Matt's mission to be MF!

summerday

Great news bet that made your day!

Matt_The_Chippy

Too right it did! Still buzzing thinking about how this will reduce the interest over the course of the term. I need to be far more organised this year end and sort out the full year accounts as soon as April is here. I would hope for a rebate in the region of £2,500 to £3,000. That would be very useful to OP asap!

Signature now updated to show more detail.

sweetdaisy

Congratulations on the rebate . You will be able to repay the £4,500 spent into the Offset in no time.

Matt_The_Chippy

Thanks Sweetdaisy. That was always the plan to help towards paying that back. I just didn't expect so much! When I get paid from my extra work, combined will cover the outstanding plus some extra to the pot. The sooner I can get the savings pot to match the mortgage, no more interest to pay! Yippee!!!

Matt_The_Chippy

Good morning everyone,

I'm going to get involved in the 'doing a spreadsheet' fun now. I think it will help me with my numbers geekness! I enjoy all that sort of stuff. Just a couple quick questions on them if you don't mind taking a moment to help please?

Is there a preferred spreadsheet that people rate as being the most useful to fillout?

Are there any hints or tips in filling it out to work in the most accurate way? Or are they simple and straight forward?

I would really appreciate a link if there is a spreadsheet template floating about.

Thanks in advance, Matt.

Matt_The_Chippy

Just thinking, do these spreadsheets work correctly when you have an Offset mortgage? As my OP's go into the savings pot rather than come off the capital balance.

sweetdaisy

I have an Excel spreadsheet (courtesy of FinacialBliss that I have adapted slightly) which I use to keep track of my MF date. It's very easy to use even if you are not good at using spreadsheets (my knowledge is basic ). It doesn't take into account what we have in the offset accounts, but as we pay less interest than the spreadsheet calculates I amend the End Balance at the end of the month when the interest is added.

Obviously when you become 100% offset i.e. what you have in savings/offset is the same as the mortgage balance, then all you will need to do is change the interest rate to 0% and the spreadsheet just shows the Capital that you owe.

If you are interested I can email it to you if you like. Send me a PM if you would like me to do this.

Matt_The_Chippy

Thank you so much Sweetdaisy, have pm'd you.

A good OP day today.

My 5 year old has got a good MSE head on him! He is getting a rubbish interest rate on his savings account. We offered to empty his account into the offset account to help with less interest on the mortgage. Then when the mortgage is paid, he gets his money back plus a generous dad interest amount on top. So he said, "What I get paid extra money for you borrowing it and giving it back when I'm older, Ok mummy and daddy you can use it! Wow extra money, thanks!"

What a boy! I'm sure some wouldn't approve of raiding his money but we are keeping a record of what to give back plus more interest than a bank would pay.

So we paid in £1,215 from him! Woo hoo!

Another £50 from a cash xmas present and £55 in coin change counted out at home. So £1,320 OP for today :-)

sweetdaisy

Matt_The_Chippy wrote: »

What a boy! I'm sure some wouldn't approve of raiding his money but we are keeping a record of what to give back plus more interest than a bank would pay.

So we paid in £1,215 from him! Woo hoo!

We have 2 young Sons and they each have a savings account that is used to offset against the mortgage! I pay into their accounts on a monthly basis the money they would have earned in interest, so that they won't miss out as they are older. As our eldest Son is 4.5 years old I aim to have the mortgage paid way before he turns 16 and once the mortgage is paid, I will transfer their money into their own accounts.

I also save in a Stocks and Shares ISA for the boys - but they won't have direct access to this money - as me and DH will use it for when they are older to fund any college/University fees, help to get on the property ladder etc. My thinking is that this means that we (hopefully) won't need to re-mortgage/take out a loan to help out the children.

I don't feel bad that their money is being used to offset against the mortgage as like what you are doing with your Son's account - they are getting back much more than they would have from the bank.

Matt_The_Chippy

Thanks for putting my mind at ease Sweetdaisy. I did think people would look at it as being wrong but hey, all the family benefits at the end of the day.

I get paid for my extra work tomorrow, so if I can get to the bank in time, I can make another healthy OP.