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  • FIRST POST
    • lippy1923
    • By lippy1923 9th Aug 15, 11:30 AM
    • 1,229Posts
    • 3,426Thanks
    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 - COMPLETE
    Dec 2017 - OP £6k

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

    Lets see how I do

    Mortgage Term Reduced by 3Yr 5 mth

    BALANCE AT START OF MORTGAGE - £140,000


    Mortgage Dec 2015 - £110,580
    Mortgage Dec 2016 - £99,932
    Last edited by lippy1923; 01-06-2017 at 7:49 PM. Reason: Updated mortgage term reduction
    Total Mortgage OP £17,500
    House Value £250,000 Mortgage £94,187
    Emergency Fund £25,000

Page 21
    • lippy1923
    • By lippy1923 19th Mar 17, 9:16 AM
    • 1,229 Posts
    • 3,426 Thanks
    lippy1923
    Thanks for your thoughtful post firegirl. I have thought along the same lines as you.

    I already have a work pension and put the maximum in required to get my employers max monthly contribution. So that's taken care of :-)

    Your next point is obviously important. It wouldn't be great to have to take out money in an emergency and be penalised so heavily. Obviously I don't plan on touching it but as you say, circumstances change.

    There's also the uncertainty of what the gov will do in the next 30 years. Eg increase the age you can withdraw to be somewhere in line with state pension age (I'm my case it will prob be like 80 by then! Lol) Or they could just pull it altogether 5 years down the line. Who knows.

    Also the fact that not a lot of typical high street providers appear to be supporting LISA. N@tionwide have outright said no which surprised me.

    Not to mention it would throw me off my mortgage free mission, diverting money towards the LISA.

    But then saying that I would have an account with a yearly savings target to meet, 25% bonus plus interest and potential for over £125k lump sum to look forward to on my 60th birthday. Could mean the difference between retiring at 60 or waiting until state pension age to retire.

    Out of interest, Do you know which provider you want to go with yet?
    Last edited by lippy1923; 19-03-2017 at 9:26 AM.
    Total Mortgage OP £17,500
    House Value £250,000 Mortgage £94,187
    Emergency Fund £25,000

    • lippy1923
    • By lippy1923 1st Apr 17, 3:47 PM
    • 1,229 Posts
    • 3,426 Thanks
    lippy1923
    Here's my April update

    £500 OP
    1 month knocked off the mortgage term
    1 brick coloured in
    £200 added to savings from my reduction in childcare outgoings

    Overall a good month for me so far!
    Total Mortgage OP £17,500
    House Value £250,000 Mortgage £94,187
    Emergency Fund £25,000

    • hiddenshadow
    • By hiddenshadow 5th Apr 17, 1:17 AM
    • 2,180 Posts
    • 9,855 Thanks
    hiddenshadow
    Very nice!
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Aug '17 £108,189
    Payment 43/84 / 2017 MFW #56: £11,479/£20,000 57% / MFiT-T4 #15: £51,311/£90,000 57%
    • lippy1923
    • By lippy1923 28th Apr 17, 8:39 AM
    • 1,229 Posts
    • 3,426 Thanks
    lippy1923
    Payday today and all monies moved to required accounts in time for bills. I am left a bit confused / worried as I seem to have more money left over than usual.


    Managed to corner off £500 for next months OP and add £250 to my savings but still have another £200 floating around... concerned I have missed or forgotten about something. Spread sheet tells me I have accounted for everything though, so fingers crossed.


    Also added another £95 to my shares.


    Going to leave the extra £200 alone for now before I officially sweep it to savings.


    Have a good bank holiday eveyone
    Total Mortgage OP £17,500
    House Value £250,000 Mortgage £94,187
    Emergency Fund £25,000

    • hiddenshadow
    • By hiddenshadow 28th Apr 17, 9:16 PM
    • 2,180 Posts
    • 9,855 Thanks
    hiddenshadow
    Different tax code for the new year perhaps?
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Aug '17 £108,189
    Payment 43/84 / 2017 MFW #56: £11,479/£20,000 57% / MFiT-T4 #15: £51,311/£90,000 57%
    • lippy1923
    • By lippy1923 29th Apr 17, 12:04 PM
    • 1,229 Posts
    • 3,426 Thanks
    lippy1923
    Hey Hidden. Yes I have a new tax code, but not even sure its right. I have never known why my tax code is not the normal standard one. All I do is pay into a pension and get childcare vouchers, but still my tax code is always different to the standard. Nobody can tell me why.
    Total Mortgage OP £17,500
    House Value £250,000 Mortgage £94,187
    Emergency Fund £25,000

    • lippy1923
    • By lippy1923 1st May 17, 9:08 AM
    • 1,229 Posts
    • 3,426 Thanks
    lippy1923
    Happy bank holiday :-) May update....
    £500 OP
    1 brick coloured in
    1 month knocked off the mortgage term
    Total Mortgage OP £17,500
    House Value £250,000 Mortgage £94,187
    Emergency Fund £25,000

    • lippy1923
    • By lippy1923 13th May 17, 3:24 PM
    • 1,229 Posts
    • 3,426 Thanks
    lippy1923
    Productive money savings day today!

    Just switched mortgage deals online and feel very happy with the result.

    1) Basically halved the interest rate & will be saving over £100pm.
    2) Overpayment facility- No longer do I have to stick to the £500 pm rule (£6k per year). Its now 10% I can pay each year so around £9k this year!
    3) Managed to start the switch from June, so didn't have to finish current deal and pay 2 more months at the current higher rate
    4) £100 Cashback for doing it online


    Also had to smile at my car tax letter this morning. Please renew online and pay £0. Loving the benefits of an eco car
    Total Mortgage OP £17,500
    House Value £250,000 Mortgage £94,187
    Emergency Fund £25,000

    • hiddenshadow
    • By hiddenshadow 13th May 17, 5:22 PM
    • 2,180 Posts
    • 9,855 Thanks
    hiddenshadow
    Very nice!
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Aug '17 £108,189
    Payment 43/84 / 2017 MFW #56: £11,479/£20,000 57% / MFiT-T4 #15: £51,311/£90,000 57%
    • Dogbooks
    • By Dogbooks 17th May 17, 10:55 PM
    • 32 Posts
    • 80 Thanks
    Dogbooks
    Hi, I've read through the whole thread tonight (whoops, late night!) Just to say I love the diary and subscribed I'm due to exchange and complete by the end of the month so will be taking on board some tips you've mentioned.

    Well done on OPing so much already!
    Goals for 2017:
    • Complete purchase of house
    • Save emergency fund- £1200/ £9300
    • EatingTheElephant
    • By EatingTheElephant 18th May 17, 8:10 AM
    • 1,072 Posts
    • 5,740 Thanks
    EatingTheElephant
    Nice car tax letter, I thought ours was a bargain at £15, but 0 is much better.

    New mortgage sounds brilliant, good find!
    • lippy1923
    • By lippy1923 21st May 17, 12:09 PM
    • 1,229 Posts
    • 3,426 Thanks
    lippy1923
    Thanks guys

    Managed to sell some old bits today, so added the money to the EF fund, taking it to £22k! Pleased to hit another 1k mark.

    I have decided to open a 5% reg saver so will be putting my normal £500 OP into that each month instead of my mortgage. I know this makes more financial sense as I will be gaining slightly more, but I can't help that itching feeling about not seeing my mortgage balance decreasing so much and not getting my monthly letter from my lender saying they have reduced the term.

    I know it sounds sad, but I really enjoy that monthly letter telling me another month or sometimes 2 have been taken off the term. Its very motivating.


    Will have to figure out the exact sum I can OP by when the product is in effect so I have something to look forward to lol.
    Total Mortgage OP £17,500
    House Value £250,000 Mortgage £94,187
    Emergency Fund £25,000

    • lippy1923
    • By lippy1923 21st May 17, 12:19 PM
    • 1,229 Posts
    • 3,426 Thanks
    lippy1923
    Hi, I've read through the whole thread tonight (whoops, late night!) Just to say I love the diary and subscribed I'm due to exchange and complete by the end of the month so will be taking on board some tips you've mentioned.

    Well done on OPing so much already!
    Originally posted by Dogbooks


    Congrats on the new house. I hope you start a diary of your own to keep track of all your goals and milestones I will keep an eye out for your thread.
    Total Mortgage OP £17,500
    House Value £250,000 Mortgage £94,187
    Emergency Fund £25,000

    • hiddenshadow
    • By hiddenshadow 21st May 17, 1:43 PM
    • 2,180 Posts
    • 9,855 Thanks
    hiddenshadow
    I know it sounds sad, but I really enjoy that monthly letter telling me another month or sometimes 2 have been taken off the term. Its very motivating.


    Will have to figure out the exact sum I can OP by when the product is in effect so I have something to look forward to lol.
    Originally posted by lippy1923
    You could always setup a spreadsheet to give you the same info.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Aug '17 £108,189
    Payment 43/84 / 2017 MFW #56: £11,479/£20,000 57% / MFiT-T4 #15: £51,311/£90,000 57%
    • lippy1923
    • By lippy1923 26th May 17, 6:37 PM
    • 1,229 Posts
    • 3,426 Thanks
    lippy1923
    Payday has arrived on this lovely sunny day.

    £300 added to the savings pot. Still need to open the 5% reg saver....hopefully get round to that tomorrow.
    Total Mortgage OP £17,500
    House Value £250,000 Mortgage £94,187
    Emergency Fund £25,000

    • lippy1923
    • By lippy1923 30th May 17, 6:18 PM
    • 1,229 Posts
    • 3,426 Thanks
    lippy1923
    Opened the 5% reg saver and deposited my first £500. It's going to be weird not OPing the mortgage every month, but I will commit myself to the £500pm savings instead. On the bright side it will be nice seeing my savings increase much more per month.


    For ease I have consolidated my emergency fund part of my signature to include the regular savings as well, so only 1 figure to update per month. Besides, I have hit the £23k mark in doing this!


    Looking forward to Thursday when I move onto my new mortgage product and see the true figures online
    Total Mortgage OP £17,500
    House Value £250,000 Mortgage £94,187
    Emergency Fund £25,000

    • lippy1923
    • By lippy1923 1st Jun 17, 7:59 PM
    • 1,229 Posts
    • 3,426 Thanks
    lippy1923
    New month, new mortgage.

    -£500 already in the reg savings for this months OP
    -£100pm savings from previous rate
    -2 months knocked off the mortgage term (not sure why I assume this is my lender recalculating figures after the rate switch)

    Not had my £100 cashback for the mortgage switch yet. Apparently they will send me a cheque, so will keep an eye out for that.

    1st exam of the year taken last week. Im a bit worried as I think it went relatively ok which is weird. Hopefully I have actually passed and not gone down the wrong track with the essays lol.

    Now to find out just how much I can OP and when. How does everyone elses mortgages work? I get 10% a year, but is it calendar year, mortgage start date year and can you OP the whole 10% at once? I cant seem to find this info on the web.
    Total Mortgage OP £17,500
    House Value £250,000 Mortgage £94,187
    Emergency Fund £25,000

    • hiddenshadow
    • By hiddenshadow 1st Jun 17, 9:01 PM
    • 2,180 Posts
    • 9,855 Thanks
    hiddenshadow
    Hope the exam went well.

    No experience with OP limits but I would guess it's per year from the mortgage start date, and the limit(s) on OP would be the amount you can do at once, not when you do it. Probably worth checking with the lender on their details as I think everyone is different.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Aug '17 £108,189
    Payment 43/84 / 2017 MFW #56: £11,479/£20,000 57% / MFiT-T4 #15: £51,311/£90,000 57%
    • lippy1923
    • By lippy1923 11th Jun 17, 11:29 AM
    • 1,229 Posts
    • 3,426 Thanks
    lippy1923
    I'm missing my monthly OP letter

    Still half expecting one to come through the letterbox lol. Very strange, but must try to remember its earning me more in the savings.
    Have sent a private message to my mortgage lender asking about OP figures/ dates I can OP so hopefully should find out next week.

    In other news, found out I get a bonus in this months pay-packet which is nice. I have already spend most of it on a new apple watch which I am loving Going to be my motivation for keeping active and healthy and tracking my workouts.
    Total Mortgage OP £17,500
    House Value £250,000 Mortgage £94,187
    Emergency Fund £25,000

    • lippy1923
    • By lippy1923 17th Jun 17, 5:19 PM
    • 1,229 Posts
    • 3,426 Thanks
    lippy1923
    Going to be an expensive month in July. We have decided for the 1st time since we moved in 7 years ago to actually do some home improvements! The back garden is getting done first so we are hiring someone to kit out the place with some nice AstroTurf. Already have the new shed up and the tree removed so hopefully once the grass is done it will look reasonably respectable

    Also had a nice reminder that house insurance is up for renewal soon. Anyone had any good deals for this recently?

    There was something else that was due to be paid as well, but I cant remember at the moment!
    Total Mortgage OP £17,500
    House Value £250,000 Mortgage £94,187
    Emergency Fund £25,000

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