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
    • Skinnylatte
    • By Skinnylatte 1st Jan 16, 5:27 PM
    • 1,102Posts
    • 4,622Thanks
    Skinnylatte
    Skinny Latte's Mortgage Mugging
    • #1
    • 1st Jan 16, 5:27 PM
    Skinny Latte's Mortgage Mugging 1st Jan 16 at 5:27 PM
    Wow this is a bit scary, leaving my safe little diary on the debt free wannabe board and starting a brand new sparkly diary here. It's like getting rid of an old teddy

    So here I am a MFW, ready to take on my mortgage and use any means possible, mainly legal, to get rid of it as soon as possible. So a few facts

    My Mortgage
    £133,895
    17 years and 5 months left to pay
    Interest is 2.49% interest only.

    About me
    Fairly good job, single, 2 kids aged 17 &18 one is in full time education and the other about to start a full time job.
    I have a couple of additional forms of income, a youtube channel, a information 'adsense' website and a drop shipping website. These pay for my car and mobile phone at the moment, if I dedicated a bit more time and energy to them they might pay for a lot more...!

    I would be delighted to be rid of this mortgage in 10 years, when the world will become my lobster - lets see what's possible
    Last edited by Skinnylatte; 01-01-2016 at 8:07 PM.
    Mortgage @ 12/04/2015 £136121 £120,525 11.45% DI £9.13 £6.48
    Mortgage free day 06/03/33 07/12/2032
    Emergency/Offset Account £
    3365/£6000
    CC Balance £6100
    £3690 Paid 39.5%
    1st LBM 02/06/2013 £21595 Debt Free Day 27/03/2015


Page 1
    • Ali-OK
    • By Ali-OK 1st Jan 16, 6:30 PM
    • 4,044 Posts
    • 16,552 Thanks
    Ali-OK
    • #2
    • 1st Jan 16, 6:30 PM
    • #2
    • 1st Jan 16, 6:30 PM
    Welcome aboard the road to Freedomville

    Great to see you over here and prepare for OP addiction

    Lobster That's all!

    Subscribed for stalking
    Back on the DFW Wagon:

    CC - £5,700 on 0% for 18 months
    Loan - £15,068 as at 2/1/17
    • SueP19
    • By SueP19 1st Jan 16, 6:59 PM
    • 1,703 Posts
    • 14,484 Thanks
    SueP19
    • #3
    • 1st Jan 16, 6:59 PM
    • #3
    • 1st Jan 16, 6:59 PM
    I made the scary leap 24 days ago lolol so welcome and can't wait to read your diary xx
    Mort Oct 15 £70,353 £66,422 MF Dec 31 Jun 31(191 176 mnths)
    EF 2016 £700/£1,000 Debt May 09 £30,217Oct 17 £14,093[/B]
    • muddywhitechicken
    • By muddywhitechicken 1st Jan 16, 7:30 PM
    • 3,801 Posts
    • 34,688 Thanks
    muddywhitechicken
    • #4
    • 1st Jan 16, 7:30 PM
    • #4
    • 1st Jan 16, 7:30 PM
    Welcome to MFW - we're not that scary (or as judgmental as Mr Bloater thinks)!

    Best of luck getting rid of your mortgage
    Mortgage at highest (April 2008): ~£195,000
    Outstanding balance: ~£41,500
    Current total overpayments: ~£116,750
    • Skinnylatte
    • By Skinnylatte 1st Jan 16, 10:00 PM
    • 1,102 Posts
    • 4,622 Thanks
    Skinnylatte
    • #5
    • 1st Jan 16, 10:00 PM
    • #5
    • 1st Jan 16, 10:00 PM
    Ooo I feel really welcome now, thank you

    I've had a very savvy day, reorganising my finances, and generally getting organised for being MF.

    • New SOA which is below
    • Arranged pet insurance
    • Sent of forms to have water meter fitted
    • Read meters and set up spread sheet
    • Checked council tax banding (no movement there )
    • Emailed boiler man to fit a programable thermostat for boiler, at the moment it's continuously on.
    My finances were pretty tight anyway, so there's nothing to shave off. But entertainment spending, why is it so high!! Time to re-start a spending diary me thinks.

    i think EX forgot we agreed to go halves on DDs Christmas pressy, he owes me ££ butit looks like a gentle reminder is needed.`

    Spends today were £2.49 on a pair of L plates


    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 1
    Number of children in household......... 2
    Number of cars owned....................

    Monthly Income Details

    Monthly income after tax................ 2591
    Partners monthly income after tax....... 0
    Benefits................................ 82
    Other income............................ 0
    Total monthly income.................... 2673


    Monthly Expense Details

    Mortgage................................ 850
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 111.71
    Electricity............................. 35.33
    Gas..................................... 60
    Oil..................................... 0
    Water rates............................. 96.28
    Telephone (land line)................... 26.5 includes broadband
    Mobile phone............................ 0 business expense
    TV Licence.............................. 12.13
    Satellite/Cable TV...................... 0 Gone
    Internet Services....................... 0
    Groceries etc. ......................... 230
    Clothing................................ 50
    Petrol/diesel........................... 280
    Road tax................................ 0
    Car Insurance........................... 130


    High car insurance is for DS's new car, I always used to give him the child maintenance as an allowance, but that'll go towards his car insurance now. he has a part time job to pay for anything else he needs, he buys his own clothes now

    Car maintenance (including MOT)......... 0 Included in lease
    Car parking............................. 10
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 8.2
    Pet insurance/vet bills................. 26
    Buildings insurance..................... 20 (includes contents)
    Contents insurance...................... 0
    Life assurance ......................... 17.87
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 100 high but that;s the way I swing)
    Haircuts................................ 10
    Entertainment........................... 200
    Holiday................................. 150
    Emergency fund.......................... 100
    Boiler and Bike Service................. 30
    Total monthly expenses.................. 2554.02



    Assets

    Cash.................................... 3749
    House value (Gross)..................... 160000
    Shares and bonds........................ 0
    Car(s).................................. 0
    Other assets............................ 0
    Total Assets............................ 163749



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 133895...(850)......2.49
    Total secured & HP debts...... 133895....-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Virgin.........................5834.89...60....... .0
    Total unsecured debts..........5834.89...60........-



    Monthly Budget Summary

    Total monthly income.................... 2,673
    Expenses (including HP & secured debts). 2,554.02
    Available for debt repayments........... 118.98
    Monthly UNsecured debt repayments....... 60
    Amount left after debt repayments....... 58.98


    Personal Balance Sheet Summary
    Total assets (things you own)........... 163,749
    Total HP & Secured debt................. -133,895
    Total Unsecured debt.................... -5,834.89
    Net Assets.............................. 24,019.11


    Created using the SOA calculator at www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using Firefox browser.
    Mortgage @ 12/04/2015 £136121 £120,525 11.45% DI £9.13 £6.48
    Mortgage free day 06/03/33 07/12/2032
    Emergency/Offset Account £
    3365/£6000
    CC Balance £6100
    £3690 Paid 39.5%
    1st LBM 02/06/2013 £21595 Debt Free Day 27/03/2015


    • shangaijimmy
    • By shangaijimmy 1st Jan 16, 10:34 PM
    • 2,276 Posts
    • 10,573 Thanks
    shangaijimmy
    • #6
    • 1st Jan 16, 10:34 PM
    • #6
    • 1st Jan 16, 10:34 PM
    Howdy. Welcome and best of luck, i for one will be following looking for tips!
    MFW: Turning June 2036 into March 2023... 33//120 Payments Challenge, Diary Reduction £35,448.08
    Aug 2009: £163,051 // Current: £100,551.94 // Avg Daily Interest £4.52
    MFiT-T4 #8 - 56.74% of £41,000
    • vlad
    • By vlad 1st Jan 16, 11:34 PM
    • 519 Posts
    • 666 Thanks
    vlad
    • #7
    • 1st Jan 16, 11:34 PM
    • #7
    • 1st Jan 16, 11:34 PM
    Looking at your landline and broadband are you out of contract? If you are have a look at SSE both free for 6 months then £21 for both for the next 12.Would save you over £200 over 18 months.
    • Luckyinlife
    • By Luckyinlife 2nd Jan 16, 12:31 AM
    • 1,609 Posts
    • 6,036 Thanks
    Luckyinlife
    • #8
    • 2nd Jan 16, 12:31 AM
    • #8
    • 2nd Jan 16, 12:31 AM
    So many badges under your name well done :]

    SOA looks good least your on top of everything currently

    I guess now DS is working will he help you out till you have more free cash ? :]

    Anygood good luck on your journy :] 10 years is what im aiming for to lets smash it :]
    Mortgage--- £67700 March 15 £65221 April 15 £64983 July 15 £64780 sept 15 Remortgage £67295 oct 15 £66599 Nov 15 £65878.73 Dec 15 £64834 1st Jan 16 Feb 16 £64,511.89 March 16 £64,056.40 April 16 £62550 May 16 £62,396.20 Feb 17 £60.800
    Emergency fund 23k
    • Debt_free_by_2020
    • By Debt_free_by_2020 2nd Jan 16, 1:59 AM
    • 25 Posts
    • 81 Thanks
    Debt_free_by_2020
    • #9
    • 2nd Jan 16, 1:59 AM
    • #9
    • 2nd Jan 16, 1:59 AM
    Hi, I just binge read your previous diary in the space of 48 hours (in between having a night out for NYE etc obviously haha).

    I'm just popping in to say that I'll be following you here too as I'm not one to leave books (blogs) unread halfway through. So, even though I don't have a mortgage myself I'll be following your diary to mortgage freedom whilst I get on with my own DFW lifestyle over in the other corner of the forums!

    Happy New Year btw! X
    Trying to clear ALL my debts by Christmas 2020! PAYDBX34 - £3847.69/£3870.69 Total to pay: [U
    DEFAULTED Very.co.uk - £421.73/£501.73 0% APR DEFAULTED HSBC Overdraft - £879.69/£1750 0% interest [B][COLOR=DarkOrchid]DEFAULTED Vodafone Account - £471.22/£531.22 0% interest
    • MoneyMission
    • By MoneyMission 2nd Jan 16, 7:55 AM
    • 605 Posts
    • 2,999 Thanks
    MoneyMission
    Hello Skinnylatte!
    Welcome to MFW. I've stalked your DFW diary for a long while - you've done amazingly well . Looking forward to seeing more of you over here.
    MM
    MFW 2017 challenge (No.39) £4,469.00 / £3,450.00 (129.54%)
    MFW 2016 challenge (No. 39) £3,791.00 / £3,300.00 (114.88%)
    • Skinnylatte
    • By Skinnylatte 2nd Jan 16, 8:49 AM
    • 1,102 Posts
    • 4,622 Thanks
    Skinnylatte
    How lovely you people are, I'm so so glad I started this diary now. Some of you guys make awesome overpayments, I'm so impressed. I have so much to learn here.
    I have just leaned how to calculated my daily interest rate, which is currently £9.13, now I'm sure there's a 'Make a £10 a day challenge' on here somewhere...
    Mortgage @ 12/04/2015 £136121 £120,525 11.45% DI £9.13 £6.48
    Mortgage free day 06/03/33 07/12/2032
    Emergency/Offset Account £
    3365/£6000
    CC Balance £6100
    £3690 Paid 39.5%
    1st LBM 02/06/2013 £21595 Debt Free Day 27/03/2015


    • Skinnylatte
    • By Skinnylatte 2nd Jan 16, 8:58 AM
    • 1,102 Posts
    • 4,622 Thanks
    Skinnylatte
    So many badges under your name well done :]

    SOA looks good least your on top of everything currently

    I guess now DS is working will he help you out till you have more free cash ? :]

    Anygood good luck on your journy :] 10 years is what im aiming for to lets smash it :]
    Originally posted by Luckyinlife

    To be honest, after his car and clothes I don't think he's going to have much left over. Although he does have a cunning plan to do 'lifts' to college for his friends and charge them. I have been looking at a home buyers ISA, you can actually start when you're 16, he's 17 now. I'm thinking of setting one up for him and putting some 'bed and board' money in there.

    DD starts a new job in January, she spends so little time here, I don't feel I can ask for her bed and board. But I might do the same with the ISA thing, although it would probably end up in a big argument every week, trying to get any money from her. In fact it would be easier if she just moved out (she spends most time at her BF's) then I coulld get a my5% council tax rebate back!!
    However I don't really want that to happen, her BF is a d!ck.
    Mortgage @ 12/04/2015 £136121 £120,525 11.45% DI £9.13 £6.48
    Mortgage free day 06/03/33 07/12/2032
    Emergency/Offset Account £
    3365/£6000
    CC Balance £6100
    £3690 Paid 39.5%
    1st LBM 02/06/2013 £21595 Debt Free Day 27/03/2015


    • Skinnylatte
    • By Skinnylatte 2nd Jan 16, 9:01 AM
    • 1,102 Posts
    • 4,622 Thanks
    Skinnylatte
    Looking at your landline and broadband are you out of contract? If you are have a look at SSE both free for 6 months then £21 for both for the next 12.Would save you over £200 over 18 months.
    Originally posted by vlad
    I've just got into a 12 month contract with Sky, I didn't go for the cheapest, as I wanted fibre optic, I do a lot of video editing and uploading so wanted the fastest speeds I could get, but I'm not actually convinved it's that fast, and seems to drop out a fair bit. I'm not sure how to check its actually working right though
    Mortgage @ 12/04/2015 £136121 £120,525 11.45% DI £9.13 £6.48
    Mortgage free day 06/03/33 07/12/2032
    Emergency/Offset Account £
    3365/£6000
    CC Balance £6100
    £3690 Paid 39.5%
    1st LBM 02/06/2013 £21595 Debt Free Day 27/03/2015


    • greent
    • By greent 2nd Jan 16, 9:05 AM
    • 6,507 Posts
    • 65,674 Thanks
    greent
    Oooh - shiny new diary for shiny new year! Welcome to the mfw board - we're very friendly here! (so much so that we don't want to leave.... )


    Will be following your progress, sl
    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) £5278/£3286
    Net sales 2017 £1259.72/£500 PAYDOX17 £12239/£10k Decluttered 1870/2017 items
    • Skinnylatte
    • By Skinnylatte 2nd Jan 16, 9:11 AM
    • 1,102 Posts
    • 4,622 Thanks
    Skinnylatte
    Oooh - shiny new diary for shiny new year! Welcome to the mfw board - we're very friendly here! (so much so that we don't want to leave.... )


    Will be following your progress, sl
    Originally posted by greent
    You paid your mortgage off in 6 years?? how cool are you! WOW now I am inspired
    Mortgage @ 12/04/2015 £136121 £120,525 11.45% DI £9.13 £6.48
    Mortgage free day 06/03/33 07/12/2032
    Emergency/Offset Account £
    3365/£6000
    CC Balance £6100
    £3690 Paid 39.5%
    1st LBM 02/06/2013 £21595 Debt Free Day 27/03/2015


    • Eager_Elephant
    • By Eager_Elephant 2nd Jan 16, 9:16 AM
    • 4,117 Posts
    • 22,843 Thanks
    Eager_Elephant
    Hi skinny


    Have subscribed to follow your MFW journey.


    I just have one question and it might be me not understanding cars on lease but where in the FS is the lease car? (You mention 0 maintenance as the car is lease)


    Unless it comes out of your wages??


    Good luck with your journey!!
    Ninja Saving Turtle No. 15 for November
    NSD - 1/15
    (up to 01/11/17)
    My Diary is here - http://forums.moneysavingexpert.com/showthread.php?t=2175629 (Eager Elephants Effective Everyday Excursion)
    • missbiggles1
    • By missbiggles1 2nd Jan 16, 9:20 AM
    • 16,396 Posts
    • 30,258 Thanks
    missbiggles1

    To be honest, after his car and clothes I don't think he's going to have much left over. Although he does have a cunning plan to do 'lifts' to college for his friends and charge them. I have been looking at a home buyers ISA, you can actually start when you're 16, he's 17 now. I'm thinking of setting one up for him and putting some 'bed and board' money in there.

    DD starts a new job in January, she spends so little time here, I don't feel I can ask for her bed and board. But I might do the same with the ISA thing, although it would probably end up in a big argument every week, trying to get any money from her. In fact it would be easier if she just moved out (she spends most time at her BF's) then I coulld get a my5% council tax rebate back!!
    However I don't really want that to happen, her BF is a d!ck.
    Originally posted by Skinnylatte
    Even if only a small amount, if she lives there (and loses you your 25% single person discount for ct) you really should be charging her something for her keep. The fact that she doesn't want to pay it is irrelevant.
    • Skinnylatte
    • By Skinnylatte 3rd Jan 16, 8:40 AM
    • 1,102 Posts
    • 4,622 Thanks
    Skinnylatte
    Even if only a small amount, if she lives there (and loses you your 25% single person discount for ct) you really should be charging her something for her keep. The fact that she doesn't want to pay it is irrelevant.
    Originally posted by missbiggles1
    You are quite right
    Mortgage @ 12/04/2015 £136121 £120,525 11.45% DI £9.13 £6.48
    Mortgage free day 06/03/33 07/12/2032
    Emergency/Offset Account £
    3365/£6000
    CC Balance £6100
    £3690 Paid 39.5%
    1st LBM 02/06/2013 £21595 Debt Free Day 27/03/2015


    • Skinnylatte
    • By Skinnylatte 3rd Jan 16, 8:48 AM
    • 1,102 Posts
    • 4,622 Thanks
    Skinnylatte
    Hi skinny


    Have subscribed to follow your MFW journey.


    I just have one question and it might be me not understanding cars on lease but where in the FS is the lease car? (You mention 0 maintenance as the car is lease)


    Unless it comes out of your wages??


    Good luck with your journey!!
    Originally posted by Eager_Elephant
    Thank you EE and very sensible question
    I have a ltd company that looks after my part time business interests, my car lease and my mobile phone are paid for by this. The total cost of the car lease is £365, which includes servicing, but running it through the business there are VAT advantages and also less co-orporation tax to pay, also any money the business pays me I have to pay 40% tax on.
    The disdvantage of doing it this way is the car is classed as a taxable benefit that alters my tax code.
    Mortgage @ 12/04/2015 £136121 £120,525 11.45% DI £9.13 £6.48
    Mortgage free day 06/03/33 07/12/2032
    Emergency/Offset Account £
    3365/£6000
    CC Balance £6100
    £3690 Paid 39.5%
    1st LBM 02/06/2013 £21595 Debt Free Day 27/03/2015


    • Skinnylatte
    • By Skinnylatte 3rd Jan 16, 9:12 AM
    • 1,102 Posts
    • 4,622 Thanks
    Skinnylatte
    Good morning

    Love this diary, has really made me focus on my mortgage, I've joined the £10 a day challenge, haven't made anything yet, but I have done some insurance through TCB, which I think will probably be more than £30. I will only count TCB when it actually hits my account though.

    I have £85 in TCB from when I took out Sky broadband, confirmed and waiting to become available

    I need to organise some house insurance today too, the other expires at midnight tonight. (More TCB )

    Also I've been doing a little digging on mortgage deals, I thought mine was pretty good 2.49% tracker for life. However I've found one that's 1.95%, tracker for life, with the Hinckly and Rugby BS, and ever better it's an offset mortgage, so I would effectively be saving my self/earning 1.95% interest, by keeping my savings there. I may very well apply, does it seems a bit to good to be true?

    Back to work tommorrow
    Today I need to get organised, meal plan, shopping, but most importantly write a schedule for the week, I need to put extra time into my business around my main job to up my income. I find it so hard when I get home from work to focus on it. But when I read other diarys on here, some people do awesome hours in cleaning houses, laundry etc to make extra income, all I have to do it sit in front of my lap top, and do a bit of admin and creative thinking - what's so hard.....?
    Mortgage @ 12/04/2015 £136121 £120,525 11.45% DI £9.13 £6.48
    Mortgage free day 06/03/33 07/12/2032
    Emergency/Offset Account £
    3365/£6000
    CC Balance £6100
    £3690 Paid 39.5%
    1st LBM 02/06/2013 £21595 Debt Free Day 27/03/2015


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

5,064Posts Today

7,503Users online

Martin's Twitter