Matt's mission to be MF!

Matt_The_Chippy

Feeling sorry for myself today.

Poorly sick off work today. No pay today

Matt_The_Chippy

A second day off today, feeling nearly better and will be back tomorrow. Not one comment for yesterday, I thought you lot cared!!! Haha.

Yay, DD went through yesterday. So that's £244 OP'd. I've never included the interest earned on the Offset account before. I should now include this. To date, the interest earned is £441.51. Very happy with this.

I'm about to phone the bank to OP £3,700 as my tax rebate has now been paid to me. Its all going well, at least all OP's from now on will be adding to the Offset, rather than just catching up. I best update my Sig again.

Cheers all.

sweetdaisy

Matt_The_Chippy wrote: »

A second day off today, feeling nearly better and will be back tomorrow. Not one comment for yesterday, I thought you lot cared!!! Haha.
Cheers all.

Only just read your post! Hope you are better by tomorrow .

Matt_The_Chippy

Thanks Sweetdaisy,

Back at the job today, not 100% yet but thought I better get some pay this week!

I'm feeling very pleased I've been able to catch up my OP's so quickly. At least all new additions are going straight into the savings. It does feel a bit strange that the capital balance isn't coming down very quickly. All OP's going into the savings account, so the balance is only coming by approx £300 per month. The breakeven point that both balances will be the same is in about 6 years. I could use all the savings to clear it but we want to keep those, it would be nice to keep that and have the whole monthly payment come off the capital. At least it wouldn't hurt us if interest rates start to climb then. I'll stop now as I'm rambling!

Have a good day everyone.

sweetdaisy

Matt_The_Chippy wrote: »

Thanks Sweetdaisy,

Back at the job today, not 100% yet but thought I better get some pay this week!

I'm feeling very pleased I've been able to catch up my OP's so quickly. At least all new additions are going straight into the savings. It does feel a bit strange that the capital balance isn't coming down very quickly. All OP's going into the savings account, so the balance is only coming by approx £300 per month. The breakeven point that both balances will be the same is in about 6 years. I could use all the savings to clear it but we want to keep those, it would be nice to keep that and have the whole monthly payment come off the capital. At least it wouldn't hurt us if interest rates start to climb then. I'll stop now as I'm rambling!

Have a good day everyone.

Glad you are feeling a little better and back in work.

To have a fully offset mortgage account in 6 years sounds great! Like you when I am fully offset I want to keep the money in savings and then all mortgage payments will be Capital only. There will be that little bit of temptation (only a small bit!) to use savings to clear the mortgage, but it would take far too long (probably impossible) to put that money back into savings once it's gone. Just having the satisfaction of knowing that there is no more interest to pay is enough for me :rotfl:.

Matt_The_Chippy

I've been having a little play with the spreadsheets kindly provided to me (thanks Sweetdaisy & GG), the 6 years until the Offset balances the mortgage is based on me making the £800 DD per month. That's about £3,500 in OP's a year, I've set myself a tough £10k OP's a year. It looks possible this year but have no idea if I could maintain that in the future. Will have to see on that. So there is small chance I could reach the balance point in maybe 4 years or so. That would be tough though.

When do you think you would reach your breakeven point Sweetdaisy?

sweetdaisy

Matt_The_Chippy wrote: »

When do you think you would reach your breakeven point Sweetdaisy?

At the moment I am not sure . It is hard to work out when we will be fully offset as I am able to save money each month, but a lot is paid on childcare costs for DS1 and DS2. Also, I know that before the mortgage is paid both of our cars are going to need to be replaced, so this will have to come out of savings. I don't want to give myself an 'offset target date' as I know that it is likely that it won't be reached.

Our mortgage is due to be paid by January 2026, however my plan is to have it paid by January 2022 (at least 4 years early). Ideally I would like to have it paid by the time I am 40 years old in 2019 - but I don't think it is realistic.

DH has just started another temporary job after being made redundant last October, so we are not sure how long it will be for. But as he is earning more money than before, I am going to divide the extra income between savings and mortgage overpayments.

Matt_The_Chippy

All sound to be very similar figures and dates between us, give or take a bit. Thanks for your reply, good to know how others see the future panning out. We don't have the horrific childcare costs so many suffer due to my partner being able to be a stay at home mom. There's obviously good and bad points to this, I won't go trying to say one is better than the other here. We both like it this way but the earning is down to the one of us. Don't go mad on the cars side of things! I downgraded my cars to the point of not owning a car at all but running with two vans put through my accounts. Admittedly, I do have a nice new Transporter that will serve me for many years to come.

I always give myself targets as it sets the goal in my mind as to what to aim for. Even if it won't be reached, then I take it as being something to push me as much as possible.

Good news on the other halves increased earnings, long may it continue. Best of luck with your mortgage journey!

gallygirl

Hope you are feeling better, sorry there was no tea and sympathy earlier in the week .

My offset date (not that you asked, but you're getting it anyway ) is Sept 2016. Needs to come forward a week to meet my target :rotfl:. Not sure how much will be in offsets by then and how much will be OP'd - as I run unofficial offsets aka savings acounts . If I can get more than low mortgage rate then it will be in savings, if interest rates increase then it will be in offset. As long as Net = 0 I don't really care .

Matt_The_Chippy

Hi GG, all good now. Felt much better I managed to get to the pub to watch the footie and brave a beer or three! It was perfect timed poorliness, after sundays game and fine by weds one!

Thanks for thrusting your offset date on me! :j I know if I tried to use a savings account as best as I could, it wouldn't work for me. I couldn't be disciplined enough to chop and change accounts for the best interest. I'm happy that my Offset account is paying 3.49%, as I would struggle to get that in a savings account. Makes life easy for me to deal with. :T