MFW DannyG's MF Diary!

MFW_DannyG

Hello Everyone!
After well over a year of lurking and reading random MFW diaries, I have finally plucked up the courage/motivation to begin my own diary to push myself & hopefully gain help from the lovely people I have come across on these forums so far. :T
I am going to over the next couple of days explain where I am at the moment i.e mortgage state, savings, incomes, budgets and plans of attack etc. :cool:

So Heres To Living The Dream! :beer:

MFW_DannyG

So firstly I thought I better introduce myself :hello:

Im Dan, I'm 22 & Im a plumber! I have a fiancee who from here on out shall be known as 'the missus'. She is 22 also & works in childcare. We have a little boy who is about 15 months... I think! :eek:

I brought the house in 2007 for about £84,000 and a mortgage of £80,750. Its a 5yr fixed at 5.35%, which in hindsight is rubbish what with them there interest rates dropping etc - but i'm not great with risk taking and so it suited me to know my payments for the next 5 yrs at least. :money:

katsu

Hi Dan and welcome to MFW

MFW_DannyG

I spent last night ringing round getting my facts & figures right so heres where i am currently

Mortgage remaining £74,300 (Fixed until April 2012) Currently overpaying by £339.94 p/m (standard monthly payment for this year is £460.06 But i'm paying £800 by Direct Debit)

ISA has £6,651.72 in it (including fully used up £5100 allowance for 2010/2011 :j) (3% until October 2010)

Have a regular saver set up which I pay £250 p/m into by standing order (currently has £750 in) Finishes May 2011 (6%)

Have an account set up to pay for the wedding (May 2011 :eek:) so we no longer have to live in sin :cool: . This currently has £3150 in it and I will be adding to this from any overtime/ call out work I get. Also FIL has promised us £500 towards wedding so I will get the missus to get that a.s.a.p so I have better idea of where we are. We have paid for bits and bobs (suit hire, dress deposit, reception deposit, Photographer deposit) Ideally off the top of my head I think we hoped for a budget of £7000 - £7500 but I will review this in the next few days/weeks. :think:

On the downside I have a credit card debt of £1777.55. This is 0% until July 2011. I am almost certain this should be paid off by then (currently paying £125p/m)

MFW_DannyG

Hi Katsu thanks for stopping by was worried I might end up just talking to myself haha!

mummyofonechild

Hello Danny

Welcome from me too. Good luck with your mortgage free journey. Others will stop by I'm sure.

MOOC

MFW_DannyG

1) I said in one of my previous posts that I have used the £5100 ISA allowance and I know that I also have the missus' allowance I could use, but as shes not great with the money thing I feel safer knowing that the money is under control and also if i need to change things I can phone up as and when without needing her to pass the phone over etc!
2) I also realise that my ISA rate is worse than my mortgage rate but I want to build up a good amount of savings to have the security cushion. Also this years regular saver will form part of next years ISA allowance.
3) I do the virtual sealed pot thing, and everytime I get to £100 I buy premium bonds. I started doing that this year and so far have £300 worth. I know the chances of return are slim to non, but I figure instead of putting the money on the lottery which a rarely even win £6.50 on and loose my money forever, I might aswell play it a bit safer.

Also the most important point (I can't believe I forgot to mention this!!! :doh:) is the reason I want to be mortgage free! I have always wanted to live in Cornwall since being a little nipper, and as I dont really know how easy it will be to get a well paying job - be it plumbing or serving tea, I want to go there without the burden of a £600 p/m plus mortgage hanging round my neck. So I can enjoy Cornwall, I don't mind living to work for the next 8- 10 years because in the long run it will be working to live... if that makes sense! :idea:

Ps Hello MOOC thanks for the warm welcome!

newgirly

Welcome!
You seem to be doing really well already, I wish we had been as sensible when buying our first place, good luck with your MF journey.

dimbo61

5.35% five year fix with a 95% LTV was not a bad deal then and you made the right decision on the long term fix as you will have the LTV ( loan to value) under 60% when you come to remortgage with all the overpayments.
Keep up the good work but dont forget to enjoy life as well.

MFW_DannyG

I apologize for my poorly constructed thread so far, its just i've been wanting to start my own diary forever and now I finally have I'm that excited and proud of myself (sad I know) that I just keep writing. Plus I'm glad to be able to get it off my chest to people who actually get my enthusiasm about it.... Hopefully.!

This is my last post tonight I promise...

My mid term plans are as follows
* Get married next year & save enough, off the top of my head I reckon I need another £3500 but will work it out properly
* Pay off as much of the mortgage as we can in the next 2-3 years (will set a target soon once i've looked into things better) So that in 2-3 years we can upsize to a 3 bed house with garage/off road parking
* In about 3 years once said move is sorted go for our 2nd and final young'un - by then DS will be at school and so childcare costs for him will be nil. We can't afford 2 kids in nursery, even with OH 30% staff discount its still over £300 a month for 3 days a week!
*Have £15000 in savings by the time my mortgage fix ends (April 2012) Currently about £7000.:money:

MFW_DannyG

Thanks dimbo61 & newgirly! Nice to meet you both!