My MF diary

getmore4less

SOandSO wrote: »

Well, having just got over some bug which laid me very low and then having to catch up at work I wasn't feeling the best. However my op of £1600 has come off the mortgage this morning:j It means mortgage 1 is below £170,000 and as the interest has already been added at the start of the month it won't go back over :j:j

I am going to phone the woolwich today and try and change my direct deebit from the 15th of the month to the 1st of the month.

Not sure they will allow this tracker and offsets are fixed payment dates.

What Woolwich deal are you on?

Check your interest rate

If you are a tracker and using the reserve it could be at a higher rate than the others parts of the mortgage also you can overpay this as much as you like on the reserve.

setmefree2

SOandSO wrote: »

Well, having just got over some bug which laid me very low and then having to catch up at work I wasn't feeling the best. However my op of £1600 has come off the mortgage this morning:j It means mortgage 1 is below £170,000 and as the interest has already been added at the start of the month it won't go back over :j:j

well done on that :T:T:T Hope your back to full health soon.

SOandSO

Thank you for the support

I've got a star!!!!!!

SMF2 - I'm getting there slowly health wise, antibiotics finished and just sniffly now but whether its the dark evenings and mornings I don't know but I don't feel too cheerful.

Getmore4less - thanks, the Mtge 1 is on a fixed rate of 4.89% until Sept 10 and the reserve is on the svr at 4.99% so not a lot in it. Except I pay into the reserve every month and don't count it as op's because I then take some (ok over 50%) back at tax and VAT times. If I just pay more into the reserve I'm worried I'll just take more out (for things other than tax and VAT - I've been looking at cars :eek:).

getmore4less

SOandSO wrote: »

Thank you for the support

I've got a star!!!!!!

SMF2 - I'm getting there slowly health wise, antibiotics finished and just sniffly now but whether its the dark evenings and mornings I don't know but I don't feel too cheerful.

Getmore4less - thanks, the Mtge 1 is on a fixed rate of 4.89% until Sept 10 and the reserve is on the svr at 4.99% so not a lot in it. Except I pay into the reserve every month and don't count it as op's because I then take some (ok over 50%) back at tax and VAT times. If I just pay more into the reserve I'm worried I'll just take more out (for things other than tax and VAT - I've been looking at cars :eek:).

What's the follow on rate?

If this is a low rate tracker(a lot were) then overpaying the reserve is a better option.

There is probably a way to arrange for the reserve to act as a business loan so the interest is tax deductable.

Plenty of cheap cars out there

SOandSO

Hi

It's just going onto the svr in Sept 10.

setmefree2

SOandSO wrote: »

I'm getting there slowly health wise, antibiotics finished and just sniffly now but whether its the dark evenings and mornings I don't know but I don't feel too cheerful.

Hope you're feeling better soon.

Best wishes

bungrefurb

Hi SoandSo

Looks like we joined the challenge around the same time give or take a few days. And sounds like you have the bug just as i do. Hope your feeling better. i'll definately keep an eye on your thread and am sure it will motivate me.

These dark nights and wet days are so depressing, atleast we have this challenge to keep us going. Goodluck

SOandSO

Hi SMF2 – thank you so much for the hug it has helped me achieve maximum enthusiasm today.:j
Hi bungrefurb – hope you are feeling better.

I have joined the 2010 MF challenge and so have been sorting out my figures. I plan to do the following:
2010 challenge:
Mortgage 1 – currently just over £169,000 (but I hope to have 1 more op and two normal payments with only 1 interest (interest 1st of month and payments 15th of month so November’s interest is already in figure). Starting figure will be about £165,700 and my aim is to op £20,000 (1600 per month and 800 extra). How will this happen? Well I have made 2 op’s of £1600 in Oct and Nov and haven’t felt too much pain. Christmas presents are 80% completed and some winter work clothes purchased. I am going to keep a spending diary to keep me on the straight and narrow and will report daily (may be some boring reading). I think the monthly reporting will also help to keep me focussed.

MFiT – T2 challenge:
Mortgage 1: I am concentrating on the 2010 challenge for this. The fixed rate ends at the end of September 2010 (or maybe 10th Oct) so I’ll see what type of mortgage and what rate it will move to then. I have noticed that Woolwich/Barclays (same thing and I interchange the names) allow 10% of the amount owed at the start of the twelve months (July for this at the moment) so the amount you can op a year decreases.
Mortgage 2: Currently £20,786. This part of the mortgage runs from 10th Oct. I have op’d the 10% this year so there won’t be any op’s on it because I don’t want to pay the erc. Fixed rate ends 10.10.10 so will review the type of mortgage etc. then.
Reserve: Currently £55,000. This figure will move up and down (tax and vat) but should get a large reduction when I sell one of the btl’s.

Long post today due to the enthusiasm. I know things may still not look too clear but boy is this better than six months ago.

SOandSO

Well I took some advice from other threads and got a little notebook to keep track of my spending every day. Today was the first day and so I was organised this morning and made my own sandwiches. As a result - I haven't spent anything today - maybe I'd better go to bed now:rotfl:

ajmoney

Hi SOandSo, welcome. You seem really focussed on your goals which is great, I'm looking forward to watching your progress. I am trying to reduce my own mortgage and reading other people's diaries is always helping me.