My MF Challenge

MallyGirl

Hi

I'm MallyGirl - I am 46, married with an 11 yr old DD, a dog and a cat. My mortgage situation is different to most on here but I have been reading the threads and I think it will help me on my journey if I write some goals and progress down.
We have a OneAccount mortgage so don't really have to actively Over Pay - that just happens if we don't spend all our incomings every month. Since Jan 10 this has averaged at £1.8k paid off but does fluctuate quite a lot - we have high income but fairly high outgoings. OH gets quarterly bonuses.
My DD moves from independent to Grammar school in September and the loss of school fees commitment has been a kick up the backside to make me get things back under control. Before we bought this house we had reached MF status and I want to get there again.
My first major step will be a backwards one as we have just embarked on a big building project which should be done by Christmas. This will be funded within the existing mortgage facility we have, which in turn is less than 50% of house value, but that is no reason to be complacent. Mortgage is 3.9% which is the price you pay for flexibility.
We currently owe £120k but the extension will be another £120k (ish). We have no loans or credit card balances as that would make the current account mortgage pointless.
Stoozing has kicked off today with 14 months 0% from PostOffice (there was a BT fee but it was less than mortgage rate and period is longer than a year). OH is going to apply for a Tesco 0% so that he can do a fee free BT as well - I can't as I already have one for the clubcard deals.
I cook from scratch on the whole but OH is a nightmare for taking out cash and just 'popping in to Waitrose' for lunch that ends up costing a fortune. I have joined TopCashback too.
My prediction spreadsheet currently has us MF again by mid 2019 (as long as we don't buy a new car) but I would like to bring that it a bit because the uni fees will hit in 2020 :eek:
It is going to be a rollercoaster

Calfuray

Welcome!

Apologies in advance for the short post, on mobile.
As a current student I have to comment, have you read Martin Lewis's article about uni fees? You don't have to pay them upfront and sometimes it's worse to do so....

MallyGirl

true - I am just planning for the worst and hoping for better. It will probably have all changed by then anyway
Thanks

hattifattener

I feel the same way about clearing it before the kids reach 18 - not just for uni fees, but because that's about the time they start wanting cars, first flats, not long off and it's weddings :eek: . I'd love us to be sorted by then so we can help them out without questioning it, like our parents have been able to do for us.

sweetdaisy

hattifattener wrote: »

I feel the same way about clearing it before the kids reach 18 - not just for uni fees, but because that's about the time they start wanting cars, first flats, not long off and it's weddings :eek: . I'd love us to be sorted by then so we can help them out without questioning it, like our parents have been able to do for us.

Wishing you all the best on your MFW journey .

I am the same as Hattifattener. I want to be mortgage free by the time our eldest will finish school, so that I can help more with College/Uni fees, helping children to get on the property ladder etc.

My current MF date is 2023, but I am hoping to pay it off in 2020 - when DS1 will be starting Comprehensive School.

MallyGirl

My Mum could never help financially but she got me to a good school and that gave me the basis for helping myself from there on. My DD is going to have far more help available to her - if she needs/wants it - which is great, but I also want OH and me to have some options for ourselves once she is out in the big wide world.

MallyGirl

I just had a heart stopping moment where I thought we might have gone for a shorter than 25 year term on the OneAccount when we took it out as we certainly went for 19yr endowment with the previous house (to match up with our existing ones). That would have us needing to pay it off in 2016 when the endowments pay out - 3 yrs ahead of my estimate. :eek:
A quick look at the statement shows we don't need to pay off till Nov 2025 so I must have been forward planning back then. Very relieved

MallyGirl

small steps made
I have cancelled my graze box after receiving 1st and 5th boxes (plus one kiddie box) free.
We had a BBQ yesterday in the glorious sunshine to hide the fact that I had done a freezer dive and pulled out all the odds and ends - being a family of 3 means that there is often a single salmon fillet or chicken breast from a 4 pack that gets shoved in the freezer.
OH has agreed that once we watch the Lovefilm movie that has been sitting on the mantelpiece for weeks and weeks we will cancel the service.
Meter readings sent in as I feel we must be in credit by now - our payments are massive.
Next step - try to find decent cover pet insurance for the dog at less than £50 pcm:eek:
DD finishes at school next week so I will be looking to get my £500 deposit back ASAP.

MallyGirl

foiled again - fuel bill has gone up even more.
I have an energy meter so it is time to play detective and see where it is all going. I work from home with several PCs on so I do expect large electric bills but even so ...

gallygirl

MallyGirl wrote: »

We had a BBQ yesterday in the glorious sunshine to hide the fact that I had done a freezer dive and pulled out all the odds and ends - being a family of 3 means that there is often a single salmon fillet or chicken breast from a 4 pack that gets shoved in the freezer.

In Spain it's called 'raciones' - serving up one portion as sort of large tapas, so get posh next time and let's have none of this 'freezer dive' :rotfl:.

Nice user name by the way . Maybe we're related .

newgirly

Hi just wanted to pop in and say welcome