Tea Lover's MFW journey

tea_lovertea_lover Forumite
8.3K Posts
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Hello :wave:,

I have been obsessively reading these threads for a while now and am beyond excited to be starting my own :D.

I'm really looking forward to getting stuck into clearing the mortgage. We owe approx. 125000 and have 22 years and 9 months left. My initial goal is to get at least 5 years knocked off the term.

We've spent the last 18 months or so clearing some debt that OH had before we moved in together. He didn't come clean with how much it was till after we'd moved :mad:, but once it was all out in the open he's been really motivated about getting it sorted. That's all paid off now, and he's enjoying seeing his bank account in the black for the first time in years.

So now onto the mortgage :D. We can OP 10% annually without any penalties, so that gives us roughly £12k to play with this year. I've just reviewed and managed to get our rate lowered, so even just keeping the DD the same we'd be OPing nearly £70 a month, which is great news. I'll have a proper look through the figures tonight but am hoping to OP around £200 a month, as well as a larger payment of £2k to get us started.

Not much compared to some of the amazing efforts I'm seeing but it all helps... and I'm hoping to increase that with some little payments here and there. Just need to find out the correct account details to set Halifax up as a payee on our joint and my other current accounts.

Well... I've rambled enough :o. Am off to read some more and get even more inspired.
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Replies

  • lulabelle1lulabelle1 Forumite
    2.7K Posts
    Tenth Anniversary 1,000 Posts Combo Breaker
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    Congrats on joining the club, best of luck with your MF journey.......
  • muddywhitechickenmuddywhitechicken Forumite
    3.9K Posts
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    Hello :hello:

    Welcome and good luck on your MFW journey :)
    Mortgage at highest (April 2008): ~£195,000
    Outstanding balance: <£29,500 :j
    Current total overpayments: ~£128,750
  • LauraJoLauraJo Forumite
    1K Posts
    Eighth Anniversary 1,000 Posts Combo Breaker
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    Hi. Good luck on your journey. Sounds like you are already in a great frame of mind with the debt paying.
    Its amazing how much difference even small OP's make so £200 a month will make a great dent! Look forward to reading more
    Mortgage starting balance 2011 ... £170k today £1.5k
    Savings: £3k
    Aim: 100k by Dec 2021
  • tea_lovertea_lover Forumite
    8.3K Posts
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    Thanks all, am really looking forward to getting started properly :)

    Ran through the figures with OH last night and got the signed paperwork in the post this morning. Hopefully they can get it processed before the end of the month.

    I still haven't managed to find out the account details to set them up for payments - anyone would think they didn't want you to OP lol.
  • 20vt-rs20vt-rs Forumite
    623 Posts
    Part of the Furniture 500 Posts Combo Breaker
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    Best of luck on your journey, even the small overpayments make a difference and after a while they all add up. Keep records of them in a spreadsheet and look at it regularly, it will give you real motivation. OP'ing is very addictive!
    :j :rotfl: :j
  • tea_lovertea_lover Forumite
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    I do love a spreadsheet. I think from reading other diaries that I'm definitely in the right place, lots of like-minded spreadsheet fans here :).

    I was almost disappointed when OH's debts were paid as I'd had such a great spreadsheet keeping track of it all :p.
  • tea_lovertea_lover Forumite
    8.3K Posts
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    Grr! At this rate there'll be no OPs as I'll be looking for a new job.
  • tea_lover wrote: »
    Thanks all, am really looking forward to getting started properly :)

    Ran through the figures with OH last night and got the signed paperwork in the post this morning. Hopefully they can get it processed before the end of the month.

    I still haven't managed to find out the account details to set them up for payments - anyone would think they didn't want you to OP lol.
    I was went through a pain staking few days of sorting out my OPs and got it sorted on Tuesday with the Halifax.

    Sort: 30-00-00
    Acc: 00332275

    Ref number is your new mortgage account number. Just check it begins with 10,93 or 95.

    Due to the hassle I had getting through to the Halifax and the lenghty letter I sent them I got a £75 goodwill gesture.
    As of 23/05/14
    Main Mortgage - £114,940/£125,731 at 3.19%
    Loan £2,912/£3,700 at 8.8%
    OPs - £3,510 - target £6,000 by Dec 2014
    Original MF date June 2045 now March 2044
    Savings - £5,010 - target £8,000 by Dec 2014
  • tea_lovertea_lover Forumite
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    Due to the hassle I had getting through to the Halifax and the lenghty letter I sent them I got a £75 goodwill gesture.

    That's great! Thanks for the account details. I'm now thinking it's worth writing to them even if I do find the info today to see if I can get £75 too :D
  • tea_lovertea_lover Forumite
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    Halifax are getting on my nerves already. They still haven't sent me the online banking password I requested last week.
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