A cunning plan (but a humungous mortgage!)

Jevvers

Done a lot of thinking over the Easter weekend. We don't really have a chance of paying off the mortgage in 10 years but I think we do have a chance of paying off the repayment part at the same time as the interest only - in 2026, which would be seven years early.

We are going to keep on with making the small OP contributions throughout the month, and putting our savings in the highest paying account we can find.

But also, I am going to look to sell a lot more on eBay, with a view to starting a business account there. I was reading PippiLongstocking's diary on the DFW board and I really like the idea of a "patchwork life" in which you do lots of different things. That's something I would like to do - free up the day job's hold on our finances by having a second income stream.

I don't expect it to make us rich! :rotfl: And I am well aware it will be hard-going, but I would just like to have some options. So, the treasure hunt begins!

Jevvers

I normally try (and fail) at the make £10 per day. But with some interest payments due in April, I've gone for a whopping £15 per day! First on came today: £141 interest, 2x Halifax rewards and £10 loan to a friend paid back. So in normal monthly terms I'm on track with £20 made apart from the interest.

geek83

Enjoyed reading your diary Jevvers, I'm just about to embark on my MFW journey and I haven't even paid my first mortgage payment!

We will have a fairly sizeable mortgage at 227k, and it gives me hope that I'm not completely mad in my ambition when I read yours and Tilly's larger mortgage amounts!

Jevvers

Thanks Geek, well done on whacking your debt so quickly and building up your mortgage deposit. Good luck for your move

Some good news for us this morning: I put in our meter readings on the EDF website last night, fearing the worst after this cold winter. But no, they've cut our monthly payment by £10 per month. :j

Tilly_MFW_in_6_YRS

Crikey Jevvers, it's not often I hear about energy bills coming down - brilliant news

Tilly

Jevvers

I know! Although they had put them up by £31pm :eek: six months ago so really it's probably just the equilibrium finding itself. Still very glad to have paid the winter bills.

Jevvers

Bought a couple of tiny things to sell on ebay today and a notebook to keep track of transactions, esp as I will have to declare for tax. I looked up the items when I got home and one goes for up to 10x what I paid for it so am rather excited (we're not talking mega bucks, I bought it for £1.50 )

But my head tells me to get rid of the stuff from home first before I change to a trading acc.

jimmybrid

Jevvers wrote: »

I have also been researching our options for a stocks and shares ISA. We have been paying into one (FTSE tracker) as a vehicle to repay the IO part of the mortgage but I think it is time to reassess it.

Jevvers, if you are still looking into stocks & shares ISAs then go to Quidco and check out the Fidelity offers. Currently £100 cashback if you take out an ISA, plus Fidelity are offering no initial fee and 50% off the AMC. They have an abundance of different investment plans to choose from.
Personally, I would agree that the FTSE tracker may not be the best option going forward - the FTSE index is at 7 year high levels so has much more scope to go down than up in the coming months IMO.

Jevvers

Thanks Jimmy, I will definitely check it out. It's my job for April to sort this out.

In other news, just listed a book on Amazon Marketplace for the first time in many, many years.

Jevvers

Planning to do lots of surveys this evening. I'm not far off the £10 in Valued Opinions and about half way with GlobalTestmarket. Also hoping that funding for my FlexDirect has made it's way into the account from my reg saver.