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  • FIRST POST
    • paddyz
    • By paddyz 12th Feb 17, 12:08 AM
    • 73Posts
    • 531Thanks
    paddyz
    Starting to plan ahead
    • #1
    • 12th Feb 17, 12:08 AM
    Starting to plan ahead 12th Feb 17 at 12:08 AM
    Hello MFW forum

    I've had a tough few years broke up with my husband and had to pay him his share invested in the house, but extremely lucky to have kept my house even with the expenses involved but happy to say my future feels much more secure now

    So plan is to smash my mortgage to bits, currently on 11 years but hoping to over pay every month £100, I've already set up the additional monthly over payment and also hoping to put any extra cash i save into it too,

    I'm quite good with my finances and love planning, Find it very satisfying saving a few bob here and there, plus im trying to cut down on my vices (meals out etc) but still want to enjoy life, ideally id love to be mortgage free in 8-9 years or even less if everything goes to plan.
    Mortgage start £104,500
    current Feb 2017 £74,937
    term 11 years
    Weight 07.01.17 14st 7lb 14.06.17 11st 9lb
Page 1
    • Kittenkirst
    • By Kittenkirst 12th Feb 17, 10:14 AM
    • 1,338 Posts
    • 6,506 Thanks
    Kittenkirst
    • #2
    • 12th Feb 17, 10:14 AM
    • #2
    • 12th Feb 17, 10:14 AM
    Hey Paddyz!

    Sorry to hear about your marital split, if sounds like you are in a good space now though which is ace

    What areas are you focussing on reducing spends and have you got an emergency savings pot (in currently Overpaying & saving my emergency fund back up)
    Emergency savings- £3005. /£4000
    Mortgage Oct '16- £170.995 LTV- 90% end date Nov 2041
    2016 OPs £255.50/£150
    2017 MFW #20 - OP £1292.90/ £2150. 60%
    Jan- £68.21, Feb- £306.67, March- £272.01 April-£324.05 May £120.33 June £201.63
    • paddyz
    • By paddyz 13th Feb 17, 8:04 AM
    • 73 Posts
    • 531 Thanks
    paddyz
    • #3
    • 13th Feb 17, 8:04 AM
    • #3
    • 13th Feb 17, 8:04 AM
    Hey Paddyz!

    Sorry to hear about your marital split, if sounds like you are in a good space now though which is ace

    What areas are you focussing on reducing spends and have you got an emergency savings pot (in currently Overpaying & saving my emergency fund back up)
    Originally posted by Kittenkirst
    Hi Kitten, Thanks for replying Yes im feeling so much more in control of life now I'm single again, I currently have a emergency pot of £945 ideally id like that to grow some more.

    Areas that i need to reduce are impulse buying of clothes, shoes and make up, I'm going to try to sell some of my old stuff to get a little money back and free up wardrobe space

    Im planning a foreign holiday and a weekend away this year so also need to save for those, I should get my weekend away hotel free via tesco vouchers so that's a bonus.
    Mortgage start £104,500
    current Feb 2017 £74,937
    term 11 years
    Weight 07.01.17 14st 7lb 14.06.17 11st 9lb
    • Maiden Mum
    • By Maiden Mum 13th Feb 17, 8:34 AM
    • 109 Posts
    • 291 Thanks
    Maiden Mum
    • #4
    • 13th Feb 17, 8:34 AM
    • #4
    • 13th Feb 17, 8:34 AM
    Hi paddyz, we have a mortgage of similar size and term and I would also like to pay it off early. The only thing is though I also want lots of other things and also at the moment as the interest rate on our mortgage is so low, I'm not sure its even worth doing tbh! For me, it would probably be more cost-effect to have the money in savings accounts but my concern with that is that it would actually end up being used on something else! I have sold some clothes on a facebook page fairly successfully and obviously there's no fees payable for that but my aim for this week is now to advertise some stuff on flea-bay.
    • paddyz
    • By paddyz 13th Feb 17, 9:23 AM
    • 73 Posts
    • 531 Thanks
    paddyz
    • #5
    • 13th Feb 17, 9:23 AM
    • #5
    • 13th Feb 17, 9:23 AM
    Hi paddyz, we have a mortgage of similar size and term and I would also like to pay it off early. The only thing is though I also want lots of other things and also at the moment as the interest rate on our mortgage is so low, I'm not sure its even worth doing tbh! For me, it would probably be more cost-effect to have the money in savings accounts but my concern with that is that it would actually end up being used on something else! I have sold some clothes on a facebook page fairly successfully and obviously there's no fees payable for that but my aim for this week is now to advertise some stuff on flea-bay.
    Originally posted by Maiden Mum
    Hi Maiden mum

    I think its about your own personal priority, i know mine is paying of my mortgage, i view it as a big debt and need it payed up asap, having it in other accounts would mean id be tempted too ! so better to tackle the big debt
    Mortgage start £104,500
    current Feb 2017 £74,937
    term 11 years
    Weight 07.01.17 14st 7lb 14.06.17 11st 9lb
    • DesignNotDefault
    • By DesignNotDefault 13th Feb 17, 12:49 PM
    • 35 Posts
    • 77 Thanks
    DesignNotDefault
    • #6
    • 13th Feb 17, 12:49 PM
    • #6
    • 13th Feb 17, 12:49 PM
    Hi paddyz,

    Sorry to hear about your marriage - glad you were able to keep your house though.

    You sound like you know what you're doing and are focused, this is brilliant and I wish you all the best :-)
    Mortgage @ May 2014 £103,347.24. Mortgage @ 2%, O/P @ £250 p/m from March '17: £93,316.68, £92,949.95, £92,314.97, £91,696.25, £91,070.65, £90, 699.55
    CC @ 0%: £5473.72, £5419.72, £5365.72, £5312.72, £5259.72, £5207.72
    Home Improvement Loan @ 0%: £602.68, £559.62, £516.56, £473.50, £430.44, £387.38
    Intending to be mortgage-free by 2022
    • Jelllibeanz
    • By Jelllibeanz 13th Feb 17, 1:47 PM
    • 67 Posts
    • 102 Thanks
    Jelllibeanz
    • #7
    • 13th Feb 17, 1:47 PM
    • #7
    • 13th Feb 17, 1:47 PM
    Good luck Paddyz x
    Control freak taking back the reins MF and DF Wannabe
    M '09 = £103k M Feb '17 =£79.9k, June 17 = £74.6k Original End Date = Apr '34
    CC = £2900 £1750
    Loan = £7000 £6600
    Onwards and upwards
    • paddyz
    • By paddyz 13th Feb 17, 5:34 PM
    • 73 Posts
    • 531 Thanks
    paddyz
    • #8
    • 13th Feb 17, 5:34 PM
    • #8
    • 13th Feb 17, 5:34 PM
    Thank you designnotdefault and jelliebeanz
    Mortgage start £104,500
    current Feb 2017 £74,937
    term 11 years
    Weight 07.01.17 14st 7lb 14.06.17 11st 9lb
    • paddyz
    • By paddyz 14th Jun 17, 5:22 PM
    • 73 Posts
    • 531 Thanks
    paddyz
    • #9
    • 14th Jun 17, 5:22 PM
    • #9
    • 14th Jun 17, 5:22 PM
    Still going forward, have been paying in extra regularly and budgeting well, have the holidays around the corner so I'm guessing a bit of expense over the summer but I'm ok with that, need to enjoy life, I've also lost a stone since last post, so happy with that and feeling much fitter and looking well.
    Mortgage start £104,500
    current Feb 2017 £74,937
    term 11 years
    Weight 07.01.17 14st 7lb 14.06.17 11st 9lb
    • Maiden Mum
    • By Maiden Mum 14th Jun 17, 5:43 PM
    • 109 Posts
    • 291 Thanks
    Maiden Mum
    Well done on the weight loss, I am very jealous! Did you follow any particular plan or just generally cut down? Did the dieting help or hinder on your grocery spends?
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