An Optimistic Pair's MFW Journey

sky-blue_pink

Almost three years ago we remortgaged at 4.99% fixed for 3 years for £43000 and overpay by £150 a month. The current balance is £37,800.

If we continue to overpay by £150 (an amount which is achievable and doesn’t skint us) we’ll have 9 years, 7 months remaining. We're both 38.

But, like you people, I hate this debt hanging around our neck and won’t rest until it’s gone. I still want to live however and want/need a family holiday and occasional treats.

I loved the programme ‘how to pay off your mortgage in 2 years’ which was fascinating BUT I just couldn’t put my life on hold like this, especially with children.

I do all the usual things; shop around for insurance and switch phone/electric suppliers etc but I need to ‘find’ the cash in other, more imaginative ways, to reduce it further. That would put a HUGE smile on my face.

Optimisticpair

sky-blue_pink wrote: »

Almost three years ago we remortgaged at 4.99% fixed for 3 years for £43000 and overpay by £150 a month. The current balance is £37,800.

If we continue to overpay by £150 (an amount which is achievable and doesn’t skint us) we’ll have 9 years, 7 months remaining. We're both 38.

But, like you people, I hate this debt hanging around our neck and won’t rest until it’s gone. I still want to live however and want/need a family holiday and occasional treats.

I loved the programme ‘how to pay off your mortgage in 2 years’ which was fascinating BUT I just couldn’t put my life on hold like this, especially with children.

I do all the usual things; shop around for insurance and switch phone/electric suppliers etc but I need to ‘find’ the cash in other, more imaginative ways, to reduce it further. That would put a HUGE smile on my face.

Hi there sky-blue-pink

I like that there is no judgmentalism here on the MFW board, there is a choice to become MF in 2 or 10 or whatever time you need to suit your circumstances.

Our own mortgage will be an offset tracker of £74, 349 fixed at 1.43 above the Bank of England rate. We are quite keen to knock that off because there is a £17,000 mortgage to get rid of after that, or alongside, as well.

I don't entirely see our house as an investment, it is primarily a home and a place to be comfortable in. A bit of the "Englishman's home is his castle" mentality there.

There are lots of ways to save spending money on things other than the mortgage overpayments and the small changes that are barely noticeable all add up over a year. Other boards on the site are really useful for finding those little corners to cut. There is bound to be something that will bring on the HUGE smile.

I think one of the best savers, apart from not wasting what has been paid for, without noticing any change is upping insulation and reducing spending on fuel consumption.

Optimisticpair

for the sale of his property to go through. It has only been 8 weeks since the buyer made an acceptable offer and had the surveyor round but it feels very much longer!

I'm very pleased about how much I managed to save although on a low income but now it is used up money is past just being tight and is at the 'dipping into my overdraft' stage to balance outgoings with my income every week.

Not all doom and gloom though, our purchase (typical ) is going as fast and as sweet as can be. Except for a bit of damp to sort out.

Whilst cash owed to me is unfortunately delayed it will come through, I hope, nicely in time for doing essential repairs, insulation and paying a lump off the mortgage

I might have somewhere to live when my lease expires at the end of this month but with no deposit to come, back unless my cash arrives in 3 weeks now, the overdraft will have to take a temporary bashing .

Not much to offer anyone today in the way of insight but the thought that while we feel our own problems acutely there is a worse position you could be in. Someone I know, whose posts were interesting and often helpful, was killed in a traffic accident.

Jonbvn

sky-blue_pink wrote: »

Almost three years ago we remortgaged at 4.99% fixed for 3 years for £43000 and overpay by £150 a month. The current balance is £37,800.

With a mortgage rate of only 4.99% the MSE way would be to put the GBP150 into a cash ISA (currently paying 6%+).

ernie_3

I think for the better, i always have been the "tight one" or the butt of jokes{i must point out.. good will and humour nothing nasty}, jokes like put the fork in the sugar bowl, get the wife and kids a new ballaclava for xmas, if a £1 coin fell from my pocket it would only hit the back of my neck not the floor and the favourite..i would wake up to see that i have might lost some sleep L O L
I am convinced that these people are jealous and not commited or disiplined to structure their finances or that they dont have the commitment of the other partner{singing of the same hymn sheet!!}.

Especially in this trying times and they reckon it can get worse, so like minded people who are avid followers of this site give their ideas and stories and for me its a real BOOST, i sometimes sit and giggle to some of the stories on this site or tales of woe.. i have just paid £1415.00 for a new gearbox and clutch, i have the money saved, but i have placed it on a "0% till may 2009 mastercard". Again the money was saved by reading all the motivating stories on this site.

As i said in the title, yes this site has changed me and has given my family a better financial outlook,also my daughters !!13 and 15} see how myself and my wife deal with money matters and priorities, so hopefully it should rub off on them. So thanks to all keep up the good work

ernie in a very very very wet plymouth

Optimisticpair

ernie_3 wrote: »

and the favourite..i would wake up to see that i have might lost some sleep L O L

<snip>

Ha ha I particularly like that one too

ernie_3 wrote: »

Especially in this trying times and they reckon it can get worse, so like minded people who are avid followers of this site give their ideas and stories and for me its a real BOOST, i sometimes sit and giggle to some of the stories on this site or tales of woe.. i have just paid £1415.00 for a new gearbox and clutch, i have the money saved, but i have placed it on a "0% till may 2009 mastercard". Again the money was saved by reading all the motivating stories on this site.

Aw heck that's a nasty bill but you have at least got something useful for it and you craftily covered it I see.

I think you are right, trying times, I have seen it worse too, but the info sharing on the site is just astounding so we are all equipped with a wealth of knowledge to deal with it. I reckon Martin deserves a medal for setting this site up.

ernie_3 wrote: »

As i said in the title, yes this site has changed me and has given my family a better financial outlook,also my daughters !!13 and 15} see how myself and my wife deal with money matters and priorities, so hopefully it should rub off on them. So thanks to all keep up the good work

It no doubt will benefit your children. I'm sure they will remember that trying times can be got through if they have to. They will know how to prioritise too which is a good skill.

Funny what else you pick up as a child but I remember seeing a pan of water being put on the front of the coal fire to make a hot drink and it was just something quite normal. I will definitely be doing that this winter.

ernie_3 wrote: »

ernie in a very very very wet plymouth

Aww, if it's any consolation it is very very soggy here too.

Optimisticpair

Tuesday 9th Sept - we had a phone call this morning - our buyer will be set to exchange at the end of this month. Completion will, therefore, follow in early October and we can crack on with our purchase.

I started an inventory of our furniture, furnishings etc so my task this week is to make a floor plan and draw up a shopping list for the rest of the basics. I can see the local charity shops and Wilkos coming in very handy.

EssexHebridean

Excellent news - you're seeing some progress now which will also help motivate I'm sure! When we first moved in together charity shops were invaluable - also remember to check out the DIY superstores for reduced price end of line wallpaper etc for decorating. If I remember rightly, by the time we took electrical equipment out of the equation, and using reduced wallpaper and paint, charity shop furniture, and a carpet donated by my parents from their front room when they replaced it, the decor and furnishings in our front room there cost us somewhere around £100! When I consider that our pair of two-seat sofas here cost eight times that, it's quite scary! Still, you do what you do when you have to I guess! We're still in the position of never having to have paid for a cooker or a washing machine mind you as both came with us from our last (rented) flat when we bought this place....the landlord was selling anyway and said that we'd been such good tenants he'd like us to take anything that would help us out....so we did!

Remember Freecycle too if you have a scheme locally, also, if you're needing a van to shift stuff about a lot of hire firms do "evening rates" where you get the van for a bargain rate but have to take it back at 7am.

Optimisticpair

EssexHebridean wrote: »

Excellent news - you're seeing some progress now which will also help motivate I'm sure!

Thank you. Yes, we are so EXCITED. Your ideas are very welcome.
I will post photos after we move in.

I need a decent kitchen and some repairs need doing, it is an old house, but other than that our motto will be :

"Use it up, wear it out, make do and mend, rescue from skip or do without"

I know a couple of comfy sofas easy comes out at around £800. We plan to get a puppy and a kitten before investing in decent furniture though.

The great furniture and furnishings scavenge is going very well though. It just needs collecting from three counties and moving to a fourth, however, we have loan of a van (family help) and I'm sure one of my friends will come and play "cooee mr shifter" with us.

I need a better pc chair as I have sciatica and we need a new mattress and a freezer. We saved on not having a tv license this year because we have managed fine without but a tv and freeview would be nice to have.

We also need heavy curtains, pallets for the Rayburn, a supply of coal, a clothes airer, jugs, bowls, casserole dishes, a big stock pot etc.

Great moneysaver buying paintable anaglypta and roll ends but I don't think the walls, except for the loo, kitchen and bathroom which are in the new extension, will take wallpaper so tiles and paint there.

I agree completely Freecycle is great if they have what you need.

Optimisticpair

Little update needed. OH said exchange end of the month when he meant completion, bless, he signed the exchange for his flat last week and completion is set for the end of this month. Wheeeeeeeee

Poor soul is now running round like a loon to get packed and move small bits ready to transport the final load on the day of handover up to his temporary accommodation while we finish the house buy. As he is so busy I must remind him, just in case the logistics of it don't click, that he WILL need to book and take that day off work!

I am more than 75% packed as I will be moving first to get things set up for OH to move across.

I've got an appointment with a Damp proofy chap to meet at the cottage next week. I hope he doesn't suggest replacing the slate flag floor and carting it away for us.

It will be a good opportunity to take some photos to send on to OH.

Currently asking around if anyone is thinking of replacing their freezer as that's something we lack.