Jaywhoopee's MF diary

jaywhoopee

Logging these here so I can shorten my signature

MFW 2010 #83 OP: £4,059/4,000 (101% complete :j)
MFW 2011 #83 OP: £5,420/5,400 (100% complete :j)
MFW 2012 #51 OP: £4244/4,500 (94% complete)

jaywhoopee

Another £1k cleared and the £160k owed milestone now reached.

I've also managed some NSDs this month

jaywhoopee

I've not updated for a while but there have been three more months of £1k being cleared from the balance since the last time.

The last couple of months have been fairly expensive, including a short family holiday in Norfolk, so we're not currently on track to hit our MFW target this year

This means we've hit the £30k repaid milestone after 2 and a half years.

We're still on track to hit the next important milestone of £152k owed in 5 months though (the original amount we borrowed for our first house).

jaywhoopee

Another month another £1k cleared.

Still on track for the next milestone in October (which is very significant for us psychologically, as it means we're back to the level of debt we took on 7 years ago to buy our first house).

I think meeting this years MFW target might be a bit harder though - we're currently 7% behind and if nothing changes we'll be 14% (or just under £700) below target at the end of the year ...

jaywhoopee

Another month and another £1k cleared.

Next month we'll be "back where we started" with a debt the same size as 8 years ago when we borrowed £152k to buy our first house.

This is a major milestone for us, as we'll have cleared £35k in 3 years, compared to the £20k in 5 years we cleared on the old house.

jaywhoopee

Another £1k cleared and a most important milestone has now been reached!

We have now reduced the balance of our mortgage to below the amount we originally borrowed about 8 years ago to buy the previous house.

This means that we're "back in our comfort zone" after 3 years of being a little bit uncomfortable with the extra borrowing we took on to upgrade.

The next milestone isn't too far away: we're on track to get below (or at least equal to) £150k by Christmas.

All that said, we're still some way off the £5k MFW 2012 target, so I've reduced it to a slightly more realistic £4500

jaywhoopee

Another month and another £1k cleared

jaywhoopee

Final overpayment of 2012 made, another £1k cleared and another milestone reached.

This means the remaining mortgage is £150k (and probably about 60% LTV but as we're unlikely to move or remortgage in the near future I'm not too interested in that).

We've not hit even our reduced MFW 2012 target, but over £4k overpayment and 94% isn't too bad and paying any more would be a false economy involving overdrafts or raiding savings.

I've set a similar target for MFW 2013, but as we're likely to want to start work on the many much needed home improvements that we've been putting off this year that may be unrealistic.

First up will be new double glazing all round, after which we can decorate the bedrooms, replace the bathroom etc.

If we also decide to extend at the same time then I can definitely see the overpayments suffering and we may even eat into our overpayment fund, but hopefully that won't be necessary.

Happy Christmas!

jaywhoopee

So far this year we've made 3 overpayments.

We cleared £1k off the balance in both January and February.

As there are only 28 days in February the interest this month was lower than usual, making it the first month since October 2011 that we've cleared more than £1000 off the balance. :j

(It's only £50 more, but still ... :beer:)

Overpayments wise we're slightly behind target, but I hope to make up this lost ground in the next 9 months.

jaywhoopee

Just realised we've now passed the £40k capital repaid milestone.

Excitingly this means there's only £15k to clear before we pass the most important milestone of £132k owed (which takes us into new debt free territory of having a smaller mortgage than we've ever had since buying our first house in 2004).

If we keep up the £1k per month clearance rate we've been sustaining for quite a while now, this milestone should be reached in June 2014