A MF day begins at midnight

Dobbibill

much of a muchness round here - so what have we missed is the question if you have been busy?? more renovations?? or just good 'ole work, work, work???

Good luck with the mortgage application........keep us updated on the progress

DB

midnight_child

Hi Dobbibill - its the latter.

I took on some extra work commitments and its proving to require more time than I initially thought. Its paid for work so in essence midnight is moonlighting :rotfl:

That is why i've not done any home improvements or been lurking round these parts of late. Finally I have a weekend that is relatively clear and have a long list of things I want to get done.

MC

Dobbibill

work! a need to a must unfortunately has to be done and hopefully will increase the disposable income for the renovations, OP's etc or wherever it will have the most positive impact :money:

Ah a good old to-do list for the weekend, I'm sure you will get much of it done........I am a fan of a to-do list :T

Enjoy your weekend MC

DB

midnight_child

Only accomplished part of my to do list, but caught up on a few bits. I take the view that a weekend is also for resting and that there's no point starting work on monday just as tired as the friday just gone.

Pay day next week, so I will get to update my mortgage spreadsheets again.

MC

midnight_child

New month, so another slither of the mortgage repaid.

Managed a £500 OP again and this amount seems quite manageable for me at the moment.

Big achievement this month is that I have now gone over the 20% equity bracket. My daily interest is at £10.03 so thats another good milestone in sight for next month. :beer:

MC

midnight_child

I finally made a decision on my remortgage and went for the easy option that keeps my existing term, but reduces my monthly payment. I really dislike the fact that after all my hard work my end date is still jan 2038 (I cant bare to change my sig just yet ). However, my payments will now be much lower, so I have plenty of scope to save and there is an added saftey net in case I lose job etc.
In order to not still be paying this damn thing in 2038 I will save up a pot of savings instead, which I would like to be used to make one massive OP in 2 years.

This new plan with its distinct lack of OP means my updates may become rather more mundane, though will try to keep them up.

I took out a 2.29% fixed rate for 2 years but I can only OP small amounts without penalty during this time (20% of monthly payment). It doesnt start for a little while so I can pay down as much as is physically possible a few days before it kicks in.

So the plan for the next 2 years will be:
1 - OP the maximum possible each month without incurring any ERCs. Will be roughy £80 per month but I dont know the exact figure yet.

2 - Build up my EF, most of which is being used to make a one off OP. Dont worry, ive not gone daft !! I will keep a little aside just in case of eventualities and I should have it back to normal within 3 months. I also have a CC in case I need to spread any spending out over a few months.

3 - Save what I would have used to OP at highest rate possible.

At the end I should have a large pot that I can OP with, but it allows me additional options in case I think of a better use for the money.

MC

Dobbibill

Sounds like a plan!!!

Will you still OP the smaller amount that you are allowed when you've got the actual figures?

All makes sense, go you :T

DB

midnight_child

Will try to pay to the limit each month without getting any charges. Id like to be taking something extra off the mortgage as I go.

MC

midnight_child

This months OP is the biggest one yet - £2500 :j
Mortgage is now almost exactly 10K ahead of where I would have been at this stage just paying the normal repayments.


MC

System

£2.5k OP's are fantastic.

Keep up the good work