M&R's MF Diary

Marie27lol

Howdi Folks

I am going to try and keep a record on how we are going to become mortgage free again (well 2nd time for me).

Lets start off, well there is me, DH "R" and 2 cats Lilly and Tigger who are the darlings of our home. :j:j

We got the keys 10th July 2012, and have a 5 year fix mortgage with Nationwide at 4.69% for £99,960 (20% deposit) over 25 years. We can over pay a max of £500 each month on the 1st!

I have also since worked out, that if we had the house till the end of the term - I would then be 60 years old = gotta pay it off early.

Wish me luck folks.

M (&R)

Marie27lol

First things first:

We have decided to set up a SO of £50 each from both of us, so even if we can't get £500 each month, we will start chipping away at it.

I played around on one the calculators, and worked out if we managed to pay off £2,000 over 4 months right at the start of the mortgage, it would save almost £3,000 in interest alone.

THAT is SOOOOO SCARYYY.

I will also move across any mystery shopping earnings I have earnt and put into the OP'g slot or into the OP Savings account if I have been lucky enought to max it.

M

Beckyy

Good luck on your journey!

It's insane how much you can chip off the interest just here and there. Keep us posted

Marie27lol

LOL got a £2k cheque from the tax man - OMG, it came just out of the blue. Banked it pretty fast - you couldn't see me....

So off went £500 max overpayment for July and then a day later I overpaid for August - WOOT

£1000 overpayment in the first 2 months, and will 'reserve' the money for the next 2 months as overpayments!

Will also make sure that Mr R keep sending me his £50 each month (plus my £50 too), so come month 5, there will be another £400 as an extra payment plus our £100....

What a way to start - CAN anyone see me flying over head??? :rotfl::A:rotfl:

Marie27lol

Got round to counting up all that loose change

And I am sorry to say, I spent £8 on buying one of those automatic machines. Yep I am a looser... :P I just got so fed up of having to recount the pennies when I didn't have enough for a money bag. (I did only spend 60p on a nice fairy piggy bank - does that count?)

Having done so, we have £54 ready to go to the bank and to be reserved as an OP. That included £14 in coppers, 5ps etc - WOOT.

How is everyone else doing?

M

seabright

If the counting machine makes you more likely to use it, then don't worry! I think they look like fun - and this is supposed to be fun!

Marie27lol

Well £54 quids worth of coins have now been deposited - but I had to do it in 2 different locs - bank and Post Office, as they would only accept 5 bags of change per day :P

So lets see, let me summarise:

July - £500 Maxed - from Tax Man Credit
Aug - £500 Maxed - from Tax Man Credit
Sept - £500 Maxed - from Tax Man Credit
Oct - £500 Maxed - from Tax Man Credit
Nov - £500 Maxed - from accurred mthly SO (£400) PLUS Nov's SO
Dec - 154 - Dec's SO PLUS £54 in coin change

Total towards OP so far - £2,654, and we are only in mth #2!
OMG that looks so organised :beer: ; NW will not know what's hit them :money:

Marie27lol

LOL I am such MF addict already, I punched in the OP numbers into Locus's calculator.

By just these 5 months of max OPs (and no others), we will have cut off 2.5 years off our mortgage term and saved about £7,000 in interest alone!

MSE MF rules the WORLD!!!

lvm

Well done!!! You've done so well and you've only just started!

Don't forget to treat yourself though...a few quid from that £2k for a nice meal out or something wouldn't be too bad.

I think the same that if you overpay e.g £2000, it saves soooo much interest but then I say to myself "if I just put another £10, £20 etc that will be more money"...and then I end up with nothing to spend on myself.

Good luck for the rest of your MF journey!

Beckyy

Well done! You're doing amazingly.

From a practical point of view, if you have the rest of the money from the tax man waiting it might be worth OPing it now and saving yourself adding 2 months of interest on the £1000 to the mortgage. You'll still be doing your aimed OP over the period of 4 months, and then you could through any extra to it as a bonus.

Marie27lol

Evening folks

Oh I definitely know we can not go without life without any treats. R without his chocolate, well that would be like me without my books or Strongbow :P

Just had an evening off and been to a friends and cooked a tasty roast - wish I could have another one!

Becky - Unfortunantley, £500 / mth is the max we can OP. So the rest of the tax man's money is in a separate account which is reserved soley for OPs.

Our regular incomes is being used on the expensive things like paint, paint and more paint. Just spent £80 at Wilkos, OUCH!

Other than a it of fresh food shopping and any DIY stuff, this week till Friday, should be NSDs, but let's wait and see.
M