Mr & Mrs Mintedmatty MFW's Diary

mintedmatty

Myself and Mrs Mintedmatty (we arent actually married yet but yknow, its on the cards) have decided we want to move house in around 16 months. Mrs MM owns the house in her own name name but I pay £150 per month to her for rent to pay extra towards the mortgage? The fixed rate deal we have ends December 2010 and we have decided it is in our best interests to reduce the mortgage as much as possible to make sure we benefit when buying what will probably be the Mintedmatty Family home.

If you have read other posts by me then Id like to think myself and the Missus have our heads screwed on, we both have relatively well paid jobs and use our money wisely, so hopefully this will benefit us in the future?

At the moment the mortgage is £95000 give or take a few pennies and we pay £838.02 each month (normally its £588 but we over pay by £250). This reduces the term to 14 years 5 months. We are allowed to pay an extra 10% in a lump sum each year but anything more than that we are charged? Each overpayment of £250 we make saves us £358 in interest so im planning to keep a tally of that for motivation. I also plan to put as much as possible into a seperate savings account to pay as close to the 10% off I can annually.

We decided we wanted to become MFW's (technicality as the more we actually save will just go into our next house) but we feel that for motivational reasons we are best signing up to the challenge! Im sure Mrs MM will want to add her two'penneth to the cause and 'blog' every now and again but im vowing from here on to try to reduce our mortgage to £80000 between now and next xmas!!! Im sure we will fall short but If I aim for 80k rather than 85k it will still be a big achievement.

So please encourage us when we need it because no doubt there will be tough times ahead. When the Missus is begging for a holiday or when we have no money? I will know where to come to know its worth it.....so here goes....wish us luck!!!!

Total £95,000 Aim £80,000 by Dec 2010
Interest Saved £0 (£358 saved each £250 over payment)


Mintedmatty (and Mrs mintedmatty)

wantabetterlife

Goodluck on your MFW journey!!!:j:j

Tesco_points_addict

Welcome and good luck

TPAx

notisis

Does Mrs Mintedmatty pay the mortgage and you only give her £150 per month (plus I assume your split of bills, food)? Or have I completely misunderstood?

mintedmatty

Yes, spot on! something I didnt mention is that I have my own house that is rented out that I pay a mortgage on? We split all the bills generally? Thanks for the support

setmefree2

and Good Luck

RosieTiger

Makes absolute sense to OP while you can. I look back and think about the amount of money I've wasted - it's easy to do - and wish the light bulb moment had come far earlier !
Welcome aboard.

mintedmatty

And so it begins........

Its going to a long haul but I appreciate the encouragement especially the 'Smiley Welcome' saved £358 in one foul swoop by overpaying by £250 today!

SmlSave

Hi Mr & Mrs!

Welcome and good luck on your MF journey.

You say that you own a property and Mrs owns the one you live in. Are you planning to each try and overpay on your respective mortgages?

buying what will probably be the Mintedmatty Family home

Ahhhhhh

Jonbvn

Don't forget your ISA's.

You don't mention your mortgage interest rate?

mintedmatty

its 6.3% on Mrs MM's and mines 5.49% fixed. runs out next summer though, I overpay by 20% on mine aswell, good point Jonbvn we mustnt forget ISA's, I admit we do need savings and rainy day fund, but with Interest rates at the moment it makes far more sense to pump the majority into the mortgage