Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • armchairexpert
    • By armchairexpert 9th Feb 17, 4:00 AM
    • 726Posts
    • 4,719Thanks
    armchairexpert
    The ups, downs, and occasional sideways bits of trying to be mortgage free
    • #1
    • 9th Feb 17, 4:00 AM
    The ups, downs, and occasional sideways bits of trying to be mortgage free 9th Feb 17 at 4:00 AM
    Hello! I used to loiter around here a few years ago and you were all terribly friendly. Then I was made redundant, started my own business, and it's all been a bit uppy and downy since then.

    We've been meandering along for the past three years, since taking on a new mortgage in 2014, paying things as they come up and failing to notice that we're not making a dent in the mortgage at all. It's set up as a line of credit, so the minimum payment on it is only interest - we'd expected to be paying down the principal as well just as a matter of course, but it hasn't quite worked out that way.

    I'm not going to do a SOA because I'm in Australia, and even the most dedicated MFW'er probably can't tell me if I'm paying the right amount for my electricity! But I have buckled down and done a very comprehensive YNAB budget, and it tells me that I should have about $700/month extra without cancelling the children's extra-curricular and the occasional treat. We shall see if this holds true.


    As an aside, I also have a second mortgage on a buy-to-let, but the tenant is my mother, who can't afford to pay us market rent much less cover the running costs, so that costs us about $5,000 a year or so. As a way of clawing back savings, I don't budget any of the tax reductions that brings us, I just treat it as a normal expense, and then anything we get back at the end of the tax year is like an annual bonus.

    What else? Two DDs, the youngest one started school this year which is a GAME CHANGER I tell you what, some lovely silly chickens who very generously make eggs for us, the beginnings of a fairly pathetic vegetable garden which I'm not convinced even pays its own running costs - and long suffering DH, of course, who keeps the lights on.

    Also I am not the most succinct person in the world.
    Last edited by armchairexpert; 09-02-2017 at 4:10 AM.
    MFW diary here. 1 Feb 2017 $229,371 - MFD Feb 2043 aiming for May 2028
    14 August 2017 - Refinanced: $220,000
    November 2017 - $216,000.00 Current MFD 31 July 2035
Page 13
    • armchairexpert
    • By armchairexpert 23rd Jul 17, 4:17 AM
    • 726 Posts
    • 4,719 Thanks
    armchairexpert
    This is good intel, thanks so much for posting.

    Back to heavy rain and grey skies today. Elder Girl has a friend over: Little Girl is painting with her Dad.

    Slightly worried about my business account this month. My general rule is to invoice at the end of each month, then the money trickles in over the next month and on the last day of the month I pay myself, put some aside for tax, and put any extra into a pot for business related expenses. I made the decision to pay myself $2500 instead of $2000 from July, which means I need to earn at least $3000/month. I averaged over that amount every month of last year, so no problem, and most of my clients are repeats - I have a baseline income and then some of them want odd jobs doing on top of that, so it fluctuates but never dips under $3K. Well, it's the 23rd of July and I have $4.43 in my business account. I think because it's end of financial year maybe, everyone's pushed their small contractors to the bottom of the to-do pile? I spent Friday sending out reminders. If the money doesn't come in this week, I'm going to have to borrow back from the amount I've put aside for last year's tax and then try and put it back before it's due. It's not due until April next year, but I don't like having liabilities hanging over my head. Grr. This is part of being a small business, but it's making me tense!
    Last edited by armchairexpert; 23-07-2017 at 4:18 AM. Reason: clarity
    MFW diary here. 1 Feb 2017 $229,371 - MFD Feb 2043 aiming for May 2028
    14 August 2017 - Refinanced: $220,000
    November 2017 - $216,000.00 Current MFD 31 July 2035
    • armchairexpert
    • By armchairexpert 25th Jul 17, 2:33 AM
    • 726 Posts
    • 4,719 Thanks
    armchairexpert
    New doggie is here and snoring on the armchair in my office. She's a delight so far: licked the girls to pieces, napped on Mr E's arm, played chasey with the younger cat (he initiated it, lest you worry about his well being! He loves a chase), made friends with some other dogs on the oval, and received a stern talking to on the subject of Not Chasing The Hens.

    Yesterday was a whirlwind and I might as well have torn up a bunch of money and tossed it in the air for all the money-saving I did. I took the older cat to the vet to discover she has a sore tail and maybe an infection, and that was $180. I still needed dog beds and a car harness and a lead and a tag, and that was another $120. Both girls have birthday parties coming up (not their birthdays: friends) and we spent $40 on gifts and cards between the two of them. So much money.

    Mr E has been buying lots of little things as well, I think costume bits for Book Week and a couple of books - he has a surgical procedure next week and then a week of enforced couch rest so he's laying in entertainment supplies. And a new coat. All very reasonable, and nothing compared to the dog, but we're over on all our discretionary categories AGAIN. I'm just going to have to earn more.
    MFW diary here. 1 Feb 2017 $229,371 - MFD Feb 2043 aiming for May 2028
    14 August 2017 - Refinanced: $220,000
    November 2017 - $216,000.00 Current MFD 31 July 2035
    • Tahlullah
    • By Tahlullah 25th Jul 17, 7:12 PM
    • 800 Posts
    • 4,690 Thanks
    Tahlullah
    Sometimes, the choice between earning more or spending less is easy, and earning more comes out on top!

    Tx
    Striving to be mortgage free.
    2018 MFW #135
    • armchairexpert
    • By armchairexpert 26th Jul 17, 4:29 AM
    • 726 Posts
    • 4,719 Thanks
    armchairexpert
    Indeed. I don't live a life without any luxuries, but there's little left to cut, and as I was scraping out the remnants of a lipstick with a brush this morning - I'm down to two and completely out of foundation and moisturiser - I thought, there must be a better way. Now, if only my clients would pay me.

    End of financial year has meant an extra $505 into the bank account from the government because we overestimated our income and received less child care benefit than we were entitled to. I have allocated $100 to me so I can buy a bit of makeup. Last time I bought a product was almost a year ago.
    MFW diary here. 1 Feb 2017 $229,371 - MFD Feb 2043 aiming for May 2028
    14 August 2017 - Refinanced: $220,000
    November 2017 - $216,000.00 Current MFD 31 July 2035
    • armchairexpert
    • By armchairexpert 27th Jul 17, 2:25 AM
    • 726 Posts
    • 4,719 Thanks
    armchairexpert
    Good run this morning with Lovely Dog. She's asleep on the chair again now. I really like having her around, she's motivating me to go get exercise even when I don't feel like it, and one always feels so much better for it.

    Off to another city tomorrow for the weekend. This is a combination of an annual jolly (lots of my friends live there) and business stuff. I had hoped to be taking spending money, but unless a slew of invoices come in today it might end up a bit lean. I have a dinner with friends organised at a not-too-expensive Chinese restaurant, then drinks after but I don't drink alcohol so that's always pretty cheap for me, and a day of hitting the good charity shops to hunt for clothing bargains. I don't really need to buy anything, it's just for fun.

    Mr E got reimbursed for his recent business trip today so I've topped up some pots. Nothing else MSE happening.
    MFW diary here. 1 Feb 2017 $229,371 - MFD Feb 2043 aiming for May 2028
    14 August 2017 - Refinanced: $220,000
    November 2017 - $216,000.00 Current MFD 31 July 2035
    • armchairexpert
    • By armchairexpert 31st Jul 17, 6:06 AM
    • 726 Posts
    • 4,719 Thanks
    armchairexpert
    Hi! I've been away for the weekend and correspondently silent, but I've just got YNAB up to date and back to normal life. TBH the weekend was a bit of a letdown: I was going to see a very good friend and also have a big dinner with a whole circle of friends who irritatingly live interstate, but the very good friend has been battling flu for weeks and was ordered back to bed, and since it's winter most of the others were also sick, and I was mainly on my own for three days. We managed the dinner, but it ended up just being four of us, rather than the original 12.

    It also meant that instead of spending a day hitting the good charity stores that we don't have over here, and having a good bargain hunting session, I was in the centre of the city with the mainstream stores. I bought a few indulgent things that I had planned for and budgeted out of my tax return money, and that was nice, but the bargain hunting would have been far better as well as cheaper. I'm not a big shopper, really, so without the company and the joy of the hunt part it felt a bit flat.

    On the Sunday I packed myself a salad roll and ate it, and a good coffee, on the waterbank before hitting the free parts of the Art Gallery and that was lovely. But then I trailed all around the city looking for gifts for the girls. Eh. I don't know. A shopping trip is not my style, really. I feel like I've wasted my annual Indulgent Get Away On My Own trip on things I didn't really care about.

    Anyway, there we go, it's done. In other news, all the paperwork for the bank is finally in for the refinance, but unfortunately the loans officer completely forgot what we'd discussed (did she not take notes? it seems like a small thing to expect?) and tried to sell me a completely, totally, utterly different package which was literally wrong in every single element. I've written it all down for her in a numbered list and talked her through it an hopefully she'll manage the right thing this time. Honestly. Do people not need basic qualifications or common sense to work in banks?

    Mr E's tax return is now in, so we'll to wait until it ticks over to tomorrow to see what our mortgage stands at, at the end of this month, but we're finally drawing ahead.
    MFW diary here. 1 Feb 2017 $229,371 - MFD Feb 2043 aiming for May 2028
    14 August 2017 - Refinanced: $220,000
    November 2017 - $216,000.00 Current MFD 31 July 2035
    • armchairexpert
    • By armchairexpert 1st Aug 17, 2:56 AM
    • 726 Posts
    • 4,719 Thanks
    armchairexpert
    July Review
    The mortgage (plus credit card: I'm rolling it all into one debt here) has gone down from $228K to $212K in five months: $16,000. That looks more impressive than it is: it includes $10,000 in tax return money and $3,000 when I sold a car. Although I guess the tax return money represents a form of savings, since it was money I put aside from my business over the year, over and above what I ended up owing the tax office. So okay, I'm claiming that as a win: we lived within our means and I managed to put money aside.

    I've said before that this often feels more like a Debt Free Diary, because it's become so clear to me that in fact we were spending outside our means on a casual, invisible basis before I started this project (and then making up the difference with the end of year tax lump sum). So just breaking even has been quite a turnaround for us.

    Going forward, the mortgage refi will make a big difference I think. Our mortgage has gone up almost an entire 1% - from 4.8% to 5.6% - in the past two months, which has meant an extra $300 over the two mortgages. I'm hoping to reverse that trend going into this month, as the refi will see the home loan rate come down to 3.8% and the investor loan to 5.15%. Because I'm working with very small margins for error, that'll make a huge difference and we might finally start to pull ahead.

    Many things are now habit, including baking bread and shopping at the cheaper grocery stores, and we're more thoughtful as a family about what we spend and when. I anticipate no more big expenses between now and Christmas, although we might try for a cheap week away in the spring (October) holidays. The budget is balanced and the household is happy.
    MFW diary here. 1 Feb 2017 $229,371 - MFD Feb 2043 aiming for May 2028
    14 August 2017 - Refinanced: $220,000
    November 2017 - $216,000.00 Current MFD 31 July 2035
    • Tahlullah
    • By Tahlullah 2nd Aug 17, 8:51 PM
    • 800 Posts
    • 4,690 Thanks
    Tahlullah
    Hello ACE, I have said for quite a while that I think I am on the wrong thread and completely agree that perhaps I should be on the Debt Free Wanabee pages. So I totally understand where you are coming from. Sometimes, you get the feeling that you are less paying down the mortgage and more juggling your money and any surplus you can accumulate allows you to pay off the mortgage, but there appears to be no structure or regularity to it.

    However, despite that, you do have a pattern and you should not dismiss it. A $16k reduction in 5 months is extremely impressive and it was only made possible by your budgeting and living within your means (with the odd splurge to remind you why you work for a living!)

    As you say, the budget is balanced and the household is happy. You cannot ask for more!

    Congrats on the pay down, you have made a fantastic deposit. Lets hope the re-financing makes an even bigger difference to your big debt!
    Striving to be mortgage free.
    2018 MFW #135
    • armchairexpert
    • By armchairexpert 3rd Aug 17, 3:22 AM
    • 726 Posts
    • 4,719 Thanks
    armchairexpert
    Yes, that's exactly right, there's no real structure. But also, if I'm honest, we've been pretty reluctant to make big changes. We've cut down on groceries, and cafes, and those sorts of casual spends, but all the other expenses are still chugging along. I'd like to think we've all got enough clothes for the year now, but I doubt that's true. I think if we really really wanted to we could definitely cut back further, but it has to be a joint effort: it's too depressing feeling like I'm forgoing a $4 coffee once a week while everyone else merrily carries on with their expensive hobbies.

    Anyway, Mr E got paid today and I realised it's a three-pay month for him! He's paid fortnightly, but my budget is monthly, so twice a year we get an extra pay. Since July was pretty extravagant, I think I'm going to stick the entire pay into the mortgage - actually I might top up the Christmas account, that one's been worrying me a bit. I'm very pleased with this, because it was accidental - I mean when I set up the budgets I didn't think about the fortnightly/monthly issue, so this seems like free money!

    Doggie had an excellent time running around in the mud with a friend this morning and now she's filthy. I splurged on some dry shampoo and furniture deodoriser, because it's rained every day for a week and everything smells like a kennel.
    MFW diary here. 1 Feb 2017 $229,371 - MFD Feb 2043 aiming for May 2028
    14 August 2017 - Refinanced: $220,000
    November 2017 - $216,000.00 Current MFD 31 July 2035
    • armchairexpert
    • By armchairexpert 4th Aug 17, 6:26 AM
    • 726 Posts
    • 4,719 Thanks
    armchairexpert
    Who'd have thought the old man had so much rain in him? It's been pouring all day with several more days of it forecast, which means the tumble dryer has been going fairly continuously. I hate using it, but needs must. Even Doggie didn't want to go out in it this morning: looked at me like are you serious? when I urged her to come out for her morning toileting, and ran back inside as soon as she was done. Was likewise very lukewarm about doggie park, so we left as soon as I'd finished my coffee (I bring in a thermos, to drink with my gloves on, and my hat, and my big fleecy coat, I'm a sight I tell you!).

    Nothing to report on the money front, which is nice. Took Big Girl out for a mulled apple juice yesterday while Little Girl was at a friend's house because she had school/friend problems she wanted to discuss. That means Little Girl is going to want a coffee shop date today while Big is at ballet. Our YNAB category for this sort of thing is so tiny it'll eat up a quarter of the month's allocation, but I think it's important that we do it sometimes so they feel heard. I usually try and persuade them into a Nice Country Walk instead, but not when the weather's this unpleasant! Doggie can just stay on the couch with Mr E which is where she wants to be.

    Mr E goes back to work Monday. It's been nice having him around. He's taking it easy so he heals, so I'm doing the bulk of the housework, but today he's been simmering chicken stock from all the carcasses I was saving in the freezer, which bodes well for dinner. If I'm lucky he's also baked some bread. We're ploughing through the food in this weather!
    MFW diary here. 1 Feb 2017 $229,371 - MFD Feb 2043 aiming for May 2028
    14 August 2017 - Refinanced: $220,000
    November 2017 - $216,000.00 Current MFD 31 July 2035
    • VelvetFreak
    • By VelvetFreak 6th Aug 17, 6:03 AM
    • 167 Posts
    • 493 Thanks
    VelvetFreak
    Hi ACE. Glad to see all is well over here. So nice to hear that you now have a doggie friend

    I too sometimes worry that I am in the wrong section, as at the moment I am technically saving an emergency fund, not paying off the mortgage as such.

    Have you ever heard of Dave Ramsey, specifically the financial Baby Steps plan? I am trying to follow them, because I believe the plan truly works. But at the same time, it is very restrictive and slow progress.
    Family Loan of $8000 - Paid off 22/06/2017
    Emergency Fund $6,000 / $10,000
    Flooring Renovation Fund $2400/$5000
    Kitchen Renovation Fund $0 / $8000
    • armchairexpert
    • By armchairexpert 6th Aug 17, 9:25 AM
    • 726 Posts
    • 4,719 Thanks
    armchairexpert
    I have heard of him but not checked him out. I tend to assume i already know what to do, it's just doing it that's the chore. But I should probably read him and see! I'll report back. Thanks for the suggestion.

    Weekend's almost over here. Dog is snoozing on the couch after I made her go for a long walk with me and it hailed on her, and then she got so muddy that the girls gave her a bath and she had to run around the house madly to try and get the shampoo scent off. Poor Doggie comes from the north of the country, where it is hot and dry all year round (broadly speaking), so this land of fog and rain and hail has been a bit of a shock for her. Her face was like, I only just got used to the idea of wet stuff falling from the sky and now there are tiny ice cubes?

    Mr E took the girls clothes shopping and went a bit overboard - came back with winter boots, jeans for Big Girl, a million pairs of socks, a jumper and long sleeved shirt for Little Girl, and a few other bits, but at a cheap store (Pr!mark equiv) so not as much harm done as could be. I have impressed upon all of them that there is really really really no more money left in the clothing fund for this month no matter what. We'll see if it holds.

    Roast pork tonight with homemade chop-chip shortbread for afters. YUM.
    MFW diary here. 1 Feb 2017 $229,371 - MFD Feb 2043 aiming for May 2028
    14 August 2017 - Refinanced: $220,000
    November 2017 - $216,000.00 Current MFD 31 July 2035
    • armchairexpert
    • By armchairexpert 9th Aug 17, 2:47 AM
    • 726 Posts
    • 4,719 Thanks
    armchairexpert
    Nothing financial to report here. Bank is driving me batty by asking for one document, and only after we give them that one asking for another one, just tell me all the things you need. The person we're dealing with isn't a native English speaker, which isn't helping. I mean she's fluent, but maybe the nuances are getting missed. Anyway! I am assured it will be Any Day Now.

    Doggie ate a TV remote last week, so we bought another one, and it arrived yesterday and the kids were watching TV with Doggie on the couch munching a bone, except it wasn't a bone, it was the new remote. Mr Expert went ballistic. I admit I didn't realise quite how much work dogs were! I am diligently taking her for a million walks a day, but the chewing is driving me batty. I imagine we will adjust. It's taking a bit of a toll on the family morale at the moment. Have gone and bought yet another set of chew toys and scheduled in doggy training sessions. Thank goodness for the tax return money is all I can say.
    MFW diary here. 1 Feb 2017 $229,371 - MFD Feb 2043 aiming for May 2028
    14 August 2017 - Refinanced: $220,000
    November 2017 - $216,000.00 Current MFD 31 July 2035
    • Tahlullah
    • By Tahlullah 9th Aug 17, 7:51 PM
    • 800 Posts
    • 4,690 Thanks
    Tahlullah
    Hello ACE. Sounds like Doggy is settling into family life just fine. If you had plumped for a cat, it would have scratched the furniture to pieces. You go for a dog, it chews everything that isn't nailed down.

    I am positive that Doggy will soon learn what is theirs to chew and what isn't. And Doggy will come into their own in Summer, when it will be all about being outside, park runs etc. Winter can be difficult because of the lack of opportunity to get lots of exercise and stimulus outside to keep him occupied.

    About the Bank, keep in mind, Any Day Now. Soon, it will be a distant memory and you will be living your life with a lower interest rate, a reduced mortgage and balanced budget.

    Tx
    Striving to be mortgage free.
    2018 MFW #135
    • armchairexpert
    • By armchairexpert 10th Aug 17, 2:42 AM
    • 726 Posts
    • 4,719 Thanks
    armchairexpert
    Thank you - she was a dream yesterday, and we're getting better at creating containment spaces for her to be in when we're out - it's us learning to live with her as much as the other way around. And it's getting me out in the fresh air, which I'm really appreciating!

    More excitingly, I have a meeting with the bank to sign forms in an hour, and then hopefully the loan will be settled tomorrow. It'll be great to see how far ahead we can get after that.

    Otherwise, things are ticking along. A few additional expenses on Doggie, but I did create a YNAB category line for her so it's just a matter of readjusting that as I learn how much her running costs are. Groceries are nice and cheap so far this month: I'm aiming for $950/month and so far I'm at $212 which is ahead of target.

    After a few spends during my weekend away, I've decided definitely no more spending money on clothes or makeup in 2017, with the possible exception of socks/underwear if I really need them (although I shouldn't). Will report back if I fail at this.

    Have a good one!
    MFW diary here. 1 Feb 2017 $229,371 - MFD Feb 2043 aiming for May 2028
    14 August 2017 - Refinanced: $220,000
    November 2017 - $216,000.00 Current MFD 31 July 2035
    • armchairexpert
    • By armchairexpert 11th Aug 17, 3:18 AM
    • 726 Posts
    • 4,719 Thanks
    armchairexpert
    Doggie's had a run in the dog park and is snoring on my armchair. Chickens are fed. Cats are upstairs, which is marginally warmer, snoozing on beds. I'm eating the best lentil soup in the world. All good.

    Just had a look at the accounts thanks to a feeling that we were casually overspending everywhere again and actually they're looking good. Pet costs have blown out because of all the doggie set up costs, but things that were big line items last month are non existent this one. I'm still not getting 'pots' built up in enough categories to cover bigger expenses though.

    Like, I have a category for medical, which covers everything from medication to specialist visits (our Medicare/NHS only covers part of the visit cost). I set this at $75/about £30, and even on cheap months we seem to spend most of it. The last three months we've spent, respectively, $288, $190 and $288 again. All of those are aberrant months in a way, because the costs are associated around Mr E's surgery - we didn't have to pay for the surgery, but there've been specialist consults and extra meds. But it means there's never enough saved as a cushion for those sorts of things, and that happens in a lot of category lines.

    On the bright side, I've managed to top up the Christmas and birthdays budget this month. Both girls plus Mr E have December/January birthdays AND that's our summer holiday season, so it's horrendously expensive. I originally budgeted $100/month for each of those - Christmas and birthdays - but I didn't start early enough in the year so it's going to be a push to get it all covered. The girls don't expect anything hugely extravagant for birthdays/Christmas, it's more the food and the hosting and things. My MIL is coming down for Christmas this year so Mr E will want to push the boat out.
    MFW diary here. 1 Feb 2017 $229,371 - MFD Feb 2043 aiming for May 2028
    14 August 2017 - Refinanced: $220,000
    November 2017 - $216,000.00 Current MFD 31 July 2035
    • armchairexpert
    • By armchairexpert 13th Aug 17, 5:07 AM
    • 726 Posts
    • 4,719 Thanks
    armchairexpert
    This weekend has been glorious: temperatures in the high teens, blue skies, sunshine. What a difference from last weekend when I was taking Doggie for walks in the hail! We've been able to dry all the washing on the line, the chicken coop is no longer a mud pit, and household morale is much better.

    Also: the refinance came through! Because I've switched from an IO loan to a P&I, my minimum repayments have gone up. Last month I paid $999.92 in interest alone: now I need to find $1292. However, the interest rate has gone from 5.5% to 3.8%, so the interest component is $791. That's $200/month less interest with the money coming off the principal instead. Excellent stuff.

    Of course I've been playing around with the calculator:

    1. With no overpayment, and if I redraw the $45K I have in offset so I'm paying interest on the whole $250,000 loan, mortgage free date is July 2042
    2. With no overpayment, but leaving the $45K offset to reduce interest, I am mortgage free December 2035
    3. With an overpayment of $600/month, I'm paying $1900/month in total, and I am mortgage free December 2028

    My real goal is May 2028 because that's my fiftieth birthday. That would mean finding, in total, $1950/month. That's $1000 more than we've been paying per month hitherto. That's going to require some more earning on my part and some careful budgeting. We might do it. We might not. I'm going to try.
    MFW diary here. 1 Feb 2017 $229,371 - MFD Feb 2043 aiming for May 2028
    14 August 2017 - Refinanced: $220,000
    November 2017 - $216,000.00 Current MFD 31 July 2035
    • Tahlullah
    • By Tahlullah 13th Aug 17, 9:18 AM
    • 800 Posts
    • 4,690 Thanks
    Tahlullah
    Wow, those dates look frightening. 2042! But, 2028 is preferable and as you say, you will be 50 and what a great age to be mortgage free.

    Yes, it is doable, $2000 a month. But whatever you do, don't forget to live and love your life. You only get one go at it.

    Tx
    Striving to be mortgage free.
    2018 MFW #135
    • armchairexpert
    • By armchairexpert 13th Aug 17, 12:50 PM
    • 726 Posts
    • 4,719 Thanks
    armchairexpert
    I know, I would be 65 in July 2042! No thanks.

    I think I can make 2028. Although that depends on whether I end up renovating the kitchen and bathroom. But I also have untapped income-increasing potential over the next few years. We'll see.
    MFW diary here. 1 Feb 2017 $229,371 - MFD Feb 2043 aiming for May 2028
    14 August 2017 - Refinanced: $220,000
    November 2017 - $216,000.00 Current MFD 31 July 2035
    • armchairexpert
    • By armchairexpert 14th Aug 17, 10:31 AM
    • 726 Posts
    • 4,719 Thanks
    armchairexpert
    Another day, another set of bank frustrations. None of it significant, but lordy goodness if they send me a customer survey at the end of this process asking my opinion, they'd better send extra pages. Today's ridiculousness involves a form that I can only return by fax. Not in person, not by email: fax. FAX. Is it 1987?

    The accounts are working differently now, as well. Instead of there just being one big account into which all my money goes (both in and out), and once a month the mortgage interest payment leaves, there are now a bunch of separate accounts. Meaning that I will have to make actual physical overpayments, and when the money's gone to the mortgage there it stays. I do have a redraw facility, so it's not quite stuck, but it's not the same as just hanging out there being available for a quick cafe stop. I'm really looking forward to it! I think it might help with discipline.

    I'm even toying with doing a YNAB Fresh Start. Oh the giddy excitement.
    MFW diary here. 1 Feb 2017 $229,371 - MFD Feb 2043 aiming for May 2028
    14 August 2017 - Refinanced: $220,000
    November 2017 - $216,000.00 Current MFD 31 July 2035
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

175Posts Today

2,738Users online

Martin's Twitter
  • Nice debating with (all but the rude ones) of you. Bedtime for me now. Goodnight #bbcqt

  • RT @kevmthomas: @MartinSLewis It was a comment you made about the referendum being a binary choice on a non binary issue that helped me rea?

  • To clarify this. Cameron's gamble that having a stark vote'd mean his team won. He gambled wrong (that's not a stat? https://t.co/NSCT3aKvGS

  • Follow Martin