2011 diary - MFW - Can't quite believe it!

coldstreamalways

Hey! I paid my debt off last month and am now a determined MFW. Every day when I drive to work I think, one day, if I work hard, I'll only have to do this 3 days a week! That's what keeps me going, that and watching people walking their dogs as I'm stuck in traffic, wishing I was out for a long walk in our beautiful countryside.

Good luck!

Caroline73_2

LilacPixie wrote: »

Halifax do some instant access savers with little cash cards if you need money out. http://www.halifax.co.uk/savings/accounts/easy-access/variable-rate-web-saver/ interest rate is poop though.

Silly question but have you considered opening a halifax reward account? you need to pay in 1k a month but if you do they pay you a fiver each month. you can have a single and joint account I believe so 3 accounts between the 2 of you with the possibility of £180 'free' cash a year

Thanks LP I will look at that. There is no way I am moving current account though as I am really happy with IF and have had horrendous experiences with two other banks.

I've just had a thought - can I open an account in my sons name? they generally let you pay in odds and sods without penalty. DS1 has an account but DS2 doesn't. I wouldn't have to pay tax on it then (assuming he doesn't go over the threshold) or is it illegal?

dimbo61

Now you are debt free except the mortgage why not split any savings with 50% going on the mortgage overpayments ( you dont give your mortgage rate!) and 50% into the savings pot for fees,legals,surveys (when you move!)

LilacPixie

no you can. there is a thread on the savings and investments board about using your children My two just have accounts for them. IR on kiddie accounts tend to be rubbish though unless its a regular saver bond thingy

nellis10

Congrats on being Debt Free and welcome to MFW!!!
Looking forward to tracking your journey!

Caroline73_2

dimbo61 wrote: »

Now you are debt free except the mortgage why not split any savings with 50% going on the mortgage overpayments ( you dont give your mortgage rate!) and 50% into the savings pot for fees,legals,surveys (when you move!)

Fortunately OH has a guaranteed bonus in February which will be enough for all the fees and removal costs so can I channel everything into the mortgage. I'm hoping to avoid EA fees as the owner/landlord of next door has expressed an interest in our house

I need to dig out the paperwork for the mortgage rate. We are about two years in to a 5 year fixed rate. It hasn't been the best option so far but hopefully by the end of the fixed period it will have been better than a tracker.

LilacPixie wrote: »

no you can. there is a thread on the savings and investments board about using your children My two just have accounts for them. IR on kiddie accounts tend to be rubbish though unless its a regular saver bond thingy

Typically I found the thread after I posted! I don't need to worry too much about IR as the main criteria will be ability to pay in smaller amount of cash over the counter, then I'll get it out regularly to pay a lump off the mortgage. We can overpay lump sums a few (?4) times a year without penalty.

I just withdrew funds I had in Paypal from Folksy and cashback from Topcashback so thats another £13.93.

Caroline73_2

Right

I have sorted out all my figures

£104,040.75 left to pay. Interest (6.19% fixed until for another 4 years! Oww!) is calculated daily but applied to the account at the end of January so that figure will go up in 2011) with 262 payments left.

I can over pay as often as I like, up to 10% of the mortgage value.

AnnaBeth

Welcome Caroline. You posted on my thread and then I found you, it's a strange process to get used to.
Found your website though as well so think I'll be using that for friends children this year love all homemade gifts would love to start making my own too!
High interest rate which is similar to what we had but we took the fees and pulled out early to get 3.89%, it made so much sense despite paying to leave the deal, worth looking into the fees to leave etc. Our payments reduced from £1,040 to about £850 just changing the rate. DH worked it all out used to work for building society to he understands more of that than I do.

Caroline73_2

Hi Anna
We did contemplate moving the mortgage but we may need to get a new one when we move so it's not worth the fees for a few months saving on interest. I find the terminology slightly confusing and need my OH to explain it but then I do understand it all. OH works in investment finance so it's his area of expertise.
Thank you for the kind words about my website. I have lots more things but I am at a craft fair on Sunday (all proceeds directly to the mortgage overpayment) so I haven't put them on the website in case they sell then. That's the trouble with one off items! I'm currently making some elves after a request from a friend so if there is anything you think you'd like just let me know.

Caroline73_2

So today I opened an account for my odd bits of spare cash so I can do one large overpay each month hopefully. It's rubbish interest 1.05% AER but I can pay in and out as often as I like. I put the £19 from the loose change pot in there.

I spent too much in Tesco today but lots of regular purchase were on offer so hopefully I can spend less next week. It's my mums birthday next week so I'm taking her out this weekend (Armstrong and Miller on Friday and Crafts For Christmas show on Saturday). I've already bought the tickets but will need to buy lunch and extra petrol this week.

Big positive today was doing my signature. In the past 13 months (when I fixed the mortgage and started to overpay) I have only overpaid by about £300 and I have shaved 18 months of the end of the mortgage. That is mad!!!