And Baby Makes Three....

jodles16

Hello!

Your doing a fab job and I understand the difficulty with trying to get the balance right between getting rid and living!

Best of luck,

Jodles

kansaskitty

Hey just read your whole thread and how time flies with a baby! We are due in March 2015! We have been OPing for a couple of years now but are the reverse of you, OPing will need to stop when baby arrives, rather than start! You are doing so well, you have a huge amount in savings!

What we did that was very interesting was worked out how much of our yearly capital reduction was due to our mortgage overpayments rather than regular payments, that was a big motivator. Both years were over 50% of our capital reduction for the year was because we overpaid, think how much less we'd have reduced our capital! I know on the MFW boards some people work out a daily interest rate and watch that go down with each overpayment too.

Keep on keeping on!

FunLovinCriminal

Thanks M0ney, KansasKitty and Jodies16
Sometimes I feel the blog is just for me, no one else reads it - so when I get any reply, let alone THREE it encourages me to go on.
UPDATE: Checked our payslips online this morning, before the £££ hits the account, and its less that what we were expecting.
My expenses have not been paid in, and OH is still on SMP, which is a great deal less than what she usually earns.
As a consequence, and as we have to pay the balance of a trip we are going on in March, the £1000 OP will be slashed to £500.
Its a step in the right direction, and we are still OP by £50 by DD every month - although somewhat disappointing.
As said previously, we were sub £100k, then borrowed more to pay for an extension and get a few more jobs done to the house prior to Little FLC's arrival.
With hard work its back down to £103k - but its very psychological breaking the £100k barrier - I know how Roger Bannister must have felt!

FunLovinCriminal

KansasKitty - how do you keep track of the yearly capital reduction. I am new to this financial stuff, and any encouraging signs/graphs would help this time of year.
Congratulations to you both on your impeding new arrival!

FunLovinCriminal

So, the realization of the job in hand has hit, and I'm feeling very daunted.
OH and I turn the "big" 40 in 2015, and little flc turns 1.:eek:
My dream when I was young and naive was to be MF when I was 40 - but more realistically I'd love to be MF by the time we are 50.
We are currently due to be MF by the time we are 55, so need to shave 5yrs off it - basically the £50 OP only gives me 1 year 3 months!!!
I've looked, and looked again, and cannot see where I can make any more savings - but the thought of being free from the shackles of a mortgage and all the things we can do as a family teases me!
We are on a fixed rate for another 2yrs at 2.59%.
Just feeling very frustrated at the moment...
FLC:mad:

PopcootMFW

Congratulations on the addition to your family and good luck for your MFW journey.
My hubby turns 40 in 2015 too. We have 14yrs left on our mortgage and aim to reduce that by 4yrs so we are mortgage free by the time he is 50 too!
We have been overpaying bits over the last few years but with having a nearly 3yr old and second baby due March 2015...it's hard to find the money sometimes. I feel your frustration, but keep the faith and maybe things will improve once Mrs FLC is back on FT pay ( that's if you don't have painful child care costs when she returns to work).

SmlSave

You will get there FLC! I'm sure you will be mortgage free before us


Perhaps we could swop mortgages you could be fixed at 5.09% and I'll take your 2.59%? Lol

FunLovinCriminal

Well 2015 is here.
Little FLC will be 1, MIL 60, and both of us 40 - big year for the Criminals!
Finally got a hold of the bank - after four days worth of ringing; there bank holiday opening hours makes me want to leave retail!
Paid another £800, to round up the £200 I paid last month up to £1k.
Asked for an up to date balance, and its £102k
I cannot find a simple spreadsheet that will show me what I need to overpay to achieve MF by 50 - can anyone suggest one.
So I have 125 months until I am 50, and £102k to reach, current interest is 2.59% for another two years.
Is this possible people???

choccielover

Why don't you just play with the overpayment calculator on here putting in different amounts till you get to the right end date?

Though I suppose that doesn't take into account the change in rate when your mortgage deal ends....

Well done so far

Choccie

gallygirl

FunLovinCriminal wrote: »

Well 2015 is here.
Little FLC will be 1, MIL 60, and both of us 40 - big year for the Criminals!
Finally got a hold of the bank - after four days worth of ringing; there bank holiday opening hours makes me want to leave retail!
Paid another £800, to round up the £200 I paid last month up to £1k.
Asked for an up to date balance, and its £102k
I cannot find a simple spreadsheet that will show me what I need to overpay to achieve MF by 50 - can anyone suggest one.
So I have 125 months until I am 50, and £102k to reach, current interest is 2.59% for another two years.
Is this possible people???

Am on the case