Ready, Set, Go - April 2013 Iquit MFW Diary

I am now able to make a start on this MFW journey, something I've been longing to do for a long time. Thanks to reading diaries on here I am more informed and motivated to start chipping away at my mortgage. I am open to any suggestions that are made and am keen to learn more, so please feel free to chip in :money::money: and help me.

I'm on an interest only mortgage
Outstanding Mortgage 98, 098.46
Loan End Date June 2031
Current monthly interest payments 209.45
Planned OP amounts - April 598.46, May 500, June 500, July 500, August 500, September 500, October 500, November 500 &
December 500.00 ( + any extra savings I manage to make along the way between now and then)

I rang my mortgage provider today to get my exact balance - that extra 98.46 has to go :rotfl::rotfl: because I like the idea of chipping away at it in nice round figures. There is no penalty for OP thankfully. I asked how the interest is calculated and was told it is calculated on a monthly basis - so I plan to make the OP on the same day as my interest payments. Currently I get an annual statement and have no internet access to the account. I am on a part-time online Masters course which will lead to a better paying job and in turn mean more money towards OP. My original target was to be MF by April 2015 - that is only 2 years away :eek::eek:
I will re-evaluate in the New Year.
2019 MFW No. 74 £13700/£30000 (45.66%)
12k in 2018 No. 98 £6274.19/£18000 (34.85%)

BTL (start) £97440.00 (current) £68000.00
Residential (start) £275000.00 (current) £268000.00
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Replies

  • Ben-_2Ben-_2 Forumite
    24 Posts
    Good luck!
    Mortgage 2013 - [STRIKE]122'000[/STRIKE] 115'863
    OP 2013 - 100
    Loan 2013 - 3600
    Credit Card 0% - 3800

    2013 Will be my year for clearing debt
  • iquitiquit Forumite
    1.9K Posts
    First OP made today 598.46
    2019 MFW No. 74 £13700/£30000 (45.66%)
    12k in 2018 No. 98 £6274.19/£18000 (34.85%)

    BTL (start) £97440.00 (current) £68000.00
    Residential (start) £275000.00 (current) £268000.00
  • fothers365fothers365 Forumite
    269 Posts
    Good Luck with your journey!
    Jan 2013-£140,231.65
    Jan 2014-£120,081.94
  • gallygirlgallygirl Forumite
    17.2K Posts
    Part of the Furniture 10,000 Posts Name Dropper Mortgage-free Glee!
    ✭✭✭✭✭
    Good luck :T. Is it capital repayments you are making?
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
  • joedenisejoedenise Forumite
    12.3K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    ✭✭✭✭✭
    GG - I think with an interest only mortgage all OPs are capital repayments. Seems to be for me when I make OPs.

    Denise
  • iquitiquit Forumite
    1.9K Posts
    Thank you gallygirl, as joedenise says, because I'm on an interest only my OP's are capital repayments.
    2019 MFW No. 74 £13700/£30000 (45.66%)
    12k in 2018 No. 98 £6274.19/£18000 (34.85%)

    BTL (start) £97440.00 (current) £68000.00
    Residential (start) £275000.00 (current) £268000.00
  • kirstyparkkirstypark Forumite
    771 Posts
    ✭✭✭
    Hello:wave:

    Nice to have another diary to read
    mortgage 1 33,000. paid nov 2012 :D. mortgage 2 87,000 due 51,686.76 at july 2013, but then:new home and remortgage ... £101065.43:eek: now 74k
  • iquitiquit Forumite
    1.9K Posts
    I've made 2nd OP of 500.00 this month. I can not tell you how good that felt. I have also saved an extra 50.00 this month as part of a monthly challenge. I will be setting the money aside every month and at the end of year make final extra OP. I'm likely to face some challenges financially in the next few months due to family and personal circumstances that will require money money money. Praying it won't affect my schedule of OP's as I really feel I'm making up for 'lost' time.
    2019 MFW No. 74 £13700/£30000 (45.66%)
    12k in 2018 No. 98 £6274.19/£18000 (34.85%)

    BTL (start) £97440.00 (current) £68000.00
    Residential (start) £275000.00 (current) £268000.00
  • iquitiquit Forumite
    1.9K Posts
    I learnt something new today - direct debits are paid out at the behest of the creditor whilst standing orders are paid out on the day (or as soon after it as possible) of your choosing. Having checked my online banking today I found mortgage payment (dd) had gone out but my op (so) had not. So i called and was told the above information by the helpful customer services lady. My intention was to have both payments go out on the same day, but this is a bit of a stumbling block. If anyone has any suggestions I'd appreciate it. This month my op will be 4 days after the mortgage payment.
    2019 MFW No. 74 £13700/£30000 (45.66%)
    12k in 2018 No. 98 £6274.19/£18000 (34.85%)

    BTL (start) £97440.00 (current) £68000.00
    Residential (start) £275000.00 (current) £268000.00
  • Good luck iquit :) Looking forward to following your journey...

    Happyfuture
    x
    Mortgage when started: £105,000
    Current mortgage: £103,834.63
    Mortgage free day: [STRIKE]July 2038[/STRIKE] June 2038
    Number of months till MF: [STRIKE]300[/STRIKE]297
    2013 OP target: £279.39/£500

    Fly lady as of 28/10/2013 :T
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