greent's mfw journey

greent

Usual monthly OP of £543.57 out today. Also bit the bullet and paid another good sized OP on top. DH hasn't claimed expenses for months and this month also is council tax free. Expenses totalled just under 3k!! Our current account really needed that, but as it included £350 of expenses from aaaaaages ago where he'd lost the recipts until now and c/tax is £180/ mth I've paid £465 (strange figure, but was to make a nicer outstanding balance figure on sub account 02

Just updated spreadsheet - mtge is now due to be repaid 1st Feb 2017 - exactly 5 years today!!! Wow! It feels like it's getting close now Projected balance for my target date of Jul 2016 is £8700, so that's sort of what I need to find extra to repay it by then (impact on my interest is relatively low from OPs) Balance outstanding is a few £ under £73k.

Mtge statement has arrived from C&G - for BTL property!! Grrrrrr! It'll be at least a couple more weeks before ours arrives, I expect... then I can check figures to s/sheet and do any recalcs

Brodiebobs

Is it sad that every day when i get home from work I root through the post to see if my statement has come from them!

5 years today is fantastic, and i'm sure if you carry on at this rate it'll be sooner. My remaining balance is about the same as you but sadly I dont think we earn nearly as much to make as big OP's. One of our sub accounts comes off the fix this year so it should improve!! well done.

greent

Another £10 OP from 2 teeny ebay sales and a teeny cashback claim!

Brodiebobs -we noticed hige changes when our sub accounts fixed rates ended - daily interest went down by £5.50! And it's not a sprint - this MFW lark is definitely a marathon! Our ideal mf date of Jul 2016 is there for 2 reasons - on one hand our first mortgage taken out in 1991 was due to be repaid then, so there's a sort of completeness in becoming mtge free 2 house moves (and 4 children!) later than our original date. Secondly, DD will be due to start uni in Sept 2016 - so although we'll hopefully be mtge free, we still won;t have any money!!

We haven't had any other debts for a few years other than the mtge (we do have £3750 on int free cc right now, but I could clear that if really necessary from savings) so money has been directed solely there

We may have a little sticking point in our mfw quet, though - we're thinking of a Summer holiday to Florida for 2 1/2 weeks in 2014.. maybe delay it until 2016 - that'll be after DD's A levels & DS1's GCSEs. DS2 will be 10 and DS3 7 - quite good ages for enjpying it....

Hmmm... maybe I should take up the lottery!!

Brodiebobs

I feel a bit better then our first mortgage was taken out in 2004!!! Cant wait for fix to drop off, i've had a play on calculators and think it'll save about £80 a month, which naturally will then be an 'extra' OP.

We really fancy a Florida holiday too but my youngest is only 3 so we were thinking 2014 too, so they'll be 6 and 10, nice age I think. We went to Paris and loved it so hopefully Florida will be amazing!

greent

Ahhhh - I had a feeling we'd been mtge holders for quite a bit longer than you!

We went to Florida in Oct 2007 - DD was almost 10, DS1 7 1/2 and DS2 was 19months! Hard work, but great fun - good value, too, as we had an exchange rate of basically $2: £1


Another £10 OP just made - had a refund of £6.20 from a school trip to a castle which didn't go as planned

greent

Small sale of £6.50 just made - rounded up to a £10 OP

STILL waiting for my mortgage statement from 31st Dec...... Bloomin' C&G.

Brodiebobs

I got mine on tuesday so it shouldn't be long.

newgirly

Hi greent, I like the idea of finishing your mortgage the same year as you you took your first one out, thats probably about where we will end up, 2020 after starting out in 1995 and liviving in one flat and two houses.
The only challenge is not moving again before getting there

Good luck sorting the floor out, best wishes newgirly.

greent

Grrrrrrrrr!!! STILL no mtge statement!! This is getting really silly!

Aside from that, I've just made an OP of £25 from ebay - not as much as I'd have liked (only sold 4 items from 50+ listed!) but it's unwanted stuff out and all money on the mortgage, so a win-win. Roll on the next free listing weekend, when the unsold stuff shall be relisted and another bunch of stuff also listed!

newgirly, there's something quite satisying about aiming for our original mortgage free date - anything sooner is a bonus (and unlikely with the plans I have!!!)

greent

Grrrrrr! Drat, damn and blast!

Mtge stmt finally arrived today and balnce was different (more!) than I thought it was going to be by just over £300. For some reason one month they didn't have our regular OP in the DD - appears to have been their error - they set it up for a fixed period, rather than indefinitely. Sooooo end of year balance was actually £76 316.68, rather than £76k A tiny setback, but one I hope to recover later this year - I am determined to get the extra £3880 OPs needed to clear sub account 02!! That balance WILL read 'nil' as at next year's statement!!! ;-)

Other than that, we are so skint this month - DH has a new 15 month contract as a salaried employee, rather than a contractor - so I was expecting a salary this month - but contracts haven't been signed before cut off so he's not on the system, so NO money at all from his job..... Serious juggling required - I've put the last couple of shops on the CC rather than debit card, as we just don;t have the cashflow to cover it.... eek! HOPefully it will all be sorted end of March, when we'll get 2 months worth of salary..... just need to be careful with CC spending in the meantime