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  • FIRST POST
    • SeekingFlight
    • By SeekingFlight 8th Sep 17, 11:33 AM
    • 30Posts
    • 174Thanks
    SeekingFlight
    Buying the Birdhouse - mfw 2017
    • #1
    • 8th Sep 17, 11:33 AM
    Buying the Birdhouse - mfw 2017 8th Sep 17 at 11:33 AM
    Greetings,

    Welcome to my first mfw diary it's nearly a year since I actually got my mortgage and yesterday i made my final over payment of year 1. Since i didn't spend as much on the move as i expected it was moderately easy to overpay the full 10% (more than that and i get penalised). Year 2 will be more of a push so i thought i would start a diary to help me keep focus.

    This is my first home and it's been a bit more of a struggle than i expected to keep on top of it's needs. It currently comprises of me (35), my partner (37) and a syrian hamster called Siri because he looks at me like he knows everything and i am an idiot.

    Y1 Breakdown looked like this
    Mortgage: £200,000
    Interest: 2.18% fixed for 5 years
    Monthly Payment: £815.16
    Regular over payment of £300 per month

    Y2 (Where i am now)
    Mortgage: £174,621.45
    Interest: 2.18% fixed for 4 years
    Monthly Payment: £780.11
    Regular over payment: £335.51 per month

    Things to do:
    1. SOA creation
    2. Review monthly budget
    3. Get on the make 10 a day challenge

    happy saving
Page 1
    • Silence101
    • By Silence101 8th Sep 17, 12:43 PM
    • 292 Posts
    • 441 Thanks
    Silence101
    • #2
    • 8th Sep 17, 12:43 PM
    • #2
    • 8th Sep 17, 12:43 PM
    Well done on overpaying 10% in the first year, it's always impressive seeing the numbers go down at the end of the year!
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £108.01 /£100 11/17 £312.22/£100
    • SeekingFlight
    • By SeekingFlight 19th Sep 17, 1:04 PM
    • 30 Posts
    • 174 Thanks
    SeekingFlight
    • #3
    • 19th Sep 17, 1:04 PM
    • #3
    • 19th Sep 17, 1:04 PM
    It's my 1st Houseiversary

    They took my mortgage money 1 year ago today. Tomorrow i can start paying off the 10% over payment for year 2 and having done some working out i'm going to make an additional over payment each month instead in larger chunks. I have a 6 month buffer that i'm not willing to part with but i do shuffle the cash around.

    Currently i have a 12 month regular saver that pays out in October at 5% the money in it makes more in interest than the equivalent amount costs on the mortgage. So i'm moving cash out of the buffer and onto the OP until it pays out when i'll put the money back into the buffer and move the interest onto the OP.

    Sometimes i think i get it and sometimes it confuses me! I wish they had taught basic budgeting, pension info and explained compound interest in secondary school.
    [B]September make £5 a day £93.07/£150 October make £5 a day £269.18/£155, November make £5 a day £0/£150
    SPC 10 Member 581 - £102.90, SPC 11 Member - £0

    "Remember not to do too many things at once" said me to herself.
    • pinkypig
    • By pinkypig 19th Sep 17, 9:17 PM
    • 714 Posts
    • 6,316 Thanks
    pinkypig
    • #4
    • 19th Sep 17, 9:17 PM
    • #4
    • 19th Sep 17, 9:17 PM
    What an amazing start. The very best of luck with your journey

    PPxx
    • beanielou
    • By beanielou 20th Sep 17, 10:42 PM
    • 48,510 Posts
    • 178,515 Thanks
    beanielou
    • #5
    • 20th Sep 17, 10:42 PM
    • #5
    • 20th Sep 17, 10:42 PM
    Happy shiny new diary
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
    • Escapar2020
    • By Escapar2020 25th Sep 17, 4:59 PM
    • 33 Posts
    • 45 Thanks
    Escapar2020
    • #6
    • 25th Sep 17, 4:59 PM
    • #6
    • 25th Sep 17, 4:59 PM
    Wish I'd be as organised as you are overpaying from your first year!
    Mortgage Jan 2017: £45,460___Current mortgage (Oct 2017): £32,908
    Scheduled end: July 2028_______Planned MF day: Sept 2020
    • SeekingFlight
    • By SeekingFlight 26th Sep 17, 9:40 AM
    • 30 Posts
    • 174 Thanks
    SeekingFlight
    • #7
    • 26th Sep 17, 9:40 AM
    • #7
    • 26th Sep 17, 9:40 AM
    Wish I'd be as organised as you are overpaying from your first year!
    Originally posted by Escapar2020
    Thank Martin i looked at the mortgage calculator and saw how much i'd save in interest. Plus i feel like my mortgage rate is quite low so i want to maximise the benefit of that over the next 5 years with the mortgage i have.
    [B]September make £5 a day £93.07/£150 October make £5 a day £269.18/£155, November make £5 a day £0/£150
    SPC 10 Member 581 - £102.90, SPC 11 Member - £0

    "Remember not to do too many things at once" said me to herself.
    • SeekingFlight
    • By SeekingFlight 4th Oct 17, 9:52 PM
    • 30 Posts
    • 174 Thanks
    SeekingFlight
    • #8
    • 4th Oct 17, 9:52 PM
    MSE and Me
    • #8
    • 4th Oct 17, 9:52 PM
    Welcome to October my favourite month.

    October Mortgage: £173,835.92
    Interest paid in Y1: £4122.24

    So lets go for a friendly October overpayment of £200 before my regular payment comes off in November.I still have about £400 to put back in the emergency fund so i'll be chipping away at that too but it's pretty healthy so far.

    Currently loving Shop**um getting all my treats that way (referral code ji7s6: Octobers treat is Lindt chocolate if you join) and shop. Thinking about picking up a bit of xmas work at the local market but it will be tough doing the FT job and extra and all the things life requires.

    Todays win was cheap cheeses, Co-op has Camembert reduced to £1.01 and Brie to 83p, my partner loves them and i never buy them. Also got 350g of Mature Cathedral City for £1.25.

    Also i recommend Stoptober so much cheaper being out drinking soda water and hopefully good for the waistline as well as the bottom line.
    [B]September make £5 a day £93.07/£150 October make £5 a day £269.18/£155, November make £5 a day £0/£150
    SPC 10 Member 581 - £102.90, SPC 11 Member - £0

    "Remember not to do too many things at once" said me to herself.
    • SeekingFlight
    • By SeekingFlight 16th Oct 17, 8:11 AM
    • 30 Posts
    • 174 Thanks
    SeekingFlight
    • #9
    • 16th Oct 17, 8:11 AM
    • #9
    • 16th Oct 17, 8:11 AM
    October is definitely the month of jobs so much going on at the moment i'm adding a to do list to my diary to motivate me.

    Actions
    - Call the student loans company and add on the additional 2 payments after the last time we spoke so i know how much is remaining (should pay this off by next October )
    - Make the additional overpayment on the mortgage for October
    Call BT and negotiate a better deal
    Call Eon and negotiate a better deal

    Extra Cash Goals
    - Stay under budget (i got a surprise invite to a birthday dinner so will have to be very careful)
    - Make £50 on Jobspo**r in October
    - Sell 5 items from the house
    - Submit some more writing to magazines
    - Come up with a double your cash scheme for November

    I also need to open a new regular saver once mine cashes out on the 26th October.

    Right lets have at it then!
    [B]September make £5 a day £93.07/£150 October make £5 a day £269.18/£155, November make £5 a day £0/£150
    SPC 10 Member 581 - £102.90, SPC 11 Member - £0

    "Remember not to do too many things at once" said me to herself.
  • E.ON Company Representative: Malc
    E.ON Tariffs

    Call Eon and negotiate a better deal
    Originally posted by SeekingFlight
    Just a quick heads up SeekingFlight. The tariffs we currently have available are listed on our website. If you've an online account and pop your usage into the Quote Tool, you'll be able to see an instant quote (both monthly and annually). Best to use kWh rather than a cash amount. Although, for a much wider picture, I'd pop the usage on to one of the independent Price Comparison Sites. This will show you what's available in the wider market, both with us and with the other suppliers.

    Hope this is useful SeekingFlight.

    Malc
    Official Company Representative
    I am an official company representative of E.ON. MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com This does NOT imply any form of approval of my company or its products by MSE"
    • SeekingFlight
    • By SeekingFlight 3rd Nov 17, 10:28 AM
    • 30 Posts
    • 174 Thanks
    SeekingFlight
    November - Writing Month :)
    Since it's national novel writing month again and i have foolishly joined in i figured i better keep up in here as well.

    November

    November Mortgage: £173,032.58

    Actions
    - Call the student loans company and add on the additional 2 payments after the last time we spoke so i know how much is remaining (should pay this off by next October ) - DONE
    - Make the additional overpayment on the mortgage for October -
    - Call BT and negotiate a better deal - DONE
    - Call Eon and negotiate a better deal - DONE

    Extra Cash Goals
    - Stay under budget (i got a surprise invite to a birthday dinner so will have to be very careful) - over by £11
    - Make £50 on Jobspo**r in October - DONE
    - Sell 5 items from the house - Nope
    - Submit some more writing to magazines - DONE
    - Come up with a double your cash scheme for November - DONE

    I also need to open a new regular saver once mine cashes out on the 26th October. - DONE

    A mixed bag this month, feeling pleased with myself for getting through all the tasks relating to checking my gas, internet etc and for dealing with the student loans company. I find talking to people about these things a bit stressful.

    Annoyed i went over my budget i was doing really well until that birthday dinner, fancy steak restaurant was just too much for my budgeting prowess. Still i feel that i got better value for my cash by eating the steak rather than the pumpkin risotto (vegetarian option) which was £12.95. My overpayment is also currently on hold as i had to pay my line rental in advance for BT and i forgot so there went my £200 saved this month.

    Sometimes it feels like you are not making any impact at all.
    [B]September make £5 a day £93.07/£150 October make £5 a day £269.18/£155, November make £5 a day £0/£150
    SPC 10 Member 581 - £102.90, SPC 11 Member - £0

    "Remember not to do too many things at once" said me to herself.
    • try harder
    • By try harder 5th Nov 17, 5:37 AM
    • 503 Posts
    • 1,621 Thanks
    try harder
    What a great first years overpayment .You are definitely making a big impact .Well done
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