Countdown to Freedom

Tilly_MFW_in_6_YRS

Hey PD, that's excellent advice about the referral etc. I have sent a TCB referral to a friend today - I don't normally do anything like this due to the anti pay off your mortgage issue, but she does understand. Hopefully that will be another £ or two to the pot.

Tilly x

Tilly_MFW_in_6_YRS

Hi PD, I have to say that when I sat down and got out the calculator I was shocked by the difference over a year. Yes it seems a big difference per day, but I couldnt picture it over a year. I shouted to DH and he was equally shocked and then very surprised that it makes such a material difference.

So good news on that front and to aim for the new target of 4/8/16 is a little scary, I haven't got round to updating my sig as it seems really scary. However, it will be updated after a few months of being with FD.

All paperwork now compete and we have been formally offered the FD mortgage, so systems go for March 3rd. My first OP will be on the 4th.

I am intending offsetting a certain amount each month but also OP too as I feel that I need that visibility of real capital reduction taking place for my mind.

All looking good, just want to be shot of the Spanish bank - they do my head in :eek::eek:

Tilly x

Tilly_MFW_in_6_YRS

Hi SJ1, the secret to the mortgage savings - we are currently on 5.39% with the Spanish bank, and will be on 1.45% over base rate, so rate will be under 2%. So just the move to the lower rate saves us £750 a month. Take that across a year and it's £9k. All for just switching. We couldn't move before though as we would have to pay the penalty on the entire mortgage amount which was £387k aaaagggghhhh.

So we were stuck, however, not for much longer. I intend to overpay a minimum of £3k per month which I appreciate is a lot of money, but we have earnt this money for a long time and always frittered it away. No more. Finished. Mortgage to be gone by summer 2016 and then we can bank some cash for the future. Having two kids to put through Uni will be challenging in itself.

I promise that we will enjoy the journey but will be far more restrained than the last few years, mainly in all seriousness helping family and friends who were suffering but at our cost. Sorry to say we won't be doing that until the mortgage has gone - my DH is just shouting 'if then'..........

Finally grown up, I don't need to be needed by my family anymore. It's funny how you learn along the way but being the youngest, plus the only career woman, has put a lot of guilt on to me. A working mother - didn't go down well and I think I have been paying ever since.

Best wishes

Tilly x

coldcazzie

Tilly_MFW_in_6_YRS wrote: »

All looking good, just want to be shot of the Spanish bank - they do my head in :eek::eek:

:rotfl: you too?!

Tilly_MFW_in_6_YRS wrote: »

All paperwork now compete and we have been formally offered the FD mortgage, so systems go for March 3rd.

We are looking at remortgaging with FD in Oct when our fix ends. What have they been like through the process? I presume good - we've were impressed with them when switching current accounts to them. It's shocking how much remortgaging can save you isn't it.

SJ1

Tilly_MFW_in_6_YRS wrote: »

So we were stuck, however, not for much longer. I intend to overpay a minimum of £3k per month which I appreciate is a lot of money, but we have earnt this money for a long time and always frittered it away. No more. Finished. Mortgage to be gone by summer 2016 and then we can bank some cash for the future. Having two kids to put through Uni will be challenging in itself.

I promise that we will enjoy the journey but will be far more restrained than the last few years, mainly in all seriousness helping family and friends who were suffering but at our cost. Sorry to say we won't be doing that until the mortgage has gone - my DH is just shouting 'if then'..........

Finally grown up, I don't need to be needed by my family anymore. It's funny how you learn along the way but being the youngest, plus the only career woman, has put a lot of guilt on to me. A working mother - didn't go down well and I think I have been paying ever since.

Best wishes

Tilly x

Tilly, so much of what you write echoes in my own experiences - the 'needing to be needed' particularly. We are always having to be there for my husband's family. They seem to think that because we have more that we should always have everyone around, should spend more on presents and I feel that we get made responsible for everyone else's troubles. Just last week my husband asked me if we should lend a family member some cash and I said no, no way - we are staying out of it this time. They were able to spend it, they can fix it.

I hadn't really thought about it but my sister said to me the other week that we are cash cows for the rest of them and it really hit home and I thought why, why am I doing this, why am I making myself responsible - they have all had the same chances I have! It doesn't help that we are both generous people as well. I got tea towels for Christmas from my hubby's family. You know I don't mind someone spending very little on a present but the lack of thought was a bit galling for me, esp as we help out the whole time.

I am a working mum too and I love spending money on my kids but the comments we get at Christmastime from hubby's family make me feel so guilty about it. We got my son a kindle and hubby's father said, how much was that then?!! DS said, no one knows, it was from Father Christmas.... I do love him.

We are trying to break free too, not feel bad when someone not having something gets mentioned and live under our means. In the end the most important people to me are the people in my family unit, I have to look after them first and everyone else comes way after. With you all the way on enjoying the journey but being careful with it... love that....:)

SJ

P.S. We are one tub down on the Ben & Jerrys - phish food still to go, can you feel my pain?!

Tilly_MFW_in_6_YRS

Hi SJ1, I used to have an offset account before moving to the Spanish bank (won't be typing that much longer :j). I therefore have all my separate folders still set up:
Car maintenance
Holidays
Christmas
Birthdays
Annual bills
Clothing etc
Credit card
Food

Really anything I am likely to need money for, goes automatically into a pot the day I am paid. Well that's not quite true at present, as when we opened FD I moved my salary payment to them, so I have to pay it into my IF account by switch card - mad I know but only for two more salary payments.

The switching I do now is to move the money to pay into the ISA in April as I want to have sufficient cash to fill them both up early April. Then I am shifting the lodgers money into what will become a saving account linked to offset mortgage. With FD you can have up to 99 (not even me and my spreadsheet addiction requires that many) savings accounts linked to the mortgage, but you can't name them yourself, so they are less easy to identify at first glance. However,I will do the same thing once the mortgage switches.

Can't wait and getting very excited now.

Tilly

Tilly_MFW_in_6_YRS

Hi Caz, FD have been exemplary in their remortgage process. I cannot fault them on any aspect and I work with processes day in and day out. They are swift, logical and responsive. Both in terms of opening the bank accounts, setting up a regular 8% saver, and the remortgage they have been excellent.

Highly recommended.

Best wishes Tilly x

TwinnyD

Hi Tilly, I'm new on here but have enjoyed reading your diary. Was interested to see the 8% regular saver on FD think I need to get myself one of those as much better rate than we're currently getting. Extra for the overpayments is all good :T

Tilly_MFW_in_6_YRS

Hi TwinnyD, thanks for taking the time to pop by and have a read. I will check your new diary out.

FD are fab and I can't rate them highly enough. For the 8% regular saver (for a year) there are some 'rules' which I can't recall exactly but I think one was to pay in £1500 per month, but I can't remember if that had to be from an employer or just from anywhere.

Good luck and any meal planning hints, just shout as I love doing those bits - sad I know.

Best wishes Tilly

Tilly_MFW_in_6_YRS

I just documented a whole load of plans and then the iPad closed the site down and I lost it all. It is blinking annoying when that happens and I now have to try and rethink. It will have to wait until tomorrow but I am so annoyed.......