MF in 10 - no ifs buts or maybes

Maybe_its_because

Hi All,

Have been meaning to (re)start my MFW diary for a few months and finally getting around to it.

Been around the forums for years; started originally as a MFW on my first house up north. Was diverted away from that when I upped sticks to London (that house is now a BTL) and have since met my DH, had DD and took on an eye watering mortgage in 2012.
We spent 2012-2014 on a serious debt bust and managed to clear them all before the % offers were up.

Finished maternity leave late 2014 and had no sense of what our income would look like with OH on a FT salary and me on a PT salary. Now, after a few months of figuring it all out, we are back and well and truly on board for a Mortgage Free mission.

The figs.

Original Mortgage 2012 - 2037
£233,750
£35,000 of standard payments made 2012-2014:eek:
4.59% rate fixed til Oct 2014

MFin10 Mission starts Jan 15
Balance £222,329
2.99% fixed rate til Nov 2016
standard monthly payment £1,100
OP for Jan 2015 = £510 (so far)
Regular OP set up from Feb 2015 of £500
Looking to keep topping this up where possible from TCB, ebay etc

Have a few milestones I'd like to meet.....

• Be under £200k when our current fixed rate is up in Nov 2016
• Have 50% LTV by Jul 2018
• Be under £125k by OH's 40th in Nov 2021
• Be mortgage free before DD is in secondary school in Sept 2025

So the main plan is to be Mortgage free in 10 years taking 12 years off the original date


In it for the long haul. I've seen a few others with similar amounts and/or similar timescales so look forward to keeping up.


MIB


x

SavingRaven

Hi MIB, so glad you've started your diary! I was just about to update mine when I saw yours. Looking forward to reading your updates, following your story and cheering you on.

Best of luck! SR

shangaijimmy

Ill join you both, as we're awaiting new remortgage starting and i'll be doing a diary as well. We're not as big number as yourselves but similar times as aiming for 12, hoping for 10, but with a bit of fortune may sneak 8-9 years.

Maybe_its_because

Thanks for posting and for your encouragement.

MIB x

SavingRaven

Hello MIB,

Have managed to have a proper look at your diary. Your goals look great and realistic. I don't know about you but I always find myself dreaming of the impossible and setting too high a target.

Would be brilliant to get the mortgage down to £125k in such a short space of time - everyone I know with a mortgage in London now has double that as a minimum.

I've subscribed to your diary and look forward to more updates! SR

Maybe_its_because

Spreadsheet updated and we finished January with a grand total of 66p in the joint account.

Money shuffle done :dance::dance:and all set for an OP of £500.

Gotta find some more to try to keep in the "on schedule" category on the MFW spreadsheet.
Have some TCB hopefully becoming payable in the next week or so for a potential additional OP.
Also sold a couple of baby things to a friend for £30. Think I'll put that money into the holiday fund though.

Off to bed to dream up some more options for cash generation.......

Maybe_its_because

I realise that I'm frittering too much money away on buying breakfasts and lunches (and snacks!) while I'm at work. Not good for the figure but more-so the pocket.

I pledge this week to spend £0.00 on food while I'm at (or in transit to/from) work. It shouldn't be hard as I'm only in the office 2 days.:o

breakfast - packet porridge brought in from home, used communal milk from the work fridge. (legitimately )
lunch - one of those Ainsley Harriet "just add water" packets.

After a week off work, it was strange getting out of the tube station into daylight. The mornings might be freeeeezing but they're getting lighter.

Maybe_its_because

V chuffed with a NSD yesterday - it's a tough call walking past all the lovely shops on the street I work in. All sorts of "it's cold out so treat yourself" messages being sent my way.

Today won't be an NSD as I've got music club tonight and need to pick up party invitations too.
No cash on food though.

Tomorrow will be an NSD.
Thursday could be if I get organised today for our visitors
Friday won't be as I have car parking to pay for DDs lessons
Saturday is shopping day so no NSD (unless I do it Friday)
Sunday might be, no plans yet.

Think I'll aim (in the first instance) for 2 NSDs a week

Hi ho, off to work I go

MIB x

MummyEm

Hi MIB

I found your diary and have subscribed. You seem to be very organised and focused on your goal. I look forward to seeing how it works out for you as we are in such similar positions.

MEM

Allium

Lovely to read your diary and best of luck to you!

You have exciting targets, it's really good to see the numbers fall!

I've subscribed to keep up with you!

Allium 😊

Maybe_its_because

Thanks Allium and Mummy Em for popping by. Good to be part of a team.

Yesterday managed another NSD as music club was cancelled (so relieved as I didn't want to venture back out into the cold) and have sent invitations by email instead of buying them.

Working from home this morning (well on MSE at the mo ;-) ) and then off to the bank this afternoon to open a new savings account for DD. Hal have offered her another 6% for a year so we'll continue paying the max £100 a month into that. Not sure what for - just cos it feels like a good idea.

Other than using my oyster card to get to the bank, hoping for another NSD.