My MFW diary to reduce mortgage as much as I can

keza

Hi Linz, just read thru your MFW diary! what a fanstastic job you are doing!
I also try to scrimp on food and utilitys but havent cracked the 'not spending so much on one self' just yet haha. bit of work in that area!

You are inspiring - i shall subscribe to keep me motivated! xx

GreenNinja

Hi Linz,

Just stumbled upon your diary today and have been having a read! Looking forward to seeing how you get on. I keep meaning to set up a diary on here but haven't got around to it yet! My challenge is similar to yours. My mortgage was at 30K in October 2006 and I have managed to reduce it to 8K. Still plugging away trying to clear it!

:beer:

linz

Just popping in to update as OP and regular payment have now come off balance - £39,418.50. Thanks for dropping in keza and GreenNinja. I'd be interested in hearing any tips you have that I could perhaps use £30k to £8k in 5 years is ace!

Have got a couple of weeks worth of shopping in with some vouchers for Sainsburys that a survey site kindly sent me. Also received £25 yesterday from another survey site and a cheque for £22 on the doormat today for a recycled phone. Not got much more outgoings this month now the cupboards are full as i'm going to my parents for easter for a few days and am away to Norfork over the Royal Wedding weekend. There was a deal in the newspaper at the weekend with OldEnglishInns, £14.95 pppn B&B so going away for a couple of days

I'll be interested to read your diarys too, when you get around to them

originalmiscellany

Just subscribing up, nothing else to do you see

originalmiscellany

Linz: When your current deal expires in May, are you going to a higher rate or lower than currently? Looks like it could go either way at the moment in terms of interest rates; Are you in a position to benefit?
I've found myself becoming quite attached to these forums since starting properly in August (ish) 2010, and have found the more I post on here the more focussed I am and the more I (and MOM) want to save. A good position to be in :P
Like you we're thinking of moving although not for another 3 years or so, but being in a position where we have as small a mortgage as possible is our focus.

Have a lovely evening

linz

Hi OM,

Thanks for subscribing Yes, my mortgage rate stands to drop from 5.44% to 4% on 31 May so I'm thinking of staying on that for probably a few months before fixing again. I think this drop in interest rate reduces the mortgage payments by about £40 a month and I can also OP as much as I want but I am trying to build a bit in emergency savings aswell as I'm concerned that i'm obsessed with the mortgage and need a bit more savings incase big things need doing or replacing so I don't know if i'm going to increase my OP's or not yet.

I'm hoping this fall in inflation will mean the rates stay low for a little longer.

My focus is having to borrow as low amount as poss when I move aswell.

Cheers

fillyfop

Hi Linz,

I've just come across your diary and wanted to say hi (rather than subscribe and run!)

I have a much larger mortgage than you but am doing it alone and as of Jan this year have been aiming to op by £500/month like you! So far so good and I'm actually ahead of my target but have a couple of expensive months so I'm glad I've found your diary. It's good to find someone with the same aims as it helps keep you going

You've done so well and I like your tips so will be reading with interest! Keep up the good work!

mortgage_girl

Just stopping by for a nosey and to say well done you are doing a fantastic job! :T

the_alchemist

Just another person stopping by to say well done. This forum is so addictive!

linz

Thanks both

Well i've just sent off my monthly OP, this month I can just about scrape £500 together. This is coz the car is due its MOT and tax, plus I think the brake pads need replacing but I also have £50 cashback from some car insurance I got for my mum, I've already given her the cashback so this is mine, plus nearly £10 from some daily clicks and £7 odd from paypal to redeem so that'll bump my monthly spends up a little. Am hoping some New Vista surveys on TCB pay out this month too, which will be about £7. It all adds up and I could buy probably a weeks worth of tea's with that if i'm sensible

Fixed rate finally runs out this month so will be unlimited OP's but TBH I don't think i'll be able to afford to OP much more than I have been.

I've challenged myself to have £4k in an emergency fund by 31 Aug this year, I like these little challenges, it gives me something to aim for, so rather than chucking everything at the mortgage I think i'm gonna stay at £500, then maybe the odd £10 or £20 near the end of the month if i'm doing ok.

Thanks everyone who's stopped by. I love the mutual support on this board, really keeps me going. :beer: