My MF Mission 2015

lippy1923 · 9 August 2015 at 11:30AM

Hi all,

I've threatened a diary for a while now. Here goes.

Option 1 -Pay off in less than 10 years with intention to rent out
Option 2 -Pay off AMAP to gain higher equity to use for up-sizing

Option 2 is most likely IMO as we may have another child in the next 10 years which will mean up-sizing is almost inevitable.

MORTGAGE STARTING BALANCE- £140K

Mini targets-

Dec 2016 - Balance below £100k - COMPLETE
Dec 2017 - OP £6k- COMPLETE
Dec 2018 - Balance below £75k - MISSED - £76,285
Dec 2019 - Balance below £65k - COMPLETE
Dec 2020 - OP £11.5K in May COMPLETE/ OP £14K in June COMPLETE/ Mortgage Neutral Dec 2020 COMPLETE - September 2020!!!!!
Dec 2021 - OP £14k in June/ Balance below £10k

Lets see how I do

Mortgage Term Reduced by 10 Yr 3 mth

clear_as_mud · 9 August 2015 at 12:44PM

Good Luck with your journey. Looking at your signature, we have similar mortgage balances, although my term doesn't finish until 2035 :O

shangaijimmy · 9 August 2015 at 1:21PM

Hi lily, great to see you've a diary started. We too have similar figures, and whilst you speak about another child, we have 1 due in January! Fingers crossed we'll keep each other company for the next 10yrs!

Luckyinlife · 9 August 2015 at 1:25PM

You must feel really good having a house worth 200k+ and a mortgage of half that :]

Great EF as well if you had say 20k left of the mortgage would would you use the EF to pay it off ?

lippy1923 · 9 August 2015 at 1:26PM

lol we can be MFW buddies. My son was born in January and I warn you now, with Christmas and a birthday shortly after you will be strapped for cash and space in the house from all the toys :rotfl:

lippy1923 · 9 August 2015 at 1:32PM

Luckyinlife wrote: »

You must feel really good having a house worth 200k+ and a mortgage of half that :]

Great EF as well if you had say 20k left of the mortgage would would you use the EF to pay it off ?

Yes I am def happy with our LTV.

I am in 2 minds what to do with the EF. I am thinking of using it in 2017 when my fixed deal comes to an end and making a bulk OP. In the meantime I will need to save another EF as I don't want to never have anything readily available, just in case!

I might edit my original post and include that as a mini challenge. I recon I would need at least £6k in a new EF. I will aim to save this and see where I am in 2017.

Luckyinlife · 9 August 2015 at 2:11PM

Ya great ltv

Ya the EF is great to have in place. i think its a good idea to pay a lump off after every fixed term ends

lippy1923 · 9 August 2015 at 2:42PM

If I manage to get the balance to £100k I think the thought of bulk overpaying to make it £80k will tempt me.

*Updating my original post to show new mini goal.

Ali-OK · 10 August 2015 at 2:45PM

Followed you from SJ's diary and tagging along if I may.

You're doing so well and congratulations on the upcoming nuptials

lippy1923 · 10 August 2015 at 3:22PM

Feel free to tag along. The more the merrier

Am I right in reading your signature? In 2013 you had £133k and now you have £116k? If so well done, that's a big reduction in so little time!

And we are at similar balances

Ali-OK · 10 August 2015 at 4:13PM

Yes, that's right and I'm aiming for below £100k by the end of next year :j

We're on similar timescales, though my savings pot is half the size of yours and if I carry on paying close on £1k a month to mortgage, I won't be saving much I suspect, but let's see how it goes.

Half the fun is looking back and seeing how far we've come.

My MF Mission 2015

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