MFW Challenge - Pay Off Your Annual Interest aka Yet Another Diary

setmefree2

well done on your progress :T

MoneyQueen

Hi Floxxie,

Well done :T

VeeW

Looking for advice here. I've just paid off my mortgage incl. discharge of mortgage fees but have been told that as I live in Scotland I have to pay a solicitor to discharge the loan/mortgage. As I've paid for a service not provided anyone know if I'm able to reclaim the cost of having a solicitor do this? Not sure if I'm asking this in the right place - redirect?

Floxxie

VeeW you'll need to post on the mortgage board for advice.

Just updating at the end of March. Mortgage is now £73890. Will continue overpaying £200 per month but will not be adding anything extra to reach target this year.

Am going to concentrate on two areas for April: eBaying and match betting.

eBay: All funds raised by selling my carp will go towards having the house redone (and yes I have a serious amount of stuff to sell!). I have a thread on the DFW if anybody else would like to join some hardcore eBayers (cough, cough)

MBing: Profits from this will eventually go towards the mortgage but at present they are being reinvested.

Everything else that is raised will be put on the o/d.

And when I put it down in writing it looks easy! :rotfl:

Floxxie

MoneyQueen

Hi Floxxie,

Good Luck with MBing and Ebaying...

I am also not thinking of putting any MB profits in OP as it would be good to have a big float during Royal Ascot. I still have a bit of my own money in Betfair, but hopefull will withdraw it. So incase things go wrong, atleast I haven't lost any of my own money

MQ

Floxxie

Hi MQ,

It doesn't make much sense does it to take the profits and remain with the same float does it? Not sure how much Ascot is going to affect me as I still don't want to go near the horses; will stick to footie. I've also done the majority of the larger bookies so probably not many extra bonuses for me. :mad:

Also need to work out which sites are PF and which I can refer OH to although I have plenty to keep me busy if I don't get around to it in April.

Have sent you a PM...

Floxxie

MoneyQueen

Hi Floxxie,

I don't think there are any that let you refer anyone staying at the same address. Though it would be good if we could refer DH's

so I think the best way is to get someone else to refer you and your OH

Btw VCBet is PF, I and DH both are doing this without any issues...

I still have to do Coral so hopefully they would have a good offer during Ascot... Though I know what you mean... I am also scared to venturing in the Horsie world

Floxxie

I'm not very good at updating my progress, partly because my approach to the mortgage changes each month. However I've been working steady in bring in extra money online through MBing, MSing, eBaying etc. and have made a good dent in the mortgage. Unfortunately there have been some serious expenses which have made a larger dent in the overdraft so I have decided to take our savings and get the overdraft down.

This is not going to impact on the mortgage though as by the 16th of this month we shall have hit our annual target of reaching £65.5k down from the £88.6k balance on the 1 Jan 09.

It's very odd as I can't believe how easy it has been. Very low interest rates have certainly helped but I think the support on this board has really been the main push I needed. I occassionally see the odd message about not being to afford to overpay on the mortgage or the fact that a partner has lost their job etc. but I just hope that I can show that you don't need a salaried job to pay that mortgage down.

Over the next few months I shall be concentrating on selling on eBay, Amazon, GreenMet, car booting, MSing and MBing to hopefully bring the mortgage into the 50k band by the beginning of 2010.

When the MFiT ptII begins, I shall start a new diary but I thought I would note down here why it is so important that I get our mortgage paid off. I am currently redoing a law degree and want to be at law school in 2013 when all of my littlies will be in full time education. Anybody who has been through the process will know how much money and time it costs and I shall also have before and after school childcare to consider. If there is no mortgage to pay, it is of no concern as the old mortgage payment will more than cover these expenses. However if there is still a mortgage then my gate to freedom :rolleyes: will be barred.

A big thank you to those who post how they are doing on their mortgage (and life). I spend a lot of time reading the diaries and they do help! I hope that by the end of the year to incorporate a lot of what people are doing to reduce their expenditure into my life to reduce our outgoings.

Oops I have gone a bit but no worries as I probably won't manage to update for another 4 months!

Floxxie

MoneyQueen

Hi Floxxie,

Great to see you post on your diary after so long... :hello:

And well done with meeting the annual target 6 months early :T

Everyone here has a different vision for future and different reason to be MF. I am doing it as I want to be a SAHM and you are doing this as you want to start with a new career...

Being MF will be giving us all the choice of whatever we want to do with our lives.

Good Luck

Floxxie

Thanks MQ. I actually did something quite drastic earlier (as you have seen on the overpay on the 4th July thread) so have decided to go for a £50k target at the end of this year.

Did lots of consideration about keeping the ISAs, opening regular savers etc as our mortgage rate is so low (0.48 above base rate tracker) but then decided it would be beneficial to actually get rid of the monthly mortgage payment which is set at £850 by paying down the mortgage as quickly as possible so in a few days the mortgage should be under £60k - in fact I think it may well be around the level of mortgage we had for our first house!

As you know I am a SAHM but I didn't have a choice over it (childcare costs outweighed my income and in addition they offered 10% pay cut to entice me back :rotfl:) and I do find it really difficult. Do you think you will be able to give up your career MQ? I can't wait to get back on the career ladder again but this time without the mortgage.