Our MFW journey part 1

Lotti1982

78750 would take us to 75% ltv woohoo!

Lotti1982

Have been given some money by the in laws so will be making an op of £7700 which is the maximum we can pay without any early repayment charges. That knocks 4 years off the mortgage and saves us around 4000 in interest! This will take us to approx 71000 which is fantastic.

Lotti1982

Of course still need to save anything else we would have op'd in a savings account until next year to pay that off too, should be approx 800 ready to pay off next year to avoid erc.

Madcatgirl

Well done on making good inroads into your mortgage! I know how hard it is with childcare - I've got a 2yr old doing 40 hours a week and it's a lot! I'm waiting until we get the 15 free hours, will make a big difference to the op fund!

Lotti1982

Madcatgirl only a year to wait, hopefully you'll see a significant reduction. To us the 15 free hours only saves us £16 per week because we're using school nursery for the free hours but our childminder is only £8 cheaper for wrap around than for a full day(32 per week) and he goes to school breakfast club which is £16 per week. So childcare costs me £68 per day so £276 per week as I work four days per week. Looking forward to only paying 212 per week from September but it will be wonderful in 2019 when it will reduce to £120 per week for them both to go to after school club. However I should add I only pay for childcare during term time luckily

Lotti1982

Projecting figures forward we should be at 42800 by the start of 2020 so I'm going to aim to be under 40000 by then which might be a bit of a challenge but would put us in a good position to be mf by the end of 2025 which would be wonderful.

Lotti1982

This year we will pay off from 7700 to avoid erc, 2nd January well pay off approx 7000 which should be 10% and avoid ercs again and then 2nd Jan 2018 should pay off approx 6200 again approx 10%. Then we play to op between 300 and 500 per month. Once we reach the end of our deal in July 2018 we will have to decide whether to stay on vr or remortgage again. Should be mf by May 2026 but aiming for January 2025.

Lotti1982

Aim to pay maximum allowed for next few years then ease off a bit to maximise impact on interest but not have to be too strict on ourselves when the boys are young!

Lotti1982

Overpayment will be made Friday and should take us to 71000

Lotti1982

Waiting for a cheque to clear is torture even if I know it's not due to clear for 2 more days I can't help but check constantly. Pay day tomorrow only 4 months of double child care left then can start saving for next years op pot.