Can I dare to go on the MFW journey

LauraJo

I know some people say you need to give it time but if one of mine went I would be straight out to get another one! Also just wanted to say it looks like you are doing really well on reducing the balance of the ole mortgage. Do you have a target end date in mind?

resilie

She was due to have a look at a puppy yesterday but haven't had a chance to catch up with her yet...
My unofficial target is to have it all paid off in 6 years- would be a really hard slog but the idea of being MF at 36 is pretty tempting... having said that I'm not in my forever home or location so things might change along the way...

LauraJo

resilie wrote: »

She was due to have a look at a puppy yesterday but haven't had a chance to catch up with her yet...
My unofficial target is to have it all paid off in 6 years- would be a really hard slog but the idea of being MF at 36 is pretty tempting... having said that I'm not in my forever home or location so things might change along the way...

You are in quite a similar position to me! I had £170k when I started and will be 35 when I pay it off which feels amazing - do you also have lots of mates who are still renting and have never even thought about buying a house?!

resilie

Yeah but you are paying it off in 3 years!!!! Massively impressive :T
Most of my mates have grown up considerably over the last few years- most have got houses; most of them did they same uni course and we are all doing the same job which happily is well paid and everyone is working too much to spend that money :rotfl:
My luck is that I never really stopped living like a student- always lived in house shares, drove a skoda until recently... there are a few things I spend quite a lot on (flights, travelling!) but mainly I enjoy the thrifty way of life... I do own a few really nice designer clothes and shoes and a Miu Miu bag- but bought nearly all of this second hand in NYC

FloppyDisk

Hi resilie, fingers crossed the new lodger is lovely and your lives fit together well. And so sorry to hear of the doggy news, I was distraught when we lost ours, keeping busy is the best thing to do. I'm also waiting for the end of Sept to move a chunk of ISA money, it's just useless holding on to it anymore!

newgirly

So sorry to hear about your dog resilie

resilie

Thank you all... doggy is hugely missed but to be honest I try not to think about it too much because everytime I do I just get really upset... it's poor mum who is really suffering though so that makes me doubly upset.... argh better not talk about it no more...
As far as the ISA money goes I'm in two minds what to do exactly... will need to take a bit out anyway to pay CC bill in a few days due to season ticket madness ;-) I have about 11k now on 1.35% - I need to keep it instant access for emergencies... I've been toying with the idea of reducing it down to 5k and use the rest o the mortgage but loads of ppl on here keep going on about how you should NEVER take that money out because of tax etc etc... confused... I think I will take it out now and start building up the ISA savings again when I'm closer to being MF to get the max interest benefit- what does everyone else think?

FloppyDisk

Technically it depends on what rate your mortgage is on as to where the money is best placed. But I'm a firm believer in doing what is best for you. For me, I'm paying off my credit card, despite it being 0% interest and my ISA will be 2.25% after September. For me losing £50ish in interest beats not having £4000 of debt sitting over my head.

As long as it leaves me with £10k instant access for emergencies I'm happy to lose a bit of interest here and there if it keeps me mentally more on track.

LauraJo

resilie wrote: »

Yeah but you are paying it off in 3 years!!!! Massively impressive :T
Most of my mates have grown up considerably over the last few years- most have got houses; most of them did they same uni course and we are all doing the same job which happily is well paid and everyone is working too much to spend that money :rotfl:
My luck is that I never really stopped living like a student- always lived in house shares, drove a skoda until recently... there are a few things I spend quite a lot on (flights, travelling!) but mainly I enjoy the thrifty way of life... I do own a few really nice designer clothes and shoes and a Miu Miu bag- but bought nearly all of this second hand in NYC

Ha ha thanks - it still feels like forever
Most of my friends still haven't grown up and a couple are still living at home - I'm not even kidding! Ok they are late 20's so younger than me but I couldn't think of anything worse than living with my parents now!!

resilie

As my new job means a change in my role/responsibilities or ability to do harm my personal indemnity insurance has dropped by £75. As I've already paid this year I'm expecting a refund cheque in the post soon..... yay!