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Hope is not an Effective Financial Strategy

edited 3 March at 8:18PM in Mortgage-Free Wannabe
3.8K replies 313.5K views
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  • shangaijimmyshangaijimmy Forumite
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    We're all done for March now and have managed to overpay by £625.02 which is our bet month ever!

    I'll post some exact data this weekend for how this affects LTV, % of loan paid off, interest paid, daily interest etc... at some stage of the weekend. Though this is very much dependent on the progress of decorating. A Marvel super hero's bedroom for a 6yr old beckons!
    MFW: Was: £136,000.......Now: £73,674.67......Reduction: £62,326.42... in 5yrs 4mths!
    Mortgage Neutral Target - Feb 2025...£66,409.77 remaining
    MFiT-T5 #8 - £10,313 of £23,100 (44.65%)
  • lippy1923lippy1923 Forumite
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    We're all done for March now and have managed to overpay by £625.02 which is our bet month ever!

    I'll post some exact data this weekend for how this affects LTV, % of loan paid off, interest paid, daily interest etc... at some stage of the weekend. Though this is very much dependent on the progress of decorating. A Marvel super hero's bedroom for a 6yr old beckons!

    Well done on the OP :)

    Really wish I could OP now but getting married this summer and lots to pay for, so any money saved is going in the ISA for now.

    Once wedding is all paid for I will be OPing every month! :D can't wait!
    Total Mortgage OP £61,000
    Outstanding Mortgage £33,044
    Emergency Fund £25,700
    Mortgage Neutral Target <<Dec-20>> £7,344 to go

  • shangaijimmyshangaijimmy Forumite
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    Thankfully (not sure if Mrs SJ will approve of me saying but...) all our really big spends our out of the way, so we can hammer it now.

    We will need a new kitchen but i'm hoping we can leave that at least 8 years when we'll be into our last 20k owed.
    MFW: Was: £136,000.......Now: £73,674.67......Reduction: £62,326.42... in 5yrs 4mths!
    Mortgage Neutral Target - Feb 2025...£66,409.77 remaining
    MFiT-T5 #8 - £10,313 of £23,100 (44.65%)
  • shangaijimmyshangaijimmy Forumite
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    Feeling very frustrated with HSBC. It was over a week ago that we applied over the phone for a joint advance account ready to open 2 ISA's for the safe together £10's. Today we received a welcome pack (8 days later) with nothing meaningful in it to be honest. No cards, no account number etc...

    Slowest bank on record!! Managed 3 Halifax, 2 TSB and 1 Flex Direct with full functionality within a week!

    On the plus side i managed to get half of the bathroom decorated today so will finish in the morning, and loads of prep work (light fitting, polyfilling, moving furniture, emptying drawers etc...) done on eldest son's bedroom.
    MFW: Was: £136,000.......Now: £73,674.67......Reduction: £62,326.42... in 5yrs 4mths!
    Mortgage Neutral Target - Feb 2025...£66,409.77 remaining
    MFiT-T5 #8 - £10,313 of £23,100 (44.65%)
  • Busy_MeeBusy_Mee Forumite
    202 posts
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    Really impressed with your diary Jimmy and slightly jealous of the way you are playing the banks...brilliant stuff !
  • shangaijimmyshangaijimmy Forumite
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    Part of the Furniture 1,000 Posts
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    Mortgage details for the Month of March. Payment 1 of my 120 payments goal :D:eek::beer::j

    Value - £221,000
    Mortgage - £136,000

    Payment - £687
    Overpay - £625.02 :T
    Total - £1,312.02

    Interest - £229.86 :(
    Daily Int - £7.41 :(

    Net Reduction - £1,082.16 :T:T
    Balance - £134,917.84 :D

    % Left - 99.20% :eek:
    LTV - 61.05%
    MFW: Was: £136,000.......Now: £73,674.67......Reduction: £62,326.42... in 5yrs 4mths!
    Mortgage Neutral Target - Feb 2025...£66,409.77 remaining
    MFiT-T5 #8 - £10,313 of £23,100 (44.65%)
  • shangaijimmyshangaijimmy Forumite
    3.5K posts
    Part of the Furniture 1,000 Posts
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    Busy_Mee wrote: »
    Really impressed with your diary Jimmy and slightly jealous of the way you are playing the banks...brilliant stuff !

    Thanks for reading. Its early days for playing the banks as such but im trying!
    MFW: Was: £136,000.......Now: £73,674.67......Reduction: £62,326.42... in 5yrs 4mths!
    Mortgage Neutral Target - Feb 2025...£66,409.77 remaining
    MFiT-T5 #8 - £10,313 of £23,100 (44.65%)
  • shangaijimmyshangaijimmy Forumite
    3.5K posts
    Part of the Furniture 1,000 Posts
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    Dilemma time. Do I add to my March accounts (listed in post 37) with another £25 that I received refereeing today? Or do I place it on my golf membership card for discounted food and drinks?

    Everything says put it on my membership card but there's that slight temptation to overpay... As it covers 3 and half days worth of interest!

    Opinions welcome?
    MFW: Was: £136,000.......Now: £73,674.67......Reduction: £62,326.42... in 5yrs 4mths!
    Mortgage Neutral Target - Feb 2025...£66,409.77 remaining
    MFiT-T5 #8 - £10,313 of £23,100 (44.65%)
  • lippy1923lippy1923 Forumite
    1.4K posts
    Ninth Anniversary 1,000 Posts Combo Breaker
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    Membership card lol

    I would say enjoy the money as it's not going to make much of a difference on the mortgage and you have already made a massive OP this month. Live a little ;)
    If you really can't decide then half and half :rotfl:

    Love how you have worked out all the little details, daily interest etc.
    Think I will be adding a little something to my signature, so I can countdown my 120 mortgage payments. Help keep me motivated a little. I will start my 120 from April!

    Keep up the diary. I will be lurking.

    Lippy
    Total Mortgage OP £61,000
    Outstanding Mortgage £33,044
    Emergency Fund £25,700
    Mortgage Neutral Target <<Dec-20>> £7,344 to go

  • shangaijimmyshangaijimmy Forumite
    3.5K posts
    Part of the Furniture 1,000 Posts
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    Thanks Lippy.

    I have opted for membership card. Figured i'll get another £25 next week too so will go every other to mortgage and card until my card has exceeded my ability to spend it. Then i'll buy something instead!!

    The little workings out are great and just part of the obsession. It looks much better in my spreadsheet but i couldn't manage to type it all in.

    I need some guidance really as to where i can upload it to on the internet and post a link. Help anyone?
    MFW: Was: £136,000.......Now: £73,674.67......Reduction: £62,326.42... in 5yrs 4mths!
    Mortgage Neutral Target - Feb 2025...£66,409.77 remaining
    MFiT-T5 #8 - £10,313 of £23,100 (44.65%)
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