Mr & Mrs Mintedmatty MFW's Diary

gallygirl

Well done, here's hoping we get the weather for it to get well used!

mintedmatty

What a weekend to christen the garden! had to water it over and over again as it was so hot! payday tomorrow and il be heading into my last full month on a fixed rate. Hoping to get a bit of a war chest together to hammer the outstanding amount on the very first day I move onto variable!

mintedmatty

Payday! Mrs MM almost spat her coffee out this morning when I was working out the sums and said we will have saved £3574 in interest on our mortgage over the last 9 months or so, Mrs MM has always believed it has been worth while overpaying but to see we have saved almost £4,000 she was over the moon! Although we both earn what are considered good wages, we have both grown up knowing the value of money and no matter how much we end up earning, £3574 is a great deal of money to us and it is a good reminder that the hardwork is worth it!

On a seperate note, we are amongst a group of friends of 6-7 couples (late 20's.......very late 20's gulp!), the first couple to announce they were expecting had a bay girl on monday night! a real eye opener that we are grown ups now!!!!!!

SmlSave

Mrs MM almost spat her coffee out this morning when I was working out the sums and said we will have saved £3574 in interest on our mortgage over the last 9 months or so

Well done on the saved interest! It's great to see how much you have saved

On a seperate note, we are amongst a group of friends of 6-7 couples (late 20's.......very late 20's gulp!), the first couple to announce they were expecting had a bay girl on monday night! a real eye opener that we are grown ups now!!!!!!

I bet you felt really grown up when bought your house too then it moves to being grown up when babies are expected! My friends are in the same position as yours and I'm just waiting for babies to pop up soon (like peas ) DH is 29 this year and still feels like he's not grown up yet!

setmefree2

and the saved interest :T

mintedmatty

Thank you Smlsave, It did feel grown up buying my house, cant believe it was 5 years ago in July!!!! I was 23 when I bought it and it kind of just all went over my head tbh, i didnt appreciate at the time how 'big' it was, Id saved ever since my first paper round when i was 13 so it was just the end result, but since July 7th 2005 when I got my keys, time has flown! From the very first week of having a table, 1 chair and a bed to renting it out and a happy (I hope) young couple living in it, I hope I never need to sell my own place and can keep it as a retirement investment, but if the worst comes to the worst I know I have it there as an asset?

Thanks Setmefree2, Im lagging behind you a bit though methinks??????? £250k down to £85k in 7 years is outstanding work indeed!

mintedmatty

Received a letter from HSBC stating my mortgage payment will reduce down to £228.88 from next month! So instead of overpaying by £66 everymonth I will be over paying by £173 everymonth? The plan was always to carry on paying £401 to pay the mortgage off quicker, but should I consider overpaying on the other mortgage seeing as its on a higher interest rate? Or just save the difference to get a bigger deposit as obviously we wish to be on a lower LTV as possible in around 18 months time and it comes to selling ours and buying a new house? I have considered a combination of all 3 but would spread the difference out that much it wouldnt make much difference on deposit or mortgage reduction?

Any advice would be considered and appreciated?

mintedmatty

I have owned my house 5 years today! I can remember going to the estate agents and picking the keys up and popping in prior to going to work that day, I can remember thinking when I opened the door how empty the place looked but the previous owner had left me a note wishing me the best of luck! I can also remember thinking how on earth I was going to purchase any furniture as I had ploughed everylast penny I had into buying the house!!!! It was a lot of hard work but had great advice from my parents who openly admitted i would be skint for a year at least as 'there will always be something you need for the place'. Looking back it was a great feeling with the utter graft of saving so much for so long!

Ive decided to increase my payments to £460 next month when my actual payments should be £228.88 so I can pay over 2 payments every month and continue to try and save more for the next deposit.

mintedmatty

£4306 in interest saved!!!!! Wow! Very proud of myself & MrsMM. Its been almost a year since we have been overpaying and we are really happy with how much we have saved! We are treating ourselves to 9 nights in tenerife at the end of August and saving our trip to Vietnam until the end of the year. We hope to put the house up fro sale around Feb time next year and a couple on the estate around us have sold recently which is good news. Its all decorating, deposit saving and mortgage reducing for the next 8 months.

On my own mortgage I paid my very last payment on fixed rate yesterday! By rough calculations the amount of interest added to my outstanding balance each month will decrease from around £210 to £58!!!! So I am intending to increase my payment from £405 to £460 to take advantage while rates are so low. Still paying £250 on the HSBC regular saver and £50 into the A&L regular saver to help save for the deposit next year.

On the whole everything is going really well, between my savings im earning over £10 interest between my various savings accounts. I have put a few quid away for an engagement ring, we actually went as far as looking together the other week and I think its just finding the right one? Work for both of us is good, Mrs MM's new job is very challenging but she has settled in a really enjoys it!!!

Onwards & Upwards

SmlSave

Well done minted! :T Glad to hear everything's going well