Dmharper MFW wannabe

dmharper

originalmiscellany wrote: »

Now 100 miles sounds like a good challenge! Coast to coast I assume means going from say the east to west of England? Sounds quite a challenge, and fair play to you if you fancy a go at it Certainly you won't catch me doing it!

Fresh from the sell-out success of our inaugural outing in 2010, Scotland Coast to Coast returns for 2011. Entries are now open for all classes.
Imagine a route that traverses one of the most famous mountain landscapes in the world by bike, foot and boat; a journey that covers just over 100 miles, including a marathon-worth on foot; a journey that takes in some of the most iconic locations and amazing views in the Scottish Highlands: Loch Ness, the Great Glen, Ben Nevis and Glen Coe.

This is a challenge open to all adventurers. Some will come to win; some purely to finish; many just to take part. All will leave having enjoyed being active with friends in this spectacular setting. Scotland Coast to Coast is a truly defining journey through the mystery and lore of this ancient landscape.

my boss is kind of badgering me into it so really need to get my finger out for next year !

dmharper

setup a payment for my mortgage within my online bank account, token payment of £1

to do list this week !

1. phone bank and enquire about process for overpayment, how what why where !! also i set aside £100 to pay to this
2. two runs need done this week !!!

saleb

Hiya,
I am a bit of a lurker on these boards and just wanted to wish you luck, our age and plan to be MF is very similar(excluding the fitness ;-))... my mortgage is £57k but 1 year ago it was £63K before the O/P started.
It made me giggle that you overpaid £1 because it reminded me of what I do, every friday whether it is £1 or £100 extra in my account I O/P what I can afford, which is rarely the £100 end!
Every little counts and best of luck with your MF by 40 goal.

dmharper

just realised 8 working days until my holiday !!!

decorating living room nearly finished this week.

bathroom had a mini disaster this week, glass cabinet fell out when i was in the shower and cracked the sink !!!!

dmharper

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 2300
Partners monthly income after tax....... 1300
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3600
Monthly Expense Details
Mortgage................................ 407.3
Secured/HP loan repayments.............. 491.2
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 99
Electricity............................. 47
Gas..................................... 27
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 85
TV Licence.............................. 13
Satellite/Cable TV...................... 140
Internet Services....................... 0
Groceries etc. ......................... 400
Clothing................................ 0
Petrol/diesel........................... 325
Road tax................................ 40
Car Insurance........................... 86
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 19.19
Buildings insurance..................... 21.35
Contents insurance...................... 0
Life assurance ......................... 29.19
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 55
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
(Unnamed monthly expense)............... 0
Loan O/P................................ 100
Mortgage o/p............................ 30
ISA..................................... 100
Total monthly expenses.................. 2565.23

Assets
Cash.................................... 1200
House value (Gross)..................... 82500
Shares and bonds........................ 175.75
Car(s).................................. 9000
Other assets............................ 0
Total Assets............................ 92875.75

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 53944....(407.3)....2.5
Secured Debt.................. 11352....(111.2)....6.98
Hire Purchase (HP) debt ...... 6000.....(215)......0<
car 2..........................7000.....(165)......0
Total secured & HP debts...... 78296.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Loan 1.........................21940.....610.......8.9
Loan 2.........................7014......172.......8.3
credit card....................300.......20........0
Total unsecured debts..........29254.....802.......-

Monthly Budget Summary
Total monthly income.................... 3,600
Expenses (including HP & secured debts). 2,565.23
Available for debt repayments........... 1,034.77
Monthly UNsecured debt repayments....... 802
Amount left after debt repayments....... 232.77
Personal Balance Sheet Summary
Total assets (things you own)........... 92,875.75
Total HP & Secured debt................. -78,296
Total Unsecured debt.................... -29,254
Net Assets.............................. -14,674.25
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

dmharper

ok my measly £1 op on the mortgage went in today, was just really settin it up, so that i can put the rest in when i get payed. living room finally finsihed, looks good just got to sort all my cables out now !!!

oh and my OH is warming to my overpayment plan which is good !!

dmharper

So for my first month o/p mortgage by £30.

originalmiscellany

Good work dmharper Getting OH involved is the best thing that can be done

financialbliss

dmharper wrote: »

Current payments are

407.37 @ 2.5 % for 54k mortgage

111.22 @ 6.98 % for 12K loan(secured loan)

608 for Loan (21K)@ 8.9 % just about to start paying this (should pay off in 42 payments)

170 for Loan (7k) think this about 8% just about to start paying this ( should pay this off in 4 years)

pretty sure they all allow for over payments !

all advice is wellcome !

Hi dmharper,

It's all about the interest rates. Hope I'm not preaching to the converted, but let's do some number crunching as an example.


Say that you have 4 loans of £10k each at the rates you detail for your loans / mortgage.

• £10k @ 2.5% = £20.83 per month
• £10k @ 6.98% = £58.17 per month
• £10k @ 8.00% = £66.67 per month
• £10k @ 8.9%= £74.17 per month

So, your most expensive loan is your 8.9% loan and is nearly four times more expensive than your mortgage.


Overpay your debts starting with the most expensive rate first. Occasionally, it may be worth overpaying your mortgage first to get a better loan to value, which would open up better deals when re-mortgaging, but since you have a £54k mortgage and also £40k in other loans, I would personally clear all your other debts before I even looked at the mortgage.


Paying off the biggest debts (in percentage terms) first, will save you the most money long term.

Financial Bliss.

dmharper

financialbliss wrote: »

Hi dmharper,

It's all about the interest rates. Hope I'm not preaching to the converted, but let's do some number crunching as an example.


Say that you have 4 loans of £10k each at the rates you detail for your loans / mortgage.

• £10k @ 2.5% = £20.83 per month
• £10k @ 6.98% = £58.17 per month
• £10k @ 8.00% = £66.67 per month
• £10k @ 8.9%= £74.17 per month

So, your most expensive loan is your 8.9% loan and is nearly four times more expensive than your mortgage.


Overpay your debts starting with the most expensive rate first. Occasionally, it may be worth overpaying your mortgage first to get a better loan to value, which would open up better deals when re-mortgaging, but since you have a £54k mortgage and also £40k in other loans, I would personally clear all your other debts before I even looked at the mortgage.


Paying off the biggest debts (in percentage terms) first, will save you the most money long term.

Financial Bliss.

54k (2.5%) mortgage has an end date of aug 2024
11k (6.98% - this drops to 2.5 soon i think) Secured loan has an end date of sept 2024
21k (8.9%) loan has an end date of 2014 approx runs for 3.5 years
7K (8.3%) end date of nov 2015


now if was to over pay on £100 on each the savings would be
54 k term reduced to 10.1 years saving approx £2164 in interest
11k term reduced to 5.4 years saving £3626 in interest
21k term reduced to 2.9 years saving £602 in interest -this would free up potentially £710 pounds of cash that could be used sooner
7k term reduced to 2.4 years saving £515 in interest

i guess freeing up the 21k leaves me more options and the potential to move sooner or be mortgage free sooner. also the secured loan feels like a noose especially being over 13 years and the intrest saving is attractive maybe i need to look at a 0% cc to pay a chunk of this off and make the minimal payments ??????