Matt's mission to be MF!

gallygirl

Well done Matty, back on the wagon .

Matt_The_Chippy

Thanks GG, feels so good to be back in focus!

Looking forward to putting in some decent numbers this year (fingers crossed).

Matt_The_Chippy

I've just been looking on the mortgage calculator again. I found this to be very helpful to refresh how things are progressing. For my needs, its not 100% accurate as it doesn't take into account a balance held in the Offset account. It will let me take that amount off the mortgage followed by regular OP's. This gives a slightly distorted view as approx £30k would come off in the first year. I won't be doing that. More useful is no lump sum off & 7-750 per month as an overpayment. Judging by the start I've made, this could and should be achievable over the course of the term. If I can maintain that amount, the calculator reckons I could be done by about 7 years! Keeping me to my target. Having the balance in the Offset account will help to reduce the time slightly due to interest being covered. I want to finish the mortgage and keep the offset balance. Greedy I know! But it will mean I have a cushion that I've never had in life before. One of my main reasons to get it paid off as soon as possible is my belief that interest rates will not stay at this level forever and the country will be in line for some pain from rising rates in the future.

Sorry I feel like I've just rambled on there but it feels good to express the thoughts with you guys. As we know, you can't talk to friends about this stuff!!!

Have a good day everyone.

happycamel_2

Makes sense to me. I just hate owing money, it means they have power over me, it's the thought of owning my own four walls that keeps me going.

sweetdaisy

Matt_The_Chippy wrote: »

I want to finish the mortgage and keep the offset balance. Greedy I know! But it will mean I have a cushion that I've never had in life before.

Me too! I have an Offset mortgage and within my offset savings account I have a separate amount of money which I call my 'mortgage overpayment pot' (which is separate from my Rainy Day Savings) and I hope to use this to pay off a large lump sum off my mortgage when my mortgage is fully offset.

Like you, I want to keep my money in the savings account. I can't wait until the mortgage is fully offset as then there will be no interest to pay, so I can slowly chip away at the capital until it's all paid.

Matt_The_Chippy

Hi guys,

Today I OP'd £220 that I found in an ISA that wasn't doing anything useful. I'm waiting on two payments that I can use to pay to start making inroads into the £4500 to be replaced. Can't wait to get them paid in! Also submitted my end of year accounts to my accountant. So in a couple or few weeks, I'll have a nice rebate to help out with clearing back the money drawn back from the offset account. Fingers crossed!

Matt_The_Chippy

I've just done the unthinkable and cancelled Sky! I came to the conclusion that I could live without it. I phoned them see if they would do any deals to make it cheaper. They only offered 10% off for 12 months, so thought sod it and cancelled it! I wonder if they phone me with an improved offer? Sky cost me £34 a month. My new way of thinking is this, combine the money saved with the reduced DD from changing energy suppliers and its £50 per month! If I add that to my monthly payment, I'll overpay £294 a month. So I might as well add the Santander cashback money to take it over the three hundred. I guess DD will go up to £866 a month with no additional funding from me. I like the sound of that! That only leaves me another £3-400 a month OP to find from being creative to stay on target.

Sounds like a plan!

pavlovs_dog

I've been doing much the same today after receiving our mortgage statement. Becomes quite exciting when you realise that small, sustained changes do add up.

Matt_The_Chippy

You're right about the excitement from finding reductions in spending. This is a complete opposite to how I used to think. Horrible to think about the money I've wasted over the years! :doh:_pale_

Matt_The_Chippy

Wow O wow!!!! I'm v excited today.

I had my year end accounts back from my accountants to approve. Its shows I'm due a rebate of just over £3,900!!!!!! I was hoping for maybe two and a half but this is ace!

I'm not going to be treating myself as I'll be putting the full amount into the mortgage. I really can't wait to get it paid now!!!!

I'm a bit happy today folks!

Have a good day all.