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  • FIRST POST
    • shangaijimmy
    • By shangaijimmy 13th Mar 15, 12:18 PM
    • 2,276Posts
    • 10,571Thanks
    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,
    I've knocked about a bit off and on for the last few years and a bit more heavily in the last 4 months. I've threatened a diary, but also found an excuse not to. Excuses are now fully exhausted so here goes. Remortgage complete, which i'll detail later, bank accounts organised (again i'll discuss later), spreadsheets plentiful and i'm learning on the go with these.

    Overall goal - pay off in 10 years, so 120 payments
    Dream goal - pay off in 8 years, so 96 payment

    Targets
    March 2015 - Balance at start of diary - £136,000
    • Feb 2017 - End of Yr 2 Balance £109,000 (£27k reduction since diary began) - Actual £110,520 (£25.5k reduction since diary began)
    • June 2017 - £106,500 - Actual £106,378 (£122 ahead)
    • July 2017 - £105,400 - Actual £105,296 (£104 ahead)
    • Aug 2017 - £104,300 - Actual £103,922.28 (£378 ahead)
    • Sept 2017 - £103,200 - Actual £102,735 (£465 ahead)
    • Oct 2017 - £102,100 - Actual £101,729 (£371 ahead)
    • Nov 2017 - £101,000 - Actual £100,551 (£449 ahead)
    • Dec 2017 - £99,999
    • Jan 2018 - £98,700
    • Feb 2018 - End of Yr 3 Balance - £97,500 (£38,500 reduction during diary & MFW journey)
    Last edited by shangaijimmy; 02-12-2017 at 8:48 PM. Reason: Updated Goals
    MFW: Turning June 2036 into March 2023... 33//120 Payments Challenge, Diary Reduction £35,448.08
    Aug 2009: £163,051 // Current: £100,551.94 // Avg Daily Interest £4.52
    MFiT-T4 #8 - 56.74% of £41,000
Page 114
    • shangaijimmy
    • By shangaijimmy 2nd Dec 17, 8:44 PM
    • 2,276 Posts
    • 10,571 Thanks
    shangaijimmy
    Month 33 - November 2017
    Well the month of November has evaporated before our eyes! One month closer to being MF and if i am to get under 100 payments for this diary (my big goal) we are now 1/3 there

    Monthly Figures
    • Closing Balance - £100,551.94
    • Overpayments - £692.56
    • Net Reduction - £1,177.08
    • Daily Interest - £4.52 (5p reduction)
    • % Loan Remaining - 73.94%
    • LTV - 45.50%

    Diary Figures
    • Ave Overpayments - £594.25
    • Average Net Reduction - £1,074.18
    • Total Overpayments - £19,610.24
    • Total Reduction - £35,448.08
    MFW: Turning June 2036 into March 2023... 33//120 Payments Challenge, Diary Reduction £35,448.08
    Aug 2009: £163,051 // Current: £100,551.94 // Avg Daily Interest £4.52
    MFiT-T4 #8 - 56.74% of £41,000
    • shangaijimmy
    • By shangaijimmy 3rd Dec 17, 8:10 AM
    • 2,276 Posts
    • 10,571 Thanks
    shangaijimmy
    £1 TT this morning with my cup of tea and then sent the weekly pot of £3.32 to the mortgage.

    Following last nights accounts posting i had a chat with Mrs SJ about our progress and journey and she was astounded! So i have extra traction with her commitment for the next few months!

    Being under 100k for New Year is now a formality so i've started thinking about next years targets. On the 2018 challenge i've gone for £8k in OP's which will be an extra £800 on 2017, or an extra £66 per month, or overall average OP of £666.67 per month!

    I've plumped for £8k OP's as that will hopefully nudge us under the £86k mark, which is a £50k balance reduction since my diary challenge started and will be in 46 months/payments.
    MFW: Turning June 2036 into March 2023... 33//120 Payments Challenge, Diary Reduction £35,448.08
    Aug 2009: £163,051 // Current: £100,551.94 // Avg Daily Interest £4.52
    MFiT-T4 #8 - 56.74% of £41,000
    • Kittenkirst
    • By Kittenkirst 3rd Dec 17, 8:22 AM
    • 1,636 Posts
    • 8,546 Thanks
    Kittenkirst
    Crackin targets there SJ. I’ve started thinking of ours for 2018. We’ve been in our home over a year now so I think it’s time to reassess our budgets and spending

    You can definitely do it!
    2017 MFW #20 - OP £2348.20/ £2150 106%. New target £2500 93.9%
    Last 3 months- Oct: £179.60 Nov: £160.33 Dec: £52.33

    Emergency fund £4K/ £6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    2016 OPs £255.50/£150
    • greent
    • By greent 3rd Dec 17, 8:49 AM
    • 6,506 Posts
    • 65,664 Thanks
    greent
    Brilliant progress, jimmy!
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) Bal 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    Next: BTL Mtge 12/16 £69786. 2017 OPs (#18) £5278/£3286
    Net sales 2017 £1259.72/£500 PAYDOX17 £12239/£10k Decluttered 1870/2017 items
    • shangaijimmy
    • By shangaijimmy 5th Dec 17, 7:42 AM
    • 2,276 Posts
    • 10,571 Thanks
    shangaijimmy
    Kitten - all those 'normal' mortgage prisoner type people of the world have no idea what they're missing out on not being able to study and fiddle with budget spreadsheets! My spreadsheet is permanently open on my laptop!

    23p TT today to follow my 26p TT yesterday so off and running for December. TT's keep me going when little is happening money wise.
    MFW: Turning June 2036 into March 2023... 33//120 Payments Challenge, Diary Reduction £35,448.08
    Aug 2009: £163,051 // Current: £100,551.94 // Avg Daily Interest £4.52
    MFiT-T4 #8 - 56.74% of £41,000
    • shangaijimmy
    • By shangaijimmy 5th Dec 17, 7:57 AM
    • 2,276 Posts
    • 10,571 Thanks
    shangaijimmy
    Oh 3 more ebay items sold on Sunday so i'll nip out of work and post them today. Also had 2 bids on the 92 items that i relisted. Still got another bag of items to list and i'm guessing there'll be 25 things in.
    MFW: Turning June 2036 into March 2023... 33//120 Payments Challenge, Diary Reduction £35,448.08
    Aug 2009: £163,051 // Current: £100,551.94 // Avg Daily Interest £4.52
    MFiT-T4 #8 - 56.74% of £41,000
    • shangaijimmy
    • By shangaijimmy 6th Dec 17, 8:16 AM
    • 2,276 Posts
    • 10,571 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... 33//120 Payments Challenge, Diary Reduction £35,448.08
    Aug 2009: £163,051 // Current: £100,551.94 // Avg Daily Interest £4.52
    MFiT-T4 #8 - 56.74% of £41,000
    • shangaijimmy
    • By shangaijimmy 6th Dec 17, 10:08 PM
    • 2,276 Posts
    • 10,571 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... 33//120 Payments Challenge, Diary Reduction £35,448.08
    Aug 2009: £163,051 // Current: £100,551.94 // Avg Daily Interest £4.52
    MFiT-T4 #8 - 56.74% of £41,000
    • Busy Mee1
    • By Busy Mee1 7th Dec 17, 7:52 AM
    • 438 Posts
    • 1,729 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
    • 2,276 Posts
    • 10,571 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... 33//120 Payments Challenge, Diary Reduction £35,448.08
    Aug 2009: £163,051 // Current: £100,551.94 // Avg Daily Interest £4.52
    MFiT-T4 #8 - 56.74% of £41,000
    • atypicalblonde
    • By atypicalblonde 7th Dec 17, 10:08 AM
    • 2,551 Posts
    • 16,354 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 17.11.17 - £119,999.04
    Aiming to be MF 1.10.2020
    • VDOT47
    • By VDOT47 7th Dec 17, 1:17 PM
    • 42 Posts
    • 41 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
    • 6,506 Posts
    • 65,664 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) Bal 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    Next: BTL Mtge 12/16 £69786. 2017 OPs (#18) £5278/£3286
    Net sales 2017 £1259.72/£500 PAYDOX17 £12239/£10k Decluttered 1870/2017 items
    • shangaijimmy
    • By shangaijimmy 7th Dec 17, 1:58 PM
    • 2,276 Posts
    • 10,571 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... 33//120 Payments Challenge, Diary Reduction £35,448.08
    Aug 2009: £163,051 // Current: £100,551.94 // Avg Daily Interest £4.52
    MFiT-T4 #8 - 56.74% of £41,000
    • shangaijimmy
    • By shangaijimmy 7th Dec 17, 2:01 PM
    • 2,276 Posts
    • 10,571 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... 33//120 Payments Challenge, Diary Reduction £35,448.08
    Aug 2009: £163,051 // Current: £100,551.94 // Avg Daily Interest £4.52
    MFiT-T4 #8 - 56.74% of £41,000
    • VDOT47
    • By VDOT47 7th Dec 17, 2:22 PM
    • 42 Posts
    • 41 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
    • 2,276 Posts
    • 10,571 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... 33//120 Payments Challenge, Diary Reduction £35,448.08
    Aug 2009: £163,051 // Current: £100,551.94 // Avg Daily Interest £4.52
    MFiT-T4 #8 - 56.74% of £41,000
    • Busy Mee1
    • By Busy Mee1 8th Dec 17, 7:28 AM
    • 438 Posts
    • 1,729 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
    • 2,276 Posts
    • 10,571 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... 33//120 Payments Challenge, Diary Reduction £35,448.08
    Aug 2009: £163,051 // Current: £100,551.94 // Avg Daily Interest £4.52
    MFiT-T4 #8 - 56.74% of £41,000
    • shangaijimmy
    • By shangaijimmy 8th Dec 17, 7:46 AM
    • 2,276 Posts
    • 10,571 Thanks
    shangaijimmy
    44p TT this morning. Inching towards freedom
    MFW: Turning June 2036 into March 2023... 33//120 Payments Challenge, Diary Reduction £35,448.08
    Aug 2009: £163,051 // Current: £100,551.94 // Avg Daily Interest £4.52
    MFiT-T4 #8 - 56.74% of £41,000
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