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Yet another new 2011 dairy
Tesco_Tom
Posts: 95 Forumite
OK this is it - Ready to go for it now !!
Have signed up to the 2011 MFW thread and officially now known as No. 58.
Bit of background to our quest to be MF. We are a family of four - Me(Newly moneywise, planner and sometimes dreamer), DW (Practical, realistic and voice of reason), DS (16) & DD (14). Having gotten in big money problems about 6 years ago we ended up in ~£36,000 worth of debt :eek::eek::eek: and on a DMP with the CCCS. After a long haul we have now made the final payment and cleared all our debts
:D:D.
During the last five years we were on a fixed rate mortgage (5.75%) with RBS which will finish 1st March; during this time the equity in the house has risen to a decent level that will allow us to remortgage at about 45% LTV. Due to our previous problems there was no point in trying with another lender, so we have got another five year fix with RBS, but this time the rate on the outstanding balance of £78,010 is 3.75% and we reduced the term from the current 17yrs to 10yrs (£199 arrangement and £35 change fee). This will kick in from the 1st March with a normal monthly payment of £782 per month. We hope to be able to overpay as much as possible with the first target to reduce mortgage balance to £70,000 by end of 2011.
We will use the next 2 months to bolster emergency fund in preparation for the journey ahead. Hopefully the discipline from the last 6 years will help going forward and allow us to be MF as soon as possible.:j:j:j
Have signed up to the 2011 MFW thread and officially now known as No. 58.
Bit of background to our quest to be MF. We are a family of four - Me(Newly moneywise, planner and sometimes dreamer), DW (Practical, realistic and voice of reason), DS (16) & DD (14). Having gotten in big money problems about 6 years ago we ended up in ~£36,000 worth of debt :eek::eek::eek: and on a DMP with the CCCS. After a long haul we have now made the final payment and cleared all our debts
:D:D.During the last five years we were on a fixed rate mortgage (5.75%) with RBS which will finish 1st March; during this time the equity in the house has risen to a decent level that will allow us to remortgage at about 45% LTV. Due to our previous problems there was no point in trying with another lender, so we have got another five year fix with RBS, but this time the rate on the outstanding balance of £78,010 is 3.75% and we reduced the term from the current 17yrs to 10yrs (£199 arrangement and £35 change fee). This will kick in from the 1st March with a normal monthly payment of £782 per month. We hope to be able to overpay as much as possible with the first target to reduce mortgage balance to £70,000 by end of 2011.
We will use the next 2 months to bolster emergency fund in preparation for the journey ahead. Hopefully the discipline from the last 6 years will help going forward and allow us to be MF as soon as possible.:j:j:j
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Comments
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Reserved for SOA0
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I only started mine a few months back, despite joining in 2008 like you and not posting much. I've started to read a lot on here and post more often and it's amazingly good at focussing your mind to see other peoples success stories and to keep to account to other people here by regular posting.
Sounds like you've made huge progress in the past few years and I'm confident that your targets of £70k by the end of 2011 will be met.
All the best Tesco Tom!Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
Good luck, the discipline you have had to show will certainly stand you in good stead moving forward.RosieTiger - Highest £242,000 Feb 2004 :mad:
Lightbulb Dec 2008 £146,000 by March 2026:eek:
MFi3T2 and T3 No 28 - Dec 2009 Start Balance £117,000
Current Position-Fully off set by savings since March 20130 -
Good luck Tom you have made fantastic progress in the last 6 years - and the discipline will stand you in good stead. Look forward to hearing how you get on :TA positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
Mortgage Balance = £0
"Do what others won't early in life so you can do what others can't later in life"0 -
Well done Tesco Tom, You have done amazing to clear that amount of debt! Looking forward to reading your progress Credit card £4461.15Home mortgage £137117Buy to let mortgage £83,0000
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Hi Tesco Tom
Great work in the last few years by the way:T Bet you couldn't wait to get started on this new chapter.
Best of Luck
Someday SoonCompletely Debt Free 2009:j
Completely Mortgage Free 2013:j0 -
Thats a great rate on the long term fix and reducing the term down to 10 years is another wise move!
Can you increase the term back to 17 if you need too ? We have to pay £50 to increase ours if needed.
Good Luck on the MF journey and watch the pennies in 20110 -
With some other unexpected expenses (including DW staring her own business) it has taken slightly longer to get the emergency fund in place, but now that is sorted and going well we have made our first mortgage overpayment - £500 paid today !! Here we go !!0
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Well done - keep going! 0
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Well done Tom, the MF journey is an addictive one. Good luck.Nov 2025 - part 1 - £13,878 part 2 - £20,953 Total - £34,832 24 months to go!0
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