MFW - Starting my long journey

2Cats

So I've been a little quiet on here for the past week. Nothing much happening on the MFW front.

Received £75 as compensation from the energy company as we had power cuts over Christmas so that will go straight into the offset :T

Have also sold a few things on eB*y this week so another £20 to go as well. Will list some more tonight and hopefully they will sell. I have so much to get rid of...

Have received our quarterly offset account statement today and have £1375 in there. Ideally will have £15,000 built up before we can pay any more to the mortgage overpayment (Jan 2015). We have a standing order of £75 that goes from the current a/c to this account every month but will top up with whatever I can scrape together :j

Tomorrow, we shall transfer the above £75 + £20 to that account...little steps but will have a big impact one day!

Still dont have a MF date planned...asap is all I can think of!

Lotti1982

Hope you don't mind me asking but was there any penalty for reducing the term of your mortgage? It's something I would be interested in doing too.

2Cats

Hi Lotti, of course I dont mind you asking . No, it didn't cost me anything. The people at the C*ventry were a little confused when I said I wanted to reduce the term but not overpay (as I didn't want any charges). I had a look on the Mortgage overpayment calculator on here first to work out roughly how much I wanted to reduce the term to.

2Cats

Haven't been on here for a little while - life seems to go very quickly at the moment.

On the MFW front, I paid in £125 to the offset this week; £75 compensation for the power cuts, £25 from e*ay sales and £25 from the current account cos I felt like it!! :rotfl: So it takes our total in Offset to £1500 :T

Was a little naughty this week; brought A Girl called Jack book (half-price!) and have really found it interesting. Supermarket shopping is my biggest downfall as I dont really plan so end up spending too much and going too often. Am hoping this will guide me in the right direction! Already, I have frozen a lot of potatoes and carrots that I over-ordered online so will have them over the next few weeks. Before I probably would have thrown them.

Also, have just been on the Next sale website and ordered quite a few clothes for DS for the next size up (he does insist on growing!). I was very good and didnt buy anything for myself or DH or for the home :cool: Am pleased with myself.

Next week, I get paid (and have a few extra hours too!) so £450 to go into the offset then. We are thinking of reducing the term again (DH is getting into it slowly) but will consider after the summer as we have a couple of lovely holidays booked

Muser1

:hello::hello:

Impressive numbers. I'll be following. X

2Cats

Thanks Muser1! I have no MF target date in mind; just as quick as possible.

We are lucky as we can currently save any money I make and live on DH's salary. Hopefully we can continue like this for a few more years. It's hard to stay motivated though!

2Cats

Well, I'm back...been absent for a while...although not because of giving up my dream.

Quick update as need to do the school run....offset balance is £6375 ish and mortgage is now £126,485.17... :j

Slowly getting there. Have finally signed up to online banking and have made a 'Tilly Tidy' of £1.36 yesterday to tidy up my bank account! Will transfer some more in from ebay sales today plus we have just been gifted £3000 from an elderly relative so that will go in today too...will update later but can see that the Tilly Tidies will be used quite a lot....v exciting!!

2Cats

That was quite a quick post yesterday so will detailed more now.

Have transfered the £3000 over into the Offset from the relative plus £30 of eB*y sales so the grand total is £9406.36! However, about £3500 of this is to pay the Barclaycard once the 0% interest runs out next money so this figure isn't right.

Now that I have learnt how to transfer money online, there will be no stopping me DH isn't really onboard with this; he knows we pay £100p/m into offset and will transfer any larger amounts in but doesn't 'understand' how the little amounts add up too.....

Looking at the spreadsheet that I 'borrowed' from Locoblade a while ago, if our Offset balance remains the same and we continue to pay £100 a month, the Offset will equal the Mortgage after 12 years and 8 months :j

Would ideally like it to go under 10 years....

Anyway, waiting for someone to collect a toy I sold on FB (another £4.50 in the pot ) and then will dog walk.

Hope everyone has a lovely sunny day!

if_at_first...

Wow - you're doing really well:)


Have subscribed so I can keep up with your progress!

2Cats

Thanks 'if at first'! Your figures are really impressive too