The Mortgage Free in Three - Take 2 challenge (MFiT-T2)

teapot2

cha97michelle yes, we've been overpaying when we can for ages - can't always manage much as we both work part-time but it all helps and the O/Ps make a big difference, even the small ones.

However, the scary bit is that if OH does lose his job and can't get another then my income even with the extra days work just about covers the mortgage and council tax, insurance, leccy & gas etc. It doesn't cover food and other stuff. While he is still working we are trying to get a bit of a cushion saved up so we can mange for a few months without plunging into debt straight away. I'm self employed too and that can be quite precarious so everything feels a bit wobbly!

We've been together a long time though and got through some tough spots before so will do everything we can to get through this one. I'm quite good at thinking laterally so when I'm not panicking I'll be coming up with schemes to get by - lodgers in the shed etc :rotfl:

Kaz2904

Well if the lodgers in the shed don't work out, I'm sure there's probably a recipe on the Oldstyle board to use up every part of them? At least you wouldn't have to worry about buying meat for a while. Just make sure you get lodgers with plenty of meat on them (but don't pinch them when you meet them, I've heard it puts them off!).





*Kaz wanders off to prepare herself an alibi in case she's accused of masterminding a cannibalism ring*

cha97michelle

teapot that does sound like it might be hard, but at least you are able to think about it. I think you have to try and see the positives don't you otherwise you'd give up now.

Have you tried places like approved food to try and get a stockpile of cheaper food now while you can? Also, get some stuff in pots or in the garden too as these might really help in a few months even if it isn't as bad as you think. I find these really help us.

I also use a lot more beans and pulses than we ever have, and bulk out mince meals by adding lots of veg and some soya mince. I never buy jars of sauces unless very cheap, and switched to chicken thighs rather than breast meat. We also have very rubber meals when i buy a joint.

Could DH attempt the matched betting if he is at home? Mystery shopping?

Apologies if these are ideas you have thought of already, but no harm mentioning it anyway. Hope i am not being pushy/offensive in any way.

Take care anyway and try not to spend all your time worrying as what will happen will happen. No use being stressed too,

Michelle x

gingernutbizkit

Below is copied from my diary but thought it was worth a mention on here. Hoping to keep ahead a bit for the next chart as things may be getting tougher in the future....

Hi all,

No response from my brother about our mortgage. Kinda expected it though.... he's lovely and has many great qualities but reliability is not one of them .

So.... I decided to have a good look myself, downloaded Martin's guide and even read it :rotfl:. I think we are in the unusual position of being better off sticking with Nationwide when we switch onto their Basic Mortgage Rate.

Currently our interest only fixed is at 2.43% and we have been overpaying by the max £500pcm to bring it down to £146K. The BMR is capped at 2% over the base rate meaning that even at the worst it will be 2.5% whilst the Bank of England keeps the rates as they are. So only 0.07% higher and we could always move if this went up.

The benefits of staying though are that we won't have to pay our redemption admin fee, a new fee for a new mortgage and also when you are on their BMR you can overpay by as much as you like with no fees at all :D:D. This would mean that we could really focus on overpaying. I would like us to open our ISA for next year but once we have paid as much as we can into that we will start OP on the mortgage with earnest.
So, the mortgage reverts to BMR on 30th April and my new goal (yes another one) is to have the full ISA allowance paid by then (so far have £3000 saved for it).

How lovely to think that for once I can make a good financial choice and not have to do a thing:T:T:T.

Ging x

financialbliss

Well after abandoning the MSE forums completely for a few days, I'm back...

I have replied to the PMs I've received, plus I've applied all of the Chart 01 updates that have since come in.

• As of this evening, 65 or a third of the challenges are in the green zone - well done to you lot.
• A further 55 of you or 28% are in the yellow zone.
• The remaining 75 of you are in the red zone.

We have collectively paid off 7.21% of our pledged objectives, which is behind our 8.33% objective we need to stay on course. I'm sure had we seen a few more updated that we would have exceeded the 8.33% mark.

I'll do an official stats post soon, but there's still time to send in an update for Chart 01...

Thanks,

Financial Bliss / Maz123.

teapot2

cha97michelle wrote: »

teapot
Could DH attempt the matched betting if he is at home? Mystery shopping?

Apologies if these are ideas you have thought of already, but no harm mentioning it anyway. Hope i am not being pushy/offensive in any way.

Michelle x

Hi Michelle, you are not being pushy at all and I appreciate the thought and care - we do most things on your list already being pretty MSE any way but haven't tried matched betting so might give that a go. We are not near a city so not sure if mystery shopping is an option but can look into it.
BTW you mentioned 'approved food' - not sure what that is?

Thanks for the help Teapot x

Kaz2904

Just thought I'd say (as I've not seen anyone else mention it) Weezl had her baby boy Kester yesterday morning at about 2.30am. 7lb 5oz. He looks lovely! Congratulations to all at Weezl towers!!!!!

abouttimetoo

Hi all

Doesn't our chart look lovely :j fab stuff FB, you're a whizz :T

I made my March Op today of £500 which takes me to £1800 year to date, 19% of my 2009 target and 5.9% of the MFiT T2 challenge. I'm in the yellow zone at the moment and I think this is going to be the case for the rest of this year; I'd planned to increase my monthly OP's to £800 by August of last year and then to £1000 a month this year but then I started to dabble in shares which has effected my ability to increase my OP's for this year but I'm hoping that it's a gamble that will pay off in the longer term and help me bring my MFW date that bit closer. When I originally bought the shares I'd planned on a quick turnaround and although I did sell some at a good profit greed has now kicked in and I've decided to hang on to them all now for a at least a couple of years and see what happens so wish me luck!

THRIFTY_GIRL

abouttimetoo wrote: »

I started to dabble in shares which has effected my ability to increase my OP's for this year but I'm hoping that it's a gamble that will pay off in the longer term and help me bring my MFW date that bit closer. When I originally bought the shares I'd planned on a quick turnaround and although I did sell some at a good profit greed has now kicked in and I've decided to hang on to them all now for a at least a couple of years and see what happens so wish me luck!

Good luck ATT. As long as you are sensible, you should make a return on the shares. Fingers crossed then:A

gerbiljo

Congratulations weezl!

Just put my final £15 into the mortgage so no more spending til payday now!!