Pipz MFW

Pipz

Congrats to you as well Palema, we can be OP buddies

Pipz

Just over the month in now, the flat has been furnished and is feeling more like a home, things are settling down.

Unfortunately someone got hold of my on-line banking details, resulting in the account being locked down and I've recently become aware that post is being removed from the postboxes!

As a result of the former a new current account was set-up and the card still hasn't turned up despite being sent almost two weeks ago now, probably because of the latter...

Suffice to say I cancelled the new card and the newest one is coming to branch, it's just all a bit of a headache at a time I could do without it! The police and post service have been informed about the thefts, my housing association is looking into a more secure post solution.

Just hope all the payments go all-right!

Pipz

An interesting first few months in the flat!

So, after a considerable amount of grief the banking side of things has returned to normality.

I opted to change the lock on the post box and I'm getting mail again, it looks like the Housing association will take some time to do anything.

Everything is setup now, just working through the last bits and pieces on the council tax to check I'm not overpaying.

So now I turn to the task at hand:

I'm aiming to build up a contingency fund of about 6 months running costs to fall back on should the worst happen.

Once I've hit this benchmark I'll begin to overpay on the mortgage, I've got a limit of £7000 this year that I can overpay without charges and whilst I think this slightly optimistic I'll still do what I can to get as close as possible!

I'll review the gas and electric prices soon to see if I can get a cheaper deal somewhere else since I'm on the standard plans at present!

Pipz

Afternoon all!

I have successfully made my first overpayment on my mortgage

It'll feel even better once the confirmation comes through with the updated balance, but until that happens I'm happy that I've manage to get something done.

Just got to keep the discipline up now. Have a good weekend all

Nikky2003

Hi Pipz, good luck! now subscribed :j Nikky x

Lois_E

Yay!! Well done Pipz. :T:T:T

Pipz

Happy New Year all!

I've not been the best at updating regularly but from my signature you can see that I almost met the target for 2013.

My desire for a car got in the way of me ultimately reaching it and I now have a higher priority debt to clear than the mortgage which shall be my target for 2014

Once that has been nailed I'll jump back on the MFW train, my overpayment limit for this year is £6.3K but I doubt I'll be able to focus on it again until 2015, we shall see.

Good luck to all on their journeys, may I wish mortgage freedom on all who are progressing towards it

Pipz

Hi all,

Hope all had a Merry Christmas and are looking forward to the New Year! As it's nearly been a year since I last updated this thread I thought I'd fill you in on what's gone on over the past year.

Having purchased a car late last year, the loan associated with that purchase became the higher priority debt for me (higher interest rate) so I worked to clear that ahead of focusing on the mortgage again. I am happy to say I managed to do that

Further more I took a bit of a calculated risk and in order to hit my OVP limit for 2014 I applied for and was successful in obtaining a Money Transfer card which came with a limit that allowed me to do this! The product itself is 0% (aside from a 4% fee) until June 2017 so I will keep that in mind and build additional savings to match the value of this balance when the time comes.

The focus for 2015 then is to hopefully reach my 10% of Year opening balance OVP limit and then to save all funds above this in prep for 2016's OVP (as well as the MT balance). I am hopeful that I will be able to do this and I've taken on additional part time work in order to help things along the way.

Wishing everyone continued success on their MFW journeys, let's see what 2015 will have in store

Pipz

Morning all,

Time for an annual update

Initially, rather than overpay the mortgage I opted to build a reserve fund which took up all disposable income for the first quarter. I used a current account for this which now yields c£6 monthly in interest (every little helps!), which I can plough into the mortgage. I'm looking forward to tax free savings in April 2016!

I then focused on the mortgage and managed to reach my 10% target in October this year. Taking a second job on a Saturday definitely helped in this regard, but doesn't leave much time forr oneself alongside working full time in the week, so I don't think I'll persist with it too far into 2016 - we shall see!

I've also recently opened a regular saver and am subscribing to that monthly as ideally I'd like 6 month's living costs as a reserve fund just in case. This has reduced my ability to overpay the mortgage into 2016 but as the interest rate is higher on the savings and I'm increasing my reserve I thought it a sound decision.

Doesn't seem like much of an update for a years worth of activity but I'm happy with what I've managed to achieve this year

Wishing all a Happy and prosperous 2016 and every success in your MFW journeys!