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  • FIRST POST
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 8th Sep 12, 12:07 PM
    • 563Posts
    • 2,470Thanks
    SuperSecretSquirrel
    Onwards to freedom!
    • #1
    • 8th Sep 12, 12:07 PM
    Onwards to freedom! 8th Sep 12 at 12:07 PM
    Hello and welcome to my MFW diary. Not sure how often I'll update as I'm going down the boring 'increase monthly mortgage direct debit' route, not the more interesting to read 'random repayment as and when a bit of extra money is made' route. Still, no harm in starting a diary here, even if it's just for me to look back on in a few years time!

    It seems like a good idea to start with a bit of background, so here goes...

    We bought our house in July 2010 with an 87k repayment mortgage, fixed for 10 years at 5.29%. Nearly two years of £525pm standard repayments allowed us to rebuild our savings, but after 20 monthly payments (over 10k paid out) the mortgage balance had only dropped around 2.5k thanks to all the interest being paid...

    We decided to make a small start on overpaying - small overpayments early on have quite an impact over the long term so why not start small and ramp up later? March 2012 we made our first regular overpayment, £50pm. Amazingly, if we were to keep up with this £50pm over the life of the mortgage we'd be mortgage free nearly four years early (Nov 2031) and save ourselves a tidy bit of interest. Not bad rewards for just £50 a month!

    A few days ago I decided to step things up a notch. From next month the regular overpayments will increase to £250pm, £200 less will find its way into my long term savings (paying 2.8%, minus basic rate tax), £200 more will find its way to the mortgage provider. Makes a lot of sense looking at the interest rates! I'll keep on saving in a normal savings account though and won't be putting every penny into the mortgage - I'm used to seeing my savings grow monthly, and like to try to be prepared for any eventuality, so I'll keep on squirelling away a chunk of my income in savings each month. I know this isn't the most efficient option in terms of reducing interest payments, but it's a balance that keeps me sane, if there's any major disasters the savings are there to fall back on, that kind of peace of mind is well worth a few pounds! Anyway, here's where the numbers get really interesting - by overpaying £250pm for the life of the mortgage we'd be mortgage free nearly eleven years early (Oct 2024). Wow!

    Seeing the massive savings I started looking into this stuff in more detail. We're allowed to overpay up to 10% of the mortgage balance each year without penalty. I don't want to increase overpayments over £250pm right now, but maybe after another year or so of growing my savings I'll step up the overpayments to £500pm. Two years later the overpayment would need to drop to £450pm (to avoid penalty), year after that drop to £400, and the following year drop to £350, and the years after that drop to £250 at which level the op's would have to remain until the end of the fixed period (August 2020). If we were to follow this plan, at the end of the fixed period our mortgage balance would be around about 20k which we could pay off with a lump sum from savings. Mortgage free fifteen years early, at age 36, sounds awesome, and what's incredible is that it also sounds very realistic.

    At the moment overpaying is my project. OH and I have our own accounts that our wages are paid into, and a joint account that we feed monthly to pay the bills. As I earn a little more I also do the grocery shopping, pay a few extra bills, and overpay the mortgage. Beyond feeding the joint account OH's income is none of my business, it can be spent on whatever OH likes, same goes for my income. This works well for us - if I want to splash out on a new computer game or a night out or whatever I can do so without needing to consult OH, and if OH wants to splash out on a night out or clothes or whatever no need to consult me. We're both debt averse and savers by nature, so as long as we spend less than what's coming in and all the bills get paid all is well. I'm hoping that seeing the mortgage balance reduce might convince OH to get involved in overpaying the mortgage (or at least split savings into two pots, one 'spendable' short term pot for holidays and home improvements etc, and a long term one earmarked for paying down a lump sum on the mortagage), but there'll be no pressure, if OH joins in that would be excellent, but if not that's ok.

    Finally, I know life doesn't always go smoothly - anything could happen in the next 8 years, babies, redundancy, armageddon, "the best made plans of mice and men, often go awry"... But if things don't go to plan, nevermind, we'll have made a great start on the mortgage regardless, any overpayments we make early on will benefit us later on, so we may as well give it a shot while circumstances allow It's nice to remember that circumstances can go up as well as down too - maybe there will be payrises and good fortune along the way that make achieveing the target easier, who knows!

    ----------

    January 2014 Update:

    Things have changed quite a lot since I first started this diary... The new aim is to hit the MFiT3 target of a 40k mortgage balance by end 2015, and to have 40k in savings by that time too, making us mortgage neutral 20 years early! Anything can happen, but I think it's time to aim high!

    ----------

    March 2015 Update:

    We did it! We are mortgage neutral (savings balance higher than outstanding mortgage) and are locked in to achieve the MFiT3 stretch goal of mortgage below 40k by the end of the year I'm going to keep this diary going, the aim is total financial independence now!
    Last edited by SuperSecretSquirrel; 20-05-2015 at 8:14 AM. Reason: We did it! :D
    Mortgage [2013 £64k|2014 £51k|2015 £38k|2016 £26k] £17,933.21
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k] +£44,269.86 (MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k] £255,045.36 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%] 16%
Page 22
    • edinburgher
    • By edinburgher 1st Jun 17, 1:58 PM
    • 10,668 Posts
    • 55,391 Thanks
    edinburgher
    Quarter of a million? Now there's some walking around money, well done SSS
    • Elephantchunks
    • By Elephantchunks 2nd Jun 17, 9:34 PM
    • 108 Posts
    • 574 Thanks
    Elephantchunks
    Very well done for getting to a quarter of a million!
    Thank you SSS I have learned so much from reading your diary.
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 4th Jun 17, 8:46 AM
    • 563 Posts
    • 2,470 Thanks
    SuperSecretSquirrel
    Thanks Ed and Elephantchunks

    We celebrated in typical lavish style, a trip to the cinema and a £10 pizza deal from M&S

    I sometimes wonder what would happen if we won a million on premium bonds. We'd probably both quit our jobs, go on a nice family holiday, maybe replace the older car with something a little nicer, trade up the house (nothing too fancy, about 100-150k on top of the value of this one), and then business as usual to ensure that the cash never runs out so we never have to return to work. Don't really need a million to pull that off, half a million would be plenty
    Mortgage [2013 £64k|2014 £51k|2015 £38k|2016 £26k] £17,933.21
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k] +£44,269.86 (MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k] £255,045.36 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%] 16%
    • gallygirl
    • By gallygirl 4th Jun 17, 8:49 AM
    • 16,396 Posts
    • 107,435 Thanks
    gallygirl
    Brilliant SSS, well done . You're right on the million, we live on income generated by a lot less than that!!!!!
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    Mortgage Balance = £0
    "Do what others won't early in life so you can do what others can't later in life"
    • Karmacat
    • By Karmacat 4th Jun 17, 9:51 AM
    • 27,559 Posts
    • 149,913 Thanks
    Karmacat
    Lovely to hear that! And if I lived in a less expensive part of the country, I could do that too (or if I downsized, but I don't want to take the time to do either right now, so I'm staying put, my choice, I promise I won't moan!).
    Retired August 2016
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 12th Jun 17, 8:35 AM
    • 563 Posts
    • 2,470 Thanks
    SuperSecretSquirrel
    Thanks for posting Gally and KC

    Didn't quite manage the million from PBs this month, but did win £25, so I'm happy enough for now

    Mortgage LTV has now dropped below 15% Seems a bit silly posting mortgage LTV updates now that we're fully offset (and then some) but I decided to post this one as in theory there will be no more LTV milestones to post about - other than the 0% one when we settle up in full!

    On the subject of settling the mortgage in full... There's a £160 fee for redeeming early. This doesn't appear to apply if the mortgage is held to the end of its term. It seems that if the provider won't waive the fee (no harm in asking) we would actually be better off leaving a nominal balance of say £5 outstanding in January, and making approx 10p per month repayments for the remainder of the already shortened term. Of course, impatience could get the better of me, but the logic is sound. Best case scenario is that our lender accepts that the interest they will earn on a tiny balance over 4 years will earn them less than the cost of our account's administration. By waiving the fee we all win. Won't hold my breath on them being logical or reasonable, but I'll give it a shot...
    Mortgage [2013 £64k|2014 £51k|2015 £38k|2016 £26k] £17,933.21
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k] +£44,269.86 (MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k] £255,045.36 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%] 16%
    • edinburgher
    • By edinburgher 12th Jun 17, 4:01 PM
    • 10,668 Posts
    • 55,391 Thanks
    edinburgher
    I appreciate a bit of logic as much as the next person, but cannot for the life of me figure out why people on MFW get so hung up on early redemption charges.

    You've already won the game - why quibble over less than a tenth of a percent of your NW?

    You didn't get to be worth quarter of a million simply by scrimping pennies, but by investing lots of money and aggressively paying down debt.
    • gallygirl
    • By gallygirl 12th Jun 17, 9:19 PM
    • 16,396 Posts
    • 107,435 Thanks
    gallygirl
    I appreciate a bit of logic as much as the next person, but cannot for the life of me figure out why people on MFW get so hung up on early redemption charges.

    You've already won the game - why quibble over less than a tenth of a percent of your NW?

    You didn't get to be worth quarter of a million simply by scrimping pennies, but by investing lots of money and aggressively paying down debt.
    Originally posted by edinburgher
    Shame on you Ed, what happened to 'look after the pennies and the pounds will look after themselves' ? Why pay out money when you don't have to?
    Save
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    Mortgage Balance = £0
    "Do what others won't early in life so you can do what others can't later in life"
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 13th Jun 17, 8:18 AM
    • 563 Posts
    • 2,470 Thanks
    SuperSecretSquirrel
    Obviously £160 in my pocket is better than £160 needlessly paid to the mortgage provider for no real benefit. We still end up with a mortgage free house (a £5 mortgage is mortgage free in my book) so why not maximise the gain?

    I'll ask them to waive the fee (backed up with my logic that it would be cheaper for them, too). If they agree, that's a £160 bonus. That's equivalent to a whole year's worth of interest on 8k stashed in 2% vantage accounts, just for asking!

    If they refuse, the sensible thing to do would be to hold a minimal balance for the remaining term, but there's a risk my impatience would get the better of me and I'd end up losing the £160 to be "officially" mortgage free somewhere along the line. A stupid move, but the kind of internal battle I often have with myself.

    I'm already willing to pay a 4% ERC (this will be in the £500-£600 range, or about a fifth of a percent of NW ), but it makes sense to wait until January when a further 10% can be repaid fee free. I'll be happy to take the hit at that point to improve our monthly cash flow. Having a 10p a month direct debit for the remaining 5 year mortgage term won't hurt our cash flow too much

    I totally agree with Gally regards pennies and pounds, and do try to be careful in day to day life. With my sensible head on, taking or leaving £160 is a bit of a no brainer. However, I'm also trying to simplify things by reducing monthly cash flow requirements, reducing the number of accounts I hold, etc. Strategies for maximising every penny and simplifying life are often diametrically opposed to each other, therein lies the dilemma
    Mortgage [2013 £64k|2014 £51k|2015 £38k|2016 £26k] £17,933.21
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k] +£44,269.86 (MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k] £255,045.36 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%] 16%
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 14th Jun 17, 3:24 PM
    • 563 Posts
    • 2,470 Thanks
    SuperSecretSquirrel
    stoozie stoozie stoozie stoozey! (ahh aah ahh aah ahh aahhh...)
    Ed inspired me to up my stoozing game recently, and I've finally got round to applying for some cards today! I've rather cautiously gone for just three cards for now, and I was 100% sure of being accepted by each one ahead of time thanks to the credit club.
    • Mule: 0.5% money transfer fee, 4.9% interest rate, can MT up to £7,940 at a time
    • BT1: 24mth 0% interest BTs, zero fee BTs first 60 days, BT up to £6,270, min pmt 1.00%
    • BT2: 24mth 0% interest BTs, zero fee BTs first 60 days, BT up to £9,000, min pmt 2.25%, £25.25 TCB
    Here's the plan of action for the first month:
    Code:
                                          CASH      MULE       BT1       BT2     NET
    MT £6200: MULE to CASH (£31 fee)   6200.00  -6231.00      0.00      0.00  -31.00
    BT £6231: MULE to BT1              6200.00      0.00  -6231.00      0.00  -31.00
    MT £4400: MULE to CASH (£22 fee)  10600.00  -4422.00  -6231.00      0.00  -53.00
    BT £4422: MULE to BT2             10600.00      0.00  -6231.00  -4422.00  -53.00
    MT £4400: MULE to CASH (£22 fee)  15000.00  -4422.00  -6231.00  -4422.00  -75.00
    BT £4422: MULE to BT2             15000.00      0.00  -6231.00  -8844.00  -75.00
    Receive BT2 cashback              15025.25      0.00  -6231.00  -8844.00  -49.75
    The above doesn't account for interest payable on the short term mule balance, but going by ed's example it should be pretty low, approximately two to three pounds if all goes smoothly. So a total cost somewhere in the low to mid fifties.

    I've knocked up a little spreadsheet to illustrate balances over time (I will be making minimum monthly repayments throughout the interest free period), and over the 24 months I'll have an average balance of around £12,500 stoozed (in addition to my existing stooze pot). If I go for the lazy option and stash the lot in premium bonds, that's an expected £250 in winnings with average luck over the two years (could be less, could be a lot more). If I manage to find cash accounts paying 3%, that's £750 in interest over the two years. Not astronomical amounts, but free money that I'm more than happy to receive!

    I'll have a look at my credit rating in a few months time to see if it's possible to add a few more stooze cards to the collection. There's a chance this might be my lot though!

    So much for reducing the total number of financial accounts I hold... Think I might have to hide the stooze cards on a new worksheet in my master spreadsheet (away from the normal accounts) just to make myself feel better about it all
    Last edited by SuperSecretSquirrel; 14-06-2017 at 3:36 PM. Reason: formatting
    Mortgage [2013 £64k|2014 £51k|2015 £38k|2016 £26k] £17,933.21
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k] +£44,269.86 (MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k] £255,045.36 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%] 16%
    • edinburgher
    • By edinburgher 14th Jun 17, 9:37 PM
    • 10,668 Posts
    • 55,391 Thanks
    edinburgher
    I've currently borrowed something like £40k, ended up paying £2.30? interest for the first month's statement. I only have one more transfer to go and I'll have run out of BT cards, so maybe £2.50 or so interest to mule nearly £50k total.

    Currently running at a yield of 7.xx%, with roughly 40% in cash and 60% in P2P/bonds/equities. Will swing towards cash by c. 3% of the total each month as the regular savers do their thang

    My 'score' did drop by something like 150 points, which I suppose isn't too bad for opening up cards to the value of something like 160% of my salary.
    Last edited by edinburgher; 14-06-2017 at 9:40 PM.
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 15th Jun 17, 8:14 AM
    • 563 Posts
    • 2,470 Thanks
    SuperSecretSquirrel
    That's all great information, good to know thanks Ed

    Seems I haven't really pushed my luck then! These three cards added pretty much the value of my post salary sacrifice annual gross salary to available borrowing, all in the space of 30 minutes. Add the cards I already hold and I'm way ahead of my pre salary sacrifice annual gross. It seems too easy to get so much credit, I can see how people can get in a mess if they're using credit the way the providers want them to, not gaming the system and stoozing for profit!

    I've overestimated mule interest a little, with a bit of luck total net cost of borrowing will come in at £50 or so then. Not bad for a 15k loan over two years

    You are clearly optimising not only the amount stoozed, but the returns you get on the cash too. I don't think I'll bother with p2p until I can wrap it in an ifisa, tax returns are enough of a chore already. I'm currently gleefully closing extra current and regular saver accounts as and when the regular savers mature, loving the simplification (my financial life is a tangle of DDs and SOs!). I guess I might back track on this though. I've pretty much maxed out all my no fee high interest current accounts. The laziest and simplest home for the stooze pot is PBs, it can easily accommodate the whole lot, and there's easy access to funds to make minimum repayments (and settle in full if no BTs available in two years time). Due to it being easy and lazy, it's not particularly lucrative. Well, unless I'm extremely lucky that is!! Not prepared to venture into the world of leveraged investment, I wish you lots of luck, and expect it will very likely turn out very well for you, but that's a red line I won't cross. Seems my options at the moment are PBs, more current accounts (potentially fee paying ones), more regular savers, or a mix of all of the above. I'll focus on shifting the credit card funds to PBs first, and if I stumble across a better option I can easily shift back out as and when required.

    Just waiting for the cards and online credentials etc to arrive now...
    Mortgage [2013 £64k|2014 £51k|2015 £38k|2016 £26k] £17,933.21
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k] +£44,269.86 (MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k] £255,045.36 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%] 16%
    • edinburgher
    • By edinburgher 15th Jun 17, 1:52 PM
    • 10,668 Posts
    • 55,391 Thanks
    edinburgher
    Oh, so you never bought a house with a mortgage?

    Apologies if I've overshared re. strategy SSS, I'm not trying to convert you. Leverage scares the pants off of me, which is why I am taking the risks very seriously.
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 15th Jun 17, 8:52 PM
    • 563 Posts
    • 2,470 Thanks
    SuperSecretSquirrel
    Not over shared at all ed, the more info the better!

    Sure, I bought a house with a mortgage, but I saw it less as a leveraged investment, and more as the only realistic method of purchasing a home at the time I also locked myself into a ten year fix (bad move) and paid it off as quickly as possible (good move). Like I say, I'm quite cautious

    I expect you will do very nicely from your stoozing to invest experiment, but it's just not for me The thought of being trapped when the 0% ends, or forced to sell in a down turn, just isn't something I'd be comfortable with - even though I know the odds are stacked against that happening.
    Mortgage [2013 £64k|2014 £51k|2015 £38k|2016 £26k] £17,933.21
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k] +£44,269.86 (MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k] £255,045.36 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%] 16%
    • Karmacat
    • By Karmacat 16th Jun 17, 8:37 AM
    • 27,559 Posts
    • 149,913 Thanks
    Karmacat
    I love the convo between you guys, I used to stooze a bit, and definitely used to be more active in calculating what was what (though when I updated the figures to what was actually in my accounts, every few months, I was always out, sometimes by quite a bit!). But it's great to read it on here
    Retired August 2016
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 24th Jun 17, 10:56 AM
    • 563 Posts
    • 2,470 Thanks
    SuperSecretSquirrel
    Thanks KC

    Stooze is now firmly underway. All cards received and activated, first money transfer completed, 8k of PBs bought, and two BTs progressing to pay off the mule balance. Stooze pot is now a smidge over 17k.

    Once the mule card is back at zero balance - another 7k MT to do, and another 7k of PB's to purchase, then one more BT to pay off the mule balance. Will end up with a total stooze pot of around 24k in PB's.

    Then it's just a matter of time before I win my million, right?

    I've juggled finances a little and am at a point right now where the minimum repayments on the whole stooze pot can be covered from monthly current account remainder, so no need to cash in PB's each month, less manual effort involved this way as all handled by direct debit.

    Hoping everything will be all done and dusted within the week as I'd like everything back on an even keel ahead of the July 1st net worth update
    Mortgage [2013 £64k|2014 £51k|2015 £38k|2016 £26k] £17,933.21
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k] +£44,269.86 (MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k] £255,045.36 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%] 16%
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 29th Jun 17, 8:32 AM
    • 563 Posts
    • 2,470 Thanks
    SuperSecretSquirrel
    Just waiting for the final BT to complete (should happen later today), then that's all the stoozing stuff done for now

    Filled in my 2016-2017 tax return yesterday. I was surprised how low the tax demand ended up being - so much so I'm convinced there's a bug in the online calculator. All my figures are correct, but the end result spat back out is about half the amount I had expected. I'm only talking about £100-£200 here, so I think I'll just go ahead and trust the gov calculation for now, and deal with any adjustments later if required... edit: problem solved, it was my fault, I had entered my savings interest in the "net" box... Moved it to "gross" and all is well now.

    Can't wait to get my hands on this month's payslip. In theory it should be my first one without a student loan deduction on there! I'm on the home straight now regards SLC, so the remaining balance is due to be collected via monthly DD. Not expecting it to go smoothly, but I prefer to live life in hopeful optimism than woeful pessimism, so I'm trying to believe they can manage it without making a mess of things!
    Last edited by SuperSecretSquirrel; 29-06-2017 at 8:01 PM.
    Mortgage [2013 £64k|2014 £51k|2015 £38k|2016 £26k] £17,933.21
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k] +£44,269.86 (MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k] £255,045.36 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%] 16%
    • shangaijimmy
    • By shangaijimmy 29th Jun 17, 9:36 AM
    • 2,146 Posts
    • 9,576 Thanks
    shangaijimmy
    Just joining in the stooze conversation. I had a dabble 10 years ago and as a trial/starter got £8k which i offset against our obscene mortgage rate. My intention was to revisit it once we'd remortgaged but i never did. So i'm thinking of having another bash and putting it in my funding circle that is currently yielding about 7%. My question is how on earth to you get such big amount? Do you just request that amount?
    MFW: Turning June 2036 into March 2023... 29//120 Payments Challenge, Diary Reduction £30,703.25
    Aug 2009: £163,051 // Current: £105,296.75 // Avg Daily Interest £4.73
    MFiT-T4 #8 - 47.86% of £41,000
    • edinburgher
    • By edinburgher 29th Jun 17, 9:53 AM
    • 10,668 Posts
    • 55,391 Thanks
    edinburgher
    Just joining in the stooze conversation. I had a dabble 10 years ago and as a trial/starter got £8k which i offset against our obscene mortgage rate. My intention was to revisit it once we'd remortgaged but i never did. So i'm thinking of having another bash and putting it in my funding circle that is currently yielding about 7%. My question is how on earth to you get such big amount? Do you just request that amount?
    Originally posted by shangaijimmy
    If you don't mind me jumping in, I'm sure you'll not struggle to obtain a decent amount of credit unless you're on very low wages. I had to open 8-9 different cards, but was able to borrow £40-50k without too much difficulty (on £30k wages, give or take).

    I'd be hesitant to put all of my stooze pot in FC, even if it was a relatively small amount. I only keep 2.5% or so of my stooze there, but then again I do invest exclusively in the *very* risky 20%+ E loans
    • shangaijimmy
    • By shangaijimmy 29th Jun 17, 10:04 AM
    • 2,146 Posts
    • 9,576 Thanks
    shangaijimmy
    Thanks for that. I definitely need to think about it again, and just weigh up the effort to reward factor! Time may well be against me on this one for now.
    MFW: Turning June 2036 into March 2023... 29//120 Payments Challenge, Diary Reduction £30,703.25
    Aug 2009: £163,051 // Current: £105,296.75 // Avg Daily Interest £4.73
    MFiT-T4 #8 - 47.86% of £41,000
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