The holiday was great & now it is time to concentrate on the mortgage again

mfwin2019

Started a diary about 18 months ago & then booked a holiday in Florida. We have just had the holiday (paid for by diverting money from mortgage overpayment) & are now refocusing our efforts on the mortgage, so time to restart a diary to keep up the focus.

I will use the diary to put down some ideas & chart my plans & my progress.

A bit about me - there is me, DH, DD1 & DD2. We were mortgage free in 2007 at the age of 40, then less than a year later found our dream home/project/money pit (take your pick) & ended up with the biggest mortgage we had ever had £190.000 (£70,000 towards purchase & £120,000 to extend & renovate)

The house still needs decoration, carpets etc in some rooms, we have the money put aside it is finding the time with work & family commitments, but really need to get it finished soon as it is now just dragging on a bit too long.

We have over paid from the start, taking part in MFin3 take 2 to get mortgage to £147K & we are currently doing MFin3 take 3 with a target of £90k by the end of the challenge.

Mortgage is currently £110,665 made up of £47898 at base +0.19 & £62767 at 4.84 fix until Feb 2016. Any over payments are made to the one with the higher rate or put aside for next year if yearly overpayment allowance has been reached.

Long time lurker & love every one elses stories & tips, enough for now as this is getting too long. Next post I will list plan to get us to £90k by Dec 2015.

thanks for reading my rambles

MFWin2019

mfwin2019

Hi
Just a few more details of how I aim to be MF

Normal monthly payment is £750 of which £280 is interest & £470 reduces the balance. I put aside £620 a month for holidays & MOPs. I have reached my annual overpayment limit at the moment so will just save up money for an overpayment in January.

Every time I over pay I ask for the monthly payment to be reduced, & increase the amount that I put aside each month by the same amount. I know I should probably ask them to reduce the term but I like the monthly payment reducing, makes me feel better. Once monthly payment is below £500 I will probably change to reducing the term. (£500 a month mortgage is within my comfort zone, higher than that is scary if that makes sense)

I also add any interest, dividends, cash back etc to the over payment money. I have also been trying to keep grocery spending down & need to do a freezer/cupboard list today to sort out what we need for the month ahead.

Sorry long ramble again - off to sort out monthly a/cs (love my spread sheet) washing, ironing, cleaning & listing anything edible in the house.

Thanks for reading

MFWin2019

mfwin2019

Hi

Put monthly interest of £9.46 into MOP/holiday account. Mortgage balance after monthly payment is £110197.66 - will be under £110k next month - hurray. Daily interest is £9.26 so as well as the £1000s dropping I will be very happy when this goes under £9 a day.

As well as trying to reduce the mortgage I really need to do some major decluttering which will be my main aim whilst the children are off over the Summer.

Must go & hang the washing out then pick up DDs from school

MFWin2019

Watty1

I also like to reduce the monthly payments. In my case it was because I'm self employed and some months had to use savings to make the mortgage and by reducing the amount I now have it where I can afford it. I'm less disciplined about moving money into the savings account and just put it there when I can but it does seem to work.

mfwin2019

DH& DDs are out for the day on a trip to the local theme park so I have the house to myself until I go to work this afternoon - bliss!

Washing on the line, ironing from yesterday nearly completed, food shop list written for shop after work & dishwasher on. Done a quick sweep of both DDs rooms & liberated some tat to the bin that they will never miss might just do the same for DHs side of the bedroom!

No extra pennies for mortgage but not much other spending going on either but this will soon change once school has broken up with purchases of uniform,shoes etc.

Well must get back to the ironing - tea break over.

MFWin2019

mfwin2019

We'll a few more ££s added to the pot

15% discount for paying talktalk bill before the DD - noticed a message on monthly email bill & £4.77 saved. Not sure if I have been missing out on this for months or if it is a new thing.

75p from cash back card

£40 in meal vouchers ordered with freedom points so this amount has been transferred over

£45.52 in total so not bad for next to no effort.

General spends have been quite low & have been keeping food spends down by eating from cupboards & freezer a lot. I need to list remaining contents to try & minimise spends until we are away in the middle of August.

Dd1 starting senior school in September so it will be an expensive time with new uniform etc to buy

Not much else to report, too hot & muggy today to do much today but lots of washing dried which means lots of ironing later

I hope all is well for you fellow MFWs

Mfwin2019

mfwin2019

Hi

Very hot here today but a good start made to my Summer Declutter. Lots of bits really need sorting out to leave the house over the next few weeks.

Today 4 carrier bags went to the charity shop, 2 things ready for friend at works daughter, 1 sack of general rubbish & 2 sacks of recycling. Some other bits sorted into piles ready for another day. I had even cleared enough from the "room of doom" to get the vacuum cleaner in & do a small bit of carpet.

DH even put some bits back in the shed without protesting - progress is being made!

More planning for August holiday - £7.50 of Mr T vouchers converted to days out & meal vouchers so same amount put in MOS pot.

Work tomorrow but hopefully I can keep up the decluttering momentum.

Thanks for reading

mfwin2019

mfwin2019

Lots of money spent today but dd1 now all kitted out for senior school.

2 small additions to MOP pot - £5 voucher from donating to Oxfam used in M&S & 86p off petrol at Mr T.

Decluttering still moving forward - 2 jackets to Oxfam (resulted in voucher) 3 bags of children's clothes to someone with dd younger than mine & an old pair of curtains to my Mum to transform some old garden chair cushions.

Still very hot no sign of the forecasted rain here.

Thanks for reading

Mfwin2019

Thrugelmir

mfwin2019 wrote: »

Every time I over pay I ask for the monthly payment to be reduced, & increase the amount that I put aside each month by the same amount.

Why?

Just leave your repayments as they are. Then you'll be benefiting straight away.

mfwin2019

We'll the school holidays seem to be speeding by & I have had no time to update.

Just looked at my July transfers to overpayment fund & as well as the monthly £620 I have managed an extra £70 just from bits & bobs.

This months extra also going well & includes £5 from Oxfam M&S voucher, £15.21 from cash back card, £3.86 from Mr T petrol discount, £4.55 from early payment of phone bill, £2.43 from Mr T price match coupons & 75p interest .........making a grand total of £31.80 for very little effort.

Decluttering also going well, another car boot full to charity shop, 2 car fulls to the tip & 4 extra bags of recycle waste just this month. Still a long way to go but clear patches are appearing. I have some bits for selling & some furniture for free cycle but will wait until September when holidays are over.

Doing some extra hours at work from September for Provisionally 4 months so will look to amend regular overpayment during this time, as balance is below £110k I am spurred on to see how quickly it can get below£100k.

Thanks for reading

Mfwin2019

aliwali

Hi, just stopping by to say well done with the decluttering over the hols. I just can't do it with the kids around. Just starting my own diary and hoping to pop by some others a bit more regularly to keep me motivated.