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  • FIRST POST
    • MissLemon
    • By MissLemon 24th Jun 17, 8:10 AM
    • 62Posts
    • 380Thanks
    MissLemon
    Taking Control and Making It Happen
    • #1
    • 24th Jun 17, 8:10 AM
    Taking Control and Making It Happen 24th Jun 17 at 8:10 AM
    I've been a bit of a lurker on these forums but now I'm getting serious as my light bulb moment happened this week!

    My household is me, my OH and our pooch. For the last 3 years we have been planning to move to Wales. The plan all depended on OH getting a transfer with his work and me finding work once we moved, so we have been saving up to cover my salary for the first 3 months, moving costs, solicitors costs etc.

    At the beginning of the year OH put in for a transfer and since then we've been in a bit of limbo as there's just not any openings for him to transfer to at the moment.

    And then this week it hit me. If we could move as cash buyers, without the need of a mortgage, we wouldn't need to wait for a transfer to happen!

    So this is the start of our mortgage free journey. The transfer still might come through at any point but I now feel a bit more in control instead of having to wait for someone else's decision.

    To start our MF journey today I am going to the bank to find out our exact balance and then I can work out our MF date.

    It feels a bit wrong to be this excited about a bank visit....
Page 2
    • themadvix
    • By themadvix 28th Jun 17, 4:54 PM
    • 1,117 Posts
    • 6,417 Thanks
    themadvix
    Welcome to the madhouse Miss Lemon I love your goal and have subscribed!

    Good luck!
    OPs 2017 = £2603/£10000
    S&S ISA = £300/£600
    OPs made 2016 = £6142.12
    Starting balance 2012: £132000; balance June 2017: £99,974
    MFW2017 no. 38
    • LoopyLoo123
    • By LoopyLoo123 28th Jun 17, 10:17 PM
    • 2 Posts
    • 5 Thanks
    LoopyLoo123
    Exciting!
    Hey Miss Lemon, I'm lurking on the forum just working out my money on a spreadsheet & reading this page for inspiration, I wanna be a MFW! Your post has caught my eye as I want to move to Wales too To have a better quality of life i.e less bills & more free time. I am going to start a diary on here but a bit confused with the technology, how to I subscribe to follow you? Or how I start my own post. Eeekkk! #technophobe
    Good luck on your journey! cant wait to see how you progress. See you in Wales!!
    • MissLemon
    • By MissLemon 29th Jun 17, 12:19 AM
    • 62 Posts
    • 380 Thanks
    MissLemon
    Hi LoopyLou we're hoping for a better quality of life too, and living in beautiful surroundings!

    To subscribe to a thread have a look at the top of the thread and you should see a button that says 'subscribe to thread' near the search box! To start a thread go to the MFW forum and at the top there is a button that says 'new thread'! I'll look out for your post!
    MFW #121. Mortgage at June 2017 £96,491.71. September 2017 £93,480
    OP target 2017 £1629.93/£5000
    Original MF Date January 2035. Target MF Date December 2023
    • VelvetFreak
    • By VelvetFreak 29th Jun 17, 9:44 AM
    • 158 Posts
    • 473 Thanks
    VelvetFreak
    Hi MissLemon. Looking forward to following your thread. There's nothing worse than being in limbo, hopefully things work out in your favour soon
    Family Loan of $8000 - Paid off 22/06/2017
    Emergency Fund $6,000 / $10,000
    Flooring Renovation Fund $2122 /$5000
    Kitchen Renovation Fund $0 / $8000
    • MissLemon
    • By MissLemon 30th Jun 17, 6:59 PM
    • 62 Posts
    • 380 Thanks
    MissLemon
    End of the month means pay day and a mini update!

    I'm going to make my OPs and do a proper update this weekend (and work out exactly how much daily interest we're paying- not looking forward to seeing that figure!).

    But one thing that happened today is that a long running pay dispute at work has finally been settled (thank you Union reps!) and we are getting a lump sum as a settlement in next months pay. My dilemma now is do I put it directly in my pension and save on tax and national insurance or do I take it in my pay and make an OP with it? It's likely to be over £1k after tax.

    Right now I'm leaning towards OP as I don't really know what difference it will make to my pension overall.
    MFW #121. Mortgage at June 2017 £96,491.71. September 2017 £93,480
    OP target 2017 £1629.93/£5000
    Original MF Date January 2035. Target MF Date December 2023
    • MissLemon
    • By MissLemon 3rd Jul 17, 8:41 PM
    • 62 Posts
    • 380 Thanks
    MissLemon
    A little late by my June update is here.

    The mortgage is now £95,903.90.

    Total OP for June = £188.39 which is our standard OP. Nothing extra added last month as I only just started my MFW journey

    Daily interest is £4.60
    MFW #121. Mortgage at June 2017 £96,491.71. September 2017 £93,480
    OP target 2017 £1629.93/£5000
    Original MF Date January 2035. Target MF Date December 2023
    • shangaijimmy
    • By shangaijimmy 3rd Jul 17, 9:08 PM
    • 2,224 Posts
    • 10,227 Thanks
    shangaijimmy
    That's £188.39 that will never have any interest charged to it ever again!
    MFW: Turning June 2036 into March 2023... 32//120 Payments Challenge, Diary Reduction £34,271.00
    Aug 2009: £163,051 // Current: £101,729.00 // Avg Daily Interest £4.57
    MFiT-T4 #8 - 56.74% of £41,000
    • MissLemon
    • By MissLemon 6th Jul 17, 9:43 PM
    • 62 Posts
    • 380 Thanks
    MissLemon
    First OP for July made today! £300 transfered.

    This is going to be my regular payment but I'm hoping to add more to that amount through better budgeting! I've set myself on YNAB and really like the way it is making me think about things.
    MFW #121. Mortgage at June 2017 £96,491.71. September 2017 £93,480
    OP target 2017 £1629.93/£5000
    Original MF Date January 2035. Target MF Date December 2023
    • A Frayed Knot
    • By A Frayed Knot 6th Jul 17, 10:43 PM
    • 2,128 Posts
    • 9,575 Thanks
    A Frayed Knot
    A little late by my June update is here.

    The mortgage is now £95,903.90.

    Total OP for June = £188.39 which is our standard OP. Nothing extra added last month as I only just started my MFW journey

    Daily interest is £4.60
    Originally posted by MissLemon
    Just popping in, to say - your doing great

    I have a bit of ocd when it comes to tidying mortgage figures - like to see 00.00 at the end
    The mortgage is now £95,903.90 - a £3.90 o/p would tidy that up nicely
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/£4000, 2015/£6294.69,2016/£3186.80
    2017 £2422.71 + Phantom o/ps 2017 -£1367.81 so far
    • MissLemon
    • By MissLemon 6th Jul 17, 11:33 PM
    • 62 Posts
    • 380 Thanks
    MissLemon
    Thank you!

    I might have to become a little like that! I hadn't really thought about doing a little extra, I'm sure I could find £3.90 to get it to a 0 figure and it all helps!
    MFW #121. Mortgage at June 2017 £96,491.71. September 2017 £93,480
    OP target 2017 £1629.93/£5000
    Original MF Date January 2035. Target MF Date December 2023
    • MissLemon
    • By MissLemon 9th Jul 17, 6:52 PM
    • 62 Posts
    • 380 Thanks
    MissLemon
    A Frayed Knot - I made the £3.90 OP today to make my total a nice even 00
    MFW #121. Mortgage at June 2017 £96,491.71. September 2017 £93,480
    OP target 2017 £1629.93/£5000
    Original MF Date January 2035. Target MF Date December 2023
    • shangaijimmy
    • By shangaijimmy 9th Jul 17, 8:38 PM
    • 2,224 Posts
    • 10,227 Thanks
    shangaijimmy
    ...and with that £3.90 OP your training towards full MFW status is complete...!
    MFW: Turning June 2036 into March 2023... 32//120 Payments Challenge, Diary Reduction £34,271.00
    Aug 2009: £163,051 // Current: £101,729.00 // Avg Daily Interest £4.57
    MFiT-T4 #8 - 56.74% of £41,000
    • MissLemon
    • By MissLemon 11th Jul 17, 8:29 AM
    • 62 Posts
    • 380 Thanks
    MissLemon
    Woo hoo!

    I almost had another OP as I reached the £5 payout minimum from Pr0lific but I then realised I'd be charged a fee so am waiting til my payments reach £20 to avoid the fee!
    MFW #121. Mortgage at June 2017 £96,491.71. September 2017 £93,480
    OP target 2017 £1629.93/£5000
    Original MF Date January 2035. Target MF Date December 2023
    • Welshlassie
    • By Welshlassie 11th Jul 17, 1:50 PM
    • 1,722 Posts
    • 2,981 Thanks
    Welshlassie
    How are you finding YNAB?

    I've been using it 4 years and wouldn't be without it now. It's totally revolutionised our financial life. My initial target 8 years ago was to pay off out IO mortgage, then we had another baby and ran up a bit of debt so we found YNAB. It has allowed us to pay off the debt, and budget in a way to help pay off 30K from the Mortgage and now we're in a position to this about extending the mortgage again to get an extension, but in the last 18 month have saved 15K towards it. YNAB is what helped us to do this.
    • MissLemon
    • By MissLemon 11th Jul 17, 2:17 PM
    • 62 Posts
    • 380 Thanks
    MissLemon
    How are you finding YNAB?
    Originally posted by Welshlassie
    I've been using it for about 3 weeks and I'm definitely going to take out an annual subscription! It took me a few days to work out how to use it properly but I can already tell it's going to save me money. I've been checking it before I spend anything!

    I've used pocketbooks, spreadsheets and other apps before which have sort of worked but this has changed how I'm seeing my money and my budget. I feel that YNAB will make my money work for me!

    I'm really glad to hear you've had success with it. I can absolutely see how you have saved so much with it,
    MFW #121. Mortgage at June 2017 £96,491.71. September 2017 £93,480
    OP target 2017 £1629.93/£5000
    Original MF Date January 2035. Target MF Date December 2023
    • MissLemon
    • By MissLemon 22nd Jul 17, 2:45 PM
    • 62 Posts
    • 380 Thanks
    MissLemon
    Another OP made today.

    I used the interest and payments from our 123 account (£5.46) for the OP. And because that wouldn't have given me a .00 (ty A Frayed Knot!) I added another £4.54 to make a total of £10 OP.

    I'm getting the hang of this!
    MFW #121. Mortgage at June 2017 £96,491.71. September 2017 £93,480
    OP target 2017 £1629.93/£5000
    Original MF Date January 2035. Target MF Date December 2023
    • MissLemon
    • By MissLemon 22nd Jul 17, 6:15 PM
    • 62 Posts
    • 380 Thanks
    MissLemon
    Two OPs on the same day!

    We're hoping to OP an extra £600 per month but didn't want to do it all at once in case of unexpected expenditure. But we're close enough to pay day to know our budget is all on track and have managed the target plus a few extra bits.

    I'm really pleased with how our first month has gone. Even if some months we can't reach our target I feel like having spent this month concentrating on our expenditure and properly budgeting has given us a really good start.
    MFW #121. Mortgage at June 2017 £96,491.71. September 2017 £93,480
    OP target 2017 £1629.93/£5000
    Original MF Date January 2035. Target MF Date December 2023
    • MissLemon
    • By MissLemon 30th Jul 17, 11:14 AM
    • 62 Posts
    • 380 Thanks
    MissLemon
    £23 payout from Pr0lific- not bad for less than a month signed up!

    Once it is in my bank I will be splitting it between OP and savings
    MFW #121. Mortgage at June 2017 £96,491.71. September 2017 £93,480
    OP target 2017 £1629.93/£5000
    Original MF Date January 2035. Target MF Date December 2023
    • MissLemon
    • By MissLemon 31st Jul 17, 8:49 PM
    • 62 Posts
    • 380 Thanks
    MissLemon
    July reporting!

    OP Total £613. Mortgage now £95290.

    Yay!
    MFW #121. Mortgage at June 2017 £96,491.71. September 2017 £93,480
    OP target 2017 £1629.93/£5000
    Original MF Date January 2035. Target MF Date December 2023
    • shangaijimmy
    • By shangaijimmy 31st Jul 17, 9:01 PM
    • 2,224 Posts
    • 10,227 Thanks
    shangaijimmy
    Great OP total. I always feel like £500 is such a significant amount to OP, so heading past £600 is such an exciting month for us.
    MFW: Turning June 2036 into March 2023... 32//120 Payments Challenge, Diary Reduction £34,271.00
    Aug 2009: £163,051 // Current: £101,729.00 // Avg Daily Interest £4.57
    MFiT-T4 #8 - 56.74% of £41,000
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