Pawlala's MFW diary (Part II now underway in earnest!)

pawlala

wynnvegas wrote: »

Hi Pawlala,

Sorry to be nosey but, well, in this instance, I just am!

I'm a wee bit behind you in financial terms but we're thinking along the same lines by paying the current house off then moving. Do you think it would be better buying a new house in the short-term in anticipation of the market increasing (and thus getting saddled with a new mortgage) or, as we're currently planning, saving the difference between the value of the current house and any new one to avoid the additional borrowing? Being mortgage-free is such a big deal to me that I'd hate to even think about getting another one. Whatever your route, I wish you the very best of luck.

Cheers,

Billy

Hi Billy! I guess it depends on firstly two things: 1) Whether your current house sells at the right price; and 2) you find somewhere you WANT to live rather than potentially moving prematurely just because the I/R are low. Personally, I'm still at stage 1 so I have no choice. But its good to know that I will be saving heavily in the meantime

Good luck!

pawlala

zebedy wrote: »

Hi, Congrats on your huge OPs during 2009.
Any hints and tips of how you've managed such big OPs.
My mortgage is similar to how yours started at the beginning of 2009.
I've been working hard at it and have managed to pay off nearly £7000 this year, but like you I want to move next year.

All hints are appreciated,

I'll follow your story with interest

Clear out the savings. But I guess the first thing is to make sure you don't leave yourself financially short while you're mass-overpaying. I have a reasonable car and very rarely splash out large sums of money on anything. I have 6 months worth of savings for emergency. I don't need anything else. Beer money, that's it :rotfl:

I made the decision to make my first overpayment a very large one in the knowledge that the money would just be sitting there doing nothing anyway. I am lucky to have a mortgage that doesn't have any OP or early redemption penalties, which would have hampered my decision.

pawlala

good news: today had a sponsorship of just over £1000 confirmed today which is all going towards OP

bad news: the £1500 I mentioned earlier has not fully cleared

which means the OP I was going to make today will have to wait until at the earliest tomorrow, more likely Wednesday.

At least this month will be more productive towards the MFW that first anticipated, I am looking to halve the remaining figure in one foul swoop, and possibly become MF before the chimes of new year. Let's see

financialbliss

pawlala wrote: »

bad news: the £1500 I mentioned earlier has not fully cleared

Leaves on line, wrong type of snow, frost?

Yeah - you and me too. I'm waiting on a £200 OP made on-line on Saturday morning clearing. From Nationwide current account to Nationwide mortgage. Just a tad frustrating...

I can move money instantly between current and savings accounts with Nationwide, so why it takes 2 or 3 days to clear a mortgage payment I don't know, especially with faster payments 'n' all.

FB.

pawlala

yeah I was hoping that the cheque that was eventually sent was for the same bank, but no. And since it was two weeks late in coming I couldn't do much about it, I did my bit and cashed it within an hour of delivery. Three full work days since Thursday (not including the day of cashing) leaves Wednesday this week. I guess by then the £1000 will have arrived via paypal so it might all work out in the end!

At least I have confidence that the OP I eventually make will be via CHAPS which avoids further delay!

pawlala

the cheque has now been cleared, which means a large OP tomorrow. Deep breath!

pawlala

I've made my OP today which brings the total of OPs this year to £57000 exactly! I will update my signature when I know the exact figures left but the balance remaining is under £5000 :dance: and monthly payments of £30.

I have to look at the figures closely but I have a revised target in mind for MF of 31st December 2009. All I have to do now is figure out whether it is achieveable or not.

weezl74

:T:T:T:T:T:T:T:T:T:T:T:T:T

wow! Well done

I'm impressed, and a little jealous

pawlala

I'm going for it. Early next week I'll have enough to be MF (part 1 anyway), just transferred enough capital to cover it all. Come the end of the year 2009 I will begin SAVING for part 2. £45 more saved in interest over the next 3 weeks. Thanks to you all and :money: of course

setmefree2

the finishing line is in sight