Originalmiscellany's MF dreams

originalmiscellany

Yippee - my passport has been renewed - or at least the cheque has been cashed, which I hope means it'll be accepted. It's amazing how quickly 10 years goes, and how much I've aged! Thinner face, less hair...
The story of the rest of my life I fear
That was the last big payment (£77) to come out of my account this month I hope - a few small standing orders to go...

dave_wolves

HI OM, just caught up on your thread and have subscribed to it. I don't get that much time to read other threads on here and when I see them as 100-odd pages long it disheartens me I've got to be honest. Reading yours suits me though cos its punchy and every post is directed straight towards an overpayment of some kind - great read. Keep up the good work, sounds like you're on track to reach your goals.

We're currently having work done to our house with additional borrowing so I'm hoping to kick my own diary off in a few months when the dust's settled (excuse the pun!).

Good Luck OM, keep at it!!

originalmiscellany

Thanks Dave_Wolves (despite being a Wolves fan I assume!) I never get much feedback so it's always useful to know people read this - I read a lot more than I post, so I'm guilty of not commenting either. I aim to overpay every week - where I save up what's not spent and go from there, hence regular posts about small overpaying.
Hope to see you making great progress on your mortgage too Dave and best of luck next year

dave_wolves

Yes I am a Wolves fan for my sins and cannot begin to explain the stress I went through during Survival Sunday last week, but thats for another forum on another website!!

Can I ask you how you manage to overpay on your FD mortgage? Thats not me prying into your earnings, but more of how you put savings aside in the linked offset accounts, and overpay on the mortgage account? Is it not better to build up the emergency fund in the offset savings account and then pump the rest into the mortgage account to reduce the capital? We're currently toying with this mortgage and the One Account and would appreciate your view on how it runs.....

originalmiscellany

Well it's pretty easy really, we're fortunate as well:
2 middle managers, able to save a decent amount, approx just under 3k a month since January.

As far as I'm aware, we took a mortgage out of 82k, which means we can transfer money to and from the offset upto 82k at any point. As we've overpaid substantially, it means we can say access 20k of savings at any time, just by logging into online banking and transferring money from the offset to the current account. It of course means you immediately pay a substantial amount more in interest on the mortgage, but you have access to it in an emergency situation. I will of course be happily proved wrong, but that's how I believe it works, even though I've never needed to use it...

I must also add we have a safeguard of parents who would lend a few k if there was an emergency - not that we've ever had to use it.

Hope that helps?

originalmiscellany

So I think that even in the best case scenario, and you have 81,999 in the offset, so I actually owe just £1, I still have the opportunity to take the 81,999 out should there be an emergency.

[Deleted User]

Hi OM
I often read your thread but am probably also guilty of not replying!!
Well done on the OPs thats an impressive amount in a year 22K!
Hope you enjoy your half term , I feel similar though I dont work in schools my body seems to go by school holidays and it gets to half term and Im shattered!
Good yopu got the passport done- my photo certainly looked a lot older and more grumpy as it kept telling me I couldnt smile in the photo!

originalmiscellany

Just checked - it works, on my FD, it states I can transfer the maximum amount from my offset (upto the agreed mortgage max) into my normal account - I didn't do it, but all the figures were right. Hope that helps dave_wolves, despite your poor footy team choice; )

dave_wolves

Thanks OM, that helps my understanding (despite the comment regarding the poor choice of footy team!!) Dare I ask who you follow?

originalmiscellany

Thanks the young one - lie ins and cooking for friends most nights, my sense of heaven really
I wasn't "calling people out" but I'm aware that I get a reasonable number of "hits" but not many threads - maybe it's because i'm fortunate to have a steady job and no real challenges. It always breaks my heart to read about people who are divorcing/have abusive partners etc and quite rightly they get tens of replies. I found it great to look at some early posters (2009 and before) where you see how they've progressed steadily - they've inspired me and in time I hope I can inspire them.

Have a great weekend one and all - big shop tonight to recharge the larder amongst other things.