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  • FIRST POST
    • lippy1923
    • By lippy1923 9th Aug 15, 11:30 AM
    • 1,055Posts
    • 2,995Thanks
    lippy1923
    My MF Mission 2015
    • #1
    • 9th Aug 15, 11:30 AM
    My MF Mission 2015 9th Aug 15 at 11:30 AM
    Hi all,

    I've threatened a diary for a while now, but with my wedding to pay for it's been a very expensive year so far. I get married this month so everything is almost paid off now and from September I can really start my MF Mission.

    Option 1 -Pay off in less than 10 years with intention to rent out
    Option 2 -Pay off AMAP to gain higher equity to use for up-sizing

    Option 2 is most likely IMO as we may have another child in the next 10 years which will mean up-sizing is almost inevitable.

    Mini targets-

    Dec 2016 - Balance below £100k - Fixed rate ends in 2017 so with the maximum OP allowed per month (£500) combined with normal monthly payments I hope to have the balance at £100k or less by then ready for a new mortgage fix.

    Dec 2017 - OP £20k

    Overall target 120 Payments to go (just under 10 years)

    Lets see how I do

    Mortgage Term Reduced by 2Yr 9Mth

    BALANCE AT START OF DIARY - £113,783


    Mortgage Aug 2015 - £113,783
    Mortgage Aug 2016 - £103,502
    Last edited by lippy1923; 01-12-2016 at 8:25 AM. Reason: Updated mortgage term reduction
    Total Mortgage OP £15,000
    House Value £240,000 Mortgage £99,932
    Emergency Fund £21,575
    Shares £93
Page 17
    • hiddenshadow
    • By hiddenshadow 10th Sep 16, 10:19 PM
    • 1,764 Posts
    • 7,989 Thanks
    hiddenshadow
    Well done on the car insurance.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,900 (£6,628 offset)
    Payment 35/84 / 2016 MFW #56: £41,769/£43,000 97% / MFiT-T4 #15: £39,600/£90,000 44%
    • lippy1923
    • By lippy1923 18th Sep 16, 5:37 PM
    • 1,055 Posts
    • 2,995 Thanks
    lippy1923
    Moan alert.


    Feeling miffed! Done so OP calculations and with my OP's capped at £500pm combined with my crappy interest rate piling on daily interest, I don't appear to be able to make the 5 figure mark by the end of this year


    I only have 3 mortgage payments left this year which just isn't going to cut it. 1st of Jan I will have smashed it, but really wanted it this year!
    Total Mortgage OP £15,000
    House Value £240,000 Mortgage £99,932
    Emergency Fund £21,575
    Shares £93
    • hiddenshadow
    • By hiddenshadow 20th Sep 16, 4:30 PM
    • 1,764 Posts
    • 7,989 Thanks
    hiddenshadow
    Boo. Any other milestones you can set yourself for this year? Extra offset savings to get to mortgage-neutral 5 figures?
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,900 (£6,628 offset)
    Payment 35/84 / 2016 MFW #56: £41,769/£43,000 97% / MFiT-T4 #15: £39,600/£90,000 44%
    • lippy1923
    • By lippy1923 23rd Sep 16, 9:40 AM
    • 1,055 Posts
    • 2,995 Thanks
    lippy1923
    Probably not Hidden I think I am done for this year.


    Expensive month for me. 2 lots of car insurance, 1 car tax, mot and service and a birthday to buy for. Means about £1k on top of my normal monthly bills will be paid out. Then its just expensive months leading up to xmas, so January is where I will re-evaluate (when I'm in that new year new me mood lol)


    I think my mini goal at the start of my diary was a bit ambitious, to have another £6k saved, so I can OP with my current £20k. I can manage £500 OP each month, but at the moment that's all I can do, so nothing is really being saved outside of the mortgage. I am really hoping I have passed my exams (find out next month) and then will be putting in my payrise request. Rooting on this, so I am able to afford my monthly OP's and put aside some savings.


    Might try selling my new plastic fivers for £200 on ebay :-p
    Total Mortgage OP £15,000
    House Value £240,000 Mortgage £99,932
    Emergency Fund £21,575
    Shares £93
    • lippy1923
    • By lippy1923 1st Oct 16, 9:39 AM
    • 1,055 Posts
    • 2,995 Thanks
    lippy1923
    £500 OP paid today, totalling £14k OP's so far.


    As its Saturday, my DD's haven't been taken yet, so normal monthly mortgage payment is still pending, but I have done my calculations so I know I can colour in another brick on our house on the fridge!


    Getting really excited for my exam results next week. Don't know what compelled me to do it, but I logged onto my study website this morning and I can see a massive green tick with "qualification complete" written next to it! Results section still says pending for my last exams though but my hopes are really high I have passed
    Total Mortgage OP £15,000
    House Value £240,000 Mortgage £99,932
    Emergency Fund £21,575
    Shares £93
    • shangaijimmy
    • By shangaijimmy 2nd Oct 16, 8:45 AM
    • 1,814 Posts
    • 7,524 Thanks
    shangaijimmy
    I've been missing in action for the last few weeks but back. You're so close to the 99's...will i ever catch you...?
    MFW: Original June 2036 // Aim March 2025 - 21//120 payments // Avg Daily Interest £6.19
    Aug 2009: £163,051 // Aug 2012: £146,818 // Aug 2015: £131,010 Current: £113,533.22
    MFiT-T4 #8 - 17.63% of £41,000 // 2016 MFW #2 - £6,961.06/£7,200
    • lippy1923
    • By lippy1923 2nd Oct 16, 9:08 AM
    • 1,055 Posts
    • 2,995 Thanks
    lippy1923
    Hey SJ. Yeh I noticed you had been MIA from your diary. Glad to see you are back and still smashing at the mortgage.


    So close to the 99's. Shame I don't think I will make them this year. Come Jan 1st I will though lol.


    I'm sure you will catch up. You are able to OP more than me and you have been even on 1 income! Very impressive. I can tell you now, when I was on mat leave, OP's never happened so well done.
    Total Mortgage OP £15,000
    House Value £240,000 Mortgage £99,932
    Emergency Fund £21,575
    Shares £93
    • lippy1923
    • By lippy1923 4th Oct 16, 8:21 PM
    • 1,055 Posts
    • 2,995 Thanks
    lippy1923
    Exams PASSED!!!!!!! So happy
    Total Mortgage OP £15,000
    House Value £240,000 Mortgage £99,932
    Emergency Fund £21,575
    Shares £93
    • hiddenshadow
    • By hiddenshadow 4th Oct 16, 8:27 PM
    • 1,764 Posts
    • 7,989 Thanks
    hiddenshadow
    Congratulations!
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,900 (£6,628 offset)
    Payment 35/84 / 2016 MFW #56: £41,769/£43,000 97% / MFiT-T4 #15: £39,600/£90,000 44%
    • lippy1923
    • By lippy1923 9th Oct 16, 2:47 PM
    • 1,055 Posts
    • 2,995 Thanks
    lippy1923
    In other MSE news, I've just reduced my tv/bb/phone package by an extra £8pm. Saving near £100 a year. Happy Sunday.
    Total Mortgage OP £15,000
    House Value £240,000 Mortgage £99,932
    Emergency Fund £21,575
    Shares £93
    • shangaijimmy
    • By shangaijimmy 9th Oct 16, 6:29 PM
    • 1,814 Posts
    • 7,524 Thanks
    shangaijimmy
    Good effort. I've had to go the other way and reduced our monthly OP by £30 to have more cash for everyday use...
    MFW: Original June 2036 // Aim March 2025 - 21//120 payments // Avg Daily Interest £6.19
    Aug 2009: £163,051 // Aug 2012: £146,818 // Aug 2015: £131,010 Current: £113,533.22
    MFiT-T4 #8 - 17.63% of £41,000 // 2016 MFW #2 - £6,961.06/£7,200
    • EatingTheElephant
    • By EatingTheElephant 10th Oct 16, 7:26 AM
    • 603 Posts
    • 2,913 Thanks
    EatingTheElephant
    Congratulations - for exam passing and bill cutting.
    • lippy1923
    • By lippy1923 12th Oct 16, 5:16 PM
    • 1,055 Posts
    • 2,995 Thanks
    lippy1923
    FML - my 123 account, 5% current account and now my £5 reward account are all slashing their returns. Getting really miffed about saving. I'm doing the right thing, not diving head first into debt like so many millions of people and I get F all for it. What's the point.
    Literally going to shove as much money into my mortgage now as possible. Sod the banks.
    Total Mortgage OP £15,000
    House Value £240,000 Mortgage £99,932
    Emergency Fund £21,575
    Shares £93
    • hiddenshadow
    • By hiddenshadow 12th Oct 16, 5:24 PM
    • 1,764 Posts
    • 7,989 Thanks
    hiddenshadow
    The silver lining to that is that the mortgage balance ends up looking amazing very quickly.

    But yes, sod the banks.

    One "trick" we do is to keep as little as possible in the reward account so that the "interest" it pays is astronomical. DH's pay is deposited directly into it (meeting the deposit requirement), then I add up the CC payments that will go out on direct debit (meeting the 2 DDs requirement), and round the amount left in the account down to <= £10. e.g. if £1,000 goes into the account from pay and £200 will go to CC1 and £205 will go to CC2, I move £590 out to an account that pays interest, leaving £5 in the account. Thus the reward ends up equating to 100% "interest" as only £5 stays in the account all month.

    Doesn't actually change the math, but at least it means that the £590 can live elsewhere (ideally earning interest, but really, not living in that account also works for me just on the principle of the thing ).

    ...wow that was wordy, sorry!
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,900 (£6,628 offset)
    Payment 35/84 / 2016 MFW #56: £41,769/£43,000 97% / MFiT-T4 #15: £39,600/£90,000 44%
    • lippy1923
    • By lippy1923 12th Oct 16, 5:31 PM
    • 1,055 Posts
    • 2,995 Thanks
    lippy1923
    I do the same. Add up my bills in 1 account and put that sum plus about £10-20 extra just in case. Our pay goes in at the end of the month and bills get taken on the 1st.
    Same with my other one, I add up my CC bills and put in that sum plus £10-20. There is never a balance in there for more than a couple of days.


    My company have offered us a sharesave shceme with a 15% discount on share prices for 6 months. Think you can buy a % of your salary each month. I might go for this as getting nout elsewhere. Anyone done this before? Any advice as I am new to sharesave company schemes.


    TIA.
    Last edited by lippy1923; 12-10-2016 at 5:33 PM.
    Total Mortgage OP £15,000
    House Value £240,000 Mortgage £99,932
    Emergency Fund £21,575
    Shares £93
    • hiddenshadow
    • By hiddenshadow 12th Oct 16, 5:37 PM
    • 1,764 Posts
    • 7,989 Thanks
    hiddenshadow
    My company have offered us a sharesave shceme with a 15% discount on share prices for 6 months. Think you can buy a % of your salary each month. I might go for this as getting nout elsewhere. Anyone done this before? Any advice as I am new to sharesave company schemes.
    Originally posted by lippy1923
    I've done this in the US before - it was pretty easy. Had the company auto-debit a certain amount (think it was $100) every month for the share scheme, got a notice once or twice a year as to the value of the shares. I think I was required to not sell them for a certain amount of time, so you may want to look into that, but 15% off is pretty sweet even with those restrictions.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,900 (£6,628 offset)
    Payment 35/84 / 2016 MFW #56: £41,769/£43,000 97% / MFiT-T4 #15: £39,600/£90,000 44%
    • shangaijimmy
    • By shangaijimmy 12th Oct 16, 7:54 PM
    • 1,814 Posts
    • 7,524 Thanks
    shangaijimmy
    Think ill continue with funding circle for now!
    MFW: Original June 2036 // Aim March 2025 - 21//120 payments // Avg Daily Interest £6.19
    Aug 2009: £163,051 // Aug 2012: £146,818 // Aug 2015: £131,010 Current: £113,533.22
    MFiT-T4 #8 - 17.63% of £41,000 // 2016 MFW #2 - £6,961.06/£7,200
    • lippy1923
    • By lippy1923 16th Oct 16, 11:40 AM
    • 1,055 Posts
    • 2,995 Thanks
    lippy1923
    Gone off the spending wagon lately. DH especially has been spending on the CC like its going out of fashion.

    Trimming my bills as much as possible but saving the odd £10pm here and there isn't going to get me far. So I have to increase my income. I put in a payrise request last week so hopefully that will go down ok. It's just got to be signed off by senior management. This would really help with my MF mission.
    Total Mortgage OP £15,000
    House Value £240,000 Mortgage £99,932
    Emergency Fund £21,575
    Shares £93
    • hiddenshadow
    • By hiddenshadow 16th Oct 16, 12:55 PM
    • 1,764 Posts
    • 7,989 Thanks
    hiddenshadow
    Fingers crossed on the pay rise.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,900 (£6,628 offset)
    Payment 35/84 / 2016 MFW #56: £41,769/£43,000 97% / MFiT-T4 #15: £39,600/£90,000 44%
    • lippy1923
    • By lippy1923 23rd Oct 16, 1:52 PM
    • 1,055 Posts
    • 2,995 Thanks
    lippy1923
    Payday next week. Can't come soon enough. In the meantime I have £41 whizzing its way to my account from Topcashback.

    It's my last month worth of 5% current account and 123 account interest before they slash the rates. Hopefully next month I will get my pay raise so will make up for the fall in interest income and then some. Fingers crossed.

    I signed up for my sharesave scheme at work. They take an amount from my pay each month and after 6 months they then buy the shares with a 15% discount. I am then free to continue to save in the scheme for another 6 months or withdraw the funds, which seems pretty good considering I get bog all in interest with the banks now.
    Total Mortgage OP £15,000
    House Value £240,000 Mortgage £99,932
    Emergency Fund £21,575
    Shares £93
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