Tm's MFW ramblings

turtlemoose

Comparison balances after 5 years - Nwide £83749 Nwest £83778 so £29 difference...... then there's the £20 solicitor charges..... for £9 I'm going the easy route!

Why is it that you can ponder a question by yourself for ages, then as soon as you type it or say it to someone else, the answer becomes much clearer?!

turtlemoose

My (home) mortgage is now 2.88% as of 1st Jan! Down from 4.89%, happy new year to my bank account monthly payment is now £489.xx but will keep our payment at the current rate of £600. Over £100 pm guaranteed OP feel AMAZING, feel like we are really making a step in the right direction now this knocks off 5.5 years according to the mse calculator :j:j:j

lavinia21

turtlemoose that is amazing the new year has started in a positive way fingers crossed it will stay that way.

SuperSecretSquirrel

Fantastic new rate turtlemoose, slashed by over 2%! Those locked in monthly OPs will have a huge impact over time

JimLad

woop woop! great news

turtlemoose

OPs for Jan so far - £130 how exciting!

turtlemoose

Daily interest - have had a read back and last time I mentioned it, it was £13.15 on my residential mortgage on 1st October 2015. 3 months later, as of 1st Jan 2016, it is now £7.77 :j:j:j:j:j

That daily figure has really got me thinking. Over a year it is £2836.05, or £236.34 per month. What I'd really like is to be in a position where we are, as standard, OPing the interest each month. Then any extra income spare/generated will be an additional OP on top. (Note: I understand the interest will decrease over the year, but for the ease of calculation I've taken it as a flat rate.)

Right now we are OPing £108.08 a month (rounding the payment up to £600 as this was our previous payment). So currently £128.26 a month short. Hmmm. While we still have nursery and debt to pay off, we won't hit this, however this is now my next short term goal

In fact, this now has me thinking, this is what I'd like to achieve:

• Become DF by 30/06/2016
• OP £1332 by 31/12/2016
• Generate £128.26 extra (to cover all the interest) in any month (x3)
• Save £1000 as easy access emergency cash

Luckyinlife

That is a great goal :] and makes good sense well done on getting to down so much tho

turtlemoose

What a spendy month! Way over budget on the flexible areas (groceries, takeaways, house bits etc) meaning we actually finish the month by increasing our CC debt by £135.32 (amended figure as realised I did sums wrong, better than I thought it was!). Oops.

Currently waiting on quotes for new windows and front & back doors. Have a quote of £575 for some decorating.... includes 9 ceilings, 12 door frames and whole house of skirting sanding and painting, 2 rooms lining paper and painted, and some touch up bits in 4 rooms. Labour only (we already have most of the paint). Think that's pretty good so we'll go with the painter, just going to wait until the windows are done first in case we need any internal touch up. After that, I think all the doing-up-the-house pot will be depleted, meaning I don't get my wish of a level garden

Payday tomorrow, I'm chomping at the bit to do the money shuffle and update the spreadsheet!

turtlemoose

I'm thinking about changing my savings. At the moment I am paying £50 a month in to a S&S ISA. This has been going since June 2015. I've paid in £850 total and it is currently worth £843 - so a loss of £7 over 7 months. On the 2nd December 2015 I put £1010 in Lend!ng Crowd and so far it has made me £22.21 after fees, plus I had a £150 bonus on top.

I'm thinking ditch the ISA and either put it in my S123 or Nwide Fle*plus (both 3%), I'll continue to add £50pm to it. OR put it all in LC, split over lots of different loans to try to make it safer. Or should I do something else? It's frustrating to see the ISA losing money - I could put that as an OP on my mortgage and save myself £850 x 2.88%

If anyone has any wisdom to share that would be great!