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  • FIRST POST
    • lippy1923
    • By lippy1923 9th Aug 15, 11:30 AM
    • 1,189Posts
    • 3,299Thanks
    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 3 mth

    BALANCE AT START OF MORTGAGE - 140,000


    Mortgage Dec 2015 - 110,580
    Mortgage Dec 2016 - 99,932
    Last edited by lippy1923; 06-05-2017 at 5:26 PM. Reason: Updated mortgage term reduction
    Total Mortgage OP 17,500
    House Value 240,000 Mortgage 95,450
    Emergency Fund 22,000
    Shares 580
Page 21
    • lippy1923
    • By lippy1923 19th Mar 17, 9:16 AM
    • 1,189 Posts
    • 3,299 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 240,000 Mortgage 95,450
    Emergency Fund 22,000
    Shares 580
    • lippy1923
    • By lippy1923 1st Apr 17, 3:47 PM
    • 1,189 Posts
    • 3,299 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 240,000 Mortgage 95,450
    Emergency Fund 22,000
    Shares 580
    • hiddenshadow
    • By hiddenshadow 5th Apr 17, 1:17 AM
    • 2,091 Posts
    • 9,255 Thanks
    hiddenshadow
    Very nice!
    MFW: Dec '13 197,100 / Dec '14 180,691 / Dec '15 161,669 / Dec '16 119,669 / May '17 105,084.91 (6,000 offset)
    Payment 40/84 / 2017 MFW #56: 14,583/20,000 72% / MFiT-T4 #15: 54,415/90,000 60%
    • lippy1923
    • By lippy1923 28th Apr 17, 8:39 AM
    • 1,189 Posts
    • 3,299 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 240,000 Mortgage 95,450
    Emergency Fund 22,000
    Shares 580
    • hiddenshadow
    • By hiddenshadow 28th Apr 17, 9:16 PM
    • 2,091 Posts
    • 9,255 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 / May '17 105,084.91 (6,000 offset)
    Payment 40/84 / 2017 MFW #56: 14,583/20,000 72% / MFiT-T4 #15: 54,415/90,000 60%
    • lippy1923
    • By lippy1923 29th Apr 17, 12:04 PM
    • 1,189 Posts
    • 3,299 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 240,000 Mortgage 95,450
    Emergency Fund 22,000
    Shares 580
    • lippy1923
    • By lippy1923 1st May 17, 9:08 AM
    • 1,189 Posts
    • 3,299 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 240,000 Mortgage 95,450
    Emergency Fund 22,000
    Shares 580
    • lippy1923
    • By lippy1923 13th May 17, 3:24 PM
    • 1,189 Posts
    • 3,299 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 240,000 Mortgage 95,450
    Emergency Fund 22,000
    Shares 580
    • hiddenshadow
    • By hiddenshadow 13th May 17, 5:22 PM
    • 2,091 Posts
    • 9,255 Thanks
    hiddenshadow
    Very nice!
    MFW: Dec '13 197,100 / Dec '14 180,691 / Dec '15 161,669 / Dec '16 119,669 / May '17 105,084.91 (6,000 offset)
    Payment 40/84 / 2017 MFW #56: 14,583/20,000 72% / MFiT-T4 #15: 54,415/90,000 60%
    • Dogbooks
    • By Dogbooks 17th May 17, 10:55 PM
    • 17 Posts
    • 31 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- 950/ 9300
    • EatingTheElephant
    • By EatingTheElephant 18th May 17, 8:10 AM
    • 875 Posts
    • 4,403 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
    • 1,189 Posts
    • 3,299 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 240,000 Mortgage 95,450
    Emergency Fund 22,000
    Shares 580
    • lippy1923
    • By lippy1923 21st May 17, 12:19 PM
    • 1,189 Posts
    • 3,299 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 240,000 Mortgage 95,450
    Emergency Fund 22,000
    Shares 580
    • hiddenshadow
    • By hiddenshadow 21st May 17, 1:43 PM
    • 2,091 Posts
    • 9,255 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 / May '17 105,084.91 (6,000 offset)
    Payment 40/84 / 2017 MFW #56: 14,583/20,000 72% / MFiT-T4 #15: 54,415/90,000 60%
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