Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • shangaijimmy
    • By shangaijimmy 13th Mar 15, 12:18 PM
    • 2,391Posts
    • 11,548Thanks
    shangaijimmy
    New Diarist - Attacking the Banks!
    • #1
    • 13th Mar 15, 12:18 PM
    New Diarist - Attacking the Banks! 13th Mar 15 at 12:18 PM
    Hi all,
    Thanks for popping and helping me to stay motivated. This would be the 3rd version of the opening post, but is reflective of where we are currently at. Lots has changed over the last 3 yrs, not least adding a 3rd child to our household!

    This post details my current goals, and as it seems a shame to ignore previous achievements I've summarised them below. This is a 120 payment challenge which would knock 11yrs off our initial draw down of 30yrs. I'm hoping for 100 payments so we'll see how we progress!

    Achievements - 35 payments
    • Balance - £98,173.08
    • Diary Reduction Total - £37,826.92
    • Cumulative Overpayments - £21,024.26
    • Monthly Average Overpayments - £600.69
    • Monthly Average Net Reduction - £1,080.77

    Long Term Targets
    • 5yr/60th payment - £70,000
    • 7yr/84th payment - £38,000
    • 9yr/108th payment - £7,000

    Targets for 2018
    • Jan 2019 - £98,200 - Actual £98,173.08 (£26.92 ahead)
    • Feb 2018 - £97,000 (End of Yr 3 Balance £39k diary reduction)
    • Mar 2018 - £95,900
    • Apr 2018 - £94,800
    • May 2018 - £93,700
    • June 2018 - £92,600
    • July 2018 - £91,500
    • Aug 2018 - £90,400
    • Sept 2018 - £89,300
    • Oct 2018 - £88,200
    • Nov 2018 - £87,100
    • Dec 2018 - £86,000
    Last edited by shangaijimmy; 14-02-2018 at 8:54 AM. Reason: Updated Goals
    MFW: Turning June 2036 into March 2023... 35//120 Payments Challenge, Diary Reduction £37,826.92
    Aug 2009: £163,051 // Current: £98,173.08 // Avg Daily Interest £4.41
    MFiT-T4 #8 - 64.95% of £41,000
Page 114
    • shangaijimmy
    • By shangaijimmy 6th Dec 17, 8:16 AM
    • 2,391 Posts
    • 11,548 Thanks
    shangaijimmy
    At a concert last night so feeling jaded this morning. Not looking forward to an 11hr workday today Anyways i only have 5 work days left before my 3week Christmas hols

    91p TT and i must say that given its December our account is looking very healthy. Just hoping i haven't missed anything glaring .
    MFW: Turning June 2036 into March 2023... 35//120 Payments Challenge, Diary Reduction £37,826.92
    Aug 2009: £163,051 // Current: £98,173.08 // Avg Daily Interest £4.41
    MFiT-T4 #8 - 64.95% of £41,000
    • shangaijimmy
    • By shangaijimmy 6th Dec 17, 10:08 PM
    • 2,391 Posts
    • 11,548 Thanks
    shangaijimmy
    Well i survived the day somehow but am extremely jaded now. Thank heavens for a fantastic wife that fed me sausage casserole for tea!

    Lovely NSD today for both of us and am about to get in bed all smug with not having to go to work tomorrow! Few jobs on as DS2 has his nativity and we need to collect yet another pair of glasses for DS1. Then around them i'm planning on dog walks and a definite snooze whilst nanny takes DD to play group.

    On a personal note my current job is both energy sapping and mentally demanding and its starting to take its toll. I've been there 16yrs but the last 4 have been tough. So am re-evaluating, looking around, considering partial retraining (more of a side step that total direction change) etc... and i must say the financial position we are in due to our last 3 years of OP's has helped massively as it takes the pressure off if i have to drop of pay grade. The MFW journey also puts things into perspective as i realise how we can easily do without/with less!

    So very early days but there you go...2018 may be a year of change at Shangai towers!
    MFW: Turning June 2036 into March 2023... 35//120 Payments Challenge, Diary Reduction £37,826.92
    Aug 2009: £163,051 // Current: £98,173.08 // Avg Daily Interest £4.41
    MFiT-T4 #8 - 64.95% of £41,000
    • Busy Mee1
    • By Busy Mee1 7th Dec 17, 7:52 AM
    • 497 Posts
    • 2,130 Thanks
    Busy Mee1
    Your MSE efforts are brilliant Jimmy and it is great how taking control of the finances gives you and your family choices.
    I started my journey when I was unhappy at work and I wanted to give myself a bit more choice about how long I have to work and if the day comes and I want to tell em "to stuff it " I can

    I
    • shangaijimmy
    • By shangaijimmy 7th Dec 17, 8:09 AM
    • 2,391 Posts
    • 11,548 Thanks
    shangaijimmy
    Being secure enough to enable bravery!! Especially when you get sent to a meeting 50miles away with an evenings notice, no idea of what walking into and no power to make a decision!!

    47p TT this morning which all helps the discussion above!!
    MFW: Turning June 2036 into March 2023... 35//120 Payments Challenge, Diary Reduction £37,826.92
    Aug 2009: £163,051 // Current: £98,173.08 // Avg Daily Interest £4.41
    MFiT-T4 #8 - 64.95% of £41,000
    • atypicalblonde
    • By atypicalblonde 7th Dec 17, 10:08 AM
    • 2,741 Posts
    • 18,701 Thanks
    atypicalblonde
    Exciting times ahead SJ, and I am pleased to read that Mrs SJ is so enthused with your progress too.
    MFW
    Mortgage 8.2.15 - £171,064.64 Mortgage 8.2.18 - £109,990
    Aiming to be MF 1.10.2020
    • VDOT47
    • By VDOT47 7th Dec 17, 1:17 PM
    • 97 Posts
    • 221 Thanks
    VDOT47
    Hi Shanghai,


    Haven't been able to read back through the whole thread, but have read the first page and the last couple and it sounds like you have made great strides. Have you found having mini targets helpful in keeping you on track?


    Have to say, I am VERY jealous that you have a 4 bed detached and only had to pay £225k for it (even if that was at 2006 prices that sounds like a good deal?) - this year we paid £375k for a 3 bed semi :-( and would have to pay over £550k for a 4 bed detached I reckon. This is part of my desire to reduce the mortgage as much as possible, as soon as possible to allow us to stand a chance of moving within 5 years.
    • greent
    • By greent 7th Dec 17, 1:38 PM
    • 6,688 Posts
    • 68,834 Thanks
    greent

    Have to say, I am VERY jealous that you have a 4 bed detached and only had to pay £225k for it (even if that was at 2006 prices that sounds like a good deal?) - this year we paid £375k for a 3 bed semi :-( and would have to pay over £550k for a 4 bed detached I reckon. This is part of my desire to reduce the mortgage as much as possible, as soon as possible to allow us to stand a chance of moving within 5 years.
    Originally posted by VDOT47
    Property prices in different areas are a kicker We bought our house in 2005 for 277k - was a larger 4 bed detached (could get a small 4 bed detached for 200k - but they had the same/ smaller floor space than our large 3 bed semi)

    375K currently gets you this around our way http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION%5E20417&maxPri ce=375000&minPrice=375000&includeSSTC=true - both of those properties on there sold in less than 5 days.

    How anyone can ever afford to get on the housing ladder in the SE is beyond me People complain about prices enough here (2 bed 'modern' small terrace = c 125k)
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786. 2018 OPs (#18) £36.39/£4000
    Net sales 2018 £20.45/£1000 PAYDOX18 (#15) £1429.16/£18694.38 Decluttered 273/2018 items
    • shangaijimmy
    • By shangaijimmy 7th Dec 17, 1:58 PM
    • 2,391 Posts
    • 11,548 Thanks
    shangaijimmy
    Hi Shanghai,


    Haven't been able to read back through the whole thread, but have read the first page and the last couple and it sounds like you have made great strides. Have you found having mini targets helpful in keeping you on track?


    Have to say, I am VERY jealous that you have a 4 bed detached and only had to pay £225k for it (even if that was at 2006 prices that sounds like a good deal?) - this year we paid £375k for a 3 bed semi :-( and would have to pay over £550k for a 4 bed detached I reckon. This is part of my desire to reduce the mortgage as much as possible, as soon as possible to allow us to stand a chance of moving within 5 years.
    Originally posted by VDOT47
    Thanks for popping by. I am acutely aware of how lucky we are with our location for house prices!! When we bought we were initially looking at spending around 180k, which on the estate we wanted (new build) left us a bit stuck as we were looking at 3 storey options or a small 3 bed semi for about 165k. What we have they only built 4 and all 4 were snapped up off plan but then one fell through and we managed to get it. It was a huge stretch and we wouldn't have got a mortgage in todays rules, which i suppose is a reflection of why the financial chaos all built up. I was also extremely persuasive with sales and managed to get them to agree to pay the 5% deposit of £11k and we would be in a position to complete in 6 weeks! A hectic 6 weeks unfolded (Mrs SJ largely oblivious) as you can imagine especially as we spent 2 weeks of that in the Maldives (thinking back it was madness)! I was smart enough to use the solicitor that they advised, and they were useless! So i then blamed the builders for recommending them and pretty much made them do all the chasing!

    Blimey memories...amazing how much you forget! After we moved we then had a steady increase in interest rates for the first 18months... young and reckless!!

    As for your first quesiton the mini targets help to break things up into manageable chunks. In turn it helps with momentum and motivation, as 10yrs is a long long time. So i work on a realistic target of 10yrs, a hopeful target of 9yrs and a dream of 8yrs. I then work on 2 yr cycles that fit in with mortgage deal, which i then break up into monthly chunks! For added motivation the daily account tidies keep you going through the flat parts of the month when little is happening!
    MFW: Turning June 2036 into March 2023... 35//120 Payments Challenge, Diary Reduction £37,826.92
    Aug 2009: £163,051 // Current: £98,173.08 // Avg Daily Interest £4.41
    MFiT-T4 #8 - 64.95% of £41,000
    • shangaijimmy
    • By shangaijimmy 7th Dec 17, 2:01 PM
    • 2,391 Posts
    • 11,548 Thanks
    shangaijimmy
    Property prices in different areas are a kicker We bought our house in 2005 for 277k - was a larger 4 bed detached (could get a small 4 bed detached for 200k - but they had the same/ smaller floor space than our large 3 bed semi)

    375K currently gets you this around our way http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION%5E20417&maxPri ce=375000&minPrice=375000&includeSSTC=true - both of those properties on there sold in less than 5 days.

    How anyone can ever afford to get on the housing ladder in the SE is beyond me People complain about prices enough here (2 bed 'modern' small terrace = c 125k)
    Originally posted by greent
    I worry for our kids to be honest. They'd struggle here in the North but if any decide to live somewhere else following university for example i suspect a life of renting is ahead of them.
    MFW: Turning June 2036 into March 2023... 35//120 Payments Challenge, Diary Reduction £37,826.92
    Aug 2009: £163,051 // Current: £98,173.08 // Avg Daily Interest £4.41
    MFiT-T4 #8 - 64.95% of £41,000
    • VDOT47
    • By VDOT47 7th Dec 17, 2:22 PM
    • 97 Posts
    • 221 Thanks
    VDOT47
    Oh yes, we are lucky that we have been able to get on the ladder at all, given that we are in the home counties. We know we could get so much more for our money if we moved to another part of the country, but we are very tied to this area for various reasons (family, work etc) so I guess that is our own choice and we can't complain.


    Looking at greent's link and seeing what you can get for 375k in Gloucs compared to here is very depressing though!
    • shangaijimmy
    • By shangaijimmy 7th Dec 17, 9:08 PM
    • 2,391 Posts
    • 11,548 Thanks
    shangaijimmy
    Great day today. 2 dog walks, 16,000+ steps, new glasses for DS1, nativity for DS2, great tea and even made a cheeky £9 matched betting when i got home! Dog is flaked out and the only thing i missed out on was a snooze but i can live with that.

    Only 5 work days left for me for 2017, so excited and definitely in need of a mental rest.
    MFW: Turning June 2036 into March 2023... 35//120 Payments Challenge, Diary Reduction £37,826.92
    Aug 2009: £163,051 // Current: £98,173.08 // Avg Daily Interest £4.41
    MFiT-T4 #8 - 64.95% of £41,000
    • Busy Mee1
    • By Busy Mee1 8th Dec 17, 7:28 AM
    • 497 Posts
    • 2,130 Thanks
    Busy Mee1
    I worry for our kids to be honest. They'd struggle here in the North but if any decide to live somewhere else following university for example i suspect a life of renting is ahead of them.
    Originally posted by shangaijimmy
    The trick Jimmy is to encourage them to go to the northern universities - the accomodation costs for the southern universities are . Then if they decide to stay put they have a better chance of affording a house.

    I have friends with kids who have ended up in London and are still helping them with their rent, even though they now have full time jobs and are in their mid to late 20s
    • shangaijimmy
    • By shangaijimmy 8th Dec 17, 7:44 AM
    • 2,391 Posts
    • 11,548 Thanks
    shangaijimmy
    Like it busy. Ill go further tham encouraging them. Anywhere south of birmingham is banned! Job done!
    MFW: Turning June 2036 into March 2023... 35//120 Payments Challenge, Diary Reduction £37,826.92
    Aug 2009: £163,051 // Current: £98,173.08 // Avg Daily Interest £4.41
    MFiT-T4 #8 - 64.95% of £41,000
    • shangaijimmy
    • By shangaijimmy 8th Dec 17, 7:46 AM
    • 2,391 Posts
    • 11,548 Thanks
    shangaijimmy
    44p TT this morning. Inching towards freedom
    MFW: Turning June 2036 into March 2023... 35//120 Payments Challenge, Diary Reduction £37,826.92
    Aug 2009: £163,051 // Current: £98,173.08 // Avg Daily Interest £4.41
    MFiT-T4 #8 - 64.95% of £41,000
    • Betterthanever
    • By Betterthanever 8th Dec 17, 8:36 AM
    • 512 Posts
    • 3,375 Thanks
    Betterthanever
    It all adds up - 44p today, mortgage free tomorrow (well, in 5 years or so!).

    Current balance £112,593.71. Offset £2,677.73. £109,951.98 needed to be mortgage neutral!
    End date - 03/29 but aiming for 10/22 - 2018 O/pay £600
    Make £2018 in £2018 = £406.75/£2018
    Former DFW Nerd 230. Determined to be MF. Bring it on!
    • atypicalblonde
    • By atypicalblonde 8th Dec 17, 2:21 PM
    • 2,741 Posts
    • 18,701 Thanks
    atypicalblonde
    Inching ever closer SJ. Have a fab weekend!
    MFW
    Mortgage 8.2.15 - £171,064.64 Mortgage 8.2.18 - £109,990
    Aiming to be MF 1.10.2020
    • Watty1
    • By Watty1 8th Dec 17, 2:43 PM
    • 2,971 Posts
    • 21,120 Thanks
    Watty1
    Like it busy. Ill go further tham encouraging them. Anywhere south of birmingham is banned! Job done!
    Originally posted by shangaijimmy
    Maybe reconsider if the Dutch universities carry on with their lower fees, housing benefits and grants .... south of Birmingham banned unless its Holland???
    Mortgage at start of diary Sept 2013: £132,995 Aug 2015 £0
    Overpaid next mortgage. £79,491 down to £27152
    Changing focus for now
    • michelle09
    • By michelle09 8th Dec 17, 5:36 PM
    • 647 Posts
    • 3,333 Thanks
    michelle09
    I found that the trick was to find someone who would pay you to go to university! I got my fees covered and paid £15k/year. Granted, this was in the south so I couldn't save much, but I came out of university with money. Then married someone who had their lightbulb moment after we met and picked up £20k of student debt.

    These days university is insane, if I had kids I would be getting them to seriously look at other training schemes because work experience is even more valuable than a degree these days.
    • shangaijimmy
    • By shangaijimmy 8th Dec 17, 5:55 PM
    • 2,391 Posts
    • 11,548 Thanks
    shangaijimmy
    Loving the great University ideas!

    My preferred option (working on the fact that its 10yrs off yet) is their to be a political meltdown and an offshoot of the greens get into power who then give free university to all those North of Stafford!
    MFW: Turning June 2036 into March 2023... 35//120 Payments Challenge, Diary Reduction £37,826.92
    Aug 2009: £163,051 // Current: £98,173.08 // Avg Daily Interest £4.41
    MFiT-T4 #8 - 64.95% of £41,000
    • greent
    • By greent 8th Dec 17, 6:55 PM
    • 6,688 Posts
    • 68,834 Thanks
    greent
    My eldest is currently in Y2 at Cardiff uni - that's a cheap place to live. Her Halls costs last year were just under £4500 - and she could walk to uni and into town, so travel costs whilst there were minimal (an occasional taxi home after a night out) . Bristol (where DS1 is looking at as one of his choices) on the other hand, have Halls costing c£8k!!
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786. 2018 OPs (#18) £36.39/£4000
    Net sales 2018 £20.45/£1000 PAYDOX18 (#15) £1429.16/£18694.38 Decluttered 273/2018 items
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

55Posts Today

3,179Users online

Martin's Twitter