Clippy's first venture into the world of MFW

clippy_girl

Hi all :wave:

Have decided to start a MFW diary to record my mutterings even though there won't be much overpaying going on yet I'm now debt free so this felt like the most appropriate board (don't fancy the savings board).

My mortgage balance currently stands at £111,357.39 and I have 29 years and 8 months left.:eek: It's on a 5 year fix with Woolwich at 3.59%. Only started this deal in December 2013 and prior to that it was on a 5.49% for 40 years! I wanted a 25 year term but they would only give me it on a 30 year one

Balance should go down nicely on Tuesday I think when my monthly payment goes in. My interest is added each day so think it's looking higher than it is. Annoyingly the online account only shows the balance and not transactions so will need to spend some time calculating when payments clear etc... Waiting for mum to get back from holiday to make me a whizzy spreadsheet :dance:

There is just me with the mortgage (and the cat but unfortunately he does not earn his keep!:rotfl:). I do currently have a friend renting my spare room but she is moving out in June. Currently advertising for a new Mon-Fri lodger.

As I was in debt, all extra money and the lodgers rent went on debt repayments so I have no savings. There are a couple of things I am committed to/want to do which I need to focus on saving for this year. So would like to make decent overpayments but realistically most of the funds need to go towards paying these.

Plan to follow in next post! :A

newgirly

Hi clippy girl and welcome! No advice to give you as you have mfw royalty in your blood , so will just say best of luck

clippy_girl

In terms of money available, I have-

• £320 rent from new lodger (fingers crossed I get one!!!)
• £170 left over from my wage after all budgeted spends
• £150 from mystery shopping (generally this is the minimum earnt)
• £50 from Aug- I should get this as an incremental payrise

So that is £640pm until Aug then £690pm. Based on these amounts I should have met all the goals below by Nov :A

My plan is at the end of each month, transfer the £640/£690pm to my 5% current account to pay for the goals and any extra I have left can be split 50/50 to overpayments and to starting my emergency fund. Hopefully there will be some left if I exceed my mystery shopping target and from extra income I receive not from sources listed above (eg mileage or OT, ebay, Quidco etc...).

The goals I have are below-

Goal 1- Electrical work. Not sure how much this will be as need some quotes. Really hope it is not more than £400. Want to get this done in May. Will get quotes ASAP.

Goal 2- Spends for holiday in June. Need £170. This will be saved by June.

Goal 3- £3000 for holiday to India in November. To be saved by Oct.

Goal 4- £900 for new bedroom window and redecoration to include new curtains, sheets, lamps etc... To be saved by Nov.

From Nov I will do another review as I would like to start saving each month for my next holiday (so I don't take such a big hit in the months leading up to it) and also to review whether I still want to have a lodger. Would like to think overpayments to mortgage will be able to increase by then! :cool:

midnight_child

Hi Chippy,

Congratulations on becoming debt free! :T

Your situation seems fairly similar to mine. I have a 100K left and its in my sole name, I live alone and am considering a lodger (but need to decorate first). I will follow your progress with interest.

Best of luck
Midnight

clippy_girl

Thanks for the welcome

Am totally shattered now as did a gym class and swim this morning then walked into city (30 mins) and spent a few hours walking around before coming home. Recovering on the sofa now

Was productive in city. Went to Woolwich to enquire about overpayments and he said unless I make a big lump sum of over £2000 my monthly payments won't be affected. He also said he thinks you will soon be able to see your mortgage transactions online rather than just the balance so that will be good

Also earnt £26 doing mystery shops :A

Only spent £5.95- £4 on a mascara (it was £10 but got £6 towards purchase from mystery shop- in addition to the fee) and £1.95 on sandpaper. Was going to buy a meal deal for lunch as only realised when back from gym one shop had to be done by 2pm but I made sandwiches to take instead :T:A

So overall a good day

Secret_Saving_Squirrel

Welcome and good luck. You seem really clued up so no doubt you will soon be shaving years off the mortgage debt.

Squirrel x

gallygirl

Waiting for mum to get back from holiday to make me a whizzy spreadsheet

Sorry :rotfl:

clippy_girl

Afternoon all :hello:

Not much MFW stuff going on here today

Have had another gym session this morning and just relaxing before I go and start sanding down the backdoor and windows. As usual I have not typed up my mystery shops from yesterday so as there is one door and three windows the plan is to do one bit of sanding and then one report! Also going to batch cook a pot of thai red curry and spiced butternut squash soup. Then I think I will enter some comps in the hope of winning big!

optimistic-mummy

just wanted to say hi .. happy easter and good luck will be following with interest x

clippy_girl

Good morning

lovely day here but it is supposed to rain this afternoon so I won't be able to paint the windows

Means I can have a chilled out day Going to go to the gym again this morning and then clean downstairs this afternoon. Need to make the soup and curry as well as didn't get a chance yest! Also going to call 3 electricians to get some quotes for the electric work.

Have been having a little mooch on rightmove and the house prices are getting insane in my area! I reckon my house is prob worth £15-20k more than I paid 4 years ago :dance: I cannot believe the state of some of them and the price! Think once I have painted the back windows I might get an EA round to value it Shame the value wasn't this high when I remortgaged a few months ago as I wouldn't have had to pay anything off to get the better LTV!

icontinuetodream

Good luck with your journey!!