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  • FIRST POST
    • allmannerofthings
    • By allmannerofthings 16th Apr 17, 2:39 PM
    • 84Posts
    • 502Thanks
    allmannerofthings
    The Fun Starts Here.....
    • #1
    • 16th Apr 17, 2:39 PM
    The Fun Starts Here..... 16th Apr 17 at 2:39 PM
    Hi!

    I've been reading some of your inspiring MFW diaries and I thought I'd start my own, to keep me on track. My husband and I have just bought our house, first mortgage payment due on 25th April.

    The mortgage is £115000 over 14 years but we'd like to pay it off much sooner if we can. Our initial plan is to make regular overpayments of £280 a month, to reduce the term to 10 years. We're also going to save more towards the mortgage as and when we can, aiming initially to save 1%. We've got just over £200 towards that already, mainly from cash back and skimming. As soon as we have that, we'll overpay it and start saving another 1%.

    Looking forward to joining in here 😁
Page 1
    • Jelllibeanz
    • By Jelllibeanz 16th Apr 17, 2:49 PM
    • 69 Posts
    • 125 Thanks
    Jelllibeanz
    • #2
    • 16th Apr 17, 2:49 PM
    • #2
    • 16th Apr 17, 2:49 PM
    Hello AMoT

    Sounds like a good plan. Best of luck. Look forward to seeing how you get on. x
    Control freak taking back the reins MF and DF Wannabe
    M '09 = £103k M Feb '17 =£79.9k, June 17 = £73.8k Original End Date = Apr '34
    CC = £2900 £1650
    Loan = £7000 £6300
    Onwards and upwards
    • allmannerofthings
    • By allmannerofthings 16th Apr 17, 8:06 PM
    • 84 Posts
    • 502 Thanks
    allmannerofthings
    • #3
    • 16th Apr 17, 8:06 PM
    • #3
    • 16th Apr 17, 8:06 PM
    Thanks Jellibeanz

    I'm really eager to get started paying the mortgage off. We completed on the 27th March, and waiting for the first payment to come out on 25th April seems to be taking forever! I must say I find watching the interest increase every day in my online bank a bit alarming!

    I skimmed my bank accounts today, just a few small amounts but it's adding up. With that and cash back I've got £264 saved so far towards the 1% overpayment - looking at the overpayment calculator, just paying 1% will take 2 months off the mortgage, so definitely worth doing, as well as the regular overpayment we'll be making each month.

    I'm planning to sell some CDs, DVDs and books on Amazon, as I've had some success with that before. I might branch out into selling on ebay, though that seems a bit more daunting! I'm looking at maybe doing some part time work myself too, as it would really help us to pay the mortgage down more quickly. I'm planning on reducing our grocery spend too, I'm sure there's room for improvement there.

    Lots to be thinking about!
    • Christhesparky
    • By Christhesparky 16th Apr 17, 9:15 PM
    • 9 Posts
    • 5 Thanks
    Christhesparky
    • #4
    • 16th Apr 17, 9:15 PM
    • #4
    • 16th Apr 17, 9:15 PM
    Evening AMOT

    Good look on your mf journey, who is your mortgage with that enables you to see it online?
    • Kittenkirst
    • By Kittenkirst 17th Apr 17, 8:01 AM
    • 1,435 Posts
    • 7,112 Thanks
    Kittenkirst
    • #5
    • 17th Apr 17, 8:01 AM
    • #5
    • 17th Apr 17, 8:01 AM
    Hi AMOT looking forward to cheering you on throughout your mortgage free wannabe journey

    Have you completed a statement of affairs template out? I found that fab for working out incomings & outgoings and also for where savingscan be made,
    Emergency savings- £3550.96 /£4000
    Mortgage Oct '16- £170.995 LTV- 90% end date Nov 2041
    2016 OPs £255.50/£150
    2017 MFW #20 - OP £1441.10/ £2150. 67%
    Jan- £68.21, Feb- £306.67, March- £272.01 April-£324.05 May £120.33 June £279.15 July: £71.17
    • allmannerofthings
    • By allmannerofthings 17th Apr 17, 10:29 AM
    • 84 Posts
    • 502 Thanks
    allmannerofthings
    • #6
    • 17th Apr 17, 10:29 AM
    • #6
    • 17th Apr 17, 10:29 AM
    Evening AMOT

    Good look on your mf journey, who is your mortgage with that enables you to see it online?
    Originally posted by Christhesparky
    Thanks Chris. My mortgage is with Nationwide. I have other accounts with them and have online banking. My mortgage shows up in my list of accounts with them, although not much to see as we've not made a payment yet!
    Mortgage March 2017 borrowed £115,000. Balance July 2017 £110,755.67
    Overpayments 2017 £2610/Target £5000
    • allmannerofthings
    • By allmannerofthings 17th Apr 17, 10:38 AM
    • 84 Posts
    • 502 Thanks
    allmannerofthings
    • #7
    • 17th Apr 17, 10:38 AM
    • #7
    • 17th Apr 17, 10:38 AM
    Hi AMOT looking forward to cheering you on throughout your mortgage free wannabe journey

    Have you completed a statement of affairs template out? I found that fab for working out incomings & outgoings and also for where savings can be made,
    Originally posted by Kittenkirst
    Thanks, Kittenkirst. I haven't done a statement of affairs yet.... not sure where the template is?

    Aahh.. just editing to say I found it. Will do that, thanks!
    Last edited by allmannerofthings; 17-04-2017 at 10:45 AM.
    Mortgage March 2017 borrowed £115,000. Balance July 2017 £110,755.67
    Overpayments 2017 £2610/Target £5000
    • Firegirl
    • By Firegirl 17th Apr 17, 11:07 AM
    • 664 Posts
    • 2,714 Thanks
    Firegirl
    • #8
    • 17th Apr 17, 11:07 AM
    • #8
    • 17th Apr 17, 11:07 AM
    Good luck in your journey!!! Grab yourself cup of tea, glass of wine or beer and just snoop over everyone's threads and get lots of ideas!
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £201078
    Target for May 2018 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £205, 020
    14 Year Target Balance MF50= £191, 314
    • Needhelpsaving
    • By Needhelpsaving 17th Apr 17, 1:21 PM
    • 563 Posts
    • 2,471 Thanks
    Needhelpsaving
    • #9
    • 17th Apr 17, 1:21 PM
    • #9
    • 17th Apr 17, 1:21 PM
    Hi AMOT,

    Just popping in to wish you luck on you MF journey!
    Target 1 - Emergency Fund Currently £228.03/£3000

    Target 2 - Op Mortgage by £4000 by 31/12/2017 Currently £1961.43/£4000
    • CathT
    • By CathT 17th Apr 17, 2:52 PM
    • 5,197 Posts
    • 35,693 Thanks
    CathT
    Good luck AMOT. That's a really good regular overpayment amount.
    July 2017 -
    part 1 - £80,702
    part 2 - £46,583
    Total - £127,285
    • allmannerofthings
    • By allmannerofthings 18th Apr 17, 7:21 PM
    • 84 Posts
    • 502 Thanks
    allmannerofthings
    Thanks for the welcome, all.

    We're getting ready to go on holiday Friday and also to decorate the living room as soon as we get back, so life at the moment seems a hectic round of packing and moving furniture upstairs. The entire house is a muddle.

    I tried to do a statement of affairs, but some of the categories differ from the way I organise my budget usually, and although the budget I have works out, I couldn't make it agree with the SOA version and after three hours I gave up. I'll try again when I've not got so much going on and maybe I'll be able to think straight!

    We have around £13,000 as emergency funds. £11,000 of this is for dire situations such as Mr AMOT being made redundant, so don't intend to touch it, hopefully. The remaining £2,000 is for appliance breakdown, phone replacement etc and I hope we can add to this each month, £50-£100. I'm planning to save the emergency money in several current accounts and move money between them to satisfy the direct debit requirements, which was suggested to me on another board. I still have to get the logistics worked out.

    Our house needs a lot of renovation, complete redecoration as well as a new kitchen and new windows and doors, so this will be ongoing for a long time. My parents have offered to lend us money for these projects, but even though it would be interest-free, I would rather not have any debt besides the mortgage. It will take us a loonng time to save up the necessary funds ourselves, though....and I am absolutely determined to overpay the mortgage to knock 4 years off the term, at least. I might think again about borrowing from the parents, I'll see how it goes.

    So I'll be looking to see where I can reduce expenses. One area is definitely food, I'm spending about £100 a week for two adults. I know we can do better than that! My mission when we return from holiday will be to reduce our grocery spend. I also want to keep a spending diary for a month or two to see exactly where it all goes!

    This seems to have been a bit of a brain dump of all the things whirling round in my brain at the moment! Hope you're still awake!
    Last edited by allmannerofthings; 18-04-2017 at 7:27 PM.
    Mortgage March 2017 borrowed £115,000. Balance July 2017 £110,755.67
    Overpayments 2017 £2610/Target £5000
    • Kittenkirst
    • By Kittenkirst 18th Apr 17, 8:25 PM
    • 1,435 Posts
    • 7,112 Thanks
    Kittenkirst
    Three hours on the soa bless you! I would have given up after 1 hour so you are very determined, with the SOA it's only one way of showing your incoming & outgoings so if something else works for you then great

    The grocery budget is an area I like to play with as I find it a fun challenge to work on.

    Your emergency budget is a very healthy figure: so you save the interest or will you use that towards overpayments?

    Enjoy your holiday!
    Emergency savings- £3550.96 /£4000
    Mortgage Oct '16- £170.995 LTV- 90% end date Nov 2041
    2016 OPs £255.50/£150
    2017 MFW #20 - OP £1441.10/ £2150. 67%
    Jan- £68.21, Feb- £306.67, March- £272.01 April-£324.05 May £120.33 June £279.15 July: £71.17
    • MissCreative
    • By MissCreative 19th Apr 17, 9:52 AM
    • 87 Posts
    • 129 Thanks
    MissCreative
    Hi AMOT!

    It sounds like you have a realistic but sensible goal and I'm sure you'll reach it!
    What does Mr AMOT think of the goal?

    I'm sure you can pick up some great tips for reducing your grocery bill on the forum.
    I spend around £30-£40 a week for two adults, mainly shopping at Asda and Lidl, sometimes Sainsbury's.
    I find Pinterest is amazing for recipes, especially ones for bulk slow cooking. I'd love a bigger freezer so I can make all of them though! (Currently have just two shelves!)
    Originally October 2042 // Goal December 2032
    Current total overpayments: £7,116.05
    Currently: £141,153.78
    Short term goal: £139,999.99 by June 17
    • allmannerofthings
    • By allmannerofthings 19th Apr 17, 1:07 PM
    • 84 Posts
    • 502 Thanks
    allmannerofthings
    Three hours on the soa bless you! I would have given up after 1 hour so you are very determined, with the SOA it's only one way of showing your incoming & outgoings so if something else works for you then great

    The grocery budget is an area I like to play with as I find it a fun challenge to work on.

    Your emergency budget is a very healthy figure: so you save the interest or will you use that towards overpayments?

    Enjoy your holiday!
    Originally posted by Kittenkirst
    Thanks Kittenkirst.

    I hadn't thought whether we'll save the interest or apply it to the mortgage.... I'm still utterly confused with the juggling current accounts thing to get the best interest I'm not worrying about it for now and will get stuck in properly on our return from holiday!

    Hi AMOT!

    It sounds like you have a realistic but sensible goal and I'm sure you'll reach it!
    What does Mr AMOT think of the goal?
    Originally posted by MissCreative
    He always says that since he's been with me (9 years) he feels like he has more money than he's ever had, which I take to mean I am better at keeping track of it than he was! He's happy to go along with my plans really. Neither of us have any debt, as we both went down that road as much younger people and don't touch it these days, except of course the mortgage we've just taken out, previously we were renting. I've been thinking we should probably have credit cards though, because of emergencies and also the added protection you get with them - due to pay £2,700 balance on a new sofa soon so it's making me think about that.

    Mr AMOT does think it unlikely I can get the grocery bill down very much, though, so I look forward to proving him wrong!

    I had a small financial win this morning. We decided to join English Heritage, as we are going on holiday on Friday to Yorkshire and there are lots of places we'd like to visit. I rang them today and as Mr AMOT is disabled (profoundly deaf), only he needs to join, as he is entitled to have a companion/assistant with him for free. The woman on the phone kindly also found a discount code and applied it, meaning it cost £43.20 instead of £54. I will transfer the difference to my overpayment account - I'm saving 1% at a time to overpay (in addition to regular overpayments).
    Last edited by allmannerofthings; 19-04-2017 at 2:48 PM.
    Mortgage March 2017 borrowed £115,000. Balance July 2017 £110,755.67
    Overpayments 2017 £2610/Target £5000
    • allmannerofthings
    • By allmannerofthings 20th Apr 17, 2:30 PM
    • 84 Posts
    • 502 Thanks
    allmannerofthings
    Our mortgage completed on 27th March and I've just recently remembered that we were supposed to get £750 cashback from Nationwide. I was all set to phone them about it's whereabouts, when it turned up in Mr AMOT's account this morning That's going straight into my 1% overpayment account. I should have 1% all set to overpay very soon

    Off on holiday tomorrow morning, so the next nine days will be a bit spendy I'm sure. We are planning to eat in our cottage some of the time though, mostly because we both end up plagued with heartburn if we have endless rich food in restaurants. Money saved will be a bonus
    Mortgage March 2017 borrowed £115,000. Balance July 2017 £110,755.67
    Overpayments 2017 £2610/Target £5000
    • tattycath
    • By tattycath 20th Apr 17, 2:38 PM
    • 6,773 Posts
    • 35,644 Thanks
    tattycath
    Well done on your 1% target.
    Hope you have a fab holiday.
    GE 36 *MFD
    MFIT-T4 No 106
    Mortgage overpayments:July £47.36
    July : £5.05/£200 grocery 1/7/17 £98.36/£150
    Emergency savings £67.00/£2000
    Savercard Christmas savings £60
    12/3/17 175lb - 15/3/17 173lb - 28/6/17 167lb - 14/7/17 164lb
    • allmannerofthings
    • By allmannerofthings 22nd Apr 17, 10:21 PM
    • 84 Posts
    • 502 Thanks
    allmannerofthings
    I decided to write down everything we spend while we're on holiday this week, just out of curiosity. We arrived yesterday and we've spent £126 already £50 of that was a meal out this evening for Mr AMOT's birthday. It's our wedding anniversary tomorrow and we considered going out again but I really don't want to spend that amount of money
    Maybe I'll cook, I did bring some bits from the fridge and cupboard at home. I've got the makings of a cauliflower and pea curry. When we've been out all day though, I come home feeling like a nap, not cooking ☹️ That £50 not soentconnan anniversary meal could be overpaid on the mortgage though!! (trying to convince myself to cook )
    Mortgage March 2017 borrowed £115,000. Balance July 2017 £110,755.67
    Overpayments 2017 £2610/Target £5000
    • allmannerofthings
    • By allmannerofthings 22nd Apr 17, 10:28 PM
    • 84 Posts
    • 502 Thanks
    allmannerofthings
    That should say 'spent on an' anniversary meal. Posting from my iPhone and for some reason I can't edit from my phone, it doesn't work ☹️
    Mortgage March 2017 borrowed £115,000. Balance July 2017 £110,755.67
    Overpayments 2017 £2610/Target £5000
    • allmannerofthings
    • By allmannerofthings 23rd Apr 17, 8:55 AM
    • 84 Posts
    • 502 Thanks
    allmannerofthings
    We brought our anniversary cards with us and opened them this morning. My parents' one contained £50 and the instruction to go out for a meal ❤️
    Mortgage March 2017 borrowed £115,000. Balance July 2017 £110,755.67
    Overpayments 2017 £2610/Target £5000
    • Kittenkirst
    • By Kittenkirst 23rd Apr 17, 9:44 AM
    • 1,435 Posts
    • 7,112 Thanks
    Kittenkirst
    How lovely of the parents- are you heading out somewhere nice?

    Ps my iPhone always autocorrects to odd things too
    Emergency savings- £3550.96 /£4000
    Mortgage Oct '16- £170.995 LTV- 90% end date Nov 2041
    2016 OPs £255.50/£150
    2017 MFW #20 - OP £1441.10/ £2150. 67%
    Jan- £68.21, Feb- £306.67, March- £272.01 April-£324.05 May £120.33 June £279.15 July: £71.17
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