Pammy's 5 Year MF Challenge - New Year New Target

pammyj74

They are getting quite popular, he was one on Friday. Can't believe the year has gone by so quickly!!

[Deleted User]

Wow Pammy!! 4 years will fly by in no time you are doing so well!! You were definitely one of the first diaries I read and inspired me to start having a go at this MF malarkey!
Party at yours when you finish?

pammyj74

Thanks TYO, its still a long way off But the balance is actually looking quite good now. The interest is looking better each month and soon that will be below £100 a month

Radish72

4 years will definitely fly by and then you can start saving for the dream house

Cant believe pooch is 1 already

pammyj74

After seeing the newsletter this week here about the mortgage rates and a few people on FB pushing me into action I have jumped off the SVR 3.99% into a 2 year fixed rate of 2.69% :j
I never knew it would be so easy which is why I was putting it off. BUT all I did was apply online last night and someone called me today and after a 5 minute conversation I was switched over to 2.69% to start Aug 1st.
This now means I have limited OPs of only 10% (of £36k is not a huge amount) which annoys me but I can live with it I guess. I have put my MPs up to partly compensate from £716 to £806 which now lowers my term from 4 years 9 months to 4 years !!! :T I was going to go up to £850 but the man on the phone said he could only change the term in full years. I am sure I have changed my payments to the amount I wanted and reduced the term before. I will check this after it begins.

Will have to look into a high savers account to put the rest of the money into so if anyone knows of one please let me know.

MFED will now be July 2017 :j :j
In the mean time I can OP as much as I want for the rest of this month so I am thinking to put most of my savings in there and then top them back up next month. what are you thoughts on that.

Sorry to go on but I dont have anyone I can talk to about things like this being on my own and family all in council houses miles away lol

(just checking my SS and now my MPs are a bit higher the OPs have to be higher to knock any months off it seems (£730!!) and the interest saved is lower too but all good I suppose as knocked 9 months off raising the MPs)

newgirly

Great news on the lower rate , the end is so close in sight for you now

[Deleted User]

Fab news Pammy!!!
You'd better stay around to cheer the rest of us on!!

gallygirl

Brilliant news Pammy :j

pammyj74

pammyj74 wrote: »

Will have to look into a high savers account to put the rest of the money into so if anyone knows of one please let me know.

MFED will now be July 2017 :j :j
In the mean time I can OP as much as I want for the rest of this month so I am thinking to put most of my savings in there and then top them back up next month. what are you thoughts on that.

Am thinking of taking £600 out of my savings to OP and then top them back up next month. At the moment on my svr SS this will take two months off my term and take me to £36k dead.

I have been playing around with figures as I am not liking the limit on OPs. I think if I up my payments to £875 thats an extra payment of £160 a month, there will be months where I wont be able to OP after the limit so this will be achievable. I would state that extra as a standard OP towards my target.
If they let me change the MP and reduce the term further it will then be 3 years 8 months. but wont be able to do that til the fixed rate starts I dont think.

CathT

That's a really good fixed rate Pammy. FD have a good 6% regular saver account and you could save the difference in there actually at a better interest rate than the mortgage? You could take that account balance off outstanding mortgage to even up the numbers a little and knock the savings amount off the balance when you change your deal in 2 years? The money is paid out on anniversary of account opening though. There may be others around?