MFW Diary.....before moving in!!!

Hiddenidenity

Glad your feeling happier, and I totally agree with you. You shouldn't have felt so upset and down about it. Glad your feeling better and I hope you have a lovely birthday x

LauraWxx

Thank you!! Its ridiculous how guilty I feel about spending my own money!!

Glad I do though - if I just withdrew it without feeling bad about it, I would say I wasn't a proper mfw!!

Its true what they say..as you get older birthdays are less exciting....27 tomorrow and feeling about double that lately!! Anyone heard of retiring at 28!!???!!

misscousinitt

Don't feel guilty - its all about balance.

Hope you have a great birthday.

MCI

version2014

Hi,

I also bought on firstbuy..same situation as you I am trying to work out if I should overpay my mortgage or try and save the £24k to pay off government.

What made you decide on savings in the end???

The other option is get enough equity and then remortgage to buy out government chunk.

Would be interested to hear why you decided to save.

I am just going to set up a blog to overpay mortgage etc.

LauraWxx

Hi there Version2014, the main reason for me to try to save as opposed to OP was that its not a long term home for me, it was a way on to the property ladder but I would like to rent the flat out in a couple of years.

I am due to come into a considerable amount of money (60kish) within the next couple of years and my plan is to save on my own to clear the first buy element so i can then pay it off in order to rent it out and keep as much of that 60k as possible towards our family (not quite 'forever' but our 'for a good while') home. (I would OP on this property btw!)

If I was planning to stay in the flat long term I would overpay the mortgage and then when the time to re-mortgage came, I would re-mortgage to include the first buy element (just under 20k in my case).

The other thing that I worked on was that I am able to OP £500 on my mortgage per month, however at the moment I am not able to save that much, so I figured if ever the situation changes, i could then drip feed some of what I have saved up into the mortgage and essentially 'catch up' with my savings in not too long.

Basically it is just the flexibility that saving gives me that is why I opted to OP rather than save.

% wise I would be better off OP'ing but not drastically. Mortgage is 3.9% and savings rate is 3.2%.

let me know what your MFW blog is called and I will follow it! Hope you are enjoying your new home:):)

LauraWxx

:eek:Another year older today:eek:

Well have to say I have had a great day so far, bf gave me some perfume and a big massive yankee candle (i love them but hate the price!). And I now feel very bad for my rantings about work birthdays as they not only remembered but they bought me some lovely gifts!! Rest of cards and pressies tonight... didn't have a lot of time this morning! One of the best pressies is going to be when me and the bf go to B&Q tomorrow, he is buying me some shelves and putting them up in the storage cupboard so i can get a bit more organised...easily pleased aren't I!!

A nice night tonight with family and friends coming round (and someone else cooking!!) and then off out tomorrow night:):)

Hope all are well and looking forward to the weekend :T:beer::beer:

LauraWxx

Just found out the Direct Debit for my water is not set up to start until November so have transferred that money into my savings - £30 back in so only £70 down now!! Off to update signature now...

LauraWxx

Oh and £6.90 £co payment appeared which I paid to credit card.
Only a 0% one which I used to put my car insurance on and pay off throughout the year. Have standing order for that.

Have started putting petrol on it as well for the extra T3sco points, but send the money over straightaway, an outstanding balance (beyond the car insurance) gets me nervous!

Hiddenidenity

Happy birthday x

misscousinitt

Happy Birthday - have a great day and a good night out tomorrow!

MCI