museumworker's quest to consign mortgage to history!

ultrarunner

MW - I am trying to follow a similar tactic, as well as overpaying the mortgage I am increasing my pension contributions and am subscribing to an Investment Trust share plan. Hold quite a lot of cash-based assets due to an inheritance which is earmarked for a deposit for when I buy a bigger house. Different needs, the mortgage overpayment is just part of it.

museumworker

hello and welcome mouche! Congrats on getting this far - if I had a sticker to give you for finishing my diary I would! Is it your first on the way? And whereabouts have you bought in London? Migraines are so so, about 2-3 a week at the minute but usually only last a few hours. Let me know if you start a diary and I will follow you.

tyo - emergency savings definitely required in current economic climate. All doom and gloom at the minute! I also need to get back on the shred. HAve put on 4 pesky pounds so in the red zone now. Up for 2 x exercise sessions by Sunday? I walked to station today, and am trying to ignore the massive victoria sponge in the kitchen area for us all to eat!

ultrarunner - all sounds way beyond my ken, as the scottish would say, but is good to hear you have a broad spread of investments. I hope they all give you good returns. when are you thinking of upsizing the house?

Have been to Ireland for wedding in Galway. A lovely day, was so glad to be there to see woman I have known for nearly 20 years getting married. Was a lovely ceremony and fantastic reception - lots of live music and a mix of people from around the world :j! Wouldn't have missed it for the world.

Not sure did great on money management , but will work out the damage another time.

In shock news I have bought myself a pair of shoes - full price, no discount or cashback :eek:! £70, but sooo cute and just what I have been looking for - not too girly or manly brogues. http://www.clarks.co.uk/find/department-is-women/mcrproductsubtype-is-brogues/product-is-20350388 Linky for shoe people (I'm thinking you Lula-Hula, but they probably won't be high enough for you!)

£29.20 paid off mortgage from amazon money. (for sig when works £10032.45)

gallygirl

museumworker wrote: »

In shock news I have bought myself a pair of shoes - full price, no discount or cashback :eek:!

I don't understand. Please explain .

They look fab

mouche

Those are lovely shoes mw - don't blame you a bit. Or wait, no, that's very naughty of you and you must take them back immediately.

The wedding sounds lovely and I'm glad you had a nice break. Sounds like you also had a mental break from moneysaving which is a good thing - I think you're a bit like me in that you worry about it all the time when there is actually not a lot more you can do. And that creates so much stress.

I've just started my MFW diary so it would be lovely if you would drop into it. Don't know how to do links but here is an attempt
https://forums.moneysavingexpert.com/discussion/3498785

ultrarunner

Hi museumworker, I am probably not going to move for another year at the earliest, some of my cash is tied up until late 2012 so more like spring 2013. I also feel that the market will remain stagnant for some time so my chances of getting a really good place for my money are high. I hate spending 2 hours in a car each day to get to work but needs must until I can make the move.

I too have just got back from a wedding, which wasn't that cheap, but as you say, the chance to see longstanding friends getting married is a good reason to spend money.

Good shoes, and a good bed are also worth spending on - if you're not in one you're usually in the other.

earthgirl

Well done on the 6 month/10k op, thats amazing!!
Glad you enjoyed the wedding and the shoes are fab (and you do a lot of walking)...

Peonie

museumworker wrote: »

That means in a year we will be up to £7,200 + interest + £4.5K in savings which is more than enough contingency. Our aim was to get to about £8k, so it may be in a year we cash in one of the savings and put it in the mortgage - we can decide closer to the time.

This does mean we will be putting £760pm into savings of different kinds, which seems on an emotional level counterintuitive to OPing the mortgage.

However, it is really going to provide such a better return than our mortgage - and is not only heading on the same path but hopefully accellerating the mortgage free date! Any other MFW's have decent savings?

Great savings.

Well I'm also saving. We have just shy of £12,000 in savings, I will not touch £9,000 as it is for emergencies but £3,000 will go towards modernising the house very soon. I am wondering, how much is enough?

However, it is really going to provide such a better return than our mortgage - and is not only heading on the same path but hopefully accellerating the mortgage free date!

I like this, especially 'accelerating mortgage the mortgage free date!' part. It's good to hear someone else talk about prioritising interest rates.

mitfordsisters

'Didn't see midlake - they weren't playing this year (I hope, otherwise I missed probably the highlight of the festival :rotfl:!).
Ouch - that mortgage does sound huge. But we were at £1200 pm monthly repayment until we did the loft and remortgaged with a better LTV (and a better interest rate to boot!). We've kept our payment the same, hence the monthly £207.01 standard OP. That way if mortgage rates rise when we come to remortgage we'll be used to it. So keep to £1500 even when you remortgage too! It might be worth having a LTV target in mind, and working out what you need to OP/save to get that?
Not heard of the first band, must look them up. I think we may have saturday night fever on the i-pod . Am going to go for the pj harvey album though. Used to LOVE her when younger, not kept up with her more recent stuff.'

Thanks for the idea museumworker of aiming to lower LTV - I hope that we will be at 85% LTV in about 18 months time, and maybe even 80% if valuers appreciate our home improvements...

I think Midlake played at End of the Road festival (confused emoticon) - would love to go to that one but clashes with busy time at work (early Sept) so probably never will. Hope the PJ Harvey album is good.

museumworker

gallygirl wrote: »

I don't understand. Please explain .

They look fab

Another way of describing it = a mug's game :o However I am very happy with them. First shoes in perhaps 10 years which haven't given me blisters. And as earthgirl says I do a LOT of walking. Today I have a 3 mile race dressed as a victorian postman. Don't ask! I will be wearing my new loafers .

mouche wrote: »

I've just started my MFW diary so it would be lovely if you would drop into it. Don't know how to do links but here is an attempt
https://forums.moneysavingexpert.com/discussion/3498785

Great news about the diary, I think you'll get a lot out of it, not least from a motivational point of view. Will pop in regularly .

ultrarunner wrote: »

Good shoes, and a good bed are also worth spending on - if you're not in one you're usually in the other.

Totally agree. That is why I have a vi-sprung mattress :o. I was homeless for 2 1/2 years, and when I was offered a permanent place it was the first thing I bought. Took blinking 2-3 months to have it made and delivered, so had to sleep on blow up bed til it came. I did buy it as a john lewis special purchase, if that makes it any more MFW :rotfl::rotfl:?

museumworker

Peonie wrote: »

Well I'm also saving. We have just shy of £12,000 in savings, I will not touch £9,000 as it is for emergencies but £3,000 will go towards modernising the house very soon. I am wondering, how much is enough?

Enough for an emergency fund or enough to redo the house? We are hoping 8K will be enough for an emergency fund, it is 4 months mortgage + living money. We probably should look at £12K but it just sounds sooo much money to have sitting there!

What are you having done to the house?

mitfordsisters wrote: »

Thanks for the idea museumworker of aiming to lower LTV - I hope that we will be at 85% LTV in about 18 months time, and maybe even 80% if valuers appreciate our home improvements...

I think Midlake played at End of the Road festival (confused emoticon) - would love to go to that one but clashes with busy time at work (early Sept) so probably never will. Hope the PJ Harvey album is good.

Fingers crossed on the LTV improvement. Have you worked out what OPs you need to make to get there?