New wannabe, cant wait to get started

dolly-bird

Hi All MF Wannabe's

Im new to this part of the site, but i've really been enjoying reading what other MFW's have been up to...Its quite refreshing that there are other like minded people out there wanting a MF life.

A little background info - Promise I wont drone on, but do have a tendancy to waffle -Any whoo !!

I live in Cornwall with my partner, we bought our house 4 1/2 years ago, mortgage due to come off a rather high aprox 6% fix, rates went down after we fixed unfortunately, but we like to know how much we will be paying. We will asses the market in the next few months to see what will be available and try and get a good deal, hopefully, which will allow us to overpay each month or in blocks.

Current mortgage £87,000, hoping to be in a position to pay of 5K when re-newing in July, thus reducing to £82K over 20 years. LTV = 55%. No detbts luckily, except for 3 hungry kitties, no cat cruelty was undertaken whilst this blog was made.

My partner was thinking of reducing the amount of years on the mortgage at the same time, not sure if this will help at all???

My partner has a full time job, but I took voluntary redundancy last March, (or face a pay cut & demotion- the recession). I now have a 3 day a week job, and do some gardening work on the side when weather and my M.E riddled body allows. - Not looking great is it

We did take on a lodger last year, which proves no problem at all. We are hoping to overpay somewhere between £100.00 - £500 per month, depending on what happens with the mortgage in July.

This is not my first mortgage as previously owned 3 properties before this one, but circumstances changed, and i probably grew up, as took my first mortgage at 19

I am feeling really inspired to cut back, even thou we are fairly aware of our houshold consumption, gas/electric/water etc. But now im on a mission I am determined to cut back in lots of area's. Any idea's are gladly welcome.

Thanks for your time, and allowin me to drone on. :0

Dolly Bird

originalmiscellany

It's great to have you on board - and you're right there's loads of interesting posts and opinions shared here. It's quite a good focus to keep up the good work too, by regularly posting how you're getting on.

Sounds like your head is screwed on, and you're going to do well.
a) Ideally overpay AND shorten the mortgage. It'll save a fortune in the long run!
b) Possibly post an SOA and ask people to look and see where extra savings can be made, e.g. changing phone provider/gas provider could free up a few notes per month which again will help long term.
c) Enjoy yourself!

Looking forward to seeing you flourish, and I love your name!

dolly-bird

Thanks for your kind words and tips, will definatley look at trying to reduce the term of the mortgage if this is financially possible. Cant wait to see how much I will be saving, probably knock my socks off

An SOA is a great idea. I already have a few ides of cost cutting.
Although it may only be a few pounds, with that and other ideas I have up my sleeve, it may help increase my 'Mortgage Overpayment Fund-MOF) at the end of the month.

I can see how people become quite addicted to saving for o/p, its definately great fun.

Well Dolly Bird it has to be really - enough said

Cheers

DB

cha97michelle

It is so addictive, but you will feel at home here as we are all trying for the same goal.

Wishing you luck on your journey.

dolly-bird

It feels very re-assuring that there are other people scrimping and saving every penny in search of a better and mortgage free life - eventually !

I will look forward to keeping updated with all the other like minded MFW's out there.

Thanks for your support

Dolly Bird

newgirly

Hi dollybird, welcome to the board, its fab here. Everyone is so supportive and helpful. I joined last year and it has completely changed our lives. There are so many ways to save and earn a bit extra, have you looked at the oldstyle boards yet ? I find them very helpful.:D

dolly-bird

Hi Newgirl,

No I havent looked at the old style boards, can I just go back the pages available and browse the posts ??

I am always trying to think of hair brained idea's to make a bit of extra cash, as well as trying to cut back the outgoings. Think this site is going to be right up my street, everyone is so helpful

Dolly Bird

newgirly

Yes you can have a nose through all the old posts, there are lots of challenges you can join as well, like the grocery or clothes challenge. Might be worth a look at the up your income board as well, lots of us use cashback sites and do surveys, hope this helps.

linz

Hi Dollybird,

I'll subscribe to your diary and check in every now & again to see how you're getting along. Quite new to this board myself but love reading all the diarys for inspiration and motivation.

Good luck!

dolly-bird

Hi Newgirly,

I am definatley up for new challenges, will have a look at the clothing and grocery items and post my aims and targets as I go. Thanks for the advise, any help is great as I am new to all of this and not sure where to find all the info that might help.

Dolly-Bird

dolly-bird

Hi Linz,

I also love reading other people's posts, but I didnt know you could subscribe to a persons diary - Great - Thanks

I feel really inspired to knuckle under and get saving !

Thanks for the support

DollyBird