A MF day begins at midnight

midnight_child

Belated monthly update. One more scheduled payment ticked off of the mortgage, plus a minimal OP to avoid charges.






Leftover money stashed away in ISA.


Been thinking a bit recently about what else I might want to do with the money when I get to the end of my two year fix........ Figuring that I will be below 60% LTV by then and if rates dont change any time soon perhaps paying down the mortgage is not such a pressing issue. Will mull it over for the next 18months.




MC

midnight_child

The other thing I have been think about recently is the election. Must be my punishment for wandering over to the debate house prices boards


Should mention that I am not affiliated to any party and I believe I have voted for all of them at some point (except BNP!!), and once spoilt the ballot paper for a local election when I didn't like any of the idiots who were standing. I do love it when the door knockers turn up trying to work out if I will be voting for them. I let them do their spiel and then politely remind them that the last time I checked it is still a secret ballot and they are wasting their time.

Getting quite interested in how the result will pan out, as I think it will be an utter stalemate. Reckon conservatives will get more seats than labour, but wont be able to cobble together enough support from other parties.
Not sure labour + SNP will be enough for a majority, and if it did you would have an odd situation where anti-UK SNP props up a UK govt in passing laws that only affect England & Wales, which wont be popular!!
Possibly we could get labour in coalition with lib dems, but with SNP agreeing to abstain from all votes not affecting Scotland, but cant see that being a stable govt. Also reckon Lib Dems may be quite keen to sit this one out after the past 5 years.
I cant envisage a 4 or 5 way rainbow coalition working as they just wont be able to agree on anything and it will grind to a halt very quickly. Maybe the only possibility with the numbers on May 8th will be a Con-Lab coalition........ :rotfl:

So we will be doing it all over again by Sept then.

MC

midnight_child

Back after a work trip away, which was quite MFW as had all my food paid for. Only cost was for a few beers and random souvenirs so should have some extra to shuffle this month.


Waiting on payment from 2nd job, but decided that i've been overdoing it work wise recently so will use the money to have a holiday. I'm tempted to do a last minute style turn up at airport and see where I end up.


MC

midnight_child

Morning fellow MFWers,


New month so have spent a few minutes updating my spreadsheet.


My daily interest being charged is now 2 pence less :rotfl:




With this new approach to the mortgage using minimal OPs to avoid charges, but saving the money instead, the debt as displayed on my spreadsheet doesn't shift much. This is rather frustrating as I really enjoyed seeing how my regular overpayments reduced the debt owed.


Must press on and keep thinking of the big chunk I can remove in Feb 2017.


MC

Luckyinlife

well done midnight
if all goes well what will you be hoping to pay off on feb 2017 :]

BookWorm

Hi MC

That's a very impressive daily interest charge :T I've just posted my daily rate on my own diary and it's significantly higher

All things and steps, however little, help so keep going

midnight_child

Luckyinlife wrote: »

well done midnight
if all goes well what will you be hoping to pay off on feb 2017 :]

I don't have any dependents or expensive habits so I am very fortunate that I can set aside around £600 most months. This should give an idea as to what savings pot I will have come 2017.


I have recently come to realise that as the value of the mortgage decreases, making large overpayments becomes less worthwhile. Eventually a point is reached where you could make a bigger return by investing the money (e.g. high interest account, shares, BTL).
For this reason I have not set a formal target for an overpayment, as I may wish to use some/all of the cash for something else come 2017.


MC

midnight_child

BookWorm wrote: »

Hi MC

That's a very impressive daily interest charge :T I've just posted my daily rate on my own diary and it's significantly higher

All things and steps, however little, help so keep going

Stick with it BW, mine was £11.36 when I started, so I have cut it by almost half in two and a half years.
Admittedly, the majority of this saving came from swapping to a much better fixed rate deal, though had I not taken the decision to overpay each month from the start, it is likely I would still be on a 90%LTV product.


MC

Luckyinlife

I see what you mean that should be a healthy amount either way :]

Firegirl

I like your idea of saving because the rate would be better than if you paid off your mortgage. I want to get my mortgage below the 200k mark and then I'll save in offset and invest. I really should do that now because my rate is so low but for my sanity I need to break the 200k barrier first!