1 mortgage, 2 babies, 3 years to be MF, 4 goodness sake!- weezl's diary

Queen-Bee_2

weezl74 wrote: »

Thanks Shaz and knithappens.
MFW motivational realisation: I plugged in our original term and borrowing into the mortgage calculator t'other day and then compared it to the date we're hoping to shift the mortgage by (jan 2012). If we make it we will have NOT paid the bank £100,782.08 :T:T:T in interest. This is extraordinary, I can't quite get over it . It's like a lotto win or a huge inheritance coming our way... but we earnt it!

Other MFWers have you done this calculation? I'd be interested to know how much you're legally robbing the bank by

I worked out that I'll save about £52k in interest payments on a £100k mortgage. It still seems a bit incredible - I'll believe it when I've done it!

Sian_the_Green

weezl74 wrote: »

I'd really like to find the motivation and energy to do some ebay listing, so perhaps need to set myself a challenge.... Hmmmmn, can't think of one at the mo.... will get back to you!

That is an insane amount of money Weezl, congratulations!

With the ebay stuff, could you challenge yourself that for each new purchase of something significant I mean for example a new item of clothing rather than a bag of peas, you need to remove something else from the house e.g. list an old dress you no longer wear that is taking up space?
Or were you thinking of a financial target, in which case sorry

Think I am going to try and do a 'one in- one out' policy for my clothes. Would help with not accumulating too much clutter too

Cazzdevil

Ours is slightly less impressive, we've reduced the term of ours from 15 down to 10 years and in doing that we will NOT be paying the bank £5441.24 in interest. However if we can pay it off in 6 years (which is the absolute ultimate goal) then we will have NOT paid the bank £9560.54 in interest.

Not quite as much as yours Weezl but it's still a heck of an amount. However, I did work out that if I did clear the mortgage in 6 years then put the original monthly payment ONLY (without any overpayments) into a savings account for the remainder of the original term (so if I pay my remaining 15 year mortgage off in 6 years then it would be 9 years of putting into savings) then at the end of the original mortgage term I would have a completely owned house, will have avoided paying the bank almost £10k, but will have nearly £40k in savings too!!

Now THAT's screwing the bank

Cazzdevil

Not sure if anyone knows about it but I use this nifty bit of software to check various mortgage scenarios http://www.mortgage-software.net/downloads.shtml
Anyone know of a better one cos I'm only using the trial and it keeps expiring.

patentgirl

Hello Weezl
Just wanted to come and say well done you have achieved what some would same impossible have read through the whole thread very inspirational we are trying to pay off our mortgage too, would be interested in how the cashback card works too you have certainly got me started joined the frugal challenge and would like to start putting things on ebay but havent got a clue although have got a DD17 who I am sure will know just what to do !
Will be watching with interest.

weezl74

shaz_mum_of__2 wrote: »

Not sure about sizes it was the large baked bean type size tin (400g?) in 500g of pasta which serves us 3 plus 2 lunch sized leftovers some of those olives would be nice too.

Weezl where is the calculator i have not done a calculation but noticed our mortgage went down by £1100 more than we paid off when we made our 10% op last week

Those sausages sound yummy! Piccies please of the ones with Leeks in

I use this calculator which lets me tweak overpayments and various scenarios. Prob not as useful as Cazz's one or the egg one for some, but really fine for our set-up

good idea about the olives in the fish pasta. Shaz will they text me about my approved foods order or will it just arrive?

Loving the sound of the onion tart too, might well google that...

xxx

Queen-Bee wrote: »

Hello Weezl, I've been thinking about changing to a cashback card - can I ask how much you spend/get back on it during an average month - there's just me in the household at the moment, and I'm trying to be frugal, so I am just wondering whether it'd be worth it! Thanks! QB

Hi QB After our intro rate for 3 months with Amex expired (5% cashback) we swapped to capital one and get 1% cashback on all spends. We put things like our tax bill, and council tax on it, food, fun, DH's professional costs- everything really. The only places I can't use it are costco or ikea (below a £70 spend- else the fee wipes out the cashback IYSWIM?). So only the mortgage, direct debits and costco go through our normal account. I manage it online, and they show a running statement of spends very clearly so I find it easy to pay off in full each month and to know how much to set aside.

We earnt just under £100 this year (hence cash-neutral christmas) so my total yearly spend on it last year was £9950 ish. We also put any work spends we can get repaid for on it, cos they pay us back the full amount so we get a little extra that way prob only £5 a year, but it all helps :D

Sian_the_Green wrote: »

That is an insane amount of money Weezl, congratulations!

With the ebay stuff, could you challenge yourself that for each new purchase of something significant I mean for example a new item of clothing rather than a bag of peas, you need to remove something else from the house e.g. list an old dress you no longer wear that is taking up space?
Or were you thinking of a financial target, in which case sorry

Think I am going to try and do a 'one in- one out' policy for my clothes. Would help with not accumulating too much clutter too

I like the one in one out....Although at the mo am not really buying as I hate buying maternity clothes, it feels so temporary! I'm getting away with elasticated waists and DHs T shirts Don't i sound glamorous?:rotfl:

But there will be some essentials, like very large pants (sorry, have never been able to face getting these second hand!) so maybe I should sell before I can buy them....

shaz_mum_of__2

Weezl if you chose the courier option you get told when it has been dispatched and can track it if you chose normal delivery it used to just turn up but not done it that way for a while as i usually benefit from using the courier

From the 10% op we plan to make every year and shortening the term of our mortgage we will save £15331.95 and reduce term by 8.1 yrs (of 13) and thats without any extra over payments .

Weezl the tart is a pastry case with lots of caramelised onions with a little dried thyme in and then a milk/egg mixture like a quiche and topped with cheese . i have added leeks and some sliced potatoes too no pics of sausages this time all packaged and frozen apart from the rejects!!

Can have a pic of tart and muffins later though ..........

later...................

patentgirl

Shaz that tart looks great can I ask did you cook the potato and leeks first and how long in oven? thanks going to have to give that a go

shaz_mum_of__2

Yes onions leeks and potato cooked in butter over a long slow heat about half an hour to bring out the sweetness of the onions i used 3 eggs to 3/4 pint milk and cooked for 30-40 mins on gas 5 (the dish is about 15" by 10")

Shaz

carpedieme

hi weezl, big pants 2.50 for pack of five in the big primark in cardiff!