Sweetdaisy's aim to be mortgage-free

TimmySaver

That's wonderful news about the mortgage. :dance:
For the first time, we managed the full 10% overpayment and now saving up for next year's OP - which is great, but feels less pro-active.

Happy Birthday to DS1. Hope he had a great day.

debtfreeoneday

whoop to being sub 50k

Tilly_MFW_in_6_YRS

Morning, lovely post to read and congratulations. Great to hear the end date has reduced too.

Best wishes Tilly x x

sweetdaisy

What a month!

After some confusion over why DH didn’t get his payslip at the end of June, he phoned his Agency and was told he didn’t work for them anymore . . . only then to be told (after a little bit of panic on his part) that he has now been taken on at his place of work as a permanent member of staff :j. He has received his first monthly pay, was also paid a lump sum and is now able to pay into a company pension, get sick pay etc. He’s been an Agency worker for 2.5 years and we are so happy that he has been taken on as it gives us more security.

I’ve had a couple of meetings with recruitment agencies and was successful in obtaining a job interview this week. Unfortunately, I didn’t get the job but it was good to get the experience of an interview in a different sector.

Not much news to report regarding the Mortgage. Balance is £49,200 and I have reduced my overpayments this month as I am trying to increase our Savings.

The children have broken up for the school summer holidays so trying to juggle childcare for almost 6 weeks that they are off has been a challenge. Managed to organise a combination of Annual Leave, DH’s shift pattern, Family and Out of School Clubs.

Booked a long weekend break in Devon for next month. We are going to be staying in a Caravan for 3 nights, which the Boys enjoy and as DH is working throughout the Sumer holidays due to his shift pattern; my Mum is coming away with the Boys and myself.

Tilly_MFW_in_6_YRS

Hi SweetDaisy, that's such FAB news and I'm truly thrilled for you all.

Enjoy your summer activities - I know it's hard when you've got little ones but great that you've found a way to balance it all.

Very best wishes Tilly x x x x


:j:j:j:j:j

sweetdaisy

Made a Mortgage OP of £250, which brings balance down to £48,284 and I have reduced the term by another month to August 2021 (4 years and 5 months earlier than original end date).

With everything in the Current Account and Offset Savings account the Mortgage is 53% Offset.

Due to DH going from weekly to monthly pay I have had to re-jig the finances. I am trying to reduce the monthly outgoing as much as I can. I’ve made a start by negotiating my breakdown cover and reduced our monthly payments by £6 and our water rates have been reduced by £10.50 a month.

I have set up a Car OP pot in my main Savings account as I am trying to repay the loan on my car. It is not due to be repaid until February 2019 but I don’t want to be paying too much interest. I have contacted Nissan Finance and for each OP made (which has to be done by phone) there is a £1.00 charge so I am hoping to save up a few hundred at a time and then make an OP. Making OP’s will reduce the monthly repayment and help to reduce overall monthly outgoings.

Ideally I would like to be mortgage free in 4 years, but I think that this is a long shot.

August has been an expensive month. Spent £620 on the car (4 new car tyres, full service and MOT), spent £162 on new school uniforms for the boys and spent £118 on study books and registration for my course in September.

Enjoyed a lovely long weekend away in a Caravan in Devon last weekend. The Boys thoroughly enjoyed and so did my Mum. It was nice to be able to spend some quality time with Mum - it’s been years since we last went on holiday together.

sweetdaisy

I have some news - I’ve got a new job and handed in my notice! I have secured my first job within the Accountancy/Finance sector . Having completely changed career, I am going into the unknown. I’m excited but also it feels a little daunting as I have been in my current job for almost 11 years and worked in that sector for the past 15 years. The job is only temp, but ongoing temp for a big Blue Chip company (the same Company that DH works for - but I have done this off my own back) and even if I am only there 3-6 months it will give me more experience when I look for another role.

I have taken a 30% pay cut to do this, but it’s manageable. The main thing for me is that I will be able to spend more time with the children as my commute is now 10 minutes instead of over an hour each way, I will no longer have to work Bank Holidays and Christmas Day or be part of the On-call rota (which includes covering shifts).

So what does this mean for my MFW journey? For the time being I am continuing with my usual monthly mortgage payment (which includes an overpayment of £257) and will make an additional OP each month of the amount of interest that is applied to the mortgage. In effect, this means that in my mind at least, I will be ‘mortgage neutral’. I reality, I am probably not going to reach my goal of being mortgage free by July 2019, but I am hoping that I will be as close to 100% Offset as I can.

southerndave

Wow Daisy! I haven't been here for ages and popped by to catch up (avoiding rubbish TV!). I am staggered by your progress and just a little envious in the nicest way and impressed of how well you have done in you MF journey - sub £50k? WOW! Superb job!!

And congratulations on the job change, it's brilliant news I am pleased for you.

:T:T:T:T:T:T:T:T:T:T

Secret_Saving_Squirrel

Daisy, that is absolutely brilliant news. I am so pleased for you and hope,that you enjoy the new challenge.. I am sure that your family are very proud of you for getting out there and making it happen. Regular hours will transform your family life. Very well done. Xx

Tilly_MFW_in_6_YRS

Morning, what a brilliant post to read. I am truly delighted for you. Th last few years have been pretty challenging and the way you've forged ahead with your reskilling is an inspiration to others.

Congratulations.


Tilly x x x x x