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  • FIRST POST
    • midnight child
    • By midnight child 11th Apr 14, 4:56 PM
    • 390Posts
    • 1,512Thanks
    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
    • 390 Posts
    • 1,512 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 68285
    Daily interest 4.28
    2017
    MFW #14 3746.90/10,000
    • midnight child
    • By midnight child 28th May 16, 10:59 AM
    • 390 Posts
    • 1,512 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 68285
    Daily interest 4.28
    2017
    MFW #14 3746.90/10,000
    • midnight child
    • By midnight child 1st Jun 16, 10:33 PM
    • 390 Posts
    • 1,512 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 68285
    Daily interest 4.28
    2017
    MFW #14 3746.90/10,000
    • f0xh0les
    • By f0xh0les 1st Jun 16, 10:44 PM
    • 813 Posts
    • 5,702 Thanks
    f0xh0les
    Congratulations on being under 5 a day. You are doing marvellously well.
    MFW May118,340 A117 S116 N115, D114 J114 Feb 113,500 M 112,800 A112,250 MAY 111,600 - next goal- 110k) SPC #59 Very Special Agent Womble #15 NST#9 Competition wins..a kids book Free Amazon vouchers 13 YouGov 48.25 (50 Nov) Tesco 15.00 Mr Morris 15
    • midnight child
    • By midnight child 5th Jun 16, 10:58 PM
    • 390 Posts
    • 1,512 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 68285
    Daily interest 4.28
    2017
    MFW #14 3746.90/10,000
    • midnight child
    • By midnight child 11th Jun 16, 1:54 PM
    • 390 Posts
    • 1,512 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 68285
    Daily interest 4.28
    2017
    MFW #14 3746.90/10,000
    • midnight child
    • By midnight child 1st Jul 16, 9:12 PM
    • 390 Posts
    • 1,512 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 68285
    Daily interest 4.28
    2017
    MFW #14 3746.90/10,000
    • f0xh0les
    • By f0xh0les 13th Oct 16, 1:19 PM
    • 813 Posts
    • 5,702 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 May118,340 A117 S116 N115, D114 J114 Feb 113,500 M 112,800 A112,250 MAY 111,600 - next goal- 110k) SPC #59 Very Special Agent Womble #15 NST#9 Competition wins..a kids book Free Amazon vouchers 13 YouGov 48.25 (50 Nov) Tesco 15.00 Mr Morris 15
    • midnight child
    • By midnight child 10th Dec 16, 1:25 PM
    • 390 Posts
    • 1,512 Thanks
    midnight child
    Sorry for the very long absence and thanks for thinking of me F0xholes.
    I'm absolutely fine and just too got caught up with work recently, while I have also found a new friend who has been occupying much of my spare time .

    Over the past few months I have continued to OP and have now maxed out my penalty free allowance for the time being. Will get another one shortly that runs till my current fix ends at the end of Feb. Hoping to max this out before the next new fix starts and should be well into the 60's.

    I had a bit of a decision about what to do in terms of remortgage but have signed up for another 2 year deal, which this time will be 1.64%. My monthly payments will be just over 300 so there should be plenty of scope to overpay, depending on how things go.

    Part of the dilemma I had is that my employment is on a fixed term contract that will end next year and as yet I dont know if it will be extended. I have various different options and already applied for one post that I didnt get. I dont see that it is a big issue at the moment and if I do find myself out of work for a short time my outgoings will be minimal and I would be due some redundancy funds. Hoping to stay in my place but if I need to move for work then I may have to pay an ERC to sell up or convert it to BTL, but will worry about that if/when the time comes.

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

    Mortgage remaining 68285
    Daily interest 4.28
    2017
    MFW #14 3746.90/10,000
    • jodles16
    • By jodles16 10th Dec 16, 3:26 PM
    • 1,303 Posts
    • 3,896 Thanks
    jodles16
    Hi MC, just read your diary, sorry to hear about work but hopefully you have time to get it all sorted! Amazingly well done on the OP and investing front!!

    Jodles
    MFW2017 #29 1200.24/4524
    MFiT #66
    Overall aim 10,124.20/21,743 (156,000)
    2016- Jan-177,472, Apr-173,195.04, July- 171,417.47 Oct- 169,366
    2017- Jan- 167,347.80 Apr- July- Oct-

    • f0xh0les
    • By f0xh0les 10th Dec 16, 5:48 PM
    • 813 Posts
    • 5,702 Thanks
    f0xh0les
    Oh good, was worried you had tripped over your flares or got stuck in your tanktop.

    Great news about your friend. Friends are good. Congrats.
    MFW May118,340 A117 S116 N115, D114 J114 Feb 113,500 M 112,800 A112,250 MAY 111,600 - next goal- 110k) SPC #59 Very Special Agent Womble #15 NST#9 Competition wins..a kids book Free Amazon vouchers 13 YouGov 48.25 (50 Nov) Tesco 15.00 Mr Morris 15
    • midnight child
    • By midnight child 14th Dec 16, 10:10 PM
    • 390 Posts
    • 1,512 Thanks
    midnight child
    Oh good, was worried you had tripped over your flares or got stuck in your tanktop.

    Great news about your friend. Friends are good. Congrats.
    Originally posted by f0xh0les

    Thankfully no 70's fashion disasters.
    Initial mortgage (Dec 2012) 108,000 3.84%APR MF date Jan 2038

    Mortgage remaining 68285
    Daily interest 4.28
    2017
    MFW #14 3746.90/10,000
    • midnight child
    • By midnight child 14th Dec 16, 10:18 PM
    • 390 Posts
    • 1,512 Thanks
    midnight child
    I'm back with a premature new years resolution to update more often.

    Not having a very MFW week. Had a couple of Christmas events to go to and that meant A) spending on food/drink and B) struggling at work with lack of sleep. I also bought lunch out everyday this week as not had time to get stuff for sandwiches till tonight.

    Not even started shopping for pressies yet.......

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

    Mortgage remaining 68285
    Daily interest 4.28
    2017
    MFW #14 3746.90/10,000
    • mortgage_girl
    • By mortgage_girl 20th Dec 16, 1:04 PM
    • 823 Posts
    • 3,804 Thanks
    mortgage_girl
    Good to see you back MC.

    MGx
    2017: 1772.50 / 11,000
    2016: 4557.98 / 11,000 2015: 10,230.37 / 11,000
    2014 =6703.26 / 11,000 2013 = 4288.51 / 8000 2012 = 1600/5000 2011 = 2579/3000
    MF date was Nov 2041 - now Sept 2022

    v
    • midnight child
    • By midnight child 22nd Dec 16, 6:11 PM
    • 390 Posts
    • 1,512 Thanks
    midnight child
    All work completed until 2017.
    Got a couple of weeks to enjoy myself.
    MC
    Initial mortgage (Dec 2012) 108,000 3.84%APR MF date Jan 2038

    Mortgage remaining 68285
    Daily interest 4.28
    2017
    MFW #14 3746.90/10,000
    • f0xh0les
    • By f0xh0les 22nd Dec 16, 8:47 PM
    • 813 Posts
    • 5,702 Thanks
    f0xh0les
    Marvellous, have fun, Merry Xmas, Happy New Year and may 2017 be as MSE as 2016 for you.
    MFW May118,340 A117 S116 N115, D114 J114 Feb 113,500 M 112,800 A112,250 MAY 111,600 - next goal- 110k) SPC #59 Very Special Agent Womble #15 NST#9 Competition wins..a kids book Free Amazon vouchers 13 YouGov 48.25 (50 Nov) Tesco 15.00 Mr Morris 15
    • midnight child
    • By midnight child 3rd Jan 17, 9:20 PM
    • 390 Posts
    • 1,512 Thanks
    midnight child
    Happy new year .
    More importantly it's a new month so that means it must be time to update the spreadsheets. Down to 4.50 daily interest.

    It might be a tighter month with all the holiday spends, but I hope to squeeze a bit more to the OP pot before February.

    My bank gave me another 10% OP allowance for the year, which I have to use by end of Feb - my 2 year fix was actually slightly over. I suspect this means I will get the allowance reset when my new fix kicks in in March.

    I may have more good news to report in a couple of weeks....

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

    Mortgage remaining 68285
    Daily interest 4.28
    2017
    MFW #14 3746.90/10,000
    • Dobbibill
    • By Dobbibill 3rd Jan 17, 10:15 PM
    • 2,135 Posts
    • 3,252 Thanks
    Dobbibill
    Happy New Year MC.

    Good news on the daily interest

    Can't wait for your news in a few weeks, I reckon you will come along swinging with it
    • midnight child
    • By midnight child 14th Jan 17, 9:59 AM
    • 390 Posts
    • 1,512 Thanks
    midnight child
    Was it an educated guess Dobbibill? But yes, you are correct

    I had my regular saver mature and it's all gone to the mortgage account. As I was already logged onto online banking I also took the liberty to apply for a new regular saver at the same time .

    So, that puts me officially into the 60's.

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

    Mortgage remaining 68285
    Daily interest 4.28
    2017
    MFW #14 3746.90/10,000
    • f0xh0les
    • By f0xh0les 14th Jan 17, 10:08 AM
    • 813 Posts
    • 5,702 Thanks
    f0xh0les
    Marvellous news!
    MFW May118,340 A117 S116 N115, D114 J114 Feb 113,500 M 112,800 A112,250 MAY 111,600 - next goal- 110k) SPC #59 Very Special Agent Womble #15 NST#9 Competition wins..a kids book Free Amazon vouchers 13 YouGov 48.25 (50 Nov) Tesco 15.00 Mr Morris 15
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