pot, but I'm not too fussed my savings figure going down as my mortgage OP will be going up. It's still savings to me, just in a different pot.

    Going to look into offset mortgages for next year, when my deal ends. What are people's thoughts about them?

    Hopefully some topcashback to report soon as well as some de-clutter sales.
    Total Mortgage OP £61,000
    Outstanding Mortgage £27,971
    Emergency Fund £62,100
    I AM NOW MORTGAGE NEUTRAL!!!! <<Sep-20>>

  • hiddenshadow
    hiddenshadow Posts: 2,525 Forumite
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    lippy1923 wrote: »
    Going to look into offset mortgages for next year, when my deal ends. What are people's thoughts about them?

    I was very excited about them for our fix, but the (bank-provided) advisor we chatted with ran the numbers and showed that, for our level of constantly-available savings, repayment made more sense than offset due to the differences in interest rates. (Plus with the 5% current accounts available it's easy to make more money with savings than you're paying on your mortgage right now.)

    The main reason we didn't go for one was that I couldn't get a clear explanation on what happens at the end of the offset. The ones we were looking at were interest-only so you're expected to pay off the balance at the end of the term. I assume you can re-fix onto a new deal and not have to pay the balance, but the advisor didn't really give me a direct answer to that (IMO simple) question. So we were a bit gun-shy about them on multiple fronts. :)

    I think offset makes sense when you can't make money off savings, and when interest rates on the mortgage are higher, as then your offset savings really do work for you. Right now the opposite is true, so it depends on whether you think that'll remain the case for a while.

    I'll be curious to find out if you get any different info. :) Let us know what you decide!
  • lippy1923
    lippy1923 Posts: 1,374 Forumite
    First Anniversary First Post Combo Breaker
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    Thanks a lot for the info Hidden. That makes a lot of sense. You are right, it would depend on the rate I would be offered next year. If it's more that I could get in current accounts, then it would be worth it.

    Although my understanding is that we are not going to be taxed on interest up to £1k from next month, so will be even harder to beat current account interest. Might not be worth it. Will still consider it next year and see whats on offer.

    Looking forward to not being taxed on my interest soon! Although keeping track of it will be tricky with so many different accounts.
    Total Mortgage OP £61,000
    Outstanding Mortgage £27,971
    Emergency Fund £62,100
    I AM NOW MORTGAGE NEUTRAL!!!! <<Sep-20>>

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