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  • FIRST POST
    • greent
    • By greent 26th Mar 10, 2:46 PM
    • 6,191Posts
    • 62,680Thanks
    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) £4151/£3286
    Net sales 2017 £1152.39/£500 PAYDOX17 £11333/£10k Decluttered 1515/2017 items
Page 82
    • Secret Saving Squirrel
    • By Secret Saving Squirrel 15th Sep 17, 4:52 PM
    • 3,865 Posts
    • 35,833 Thanks
    Secret Saving Squirrel
    What a busy life, Greent. It sounds lovely. I have three grown up boys and the days when they were all at home were hard work but such fun. I hope you enjoy every moment. Xxx
    Paid off mortgage nine years early in 2013. Now picking and choosing our work to fit in with the rest of our lives!
    Still thrifty though, after all these years
    • greent
    • By greent 17th Sep 17, 10:25 PM
    • 6,191 Posts
    • 62,680 Thanks
    greent
    Thanks, Squirrel - I try to

    Worked yesterday morning - it was the 11+/ grammar school entrance exam here in Glos. Always a tiring morning (groups of competitive 10yos are exhausting!) DS1 was a VIth form volunteer (I say 'volunteer' - they didn't have to do it, but there was a £15 cash incentive!) and then in the afternoon was a Cadet volunteer at the local police station open day (always a popular family event) - so a busy day for him! He is good at volunteering for things, though - he generally volunteers for most community cadet events (other than those which are miles away with no transport arranged)

    Tenants came back from hols on Fri, so rent arrived and an OP of £408 duly paid to BTL (strange amount to make it round figures on the mtge! ) It is nice to see that figure creeping downwards - am so glad they've finally added it to online banking

    Spendy weekend - new shower for our bathroom required - at a cost of £540!! (direct like-for-like replacement) The previous replacement part OH ordered (@ £90 - refund obtained yesterday) wasn't applicable in the end - mechanism had seized up and something internal had broken) (Shop told us we are apparently meant to take it apart and 'service' it every year - we weren't aware) Not arriving until later in the week, so will have to use the boys' bathroom shower in the meantime (first world problems....)

    Y7 progress Tests tomorrow and Tues at school #2 - that'll be fun...... herding kittens comes to mind! With that in mind, I think I shall take myself off to bed
    x
    Last edited by greent; 18-09-2017 at 8:16 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) £4151/£3286
    Net sales 2017 £1152.39/£500 PAYDOX17 £11333/£10k Decluttered 1515/2017 items
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