5 years MFW - Lets get cracking...

HelenDaveKids

Hello fellow MFW's

Was morgage free about 4 years ago but then found our dream home 2 years ago, the difference between the properties and the renovation has left us with a morgage of £100,000,00 (in 3 bits). Finally finished all the work and now need to getting paying. Started last December Overpaying but struggled due to having zero savings and having a lean 18 months, so missed a few OPs due to mini disasters.

So as it stands today
Morgage 1 = £28,908.93 (3.79%)
Morgage 2 = £20,872.69 (4.99%)
Morgage 3 = £42,673.35 (4.69%)
Total = £92,454.87

All fixed till middle next year and restricted to £500 op per account (not that it will cause a problem).
Concentrating on £500 op for morgage 2 as have lots of out goings including music lessons (£200 a month) swimming lessons, etc and I don't want to cut out these activities as my 3 kids enjoy and benefit.
But been lurking about on here and become a bit manic. My thoughts are anything saved by other methods each month and I'll dump into Morgage 3. So spent all Saturday putting stuff out of garage on ebay and all sunday doing extra hours at work.

Would like to be MF by the time the oldest (13) hits 18 (so we can support her through uni)

Have joined the MFIT (part3) challenge (38) and would like to be at £60,000,00 by three years. Have an old endowment which will pay out in Year 5 and so seems realistic to aim 5 years MF when I will be 44. :T

Sorry long post:o.

HelenDaveKids

Car gone in for MOT today. Looks pretty grim as needs 4 new tyres at least and also going to fix my oil leak and brake pads. He thought £560ish. EEKKKK.

Stuff on ebay has quite a few watchers but only 1 item has 1 bid on it with 4 days to go. Don't think my 99p items will touch my garage bill somehow!
On the positive, haven't left the house except to drop kids off then car off (day off today) so haven't spent anything!

HelenDaveKids

We have an endowment that took out in 1994 and is due to mature in 2016, was thinking last night (in bed - usually focus on work!) about how shockingly bad it has done and whether it would be worth cashing in earlier? Bearing in mind we are currently at the begining of such a big morgage and the interest we are paying. Has anyone done this?

Car very poorly and still at garage.

caeler

Good luck! So you know what mortgage free feels like! :-)
I might try the eBay thing, to boost those repayments.

HelenDaveKids

yes, it was fabulous. although to be fair we only borrowed £39,000 as bought in 1994.
We did continue to save the same amount though and did treat ourselves to a family kenya safari (which was incredible and had promised ourselves when kept making those OP's) then I started surfing zoopla and getting more eager to move, we had a decent size pot when we did move but was such a shock owing this much money.
Really quite keen to make a dint.

Good luck Caeler, look forward to reading your journey.

HelenDaveKids

Gosh Im so stupppid!

If i cash in endowment will save self 3k in interest (taking into account everything else) Why why why didnt I cash in before taking out this morgage. DOH!

Car cost £550 so quite traumatised as well, and now need to food shop as have wheelz!

HelenDaveKids

Have cashed in 1 policy (have 3) estimate will save just over £500 as no point doing other 2 if can't pay it in. Will use money to max overpay for next 3 months, then do the next one ...... estimate will save at least £3000 from all three. Have redirected that policy money into morgage pot. Borrowed money from savings account so can max payments this month and pay self back when money comes through, as this will max my interest savings.

Ebay finishes saturday, have 2 bids and lots of watchers.

Working long day sunday again (with my extra contract which I route straight into savings)
How do people work out NSD's? Do you count the kids / OH? We all have sandwiches for work / school but 1 day a week the kids have school dinners (quite tight as only allow once a week). Plus tomorrow I'll be paying for breakfast club for youngest.

On long day tomoz so can't spend anything, although just written cheque for school trip to see Harry potters studio for middle child. Does that count?


OH reckons I should use his car to go to work as he's now got a work van but because of my hours / working unsocial and living in a village we can't manage on one car as the kids activities. His car would be cheaper on petrol, I know its MS but i prefer my car! I drive 22 miles round trip.

HelenDaveKids

Does anyone have a spreadsheet they can share please? Played with overpayment calculater but want to predict in more detail, could attempt to make my own but not sure how good it would be.

Also (appreciate may be a stupid question) but when I look at my online statement, it shows as interest in a chunk at begining of year. How do they take into account my OP's? and how do I factor this into my calculations?

Thanks

Tilly_MFW_in_6_YRS

Search for Financial Bliss or Locoblade in the MFW forum

FB in one of his posts describes how to build the spreadsheet which was early helpful and works.

Good luck on your journey.

Tilly

ajmoney

Hi HDK, I keep a note daily of the interest (in another spreadsheet) so I can keep an eye on how my OPs affect it. There may be an easier way but I subtract daily to work out the daily interest

HelenDaveKids

thanks Tily and Ajmoney, will have to take a look.

Dropping cats off at vets on way to work today (as well as youngest to school) as they are having the boy bits done. So not a NSD!