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  • FIRST POST
    • Retro.Monkey90
    • By Retro.Monkey90 15th Nov 16, 12:20 PM
    • 69Posts
    • 219Thanks
    Retro.Monkey90
    Little by little....to be MF
    • #1
    • 15th Nov 16, 12:20 PM
    Little by little....to be MF 15th Nov 16 at 12:20 PM
    So I have been lurking for about a year now and I feel like it's time to start my own diary on my journey to being MF! I'm also seeing it as another step of encouraging progress that keeps me motivated and eager to be frugal.

    Our mortgage is at the moment a touch under £128k and it was £134k when we bought our new build house in 2014. We are on the Scottish Help to Buy scheme, therefore our equity is 80% of the value of our house, which is currently £190k (just to put it into perspective). BF and I bought the house as first time buyers, so we are determined to start making a dent in the mortgage as soon as possible. Our OPs at the moment are a meager £75 as a SO, but this is already cutting 4 years and 8 months off the term! So original date was September 2044 and now we are on January 2040.

    BF and I are both on average salaries and are doing everything we can at the moment to cut back as a series of unfortunate events has forced us to be uber-frugal. However, I intend on keeping it going and doing more to save so that we can throw everything (within reason) at the mortgage. Also planning a few big purchases this year and next which we need to save and budget for.

    As this is my first post, I'm not sure what else to say other than any help or suggestions would be grand! Also hope this diary will not bore you all to death
Page 4
    • Retro.Monkey90
    • By Retro.Monkey90 15th Aug 17, 3:37 PM
    • 69 Posts
    • 219 Thanks
    Retro.Monkey90
    Hi all

    There has been a few updates in the last couple of weeks, which have all amounted to not much! We are basically waiting for the Scottish Ministers security to be removed from our account with Halifax so can't go ahead with our DiP yet. Everything is in place, which means a lot of hoop jumping but we cannot jump through said hoops until the records with Halifax are updated

    £1 TT today, no idea what the pot is sitting at. We have our lodger staying with us although no guarantee on how long he will stay due to cicumstances with his work.

    As there is a lot of financial discussions between our family because of all the different strategies we have had to think of, my MSE brain has been fried! Trying my best to keep on top of it, but if we don't spend a small fortune on fees that's all I'm worried about. I suppose it will work itself out when we have everything in place, it is just difficult to keep wondering where we will end up financially as we have no firm figures yet.

    We had our engagement party on the weekend, which was good. Too busy doing food and looking after people that we didn't enjoy it to its fullest but everyone had a great time so that's good at least. We did spend a small fortune on food as there were quite a few mouths to feed, but we did quite well in the prosecco/champagne stakes!! We could probably cater another party with the booze we have left over!

    Anyway, a lot in the air at the moment, so I might not post as much but hope you are all doing better than me!
    Retro x
    Save
    Original Mortgage: £134k Sept 2044 Current Mortgage: £126k Neutral Oct 2039
    Ideal goal: TBC
    Bonus OPs made 2017: 7 total= £159.91
    Save
    Save
    • Retro.Monkey90
    • By Retro.Monkey90 12th Sep 17, 10:06 AM
    • 69 Posts
    • 219 Thanks
    Retro.Monkey90
    Hi all,

    Sooo a lot has been happening in the last month (oops where did the time go?!) at home and at work. We were renovating our workshops to receive a Royal guest over the last few weeks (or months I have no idea of time) so I haven't had as much time/clean hands to update the diary. The visit went well and was an excellent day and a proud moment in my life and career. Quite surreal really!

    On the mortgage front, we are but a few clicks away from getting the second mortgage. We have re-arranged the pots of money so many times it is hard to keep up but we are keeping it simple for the time being to allow everyone to settle in. It will also mean we have to extend our current term to 32 years but will obviously reduce our monthly payments - so possibly more OP to balance it out. We intend on re-mortgaging when everything has settled down and all the fixed deals are ending to reduce the term again.

    Basically overall we shouldn't be worse off, we should be ok and my parents should be ok with the payments as well. Maybe we can get a wedding out of it after all?!

    Have a good week everyone
    Retro x

    PS TT £1 this morning
    Original Mortgage: £134k Sept 2044 Current Mortgage: £126k Neutral Oct 2039
    Ideal goal: TBC
    Bonus OPs made 2017: 7 total= £159.91
    Save
    Save
    • maia_evo
    • By maia_evo 12th Sep 17, 9:11 PM
    • 76 Posts
    • 200 Thanks
    maia_evo
    Hello Retro, I've subscribed to your diary.

    You are doing really well to have the mindset you have about your mortgage. Not many people I know have a clue how much they are paying in interest over the term, or that any overpayment impacts big time.

    I must ask, I'm quite a newbie around here. What is a TT? Some kind of game or challenge?
    Take care of the here and now and the future will be taken care of.
    MFW 2017 £6000 (currently £5201) | Product Sales Target 10 (currently 2) | Tesco CC £5116.50 - £0
    • Retro.Monkey90
    • By Retro.Monkey90 13th Sep 17, 10:21 AM
    • 69 Posts
    • 219 Thanks
    Retro.Monkey90
    Hi Maia! Thanks for subscribing although I don't post very often! Need to get into the swing of things again

    A TT stands for Tilly Tidy which is a method of 'cleaning' your bank balance I think first coined by Tilly (MFW in 6 YRS). So if your balance is £36.43 you TT 43p into another bank account. And then it is up to you how you OP the pot, some do it weekly but I do it monthly. And also I cheat and if it is only 1p or 2p I round up to £1.01 it's an easy way to make a little extra OP.

    Thank you for your kind words, I sometimes feel like I am getting nowhere! But every little helps!

    TT £1 this morning again otherwise not much else is happening. Need to get an energy switch on for when our rather jammy BG one runs out this month and we need to look at home insurance. £££££

    Retro x
    Save
    Original Mortgage: £134k Sept 2044 Current Mortgage: £126k Neutral Oct 2039
    Ideal goal: TBC
    Bonus OPs made 2017: 7 total= £159.91
    Save
    Save
    • maia_evo
    • By maia_evo 13th Sep 17, 5:12 PM
    • 76 Posts
    • 200 Thanks
    maia_evo
    Thank you for the TT explanation Retro. Great way to make it more into a game.
    Take care of the here and now and the future will be taken care of.
    MFW 2017 £6000 (currently £5201) | Product Sales Target 10 (currently 2) | Tesco CC £5116.50 - £0
    • Betterthanever
    • By Betterthanever 13th Sep 17, 5:22 PM
    • 361 Posts
    • 1,496 Thanks
    Betterthanever
    One of my bank accounts is named "Tilly tidy"!!

    Current balance £115,428.65. Offset £1,775.31. £113,653.34 needed to be mortgage neutral!
    End date - 03/29 but aiming for 10/22
    Money for Nothing pot = £392.99
    Former DFW Nerd 230. Determined to be MF. Bring it on!
    • Retro.Monkey90
    • By Retro.Monkey90 14th Sep 17, 9:20 AM
    • 69 Posts
    • 219 Thanks
    Retro.Monkey90
    Maia - the TT can become obsessive! Hence my £1.01 TT! I just use my 'savings' Tesco current account which gets 3% interest so I can pop that in the OP jar as well! But I would like to name it Tilly Tidy...Betterthanever how did you do that?!

    Only 75p TT this morning, although been keeping up with them so hopefully will make my £20 target again

    Not much else doing, still waiting for bank. We had the valuation and it was the top end of what we were expecting but now a small £19 a month laon for the sofa has held up the works! Give me strength....
    Original Mortgage: £134k Sept 2044 Current Mortgage: £126k Neutral Oct 2039
    Ideal goal: TBC
    Bonus OPs made 2017: 7 total= £159.91
    Save
    Save
    • Retro.Monkey90
    • By Retro.Monkey90 3rd Oct 17, 9:03 AM
    • 69 Posts
    • 219 Thanks
    Retro.Monkey90
    Success!
    Hi all,

    So a long break from updating my poor diary but I have a good excuse...we got the second mortgage ! So relieved and overwhelmed with happiness and exhaustion!! But onwards and upwards, we have been given the 27th October for a move in date proposed by our solicitor which my parents are delighted at. We were afraid they were going to have to move in mid November when it was really dark and cold. So all good on that front, and the money should sort itself soon. We are just wating for our loans to fully be cleared - just paperwork!

    I will give an updated SOA once we have our new ongoing payments from our 'new' mortgage as the first payment is always higher. It will also include our new consolidation loan which should ultimately help us to reduce our outgoings, increase bonus OPs and save for the wedding !

    Finally there is light at the end of the tunnel! And we noticed our Amex cashback is almost at £200 which would be paid just in time for Christmas....that'll do nicely

    Hope you have a great week
    Retro x
    Original Mortgage: £134k Sept 2044 Current Mortgage: £126k Neutral Oct 2039
    Ideal goal: TBC
    Bonus OPs made 2017: 7 total= £159.91
    Save
    Save
    • fiona100
    • By fiona100 3rd Oct 17, 12:07 PM
    • 20 Posts
    • 29 Thanks
    fiona100
    Oops, joining late, but subscribing for extra tricks and tips.
    Thanks Fiona
    • Retro.Monkey90
    • By Retro.Monkey90 3rd Oct 17, 12:59 PM
    • 69 Posts
    • 219 Thanks
    Retro.Monkey90
    Thanks for dropping in Fiona, although I'm sure all you will learn from me is how not to keep up with a diary
    Original Mortgage: £134k Sept 2044 Current Mortgage: £126k Neutral Oct 2039
    Ideal goal: TBC
    Bonus OPs made 2017: 7 total= £159.91
    Save
    Save
    • Retro.Monkey90
    • By Retro.Monkey90 2nd Nov 17, 11:27 AM
    • 69 Posts
    • 219 Thanks
    Retro.Monkey90
    Hi all,

    Long absence again! Just been in a bit of lull because we are still waiting for the keys! We were meant to be in on Tuesday but hopefully we will get them tomorrow. Our new mortgage is already set up so I must get round to doing a new SOA with our new values. Still have the £75 OP set up and it is only an extra £25 a month, but the term is an extra 5 years . We have some savings though at the moment and we are going to try and increase this to build up a wedding fund and then OP after that.

    No idea where I am at with my TT pot as money has been flying in and out our account, but I will tidy the tidy pot and OP that £1 TT today though!

    Over and out x
    Original Mortgage: £134k Sept 2044 Current Mortgage: £126k Neutral Oct 2039
    Ideal goal: TBC
    Bonus OPs made 2017: 7 total= £159.91
    Save
    Save
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