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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 21
    • Dobbibill
    • By Dobbibill 14th Jan 17, 6:35 PM
    • 2,474 Posts
    • 3,569 Thanks
    Dobbibill
    It was an educated guess but only because you have done so well with every other era......you are doing amazing and a true inspiration to others who are MFWs.

    Well done MC
    • midnight child
    • By midnight child 24th Jan 17, 12:07 AM
    • 390 Posts
    • 1,512 Thanks
    midnight child
    Thanks DB. I really am not sure those kind words are merited, I just liked the idea of having more security if something bad happened in the future.

    With all the unpredictability that we have seen recently (Brexit, Trump, etc), paying down debts while rates are historically low seems a sensible plan.

    Why is January such a long month? Still a week till payday.

    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 29th Jan 17, 10:32 PM
    • 390 Posts
    • 1,512 Thanks
    midnight child
    Hey fellow MFWers.
    Made another cheeky little OP made just before payday.

    Had a very hectic few weeks with work and not really spent that much as a result. Looks like this will continue for the next few weeks at least, so I may need to book a few days off to recharge.

    In other news I have a job interview. If I get it then it would mean relocating to the South East, and with a slightly lower salary (at least to start with). Not totally sure on the post yet, but it's good interview practice if nothing else.

    Got several colleagues also looking elsewhere at the moment, so perhaps senior management may soon have that penny dropping moment.

    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
    • giblet1979
    • By giblet1979 1st Feb 17, 3:52 PM
    • 860 Posts
    • 3,450 Thanks
    giblet1979
    Ooh...good luck with the interview, whatever you decide to do.
    I recently started a new job (same salary, less distance tho) and I think it has been a good move. I wasn't the only one to go tho, and sadly my previous team are suffering, while it doesn't seem that more senior management took the hint when 3 of us left at similar times!
    Debt remaining:
    Mortgage - £117,759 (£134,600, Nov 2013)

    Work overpayment and home improvement loan paid back (£19200)


    • f0xh0les
    • By f0xh0les 1st Feb 17, 4:46 PM
    • 1,049 Posts
    • 7,705 Thanks
    f0xh0les
    It all sounds very exciting with you!

    ... but Midnight, please don't ever underestimate the magical wonder that is 'the Northern Pound',

    I am originally from SE London, now in Leicester via Gosport, Manchester and Sheffield. The 'Northern Pound' is worth so much more than its' Southern counterpart. It would take a sea view / amazing job offer to make me venture South again.

    Good Luck with the interview though.
    MFW May 16 £118,340
    October 17 - £109,495.00
    • f0xh0les
    • By f0xh0les 8th Sep 17, 7:22 AM
    • 1,049 Posts
    • 7,705 Thanks
    f0xh0les
    I wonder if Midnight got the job, sold the house, and now lives in the South with his new friend?
    MFW May 16 £118,340
    October 17 - £109,495.00
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