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  • FIRST POST
    • greent
    • By greent 26th Mar 10, 2:46 PM
    • 6,505Posts
    • 65,655Thanks
    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) £5278/£3286
    Net sales 2017 £1259.72/£500 PAYDOX17 £12239/£10k Decluttered 1870/2017 items
Page 84
    • newgirly
    • By newgirly 23rd Nov 17, 7:55 PM
    • 5,894 Posts
    • 40,610 Thanks
    newgirly
    We'll done on the Xmas front greent , I'm nearly sorted buying wise too. Some think we are mad doing it all too early, I think it frees up more time for socialising and having fun in December
    MFW 21
    Target for 2017 £38,545 / £17,514.78 paid so far

    Mortgage £47,354 years 8 months left. Total owed £62,871.22 planning to clear in 18 months
    Weight loss target 37lb/22lb gone.
    • michelle09
    • By michelle09 25th Nov 17, 10:46 AM
    • 451 Posts
    • 1,800 Thanks
    michelle09
    Well done on the Christmas present shopping. Well 54p is still better than nothing! You've reminded me I need to get the premium bond I have (£10 worth) moved into my name but I have to write to them. My grandmother bought it on the day I was born so the system has changed a bit.

    You can dream! And maybe one day it will come true.
    • greent
    • By greent 28th Nov 17, 7:56 PM
    • 6,505 Posts
    • 65,655 Thanks
    greent
    The 54p has arrived! - am somewhat disappointed that no interest has accrued in 35ish years - but at least that annoying passbook has gone forever and is no longer teetering on the edge of my 'must get around to doing that someday' list of things to do

    3 small things sold on fleabay and posted off . I have 2 large bags for cash4clothes (mainly Summery clothes) when I next go to Sains (it's a few hundred yards away from there) to gain a few more £. Warm gloves and hats and vest tops (for layering) have been set aside for homeless collection, to go with airline/ hotel toiletries.

    BTL property has been signed up with letting agents - and photos are being taken tomorrow. Bad time of year for much interest - people aren't keen on paying deposits and agents fees before Xmas - but am hopeful it may go soon in the NY in that case (plus I need about a week or so to sort it in between the tenancies) Have chosen a managed let, as opposed to just a tenant finding service - I fancy being a bit more hands off for a while, esp as we have stuff going on. It costs 8% of the monthly rent, but I figure that it is worth it this time around for some space away from it. May reconsider the next time around!
    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
    • michelle09
    • By michelle09 29th Nov 17, 9:48 AM
    • 451 Posts
    • 1,800 Thanks
    michelle09
    Well they do say to look after the pennies! No interest at all though? Seems a little cheeky.

    The declutter is going well. Gotta get round to ours in the new year. See how many DVDs I can persuade OH to part with.
    • Karmacat
    • By Karmacat 2nd Dec 17, 12:11 PM
    • 28,174 Posts
    • 155,213 Thanks
    Karmacat
    No interest payment at all seems *extremely* cheeky! Following up, though, just too much. Good for you for getting the capital back

    8% for fully managed let sounds a good deal, actually, that does let you off the hook of all the calls about hot water tanks etc etc. Enjoy!
    Retired August 2016
    • greent
    • By greent 3rd Dec 17, 9:23 AM
    • 6,505 Posts
    • 65,655 Thanks
    greent
    Yep - not worth my time in chasing up any interest at 0.01% , or whatever!

    Yesterday's 'outs' included one fleabay sale and 2 outgrown Xmas jumpers sold on fb00k - all proceeds added to kitchen fund . Flooring now booked (50% deposit paid), plasterer booked, plumber possibly booked, no gas safe person found yet for cooker (argh!), new range ordered (purple ) New radiator being ordered today (I think)

    January is going to be a nightmare - we have to take out the old kitchen, get the floor tiles up, remove the wall tiles etc before plasterer comes in (w/c 08/01) I'm working 2 weeks in Jan - OH looks like he'll be working away again in Maidenhead from w/c 08/01 (fingers crossed) and the BTL needs turning around in Jan (wallpaper stripping/ repainting, 1 new kitchen cupboard door, carpets cleaned (they are clean but I want to make sure), big clean of the place (may get someone in to do end of tenancy clean), some sealant needs removing and replacing in the bathroom and some grout needs cleaning up) - eek! Some long days and late nights, I feel!

    I'm really trying to run down food this month - whilst also taking into account it's going to be school hols and Xmas - less stuff come beginning of Jan (esp pantry items) = less to move out of the kitchen (will pack some away - am not going to be baking cakes whilst kitchen is being done, for instance!) January's food could be interesting!

    Other money news? - hmm... not much - haemorrhaging money out at the moment paying for kitchen and Xmas. I also have a tax bill of just over £500 to pay in January. I will look to sort that by mid Jan

    Biggest bit of news is that it looks like (subject to sign off) OH will still be working in Maidenhead come Jan for a couple more months, at least. This is good news - we'll still have money coming in to the company! He has an unpaid break from Fri 15/12 - Mon 08/01 - but I have (of course!) lots of plans to keep him busy with kitchen etc in that time! (I don't want to rip any of the kitchen out before Xmas, but we can start to pack up a little bit and straight after Xmas and NY we can pack up the crystal and a lot of the crockery. Am considering using melamine plates and plastic glasses from the camping stuff whilst kitchen is being done - less stress than trying to wash up 'real' stuff in the bathroom (or maybe the caravan if we hook the waste water up) In fact, decision made - I WILL do that.

    Right - off to clean the g-pigs hutch out - such glamour for a damp Sunday morning!
    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
    • atypicalblonde
    • By atypicalblonde 7th Dec 17, 12:43 PM
    • 2,550 Posts
    • 16,340 Thanks
    atypicalblonde
    A new kitchen is firmly at the top of my "to do" list once we are MF. It will be a huge upheaval for you all but sooooo worth it xx
    MFW
    Mortgage 8.2.15 - £171,064.64 Mortgage 17.11.17 - £119,999.04
    Aiming to be MF 1.10.2020
    • shangaijimmy
    • By shangaijimmy 7th Dec 17, 2:09 PM
    • 2,275 Posts
    • 10,566 Thanks
    shangaijimmy
    A new kitchen is top of list post mortgage!! And a new bathroom. And a new en suite! And probably a new couch. Mmmm... and out artificial turf will need replacing...
    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
    • Watty1
    • By Watty1 7th Dec 17, 4:04 PM
    • 2,894 Posts
    • 20,047 Thanks
    Watty1
    Thinking another pony might be on my post mortgage list.....I know how to complete a financial drain
    Mortgage at start of diary Sept 2013: £132,995 Aug 2015 £0
    Overpaying next mortgage. £79,491 now £27152
    • michelle09
    • By michelle09 8th Dec 17, 4:14 PM
    • 451 Posts
    • 1,800 Thanks
    michelle09
    We're on the kitchen rundown as well, have you got Christmas food sorted if you're going to be at home for it?

    Just remember how amazing it will be when it's done.
    • greent
    • By greent 9th Dec 17, 7:59 PM
    • 6,505 Posts
    • 65,655 Thanks
    greent
    Waaaaah!!!! Just lost a looooooong post!

    In a nutshell - Xmas is here, bird is sorted (bought fresh and then frozen) - will sort veg closer to the time. OH's contract extension confirmed - but only until 2nd Feb. Busy week at work last week - and another busy week to come. Very cold here, but no snow

    Hope everyone is keeping warm!
    xx
    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
    • Karmacat
    • By Karmacat 10th Dec 17, 1:43 PM
    • 28,174 Posts
    • 155,213 Thanks
    Karmacat
    Sounds good, greent. Nice and warm inside here, but very sodden outside and cold with it, I'm not setting foot out there.

    Are you sorted for Christmas deccies too? Or do the littlies make some each year?
    Retired August 2016
    • michelle09
    • By michelle09 10th Dec 17, 7:11 PM
    • 451 Posts
    • 1,800 Thanks
    michelle09
    Oh no. Least you're all sorted, suspect Mum will coerce me into another 6am Christmas Eve veg shop!

    Has the snow made an impact on school around your area?
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