Mfi in 100!! - My Oct 2017 challenge

THRIFTY_GIRL

I will find out the truth about my mortgage balance tomorrow:eek:

I will not be able to overpay anything until the end of the month (there is a collective consultation going on at work and fingers crossed my job will still be here this time next month:wall:

Despite all of this I have been looking at my finances and have done a number of small MFW things today:T

1. Discovered I have not claimed cashback due on my mobile phone contract:mad:. Phoned CPW and they have kindly agreed to honour it. I will be sending off three claims for £68.75 each this week. Net gain of about £200 and diary note to claim £68.75 in October (and think about changing).:j

2. Picked up free bottle of sun lotion from Lloyds pharmacy.

3. Thinking about a plan to rejig the current accounts - have a joint account ith Nationwide (want to keep this for holiday spending) - will open two more with NW in sole names (me and DH). These will be used to transfer to FD (does anyone know if I can get the £100 bonus for switching as I have a cash ISA with FD). Once this is done I will look at Halifax too - anyone got experience of the best way to open numerous accounts?

4. Booked two mystery shops (£20 total) next week

Enough for tonight...starting to feel like I am really in the :money:family.

setmefree2

with your MF journey. Looking forward to reading about your progress.

THRIFTY_GIRL

setmefree2 wrote: »

with your MF journey. Looking forward to reading about your progress.

Thanks Setmefree!!

I have today discovered my balance is £205,746.51 :eek: with a remaining term of 13 years and 8 months (16 Feb 2023).

This is made up of the following:

Main residence: £91,558.19 - interest rate 0.77%

BTL: £114,188.32 - interest rate 2.09%

I can make unlimited overpayments and the kind lady provided me with the account details for online transfers. This is free and will encourage me to transfer a few pounds here and there.

I will concentrate all my efforts towards the BTL mortgage as this produces the greater interest saving.

Despite the redundancy threat I will join the other MFWs on 4th July and make an op of 746.51:T. That will leave a nice round £205,000 (plus a few days interest accrued but don't have the patience to calculate just now....need to do lunch and take DD to nursery:p)

Let the challenge begin....

StuartGMC

Thifty
Best wishes with the review. Well done on progress

MoneyQueen

Hi ThriftyGirl,

Good Luck with the challenge..

THRIFTY_GIRL

I have just made an overpayment of £932.64 and feel great!!

I calculate that we will need to overpay a ball park £800 per month to realistically achieve our target. Therefore, we aim to overpay approximately £5k by 12 December to achieve our mini target of £195,000
:T

setmefree2

THRIFTY_GIRL wrote: »

I have just made an overpayment of £932.64 and feel great!!:T

well done on making that OP :T:T

StuTheDon

THRIFTY_GIRL wrote: »

I have just made an overpayment of £932.64 and feel great!!

I calculate that we will need to overpay a ball park £800 per month to realistically achieve our target. Therefore, we aim to overpay approximately £5k by 12 December to achieve our mini target of £195,000
:T

Hi and well done! I'm in the same boat as you - we are aiming to be MF in July 2017 (my 40th birthday).

We have an outstanding mortgage of 131,000 and overpay by 620GBP per month. I know we have to increase this a bit to hit our target so I will be watching with interest!

THRIFTY_GIRL

Its been a strange sort of day.

Have received confirmation of redundancy, but as I'm on maternity leave it means that I will receive my SMP upfront and a reasonable tax free payment too.

Looking at savings accounts - decided to apply for 3 Halifax accounts (done online - shall wait and see if successful).

Already have a dormant Lloyds TSB account - will resurrect this shortly so I have a home for the redundancy payment earning 4% pa. I just need to be disciplined and ensure I don't dip in to this.

I have decided to do this for now, rather than op on the mortgage as the interest rate I am paying is 0.77% and 2.09%.

Wondering what I will do now....get a new job or baby or both? we shall see. It seems to be a perfect time to complete the family and be ready to go back to work when he market picks up. On the other hand, if I can find a job quickly I will bank 9 months SMP. So many variables:mad:

LilacPixie

Hard Choice. I have 20 months between my kids and it is very difficult to juggle them both plus working, alot harder than one and a job was.

I guess it depends what you do. Is you job type in demand?? Would being out of the loop for 2-3 years harm your job prospectsat the end of it. Can you survive financially with no wage??