Mortgage-Free Fresian? Here's hoping!

mooomin

Afternoon all,

I'm flying_fresian and I've been a regular on the DFW boards since 2009. I've done really well, and have repaid over £9,000 of unsecured debt, and now I think it's time to start on my mortgage.

I currently owe £43,885.35 and have 18 years left on my term. I've over paid £331.23 so far this year, which isn't too bad as I wasn't really thinking about overpaying, so have just made occasional ad-hoc payments. My bank told me that I could make unlimited overpayments online, but I can't get online banking to work so am going to have to call them to make today's planned overpayment of £115.

My mortgage is currently variable and I pay 0.5% interest - I work in financial services and I get staff rate. I am as well paying into my mortgage as I am paying to savings at that rate! I have a wee slush fund for repairs in the house etc, so although I'll be mainly overpaying on my mortgage, I'm going to keep adding to savings too.

My goal for this year is to hit £1500 in overpayments by the end of the year. Hopefully I will keep going upwards from there!

mooomin

Hmmf, less than impressed at finding out that I can't overpay to my mortgage online. Still, I've called up and paid £115 to the mortgage today, which isn't bad for a first real overpayment! I think I'll need to just keep the money in another account and pop to the bank as and when I can.

My plans for the rest of today include making up the rest of my minimum exercise for the day (I'm doing Weightwatchers and am a slave to my pedometer!) and listing some books on Amazon that I know will make a reasonable amount - and that will all go in the pot!

My current SOA is as follows:

Monthly income: £1180

Outgoings:

Mortgage: £213
Council tax: £135
Union: £9
My mobile: £36 with another 15 months left on my contract *d'oh*
Mr F's mobile: £16
Gas/electric: £60
TV Licence: £12
Home insurance: £16
Bus pass: £45
Virgin Media: £35
Entertainment: £50 for my nights out
Christmas/Birthdays: £30
Groceries: £210 to feed me, Mr Fresian and two fat, old cats
Car fund: £50 to cover MOT and tax

Total: £917

I normally transfer £140 into my current account to cover my spends for the month over and above those listed. Anything I make over £1180 (overtime for example) automatically goes into my savings account. From my £140 I also do daily payments to savings as I've been a member of this thread for a long time and found that it really helps me.

Thanks for listening to my waffle!

lincoln-potter

Hello FF,

welcome to the MF side of things. I did write a longer pot but my net crashed and ate my response:mad:

Well done on sorting your unsecured loan out and congrats on the OPs you have made so far.

I wish you all the best with your MF aspirations and journey.

never_too_old

Hi FF
im not an official mfw but i do my bit as it is what i want.
I never offically asked if i could send additional payments to my mortgage when i first started but have since spoken to them to make sure they are getting the payments and was told it was ok.
i got the sort code and account number and just set it up on my online banking and sent payments as part of my Pad.Occasionally i go in to a branch and do it. I also log every payment on my snowball thingy, so i can play every now and again to see how much i need to pay to get it to go down by a month,
Hope Mr ff is feeling better,:D

XSpender

Hello FF!

Thanks for the link to the PAD thread. This might just work for me in adding to my ops and savings.

Good luck with your £1500 goal

XS

yukkibear

Hi FF, good to see you started a diary here, good luck.

girlatplay

Hi FF. I am not a MFW yet, I want to pay off my loan before I start on the mortgage but I have seen you on the PAD thread and I have had a quick look at some of your other diaries (stalkerlicious!!) and you are quite inspirational and entertaining so I would like to follow you here.

Good luck!

Gap x

*subscribes*

mooomin

l.m.hart wrote: »

i got the sort code and account number and just set it up on my online banking and sent payments as part of my Pad.

My online banking won't let me do that. It just says "invalid account number" for some reason. The nice man in the mortgages department confirmed that they don't let you overpay using online banking. If I want to overpay I'll have to use the 0845 number or go to the branch.

mooomin

XSpender wrote: »

Thanks for the link to the PAD thread. This might just work for me in adding to my ops and savings.

I love the PAD thread - without it I don't think I would have cleared my debts as quickly as I did. It doesn't work for everyone, but I've rarely missed a day since I found the thread so it works as a motivator for me.

yukkibear wrote: »

Hi FF, good to see you started a diary here, good luck.

Thanks YB I'll be wandering into your diary too for hints and tips!

girlatplay wrote: »

Hi FF. I am not a MFW yet, I want to pay off my loan before I start on the mortgage but I have seen you on the PAD thread and I have had a quick look at some of your other diaries (stalkerlicious!!) and you are quite inspirational and entertaining so I would like to follow you here.

Thanks GAP - all stalkers welcome

Since last I posted I've done the rest of my daily exercise, posted an Ebay parcel and withdrawn the balance of my Paypal account. It was only about £5 but every little helps! I am just about to list some books for sale on Amazon and then the rest of the day is going to be spent relaxing!

slowlyfading

Good luck on your MFW journey

beanielou

Happy new diary