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    • midnight child
    • By midnight child 11th Apr 14, 4:56 PM
    • 375Posts
    • 1,461Thanks
    midnight child
    A MF day begins at midnight
    • #1
    • 11th Apr 14, 4:56 PM
    A MF day begins at midnight 11th Apr 14 at 4:56 PM
    Like so many on here I am a long time lurker, but first timeposter. I felt time was right for me to start my MF diary so here goes.

    My background
    I am a lad in my early 30’s, work in higher education, enjoy sports and am single. The last point is particularly relevant as I started out on my MF journey as a result of a rather nasty breakup. The long and short of it is I ended up moving at very short notice into a house share with a load ofundergrad students (whom I did not know), which made me realise I was far too old to be living their lifestyle!!
    The houseshare was just a stopgap while I found somewhere more permanent,and while looking I realised a mortgage would be a possibility. I have always been fairly sensible with money and had already some money saved up, and had just about enough to scrape together for a deposit. Was surprised the bank would offer me 4.5x my salary (in 2012), but I am not that daft and did not want nearly that much. I completed in Dec 2012 and had a 10% deposit, leaving me with a mortgage for 108,000, which I took out at 3.94% variable over 25 years.The biggest joke is that the interest on my mortgage on my home is almost exactly what I had been paying to rent a single room in that shared house.
    I chose my username for several reasons. 1) All the best ones where already taken. 2) Its not one I use elsewhere so I wont give away personal/financial details to people who know me. 3) I was born at midnight andI felt the parallels with a fresh start/new life after the last few years were quite apt. Perhaps think of me as a born again MFW.
    The next month I start a new job (same salary but better prospects), and I get my outstanding balance under £100K for the first time, so I felt it was the perfect time to start a diary.

    My place.
    I fancied a house over a flat as hated the thought of payingan exorbitant service charge for some joker to just hoover the corridor once aweek, and I have also seen a few people get fingers burned with flats they then couldnt shift (well not without losing all their deposit). I now own a 1920s 3 bed semi in a decent suburb of a northern city.The previous owner was in her 90s and was moved to a care home, so the decor can best be described as dated, and it certainly needed a good airing, but this all meant there had not been much interest and I got it cheap.
    Clearly not much had been done on the property in many years and so I see this as my “project” as well as my residence. There is a scary amount of work to do and apart from getting an electrician to rewire the place, I plan to do the vast majority myself. I amin no major rush and will use some rooms for living in while I refurbish others.
    When I moved in I literally had nothing apart from clothes and some books/dvds etc, and have had to buy everything from scratch, except a few small bits of furniture off my parents. Still dont have much but it doesn’t bother me as I have never “needed” the latest phone, trainers or whatever. It also helps decorating as I dont have bulky items to shift around. My colleagues think I am slightly mad I dont have a TV (saving me £145.50), but then they only ever watch TOWIE or similar such drivel and i’d probably rather spend an evening boiling my own head. I fully intend to have the last laugh once I have paid off my mortgage and they are still renting or are on an interest only.

    My numbers
    Take home pay is £1840 after tax/NI/pension/student loan. My mortgage I have been OPing since day 1 (As I said, long time lurker) though it was fairly small sums at first. I am currently paying £920per month towards the mortgage (an OP of £360), which I chose as it works out as 50% of my take home pay. At present rate I will clear it by June 2025, rather than Jan 2038 . I am hoping I can get it cleared quicker though and would like to shave another 3-5 years off of that.
    My monthly outgoings are very small CT £70, Elec approx £15,Gas approx £20, Water £50, phone/bb £16.20, home ins £20, mobile is PAYG approx £10. I dont drive and a bus pass for £12a week can get me virtually anywhere I need to go. I have investigated all ofthe above and dont think any savings to be made except perhaps on water. I am on water rates and I share a pipe with next door so can’t go onto a meter. Will ring water comp and check my options.
    Food bill is not that much, approx £20-25 per week. Though I should keep a diary to find out exactly what I spend. I take sandwiches to workand I always compare the prices per 100g in shops to work out the cheapest items. I only ever buy storable things like teabags when on offer and hunt out for stickered items that i could get a cheap meal from.
    Other outgoings are minimal. Maybe £50-75 per month for two nights out or other entertainment, which I feel is needed to keep me sane. I make sure I get whatever I need to do for work on the house such as tools, paint etc but I dont go overboard. Whatever is left at end of each month goes towards my savings.

    Savings wise I have £3,500 in an ISA as my emergency fund. I dont plan to use this unless I need a new boiler/roof repairs etc. I also have approx £5000 in shares, which I have researched & bought off my own back, and is a small hobby of mine to see how much I can beat cash savings rates by. I am my own fund manager, and only invest in companies I believe in, and there are no city wide boys skimming commission out of my money! The value fluctuates but I dont need to cash them in urgently. My plan is to monitor them and add to them as and when I can, but if a particular stock makes a significant profit then I am more than prepared to sell to invest elsewhere. The long term plan is to build up a pot and pay off decent chunks to the mortgage.
    Any extra small OPs will come from extra cash I earn. I play a lotof sport and do a fair amount of coaching/refereeing. This mainly pays for me to play myself (i.e. covers my club training & match fees, new kit etc), but it can always helpOP if I do a lot. I have considered getting a lodger but I cant until ive got the place to a reasonable standard. I dont have much to sell on ebay/fb etc so that is a non-starter. Have looked into surveys but I dont have much free time and im not sure the money id get will be worth the effort. Have recently set up a new bank acc in case I register for cashback sites, but I would only buy stuff I would have bought anyway. Have considered stoozing but I dont really want to apply for any CC’s at the present time. Any other money making ideas the wise people on here can help with are most welcome (just legal ones please)

    My goals
    I still owe way over 3x my salary and this worries me if the rates begin to rise. Plan is to OP as much as I can (without becoming a hermit) until Jan 2015. At which point it should be worth me remortgaging onto a much better rate. I am aiming to be at around £90,000 by the turn of the year, which gives me a 25% deposit.

    I will update as often as possible and I hope you enjoy reading how I get on.
    Many thanks
    Midnight child
    Last edited by midnight child; 11-04-2014 at 5:40 PM. Reason: I cant stand typos.
Page 20
    • midnight child
    • By midnight child 25th May 16, 10:36 PM
    • 375 Posts
    • 1,461 Thanks
    midnight child
    Work has been a struggle the past few days, but now almost caught up on things from while I was away.

    So glad its bank holiday weekend coming up.

    MC
    Initial mortgage (Dec 2012) £108,000 3.84%APR MF date Jan 2038

    Mortgage remaining £75869
    Daily interest £4.79
    2016
    MFW #14 £6007.06/£6000
    • midnight child
    • By midnight child 28th May 16, 10:59 AM
    • 375 Posts
    • 1,461 Thanks
    midnight child
    Been paid just in time for the long weekend

    Had a little over £100 left in account so I've moved that across as a final OP for the month. All my work claims in, so that will go towards reducing the debt in the near future.

    Now off to tackle a much tougher beast........ The garden

    MC
    Initial mortgage (Dec 2012) £108,000 3.84%APR MF date Jan 2038

    Mortgage remaining £75869
    Daily interest £4.79
    2016
    MFW #14 £6007.06/£6000
    • midnight child
    • By midnight child 1st Jun 16, 10:33 PM
    • 375 Posts
    • 1,461 Thanks
    midnight child
    Happy spreadsheet update day

    I have updated my figures and am now officially under £5 daily interest. Managing to reduce the debt by around £1k a month at the moment, so I am happy to see it coming down.

    MC
    Initial mortgage (Dec 2012) £108,000 3.84%APR MF date Jan 2038

    Mortgage remaining £75869
    Daily interest £4.79
    2016
    MFW #14 £6007.06/£6000
    • f0xh0les
    • By f0xh0les 1st Jun 16, 10:44 PM
    • 413 Posts
    • 1,895 Thanks
    f0xh0les
    Congratulations on being under £5 a day. You are doing marvellously well.
    MFW May 16 £118,340 Aug£117,1 Sept£116,7 Oct£116,Nov£115,548 SPC #59 Wombling Free Very Special Agent #21 Competition wins..A fire steel! TShirt/ Return trip Car +2 to Ireland Free Amazon vouchers £60 YouGov 3.75p (£50 Mar/£50 Nov) Tesco £15.00 H&B £2.00 NO DEBT EXCEPT MORTGAGE
    • midnight child
    • By midnight child 5th Jun 16, 10:58 PM
    • 375 Posts
    • 1,461 Thanks
    midnight child
    Cheers Foxholes. Not letting up though as I now want it under £4 .

    Spent the weekend pottering at home and tackling the front garden. It looks respectable now, so that will keep the neighbours happy for a while. The one at the back is also in urgent need of work, but I need to wait till after bin day, as the garden waste one is already full .

    MC
    Initial mortgage (Dec 2012) £108,000 3.84%APR MF date Jan 2038

    Mortgage remaining £75869
    Daily interest £4.79
    2016
    MFW #14 £6007.06/£6000
    • midnight child
    • By midnight child 11th Jun 16, 1:54 PM
    • 375 Posts
    • 1,461 Thanks
    midnight child
    No gardening today as the weather is grim. Need to catch up on a few other chores indoors instead.

    Had a boozy night yesterday out but no other spending to report.

    MC
    Initial mortgage (Dec 2012) £108,000 3.84%APR MF date Jan 2038

    Mortgage remaining £75869
    Daily interest £4.79
    2016
    MFW #14 £6007.06/£6000
    • midnight child
    • By midnight child 1st Jul 16, 9:12 PM
    • 375 Posts
    • 1,461 Thanks
    midnight child
    So my plan to post more frequently kind of got overtaken by a mad week at work, which was before recent events.....

    But I am back now and celebrating another update of the monthly spreadsheet.

    Had all my extra hours credited and have chucked half straight onto the mortgage. Also topped up the sharedealing account.

    MC
    Initial mortgage (Dec 2012) £108,000 3.84%APR MF date Jan 2038

    Mortgage remaining £75869
    Daily interest £4.79
    2016
    MFW #14 £6007.06/£6000
    • f0xh0les
    • By f0xh0les 13th Oct 16, 1:19 PM
    • 413 Posts
    • 1,895 Thanks
    f0xh0les
    Oh no, have you got caught up in a 70's timewarp?

    Check in and let us know you are ok, okay?
    MFW May 16 £118,340 Aug£117,1 Sept£116,7 Oct£116,Nov£115,548 SPC #59 Wombling Free Very Special Agent #21 Competition wins..A fire steel! TShirt/ Return trip Car +2 to Ireland Free Amazon vouchers £60 YouGov 3.75p (£50 Mar/£50 Nov) Tesco £15.00 H&B £2.00 NO DEBT EXCEPT MORTGAGE
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