MFW Diary - Take 1!

Calfuray

:mad:

I spent this morning cooking for my friends who were on holiday so they wouldn't come back to an empty fridge - made pea risotto and roast pepper, tomato, spinach and ricotta cannelloni, and chucked a few things in freezer. Then went to Glasgow to go pick them up. Get them at car park, waiting at stop sign to exit, and somebody reverses out their space into the front of my car. He hops out, apologises, says he'll get his insurance to fix it, and says 'Sorry love, I'll admit I didn't look before I reversed.'

Huh.

In other news, OH did an 11p transfer into mortgage which messed me up, was very confused as I'd paid enough to be whole pound number and thought my maths was wrong :rotfl:

Phoned up my current provider to get Fibre broadband, and they quoted me 14.50 line rental, 20 BB, 2.18 delivery, 50 activation fee and 69 for router. Um, no.

Went with BT, paid line rental upfront so 10.75 a month, 20 BB, 6.95 delivery and no activation or router fees. And £50 Sainsbury's gift card. :T

skint_spice

Sorry to hear about the car, car is bad enough but he could have hit someone - numpty!

gallygirl

What a muppet

Calfuray wrote: »

In other news, OH did an 11p transfer into mortgage which messed me up, was very confused as I'd paid enough to be whole pound number and thought my maths was wrong :rotfl:

You're not Mr Tilly are you :rotfl:.

Calfuray

skint_spice wrote: »

Sorry to hear about the car, car is bad enough but he could have hit someone - numpty!

gallygirl wrote: »

What a muppet

You're not Mr Tilly are you :rotfl:.

It'll be okay, as least it still runs! But thanks

And GG, he's being doing it for years, I'll be annoyed if he's secretly leading a double life! :rotfl:

Calfuray

Absolutely nothing to report. Bog all. Nada. Zilch. Big fat zero.

Wasted all my petrol driving about to get quotes from garages for repair to the car: gave the guy quotes, he decided they were too expensive and wanted written quotes for proof.

Right now, still waiting for job to be advertised that I've been assured is mine.... but not hoping or expecting anything.

Waiting for uni to start back up.

Waiting for October, when emergency fund will be complete and inheritance should be mine. Again, assuming I won't get it and planning for worst.

Sitting... waiting... ho hum.

pavlovs_dog

found you and read your diary from start to finish. Like you we're restricted to pretty small OPs, although our balance is more than double yours so we have quite a few years ahead of us. Biggest things that keep me motivated when all around seem to be OPing thousands are

* celebrating each new thousand (takes 3-4 months on average)
* tracking fall of daily interest (managing about £1/year)
* working out how many days interest each OP saves
* tracking the increase in what % of the house we own (LTV)

and best of all....

* OPs as % of capital reduction - those small payments really DO add up when you work it out like that. Here are my figures for the last 2 years

pavlovs_dog wrote:

Year/Opening/Closing/capital reduction/OP/OP as % of CR /Daily interest
2011/£131,911.11/£126,985.62/£4925.49/£1800/36.5%/£14.81
2012/£126,985.62/£120,984.06/£6001.56/£2014.82/34%/£13.92

Calfuray wrote: »

For future: Looking ahead, I'm going to be getting inheritance money this year. Since I didn't plan for it, I'm kind of at a loss what to do with it. I've signed up for MFiT-T3, with aim to have mortgage below £50,000 after it, so looking at possibility of signing up to an offset mortgage, since inheritance and emergency fund money would make up 40% of mortgage, this should really reduce interest? Need to research more. Also, no idea what to do with investing etc, let it sit in high-interest account.. or ???

Nice dilemma to have. I'd sit down and work out the pros and cons of each option (investing vs offsetting vs splitting between OPs and the various projects you mentioned). Bare in mind that if you are currently locked into a deal with your mortgage provider you may have to pay to exit that contract.

on the emergency fund front, slowly fading is having the same dilemma on her diary at the mo - worth a read.

Calfuray

pavlovs_dog wrote: »

found you and read your diary from start to finish. Like you we're restricted to pretty small OPs, although our balance is more than double yours so we have quite a few years ahead of us. Biggest things that keep me motivated when all around seem to be OPing thousands are

* celebrating each new thousand (takes 3-4 months on average)
* tracking fall of daily interest (managing about £1/year)
* working out how many days interest each OP saves
* tracking the increase in what % of the house we own (LTV)

and best of all....

* OPs as % of capital reduction - those small payments really DO add up when you work it out like that. Here are my figures for the last 2 years

-

Nice dilemma to have. I'd sit down and work out the pros and cons of each option (investing vs offsetting vs splitting between OPs and the various projects you mentioned). Bare in mind that if you are currently locked into a deal with your mortgage provider you may have to pay to exit that contract.

on the emergency fund front, slowly fading is having the same dilemma on her diary at the mo - worth a read.

Thank you, that's very useful!

Here are my stats then:

Year / Opening / Closing / Capital Reduction / OP / OP % of CR / DI / LTV

2012 / 58219.00 / 56944.13 / 1274.87 / 725.36 / 56.9 / 8.91 / 87.6
2011 / 58800.85 / 58219.00 / 581.80 / 41.65 / 7.16 / 9.53 / 89.6

Wow. 2011 was when we were on our fixed rate and before we made any significant OPs. 581.80 was our reduction when we paid 335.03 a month? :eek:

But yeah, it's good to see the difference Thank you. We did go down two 1,000 brackets, so can't complain

And yay, I get to make a list! Sounds good

Thanks for coming over, I'll need to wander over to your diary

gallygirl

Calfuray wrote: »

T
Wow. 2011 was when we were on our fixed rate and before we made any significant OPs. 581.80 was our reduction when we paid 335.03 a month? :eek:

Obscene isn't it :mad::mad::mad::mad:.

Things going in right direction now, onwards and downwards :T.

Calfuray

gallygirl wrote: »

Obscene isn't it :mad::mad::mad::mad:.

Things going in right direction now, onwards and downwards :T.

Thanks GG. It is definitely shocking. Obviously I could see it wasn't much because the balance was hardly moving, but to actually see it in black and white is something else entirely!

It seems weird to say downwards instead of 'onwards and upwards' :rotfl:

In OP news:
Have updated the MFW13 target from £1200 to £1500 to reflect the extra monthly standing order.
Increased from £262.41 to £300, so difference is £37.59 a month, x 12 = £451.08. Difference is just over £1000, and aiming for £100 a month so should meet this target.
But danger is in July/August, where there is no SAAS money and no guaranteed overtime at work. Hopefully, by that time, I'll be working elsewhere and this won't be a problem :cool:

Nothing exciting to report otherwise

pavlovs_dog

Calfuray wrote: »

Wow. 2011 was when we were on our fixed rate and before we made any significant OPs. 581.80 was our reduction when we paid 335.03 a month? :eek:

scary isn't it. We pay £711 a month and only manage to clear about £3000 a year from standard repayments. More than half of the payment is just servicing the interest, and being just two years into a mortgage we have a lot of interest still to pay.

But then if I subtract our OPs from our monthly interest and divide by 30, it works out that our basic overpayments mean we actually only pay interest 18 days a month, which is better than the 30!

I've never bothered working out a revised MF date, because this early into the journey the difference will be so small as to be unnoticeable.

Baby steps, but they're steps in the right direction :beer: