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  • FIRST POST
    • MummyEm
    • By MummyEm 23rd Jan 13, 6:51 PM
    • 573Posts
    • 5,144Thanks
    MummyEm
    The BIG Plan...
    • #1
    • 23rd Jan 13, 6:51 PM
    The BIG Plan... 23rd Jan 13 at 6:51 PM
    DH and I have a pretty big mortgage. We currently have around £280,000.00 with approx 27 years left to go on it. If we don't overpay and bring it down, we will finish paying when DH is 63

    We bought a house that needed lots and lots of work doing to it. We have done a lot, but still have a large chunk to go. We have an extension/renovation planned to start around spring time which should take around four months.

    We have most of the money for this, but we are borrowing some - we (are very, very lucky) from family

    We have steadily done a lot of work in the house over the last few years, all paid for with income, but we have not really built up much in the way of savings. We really want to start overpaying the mortgage so we have decided on the following plan.

    Phase One

    Build up emergency savings pot of £20,000.00

    Phase Two

    Pay back family loan

    Phase Three

    Get those mortgage overpayments going
    MFW original end date £295000 Nov 2039 currently £224,824.58 Jul 2035 Dream end date Nov 2025
    2017 Target EF £20,000/ £20,000 OP £2390.10/£1900
    TOTAL OP 2014 £1042.60 OP 2015 £3357.75 OP 2016 £6480.98 Family Loan £17000.00
Page 14
    • MummyEm
    • By MummyEm 27th Sep 17, 5:25 PM
    • 573 Posts
    • 5,144 Thanks
    MummyEm
    Needed some motivation today so just been reading back over some of my diary. I'd actually forgotten that would Family loan repayment plan was due to be end of 2017... we we'll and truly smashed this by getting it paid back at the end of 2016. This did cause us to have to dip into the emergency fund a little at one point but plan now is to get this topped back up. This originally stood at £20k d like to up this a little to £25k as I'd feel a bit happier about potential job uncertainties with a little more perspective put to one side. Ideally we'll get the EF topped up fully by the end of the year. This means that we will probably miss my other target of OPing more this year than the last but psychologically I think I'll benefit more from being able to tick the EF off the list and then we'll just crack on with high OP payments in January.
    Last edited by MummyEm; 27-09-2017 at 5:28 PM.
    MFW original end date £295000 Nov 2039 currently £224,824.58 Jul 2035 Dream end date Nov 2025
    2017 Target EF £20,000/ £20,000 OP £2390.10/£1900
    TOTAL OP 2014 £1042.60 OP 2015 £3357.75 OP 2016 £6480.98 Family Loan £17000.00
    • MummyEm
    • By MummyEm 4th Oct 17, 6:58 AM
    • 573 Posts
    • 5,144 Thanks
    MummyEm
    Trying to get back in to some eb@ying. Listed 10 items. One has sold, two others have bids and several have watchers.
    Ordered shoe rack for front hall as been desperately lacking for about 4 years now. Found one i love for £215 inc delivery (ummm no!), hunted around for a better price ended up ordering the exact same one for £135 inc delivery plus 10% cashback.
    Also had to order a new iron as ours died but the less said about that, the better as it's a boring way to spend money.

    To do
    - decide on some funds for my newly transferred pension/ISA/kids ISAs
    - find new BB deal as BT is now out of contract and they are charging through the roof
    - post eb@y parcel
    - list 5 more items to eb@y
    - go through kids wardrobes and decide what's needed for autumn/winter and purchase (def both need winter coats and boots as just made do last year and both absolutely no small now)
    Last edited by MummyEm; 04-10-2017 at 5:01 PM.
    MFW original end date £295000 Nov 2039 currently £224,824.58 Jul 2035 Dream end date Nov 2025
    2017 Target EF £20,000/ £20,000 OP £2390.10/£1900
    TOTAL OP 2014 £1042.60 OP 2015 £3357.75 OP 2016 £6480.98 Family Loan £17000.00
    • MummyEm
    • By MummyEm 4th Oct 17, 7:01 AM
    • 573 Posts
    • 5,144 Thanks
    MummyEm
    Aaagh can't work out how to edit my post off my phone.

    To do also

    - go through budget for the month (looking particularly shocking currently). V low pay month plus lots of outgoings so need to minimise the impact else we'll have no savings left by Christmas ��
    Last edited by MummyEm; 04-10-2017 at 5:00 PM.
    MFW original end date £295000 Nov 2039 currently £224,824.58 Jul 2035 Dream end date Nov 2025
    2017 Target EF £20,000/ £20,000 OP £2390.10/£1900
    TOTAL OP 2014 £1042.60 OP 2015 £3357.75 OP 2016 £6480.98 Family Loan £17000.00
    • MummyEm
    • By MummyEm 4th Oct 17, 5:05 PM
    • 573 Posts
    • 5,144 Thanks
    MummyEm
    An impromptu day stuck at home so decided to actually tackle those investment funds - it's only taken about 6 months!
    Got the budget tackled for the month and it's not really as bad as I was envisioning, thankfully.
    Also sorted out a banking complaint with ha1!f@x for which they have kindly given me £35 as a good will gesture.
    Have a quick look over the kids clothes and have ordered most of what's needed. Still need coats and boots though so quite an expense there to come.

    OP made for October of £355.65
    MFW original end date £295000 Nov 2039 currently £224,824.58 Jul 2035 Dream end date Nov 2025
    2017 Target EF £20,000/ £20,000 OP £2390.10/£1900
    TOTAL OP 2014 £1042.60 OP 2015 £3357.75 OP 2016 £6480.98 Family Loan £17000.00
    • MummyEm
    • By MummyEm 11th Oct 17, 6:30 AM
    • 573 Posts
    • 5,144 Thanks
    MummyEm
    It's mostly been eb@ing here on the money front.
    -4 parcels posted yesterday
    -2 parcels to pack up (one of which was a large bundle of 100+ toys so my decluttering figures are looking great!)
    -final bill through from e0n £23.81 in credit to be refunded in next ten days so that will go to savings pot
    Still need to contact BT and finish up to clothes shopping for the kiddies
    MFW original end date £295000 Nov 2039 currently £224,824.58 Jul 2035 Dream end date Nov 2025
    2017 Target EF £20,000/ £20,000 OP £2390.10/£1900
    TOTAL OP 2014 £1042.60 OP 2015 £3357.75 OP 2016 £6480.98 Family Loan £17000.00
    • Betterthanever
    • By Betterthanever 11th Oct 17, 8:25 AM
    • 406 Posts
    • 2,183 Thanks
    Betterthanever
    Good work on the eb@ying front. I really need to get my act together and get back into it. I got quite proficient at one stage, but have reverted to taking things to the charity shop instead. Not quite what I should be doing but at least, I guess, they are still doing more than they would if they were just staying at home gathering dust and taking up space!

    Current balance £114,744.64. Offset £2,151.73. £112,592.91 needed to be mortgage neutral!
    End date - 03/29 but aiming for 10/22

    Former DFW Nerd 230. Determined to be MF. Bring it on!
    • MummyEm
    • By MummyEm 11th Nov 17, 9:55 AM
    • 573 Posts
    • 5,144 Thanks
    MummyEm
    October payday and lots of budget juggling sees us complete our Emergency fund up to £20k cash. Given that we've some extra in shares too, we've decided that were happy with that figure and that's certainly should be enough to see us through a substantial downpour.

    Mortgage people have reduced our monthly payment so of November 1st but only notified us on the 2nd. It's a fixed rate mortgage and all our OPs have been correctly allocated so no idea what they're up to. It only amounts to less than £300 over the remaining course of the mortgage but I've out in a complaint based on the fact that they gave us no notice or explanation.

    Off to calculate where we are with our yearly OP target and update signature...
    MFW original end date £295000 Nov 2039 currently £224,824.58 Jul 2035 Dream end date Nov 2025
    2017 Target EF £20,000/ £20,000 OP £2390.10/£1900
    TOTAL OP 2014 £1042.60 OP 2015 £3357.75 OP 2016 £6480.98 Family Loan £17000.00
    • MummyEm
    • By MummyEm 11th Nov 17, 10:04 AM
    • 573 Posts
    • 5,144 Thanks
    MummyEm
    Current OP for 2017 stand at £2527.55 against our target of £1900!!
    December OP already arranged for £237.45 which would take us to a total of £2527.55.
    as per my previous post, mortgage company have lowered our monthly payment which I've calculated to be £261.96 over the course of the mortgage. What I may try to do as a mini challenge is to see if I can't scrape that together by the end of November and pay that off as an extra OP this month to negate the effects of the lower DD.
    MFW original end date £295000 Nov 2039 currently £224,824.58 Jul 2035 Dream end date Nov 2025
    2017 Target EF £20,000/ £20,000 OP £2390.10/£1900
    TOTAL OP 2014 £1042.60 OP 2015 £3357.75 OP 2016 £6480.98 Family Loan £17000.00
    • atypicalblonde
    • By atypicalblonde 11th Nov 17, 10:35 AM
    • 2,555 Posts
    • 16,384 Thanks
    atypicalblonde
    Lovely to see you posting again Em xx
    MFW
    Mortgage 8.2.15 - £171,064.64 Mortgage 17.11.17 - £119,999.04
    Aiming to be MF 1.10.2020
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