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  • FIRST POST
    • greent
    • By greent 26th Mar 10, 2:46 PM
    • 6,300Posts
    • 63,843Thanks
    greent
    greent's mfw journey
    • #1
    • 26th Mar 10, 2:46 PM
    greent's mfw journey 26th Mar 10 at 2:46 PM
    Afternoon all!

    I have been inspired after reading lots of the diaries on here to join in.

    Background: OH and I are both 40. Have 4 children (12, almost 10, 4 and 10 months) OH was made redundant twice last year and recently started working as a contractor on a daily rate (4 month contract, may be extended a little) - so we now have a limited co of which we are both directors. I no longer work. We have a BTL property on which we have an interest only mtge and will clear that by selling the property (only bought for capital gain, not income, purposes) BTL property has long term tenant in. Rent covers mtge and buildings insce and repairs/ renewals with a small excess - but not much.However, it's on a fixed rate and takes care of itself.

    MFW relates to our home. Bought in Oct 2005 for 277k, 130k mtge over just under 16 years (kept previous end date) Since then we have added a further 30k to the mtge for a loft conversion (needed due to the no of children!!) that cost approx 35k. We have also spent 20k+ on a bespoke fitted kitchen and building work - but financed that from savings/ income. And decorated and new carpets (previous owners ran out of money and had to sell, so place was full of stuff to do, even though it's still only 11 years old!) Some overpayments have been made, as can be seen from the overall balance.


    OUr mtge is with C&G. I have a statement for balances as at 31/12/09:
    (Balance as at 31/01/2009 was £124 616, so we reduced the balance by just under 20k last year)
    Sub Account 01
    Term remaining 12 years and 7 months.
    Fixed rate 4.79% - until 30/09/10
    Balance £79512.27

    Sub Account 02
    Term remaining 13 years 1 month
    Fixed rate 3.99% until 30/04/11
    Balance £25423.78

    Sub Account 03
    Term remaining 12 years and 7 months
    Fixed rate 4.79% until 30/09/10
    Balance £33.32


    TOTAL BALANCE: £104969.37

    We can repay by 10% a year without incurring penalty fees. We pay £1074.94/ month - this includes an element of overpayment, but I'm not sure how much (we didn't reduce our monthly payments when we paid off £12500 after DH was made redundant the first time)

    My first step is going to be repaying Sub Account 03 We are with C&G, so I will phone them up about this. I can also afford to repay £4k to £5k from sub account 01, I think - but will leave that until after a meeting with our accountant (we are not sure yet exactly how much OH will be paid from the linited co)


    I'm kind of looking for advice/ ideas, I guess... Would posting an income/ expenditure budget be an idea?

    greent


    ETA: We don't have any other debts. CCs are used (Tesco ones for Clubcard points for rewards) but are paid off in full.
    Last edited by greent; 25-05-2010 at 11:41 AM.
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) Bal 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    Next: BTL Mtge 12/16 £69786. 2017 OPs (#18) £4607/£3286
    Net sales 2017 £1202.80/£500 PAYDOX17 £11635/£10k Decluttered 1650/2017 items
Page 1
    • dimbo61
    • By dimbo61 26th Mar 10, 7:47 PM
    • 9,496 Posts
    • 5,150 Thanks
    dimbo61
    • #2
    • 26th Mar 10, 7:47 PM
    • #2
    • 26th Mar 10, 7:47 PM
    With your OH recent work history I would keep a good emergency fund of up to £16K in cash ISA,s if possible.
    How long has the fixed rate deal on the BTL got left ? a lot of BTL lenders now want you to have 25/30% equity.
    Dont pay ERC,s on sub account 3 just wait until end of fix ! better to OP 10% on other parts
    • greent
    • By greent 27th Mar 10, 10:48 AM
    • 6,300 Posts
    • 63,843 Thanks
    greent
    • #3
    • 27th Mar 10, 10:48 AM
    • #3
    • 27th Mar 10, 10:48 AM
    Thanks for your comments.

    We currently have about 8.5k in cash ISAa and will put some more in in the new tax year. We have 20k in an online savings acct and another few k in an instant access low int acct linked to the c/ac (I need to review our banking arrangments - is one of the things on my 'to do' list)

    ERP on Sub acct 03 is less than the int I'll be charged between now and the end of the fix (it's really tiny - about 30p), so I'm still planning on doing that

    The fix on the BTL runs out v shortly (May, maybe) and reverts to SVR -payments on it drop by about £45/mth. Equity is fine - mtge is 65k, properties in that street usually sell 100-110k. I wouldn't expect ours to sell for more than usual, but would hope that because it has new windows/ doors, new heating system, new carpets and a new bathroom could mean an easier sale than a neighbouring property without these. However, I'm not looking to sell it for about a year - so I'm also not looking to get a new fixed rate on that basis, either.
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) Bal 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    Next: BTL Mtge 12/16 £69786. 2017 OPs (#18) £4607/£3286
    Net sales 2017 £1202.80/£500 PAYDOX17 £11635/£10k Decluttered 1650/2017 items
    • dimbo61
    • By dimbo61 27th Mar 10, 11:45 AM
    • 9,496 Posts
    • 5,150 Thanks
    dimbo61
    • #4
    • 27th Mar 10, 11:45 AM
    • #4
    • 27th Mar 10, 11:45 AM
    Long term after you fix on account 2 ends have a look at offset mortgages if the rates are good.
    Keep up the good work
    • greent
    • By greent 29th Mar 10, 11:17 AM
    • 6,300 Posts
    • 63,843 Thanks
    greent
    • #5
    • 29th Mar 10, 11:17 AM
    • #5
    • 29th Mar 10, 11:17 AM
    Have set up financialbliss's spreadsheets for sub accounts 1 & 2 - brilliant! Great to play with the figures and see the difference it makes. We are on target to totally repay 24 months early at the moment, which is great.

    Will update as and when I make OPs. My first target is to get the balance sub 100k

    greent
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) Bal 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    Next: BTL Mtge 12/16 £69786. 2017 OPs (#18) £4607/£3286
    Net sales 2017 £1202.80/£500 PAYDOX17 £11635/£10k Decluttered 1650/2017 items
    • greent
    • By greent 7th Apr 10, 2:23 PM
    • 6,300 Posts
    • 63,843 Thanks
    greent
    • #6
    • 7th Apr 10, 2:23 PM
    Sub Acct 03 repaid
    • #6
    • 7th Apr 10, 2:23 PM
    Right, after dithering about this I finally got my act together today.

    I phoned C&G and have repaid sub acct 03 in full - all £32.68 of it, including a 32p ERP - this is less than 3 months' interest, and fix expires in Dept, so am happy with that.

    I have also increased our monthly pymts from £1074.94 to £1150 - this extra will be coming off sub acct 01, the largest one with the highest int rate.

    Having put the figs into my spreadsheets we are now due to repay the mortgage in May 2019 - yeay!

    Next target is to get balance sub 100k - hopefully in may or june. Ultimate target is to repay mtge by Aug 2016 - eek!!!
    Last edited by greent; 07-04-2010 at 4:15 PM.
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) Bal 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    Next: BTL Mtge 12/16 £69786. 2017 OPs (#18) £4607/£3286
    Net sales 2017 £1202.80/£500 PAYDOX17 £11635/£10k Decluttered 1650/2017 items
    • greent
    • By greent 9th Apr 10, 9:49 AM
    • 6,300 Posts
    • 63,843 Thanks
    greent
    • #7
    • 9th Apr 10, 9:49 AM
    These things are sent to try us, I guess...
    • #7
    • 9th Apr 10, 9:49 AM
    We're off to Cornwall for a week tomorrow - cheapy deal - 6 of us in a mobile home, but should be good

    Anyway, Sunday night (so day before Bank Hol) DH asks if I'll phone up the local garage on Tues to book car in for a service for Thurs (yesterday) - 'it's been sounding a bit funny' (this is from the man who took my (old) car to Birmingham and back with no oil and terminally damaged it last year ) OK - I duly did and they had space (thankfully)

    Car service was £114 ish - that's ok. However, the gearbox is going - that'll be £2800 + something - eek!!! It's DH's ex company car - we bought it when he was made redundant. It's a 56 plate Ford S-Max with 66k on the clock - all the miles done by us and regularly serviced when company car and twice serviced since we bought it 11 months ago. Not ramped. It would still be his co car if he still worked there - they have a 4year replacemenmt policy.

    Bang goes me making a large reduction in one go in May/ June The garage have even said that we shouldn't be taking it to Cornwall, just in case. However, as my car is a Golf and there are 6 of us, we don't fit in my car as a family!

    Am all up in the air what to do now. Plans out the window. Need to be packing (and sorting stuff for DS1's bday which is next week whilst we're away) but am down in a hole Also, my Clubcard Deals vouchers (ordered on 26th March) for Eden Project and Flambards haven't arrived

    argh!!!!

    greent
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) Bal 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    Next: BTL Mtge 12/16 £69786. 2017 OPs (#18) £4607/£3286
    Net sales 2017 £1202.80/£500 PAYDOX17 £11635/£10k Decluttered 1650/2017 items
    • SmlSave
    • By SmlSave 9th Apr 10, 11:03 AM
    • 4,701 Posts
    • 16,360 Thanks
    SmlSave
    • #8
    • 9th Apr 10, 11:03 AM
    • #8
    • 9th Apr 10, 11:03 AM
    Big (HUG) greent
    Boy Smllet born 23/06/2011 and Girl Smllet born 01/03/2014

    5 year challenge to pay off £20,000
    £350 per month challenge
    • greent
    • By greent 21st Apr 10, 7:05 AM
    • 6,300 Posts
    • 63,843 Thanks
    greent
    • #9
    • 21st Apr 10, 7:05 AM
    • #9
    • 21st Apr 10, 7:05 AM
    Quick update on the car: it lasted fine for Cornwall (we took AA (with quidco, of course!) and used them on the last day - the car wouldn't start as teh battery was a bit flat (probably because the sat nav, ipod and 3 x ds were all plugged in whilst we were packing it with doors open ) Anyway, went to local main dealers yesterday and they would charge £2900 to do the work. They have also offered us £9.5k part ex for it for a new/ almost new s-max or galaxy (and they'll obviously pick up the charge of the work) They have a customer desperate for the spec that we haved on our s-max. We paid £9k for it a year ago almost to the day. It's tempting to look at a 1 year old galaxy - more room for the ever growing 4 children. They're looking at what they can come up with today.... May end up spending more money - eek!

    Have opened 2010/11 cash ISA for me. Need to find DH's online login to open his

    And on the good news front, DH received notice that he's entitled to a 2009 bonus of about £2300 from his old employer (left a year ago) - yeay! Unexpected
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) Bal 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    Next: BTL Mtge 12/16 £69786. 2017 OPs (#18) £4607/£3286
    Net sales 2017 £1202.80/£500 PAYDOX17 £11635/£10k Decluttered 1650/2017 items
  • pammyj74
    Wow I am always in envy of people who have so much savings and money here there and everywhere.
    You also have an amazing LTV ratio.

    I am in awe of your achievements so far
    x

    MPs left feb '08 276- Dec 13 36 MB Jan 10 ~ £82,377 Dec 13 ~ £29987
    EMFD was Feb 32 NOW Dec 2013 its Dec 2016
    MF new target Dec 16 REACHED!!
    • greent
    • By greent 21st Apr 10, 9:52 PM
    • 6,300 Posts
    • 63,843 Thanks
    greent
    Thanks, pammyj74 . I was worried that our LTV had been hit hard by the recession and fall in house prices, but saw the same house as ours (but without the loft conv and with the original kitchen and 1 less reception room) for £320k, so I'm figuring that ours should be ok at min 300k, giving us a good LTV :-)

    We bought our first house in 1991 for 42k with a 40k mortgage and sold in 1996 with negative equity We had savings tio cover the neg eq, but it meant that we took a 100% mortgage on our second house of £68750. We sold that in Oct 2005 for £182.5k and had a mortgage of about 36k at the time - so had good equity to buy our current property, thankfully!

    Our savings are mainly at their current level due to OH's redundancy payment a year ago..... We also have too much money tied up in some Bank shares.... They are worth less than we paid for them, so I'm thinking that if we want to sell, selling them in the same tax year as the BTL property could be good, as they would have a negative capital gain to offset against the capital gain on the BTL for tax purposes
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) Bal 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    Next: BTL Mtge 12/16 £69786. 2017 OPs (#18) £4607/£3286
    Net sales 2017 £1202.80/£500 PAYDOX17 £11635/£10k Decluttered 1650/2017 items
    • greent
    • By greent 25th Apr 10, 5:43 PM
    • 6,300 Posts
    • 63,843 Thanks
    greent
    Quick update. I've joined the 2010 MFW thread - yet to post (will do tomorrow) and have already amended target from 15k down to 10k OP for the year - mainly because we have bought a new car for OH.

    Come May I'm on an ebay mission - have been tidying garage and found things to list - and will put payments received on the mtge as OP at month end Shall look to do this (hopefully) on an ongoing basis, together with other monies we manage - need to redo utilities as a start (currently £166/ month for gas & elec!!! eek!)
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) Bal 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    Next: BTL Mtge 12/16 £69786. 2017 OPs (#18) £4607/£3286
    Net sales 2017 £1202.80/£500 PAYDOX17 £11635/£10k Decluttered 1650/2017 items
  • pammyj74
    I need to do a bit of ebaying this month as well, Have a few of the kids old school uniform to put on there but seems so does every one else lol

    good luck with it all x

    MPs left feb '08 276- Dec 13 36 MB Jan 10 ~ £82,377 Dec 13 ~ £29987
    EMFD was Feb 32 NOW Dec 2013 its Dec 2016
    MF new target Dec 16 REACHED!!
    • mark13
    • By mark13 1st May 10, 6:43 PM
    • 283 Posts
    • 130 Thanks
    mark13
    Good luck... keep persevering
    Win Dec 2009 - In the Night Garden DVD : Nov 2010 - Paultons Park Tickets :
    • greent
    • By greent 4th May 10, 4:48 PM
    • 6,300 Posts
    • 63,843 Thanks
    greent
    Quick update - today our increased mtge pymt went out, so that's an OP of £255. I have listed 5 things on ebay - only weeny things all at start prices of 99p. I keep trying to download turbo lister, because I hate having things ending over several different days (I'd rather make one or two trips to the PO after a mass ebay session than every other day over the month) (the PO is next to Tesco - too tempting to nip in there and buy unnecessary things!!) I'm going to sit down again later and see if I can give it another go. It's on the desktop pc, but that's so-ooo slow and I can't get it on either laptop. If I am successful, I aim to list 5 things/ day on turbolister (if I can find that many things I don't mind going for 99p, as I don't want to pay listing fees!) and then upload them to ebay say once a week, I think.... Shall see.

    I currently have £200 put aside to OP at the mo - want to build it up to £500 before doing so, if I can.
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) Bal 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    Next: BTL Mtge 12/16 £69786. 2017 OPs (#18) £4607/£3286
    Net sales 2017 £1202.80/£500 PAYDOX17 £11635/£10k Decluttered 1650/2017 items
  • pammyj74
    good luck for your little ebay challenge, I have just set myself to put 5 things on this week. I have 4 things to post and its just finding the time to do it and send them grr

    MPs left feb '08 276- Dec 13 36 MB Jan 10 ~ £82,377 Dec 13 ~ £29987
    EMFD was Feb 32 NOW Dec 2013 its Dec 2016
    MF new target Dec 16 REACHED!!
    • greent
    • By greent 5th May 10, 7:35 AM
    • 6,300 Posts
    • 63,843 Thanks
    greent
    OOh - a free listing weekend on ebay this weekend - means I can list some bigger items!
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) Bal 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    Next: BTL Mtge 12/16 £69786. 2017 OPs (#18) £4607/£3286
    Net sales 2017 £1202.80/£500 PAYDOX17 £11635/£10k Decluttered 1650/2017 items
  • pammyj74
    I save them for these weekends too lol, hope you get some sold x

    MPs left feb '08 276- Dec 13 36 MB Jan 10 ~ £82,377 Dec 13 ~ £29987
    EMFD was Feb 32 NOW Dec 2013 its Dec 2016
    MF new target Dec 16 REACHED!!
    • setmefree2
    • By setmefree2 5th May 10, 1:07 PM
    • 8,765 Posts
    • 18,614 Thanks
    setmefree2
    Good Luck with your selling

    • greent
    • By greent 7th May 10, 1:12 PM
    • 6,300 Posts
    • 63,843 Thanks
    greent
    Quick update from me

    DD(aged 12) has been told she needs braces for her teeth but isn't eligible for NHS funding (Needs to be a '7' to get funding, she's a '5-6' That'll be £1675!!! Think that might slow up my OPs

    Have 12 things listed on ebay (all 99p start, so free). 1 watcher on one of the 3 books, but someone is interested in all of the other 9 items - so I'm hopeful that they'll buy them , along with maybe a few of the other (similar) things that I emailed them with that I'm planning on listing this weekend. It won't come to much money, but the money/ decluttering are equally important. I'm still going to try and save ebay monies towards OPs - we'll see how we go!

    Have tried repeatedly to phone tax credits for a claim form (DH used to earn too much but now doesn't) - after being on hold for around 20mins+ each time without even speaking to someone I keep giving up because inevitably one of the children needs me/ is crying etc - grr!

    Popped into town this morning to go to 4 banks/ financial institutions and do various bits and pieces. Resisted the very yummy cakes at the farmers market (and the other yummy snack foods). Got a free cup of tea from McD (voucher) instead. Bought the 3 largest chickens that I could find in M&S (3 for £10 deal) and have squeezed 2 into freezer, 1 in fridge for Sun. Did buy a box of Maltesers in the £1 shop, though - thought we could eat them with Dr Who tomorrow (we all snuggle up on one sofa to watch)

    Ooh - have started recording gas/ elec consumption. First readings last Fri at 6pm, so will take another set tonight. However, have had heating on a couple of times this week (it's cold whenDH gets up at 5.30am!) and tumble drier yesterday (sick child= washed bedding and rainy weather)

    Have joined May'#s make £10 day challenge and will put towards OPs. Need to start doing surveys/ daily clicks etc again - have been very lax about this of late
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) Bal 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    Next: BTL Mtge 12/16 £69786. 2017 OPs (#18) £4607/£3286
    Net sales 2017 £1202.80/£500 PAYDOX17 £11635/£10k Decluttered 1650/2017 items
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