Ready, Set, Go - April 2013 Iquit MFW Diary
iquit
Posts: 1,939
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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.
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
12k in 2018 No. 98 £6274.19/£18000 (34.85%)
BTL (start) £97440.00 (current) £68000.00
Residential (start) £275000.00 (current) £268000.00
0
Comments
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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 debt0 -
First OP made today 598.462019 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) £268000.000 -
Good Luck with your journey!Jan 2013-£140,231.65
Jan 2014-£120,081.940 -
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 effortMortgage Balance = £0"Do what others won't early in life so you can do what others can't later in life"0
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GG - I think with an interest only mortgage all OPs are capital repayments. Seems to be for me when I make OPs.
Denise0 -
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) £268000.000 -
Hello:wave:
Nice to have another diary to read0 -
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) £268000.000 -
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) £268000.000 -
Good luck iquit Looking forward to following your journey...
Happyfuture
xMortgage 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 :T0
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