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  • FIRST POST
    • HOL82
    • By HOL82 9th Nov 17, 8:26 AM
    • 12Posts
    • 22Thanks
    HOL82
    Dellusional MFW Diary
    • #1
    • 9th Nov 17, 8:26 AM
    Dellusional MFW Diary 9th Nov 17 at 8:26 AM
    Hey MFW's!

    So I used to be DFW, lost my login's and am back years on with a shiny new name and a shiny new thread on the MFW board instead of the DFW. Been reading all your threads for a few weeks and ready to introduce myself.

    So my situation is a little backwards - we want to be MF but chose to buy a new house first. When I say house I mean four walls some forty year old carpet and the odour of dog. It needs complete gutting, extensions, walls coming down, walls coming up the full works. BUT could be our forever home at the end. Now because we want to be MF by the time I'm forty (5 years away shhhhhhhhh) we've taken a mortgage £37685.00 less than our total for the purchase and budget for the building works. Figured this would force us into finding the extra money right?

    So to be mortgage free in five years - first we need to find the £37685 before the building work completes in Dec2018.
    Then we have four years of overpaying the mortgage which currently stands at £127117.
    Grand total to save/clear £164802!

    Well I did say I was deluded!

    Plan for the first £37685:
    1) Saving
    2) Ebay
    3) Reducing move costs (been gifted money to cover these by family so the more we can reduce by the more we can keep into the build pot)
    4) Matched betting
    5) Surveys / Market Research
    6) Sticking to the build budget & bartering hard to reduce costs of everything along the way.

    More ideas welcome

    I plan to update once a fortnight with how we are getting on, hopefully a few will find it useful, and I'll feel I need to stick to the plan if I know you are all going to be watching!

    That's enough of me for now. See you all in couple of weeks for the first, hopefully positive update!
    Last edited by HOL82; 09-11-2017 at 10:05 AM. Reason: updating the figures
Page 1
    • Silence101
    • By Silence101 9th Nov 17, 11:02 AM
    • 313 Posts
    • 483 Thanks
    Silence101
    • #2
    • 9th Nov 17, 11:02 AM
    • #2
    • 9th Nov 17, 11:02 AM
    Wow, that's a huge amount to come up in a year! Good luck!
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £108.01 /£100 11/17 £471.44/£100 12/17 £114/£100
    • greent
    • By greent 9th Nov 17, 11:27 AM
    • 6,522 Posts
    • 65,832 Thanks
    greent
    • #3
    • 9th Nov 17, 11:27 AM
    • #3
    • 9th Nov 17, 11:27 AM
    Good luck!
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) Bal 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    Next: BTL Mtge 12/16 £69786. 2017 OPs (#18) £5278/£3286
    Net sales 2017 £1445.57/£500 PAYDOX17 £12239/£10k Decluttered 1985/2017 items
    • HOL82
    • By HOL82 9th Nov 17, 6:44 PM
    • 12 Posts
    • 22 Thanks
    HOL82
    • #4
    • 9th Nov 17, 6:44 PM
    • #4
    • 9th Nov 17, 6:44 PM
    Wow, that's a huge amount to come up in a year! Good luck!
    Originally posted by Silence101
    Thanks lovelies, Silence101, crazy amount in a year, hence my diary title of delusional Guess if you don't aim high you aren't aiming high enough!
    • HOL82
    • By HOL82 16th Nov 17, 7:20 PM
    • 12 Posts
    • 22 Thanks
    HOL82
    • #5
    • 16th Nov 17, 7:20 PM
    Update number 1
    • #5
    • 16th Nov 17, 7:20 PM
    So my first fortnightly update! (A few days early as I go away for two weeks tomorrow). I am sure only one person will read this but it's holding me accountable!

    TOTAL MORTGAGE PLUS REBUILD COSTS £164802
    SAVED THIS FORTNIGHT £670
    LEFT TO SAVE £164132

    Nowhere near the amount needed for our first year target of £37685 by Dec 2018, however I'm not panicking. This fortnight was mainly ebay and selling sites. Next fortnight covers the end of the month which is when we know what we've saved this month, so will be a bigger amount on the next update (hopefully.)

    Started matched betting and am currently £100 in profit, though not counted this yet until I actually withdraw it.


    Right off to pack my suitcase, will be updating again in just over two weeks once I'm back!

    HOL
    x
    • greent
    • By greent 17th Nov 17, 1:25 PM
    • 6,522 Posts
    • 65,832 Thanks
    greent
    • #6
    • 17th Nov 17, 1:25 PM
    • #6
    • 17th Nov 17, 1:25 PM
    So my first fortnightly update! (A few days early as I go away for two weeks tomorrow). I am sure only one person will read this but it's holding me accountable!

    TOTAL MORTGAGE PLUS REBUILD COSTS £164802
    SAVED THIS FORTNIGHT £670
    LEFT TO SAVE £164132

    Nowhere near the amount needed for our first year target of £37685 by Dec 2018, however I'm not panicking. This fortnight was mainly ebay and selling sites. Next fortnight covers the end of the month which is when we know what we've saved this month, so will be a bigger amount on the next update (hopefully.)

    Started matched betting and am currently £100 in profit, though not counted this yet until I actually withdraw it.


    Right off to pack my suitcase, will be updating again in just over two weeks once I'm back!

    HOL
    x
    Originally posted by HOL82

    I've read it!!

    I think £670 in a fortnight is a jolly good start
    x
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) Bal 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    Next: BTL Mtge 12/16 £69786. 2017 OPs (#18) £5278/£3286
    Net sales 2017 £1445.57/£500 PAYDOX17 £12239/£10k Decluttered 1985/2017 items
    • Escapar2020
    • By Escapar2020 17th Nov 17, 4:17 PM
    • 54 Posts
    • 105 Thanks
    Escapar2020
    • #7
    • 17th Nov 17, 4:17 PM
    • #7
    • 17th Nov 17, 4:17 PM
    I've read it!!

    I think £670 in a fortnight is a jolly good start
    x
    Originally posted by greent
    That's one, and I make 2.

    100% over target can't be bad ;-)
    Mortgage 01/01/17: £42,898___ 01/12/17: £31,804
    Scheduled end: July 2028_______Planned MF day: Sept 2020
    • shangaijimmy
    • By shangaijimmy 17th Nov 17, 9:31 PM
    • 2,282 Posts
    • 10,623 Thanks
    shangaijimmy
    • #8
    • 17th Nov 17, 9:31 PM
    • #8
    • 17th Nov 17, 9:31 PM
    Just read your openings... GULP!!

    Will watch in here with a keen interest, cheering you on from the sidelines!
    MFW: Turning June 2036 into March 2023... 33//120 Payments Challenge, Diary Reduction £35,448.08
    Aug 2009: £163,051 // Current: £100,551.94 // Avg Daily Interest £4.52
    MFiT-T4 #8 - 56.74% of £41,000
    • EatingTheElephant
    • By EatingTheElephant 18th Nov 17, 7:23 AM
    • 1,163 Posts
    • 6,240 Thanks
    EatingTheElephant
    • #9
    • 18th Nov 17, 7:23 AM
    • #9
    • 18th Nov 17, 7:23 AM
    That’s a great start, well done
    • Kodagirl
    • By Kodagirl 18th Nov 17, 10:04 AM
    • 124 Posts
    • 330 Thanks
    Kodagirl
    £670 in 2 weeks, is blimmin fab, some people are never happy!!
    Wishing you well HOL82, keep up the fab work!!
    Loan = £17602.20/ £2639.63
    Total Mortgage amount borrowed
    £129,176.55 Dmr 2005/ £90,485.00
    Current savings £3000
    • michelle09
    • By michelle09 18th Nov 17, 12:43 PM
    • 471 Posts
    • 1,881 Thanks
    michelle09
    Wow... I thought our plan clear £300k in 12 years was a little nuts, so I am all aboard for this diary. Good luck!
    • HOL82
    • By HOL82 23rd Nov 17, 7:17 PM
    • 12 Posts
    • 22 Thanks
    HOL82
    Thanks guys! Just managed to get logged on from my little hotel room and was lovely to hear all your positive responses. So far this trip I've had the news that we are going to exchange on the new house Monday woop woop, but to save the deal we had to pay a sparky £250 last minute to address something stupid that the buyers were going on and on about.

    The food out here is crazy cheap so hoping I can stay on budget and not dip into my own account before coming back, leaving us extra savings on next week's update. On the other hand my hubby has managed to overspend on his account whilst he's back home so as is typical in our polar opposite spending habits he's basically useless at adding to the savings if I'm not there to keep him on track! (But I'm sure the daily coffees and meal deals were so much more satisfying than the renovations on the new house without extending the mortgage further would be!

    Right off to sleep now, have been up since half 5 every morning since I came away so strange hours here, but will be posting next week with an update on figures, if not before.

    HOL
    x
    • HOL82
    • By HOL82 2nd Dec 17, 5:40 AM
    • 12 Posts
    • 22 Thanks
    HOL82
    Update no 2
    Hey fellow MFWs!

    So my second fortnightly update. Still abroad and back in the UK tonight, where I am not looking forward to it being freezing. Mixed couple of weeks, ran out of money yesterday on my trip budget so had to dip into my bank account to get through the last two days, but guess it could have been worse. My hubby's van needed £600 in repairs so we didn't save as much as we'd hoped. Done the end of the month calculations and managed to put a decent chunk aside for the house though still. Have paid out for something that we knew was coming, but had £300 left over from what had been set aside for it so that's another bonus in the MF/Housebuild account. Oh and I have secured an extra contract for my company which means more money coming in that really can all go towards the housebuild! Contract lasts till end of august too .

    Finally exchanged so we will have moved before my next update! That should mean a small amount towards the pot again as we have brought the costs down considerably for the move. However then it's christmas and hubby off work due to an operation so earnings will be down considerably meaning a likely slow end to the year.

    So grand total added to the pot this fortnight.................................£1302.29 !

    Required for housebuild - £37685 £35712.71
    Remaining mortgage - £127117 £126827 (regular monthly capital reduction)


    Pretty chuffed with progress so far, looooong way to go, well aware, but somehow we will manage this.

    Catch you all soon,
    HOL
    x
    • getmore4less
    • By getmore4less 2nd Dec 17, 7:51 AM
    • 30,848 Posts
    • 18,451 Thanks
    getmore4less
    How realistic is £3kpm for 5years?

    If you don't manage it in the first year that's the building works messed up.
    • HOL82
    • By HOL82 4th Dec 17, 8:45 AM
    • 12 Posts
    • 22 Thanks
    HOL82
    How realistic is £3kpm for 5years?

    If you don't manage it in the first year that's the building works messed up.
    Originally posted by getmore4less

    How realistic is any of our targets? People can chose to be realistic or ambitious it's up to them. Please don't judge how realistic something is without knowing someones income or outgoings, or how much we saved each of the last three years. Just you watch me succeed.

    This thread is about our family push to be mortgage free, holding ourselves accountable in a fun environment with some support form others. Sure we may not reach our target, but we just might and that would be amazing, and that's the same for every member of this group.
    • getmore4less
    • By getmore4less 4th Dec 17, 11:17 AM
    • 30,848 Posts
    • 18,451 Thanks
    getmore4less
    No judging just asking.
    • HOL82
    • By HOL82 17th Dec 17, 10:15 PM
    • 12 Posts
    • 22 Thanks
    HOL82
    Update number 3
    Well, what a two weeks. It's been pretty mad so here's the short version:
    First..... I sold a load of things to the tune of £705
    Then.... My husband had all his work tools stolen, putting us 2k down just to get him back to work. Insurance wouldn't cover, police couldn't do anything either
    Next .... We moved house!
    Then .... The solicitor seems to have made an error in the money owed back to us from the sale, to the tune of £11k. I've only just found out when I've come on to update this post, so now I need to wait until tomorrow to find out if it's my error in calculation (I'm praying not) or their error and we are owed 11k.
    Now.... hubby is going into hospital for a minor operation tomorrow. Minor, however means he can't work the next few weeks, and as he's self employed this means no income, which after the burglary is pretty bad timing!


    So for this fortnight I'm not going to update me totals because to be honest I haven't got a clue what they are anymore, we either are significantly worse than last update or a chunk better dependant on this solicitor situation. Keep fingers crossed for me tomorrow on all fronts!

    Will post an update to make up for this one with amounts as soon as I know.

    HOL x
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