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  • FIRST POST
    • Lexi-lu
    • By Lexi-lu 26th Dec 15, 4:28 PM
    • 144Posts
    • 707Thanks
    Lexi-lu
    For Sunshine and a Sea View .... eventually!
    • #1
    • 26th Dec 15, 4:28 PM
    For Sunshine and a Sea View .... eventually! 26th Dec 15 at 4:28 PM
    Hello,

    The plan is to pay off the mortgage of £90,472 in 36 months so that I can retire early and live somewhere sunny one day

    I have read many inspirational diaries over the past year that have motivated me to plan for the future, a big thank you to all for sharing your stories. I especially enjoy the posts from those of you that have completed your MF journey and are now enjoying the well-deserved rewards.

    Good Luck to everyone still on their MF journey and I am excited to be joining you.

    Mortgage Details

    2016
    £51,472 Repayment
    £39,000 Interest Only
    Fixed Rate 3.49% until March 2018
    ERC of 5%
    End date March 2029


    2017
    £41,519 Repayment
    £24,960 Interest Only
    Fixed Rate 3.49% until March 2018
    ERC of 5%
    End date February 2020


    Endowment Policy matures July 2019, currently on track for £30k

    DH Pension arrangements are respectable, mine are a WIP
    Last edited by Lexi-lu; 29-12-2016 at 2:49 PM.
Page 4
    • Lexi-lu
    • By Lexi-lu 8th Jul 16, 10:22 AM
    • 144 Posts
    • 707 Thanks
    Lexi-lu
    June Update - Month 6
    Mortgage Overpayments total £690
    Savings for mortgage o/p £1,270
    DH Overtime on June Payslip 96.5 hours
    Grocery spends £218
    Electricity used 250 units
    Gas used 28 units
    Clothes/Accessories/Haircuts etc for me £0
    Pension fund extra contribution £0
    S&S Isa £0

    1 ebay item sold in June, £8 vouchers used
    Mortgage Balance £53,512
    Savings for O/P £15,240
    • Lexi-lu
    • By Lexi-lu 15th Aug 16, 7:57 PM
    • 144 Posts
    • 707 Thanks
    Lexi-lu
    July Update - Month 7
    Mortgage Overpayments total £690
    Savings for mortgage o/p £1,270
    DH Overtime on July Payslip 96.5 hours
    Grocery spends £291.03
    Electricity used 260 units
    Gas used 27 units
    Clothes/Accessories/Haircuts etc for me £0
    Pension fund extra contribution £0
    S&S Isa £0

    A very late update, it hasn't been a great month, I had lost focus somewhat since the Brexit decision, couldn't see us achieving the goal of disappearing off to live in Portugal or France. Lots of unnecessary spends during July and the beginning of August and have hardly logged in to MFW at all. I have spent some time today reading diaries and have been inspired again - thank you all. Will get everything paid off this month and then will hopefully be back on track.

    LL
    Mortgage Balance £53,512
    Savings for O/P £15,240
    • Lexi-lu
    • By Lexi-lu 27th Sep 16, 4:10 PM
    • 144 Posts
    • 707 Thanks
    Lexi-lu
    August Update - Month 8
    Mortgage Overpayments total £690
    Savings for mortgage o/p £1,270
    DH Overtime on August Payslip 120 hours
    Grocery spends no idea
    Electricity used 228 units
    Gas used 23 units
    Clothes/Accessories/Haircuts etc for me £0
    Pension fund extra contribution £0
    S&S Isa £0

    The updates are getting later, really must focus, thankfully still making progress even though not posting

    LL
    Last edited by Lexi-lu; 27-09-2016 at 4:22 PM.
    Mortgage Balance £53,512
    Savings for O/P £15,240
    • Lexi-lu
    • By Lexi-lu 2nd Oct 16, 10:07 AM
    • 144 Posts
    • 707 Thanks
    Lexi-lu
    September Update - Month 9
    Mortgage Overpayments total £690
    Savings for mortgage o/p £1,270
    DH Overtime on August Payslip 24 hours
    Grocery spends ???
    Electricity used 273 units
    Gas used 30 units
    Clothes/Accessories/Haircuts etc for me £150
    Pension fund extra contribution £0
    S&S Isa £0

    DH overtime lower as on holiday for 2 weeks, first haircut and new clothes for me this year. Completely lost track of grocery spends as instead of using one card we have been using other cards and cash.

    LL
    Mortgage Balance £53,512
    Savings for O/P £15,240
    • Lexi-lu
    • By Lexi-lu 19th Oct 16, 4:18 PM
    • 144 Posts
    • 707 Thanks
    Lexi-lu
    Hello,

    Due to my lack of motivation recently and the fall in interest rates I decided to reduce the term on the repayment part of our mortgage so that we are now committed to higher monthly payments from next month.

    Bizarre that we had to wait for an underwriter to approve the changes because part of the mortgage is interest only, what if it hadn't been agreed? We couldn't have reduced the term on the repayment loan but we would still have had the interest only loan anyway- makes absolutely no sense to me.

    As we are on a fixed rate product it cost £75 to make the changes

    LL
    Mortgage Balance £53,512
    Savings for O/P £15,240
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 23rd Oct 16, 10:04 AM
    • 534 Posts
    • 2,308 Thanks
    SuperSecretSquirrel
    Hi Lexi

    When we reduced our term we paid a fee of around £60ish - it was absolutely 100% worth it as the interest savings from effectively increasing our overpayments were immense!
    Mortgage [2013 £64k|2014 £51k|2015 £38k|2016 £26k] £19,426.93
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k] +£41,760.64 (MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k] £250,951.69 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%] 15.3%
    • Lexi-lu
    • By Lexi-lu 31st Oct 16, 5:05 PM
    • 144 Posts
    • 707 Thanks
    Lexi-lu
    Hello SSS,

    Thank you so much for stopping by. I am impressed that you have worked through when it would be the best time to incur an ERC for your mortgage if you decided to repay early. I haven’t really figured out the interest saved by reducing the term of ours but hoping that the Spanish bank will continue with the 1% cashback on the mortgage payment so that the difference between what we were paying monthly and the £1,000 limit will generate enough to cover most of the fee. Your diary is very inspiring and the progress that you have made is amazing.

    LL
    Mortgage Balance £53,512
    Savings for O/P £15,240
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 1st Nov 16, 9:12 PM
    • 534 Posts
    • 2,308 Thanks
    SuperSecretSquirrel
    Thanks Lexi-lu, you're making me e-blush haha
    Mortgage [2013 £64k|2014 £51k|2015 £38k|2016 £26k] £19,426.93
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k] +£41,760.64 (MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k] £250,951.69 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%] 15.3%
    • Lexi-lu
    • By Lexi-lu 7th Nov 16, 3:24 PM
    • 144 Posts
    • 707 Thanks
    Lexi-lu
    October Update - Month 10
    Mortgage Overpayments total £690
    Savings for mortgage o/p £1,270
    DH Overtime on October Payslip 27.5 hours
    Grocery spends ???
    Electricity used 244 units
    Gas used 98 units
    Clothes/Accessories/Haircuts etc for me £0
    Pension fund extra contribution £0
    S&S Isa £0

    I still haven’t sorted out the grocery spends, will try to do better next month. I have successfully reduced the term on the repayment part of the mortgage to 3 years and 4 months although the first increased payment doesn’t go out until next December. A regular saver account has matured and I need to find a safe place for the money so that it doesn’t accidentally turn into a holiday.

    LL
    Mortgage Balance £53,512
    Savings for O/P £15,240
    • Lexi-lu
    • By Lexi-lu 29th Dec 16, 2:42 PM
    • 144 Posts
    • 707 Thanks
    Lexi-lu
    November Update - Month 11
    Mortgage Overpayments total £690
    Savings for mortgage o/p £1,270
    DH Overtime on November Payslip 145 hours
    Grocery spends ???
    Electricity used 345 units
    Gas used 231 units
    Clothes/Accessories/Haircuts etc for me £0
    Pension fund extra contribution £0
    S&S Isa £0

    Another very late update. No progress on the grocery spends, frustrated DH puts expenditure on any card to hand rather than the designated one, also DH has been withdrawing a lot of cash, no idea where it has gone. On the plus side, DH has managed to fit in a phenomenal amount of overtime this month which really helps.

    15 sales on ebay during November, the cash will go towards Christmas presents for DD.


    LL
    Mortgage Balance £53,512
    Savings for O/P £15,240
    • Lexi-lu
    • By Lexi-lu 31st Dec 16, 3:38 PM
    • 144 Posts
    • 707 Thanks
    Lexi-lu
    December Update - Month 12
    Mortgage Overpayments total £690
    Savings for mortgage o/p £1,270
    DH Overtime on December Payslip 54 hours
    Grocery spends ???
    Electricity used 303 units
    Gas used 192 units
    Clothes/Accessories/Haircuts etc for me £0
    Pension fund extra contribution £0
    S&S Isa £0

    No progress on the grocery spends. 6 sales on ebay during December, £220 total from sales for November and December which went towards DD Christmas presents. £31 from TCB, £280 rewards cashed in, £125 from BT in the summer on a debit card, £55 refund voucher from House of Fraser all put towards Christmas expenses so that we were still able to make the overpayment and savings towards the mortgage this month

    Happy New Year xx

    LL
    Mortgage Balance £53,512
    Savings for O/P £15,240
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 2nd Jan 17, 10:04 AM
    • 534 Posts
    • 2,308 Thanks
    SuperSecretSquirrel
    Great job offsetting Christmas spends and keeping on track Lexi-lu!
    Mortgage [2013 £64k|2014 £51k|2015 £38k|2016 £26k] £19,426.93
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k] +£41,760.64 (MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k] £250,951.69 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%] 15.3%
    • Lexi-lu
    • By Lexi-lu 8th Feb 17, 4:15 PM
    • 144 Posts
    • 707 Thanks
    Lexi-lu
    January Update - Month 13

    Mortgage overpayments £6,647.95, this was the maximum allowed without incurring a charge so no further overpayments.

    Plans for this year include a lovely family holiday and then we will be saving as much as possible ready for next years overpayments, our fixed rate ends in March 2018 so we can then make unlimited overpayments without incurring a penalty

    LL
    Mortgage Balance £53,512
    Savings for O/P £15,240
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 9th Feb 17, 7:47 AM
    • 534 Posts
    • 2,308 Thanks
    SuperSecretSquirrel
    Nicely done

    We've paid the full 10% fee free allowance for the year now too. Feel a bit flat not being able to OP any more, but saving achieves much the same thing, just doesn't feel as "solid" as overpaying debt!

    Liking the plans for the year, and especially March 2018!
    Mortgage [2013 £64k|2014 £51k|2015 £38k|2016 £26k] £19,426.93
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k] +£41,760.64 (MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k] £250,951.69 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%] 15.3%
    • Lexi-lu
    • By Lexi-lu 1st Mar 17, 6:51 PM
    • 144 Posts
    • 707 Thanks
    Lexi-lu
    Hello,

    Thanks for the encouragement SSS, appreciate you stopping by. I keep up with your diary and am fascinated by your detailed financial updates. For me overpaying is the only way that I can be certain that I won't fall back into my frivolous ways.

    February Update - Month 14


    Oh dear! February didn’t really go as it should have done. I was more than a little tempted to skip the post for this month but anyway here goes.
    Savings towards mortgage overpayments – a big fat zero
    Purchases made:
    Sofa
    Bed
    Carpet
    3 dresses (all half price in sale)
    2 bikinis
    A variety of clothes for DD

    As if this little lot wasn’t enough DD accidentally spilt a glass of water over her macbook - £291.76 for repairs

    On the upside DH did manage to negotiate the annual boiler cover renewal and saved £50.

    March is a new month, here’s hoping we get back on track

    LL
    Mortgage Balance £53,512
    Savings for O/P £15,240
    • Lexi-lu
    • By Lexi-lu 13th Jun 17, 6:40 PM
    • 144 Posts
    • 707 Thanks
    Lexi-lu
    Hello all,

    It has been a while since my last post but still saving ready to make overpayments next March when we will no longer have to pay any early repayment charges.

    March - June Update - Months 15 - 18

    Savings for overpayment
    March £1,270
    April £1,270
    May £1,270
    June £1,270

    The mortgage continues to reduce by approx £1k per month since we reduced the term which is helping to keep me motivated along with reading the MFW diaries, thank you
    Mortgage Balance £53,512
    Savings for O/P £15,240
    • gallygirl
    • By gallygirl 13th Jun 17, 10:44 PM
    • 16,375 Posts
    • 107,212 Thanks
    gallygirl
    Hello all,

    It has been a while since my last post but still saving ready to make overpayments next March when we will no longer have to pay any early repayment charges.

    March - June Update - Months 15 - 18

    Savings for overpayment
    March £1,270
    April £1,270
    May £1,270
    June £1,270

    The mortgage continues to reduce by approx £1k per month since we reduced the term which is helping to keep me motivated along with reading the MFW diaries, thank you
    Originally posted by Lexi-lu
    Great progress and think how great it will be to make a stonking overpayment
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    Mortgage Balance = £0
    "Do what others won't early in life so you can do what others can't later in life"
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 14th Jun 17, 8:33 AM
    • 534 Posts
    • 2,308 Thanks
    SuperSecretSquirrel
    Savings for overpayment
    March £1,270
    April £1,270
    May £1,270
    June £1,270
    Originally posted by Lexi-lu
    Consistently excellent, well done!
    Mortgage [2013 £64k|2014 £51k|2015 £38k|2016 £26k] £19,426.93
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k] +£41,760.64 (MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k] £250,951.69 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%] 15.3%
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