Searching for Security: Our MFW Diary

Bluefire

First O/P of the month - £100. So far we've achieved 81% of our overpayment goal for 2015 - I'm hopeful that before the end of the year we might start working on the 2016 target!

Slight change in our offset savings targets too - if my calculations are correct then we should be able to save the entire target of £7000 this year, meaning there's no need to save anything in 2016 & all spare money can go towards overpayments.

Bluefire

DH closed a small savings account yesterday, so £300 has been duly added to the offset savings pot.

Luckyinlife

-doing really well bluefire great job sooo close now :]

Bluefire

Luckyinlife wrote: »

-doing really well bluefire great job sooo close now :]

56% of the way there in total. On track to finish at the end of next year hopefully!

Bluefire

Another £100 popped off the total, bringing us squarely under 17.5k. One more month knocked off our MF date, just £1500 left to overpay before the end of the year to reach our 2015 target.

I've spent a lot of time over the last two weeks thinking about the future & where we go after we pay the residential mortgage off next year, should all go to plan. There's a lot more detail to it, but the general idea will be to finish paying family debts off, spend three years saving up for work that we want to do to our house, and then it's all guns blazing towards the BTL mortgage. If my projections are correct it's not out of the question for us to pay it off in around 5 years, meaning that in roughly ten years from now as DH turns 45, we could be completely mortgage & debt free.

It's an exciting thought. Not sure I'd know what to do with all the spare money there'd be!

Bluefire

£100 paid off today, bringing us to a total of £350 overpaid this month.

I've been re-working the finances (yet) again today, so a few of our goals have now been re-jigged. The overpayment target for this year has been raised from £8,500 to £9,560, and the target for next year has lowered. Conversely, I've lowered my monthly overpayment aim from £250 to £200. It's likely I'll still hit £250 or more most months, but while I find a high yearly target motivational it seems a high monthly aim applies a bit more stress than I'm comfortable with.

Whenever I am able to overpay above target, the plan is to count it towards some goals I've set myself for 'overpaying the overpayment!' This is mainly due to thinking ahead towards the rest of the year where I've realised I'm going to find it hard to find any spare money during the months of November-January. In part due to Christmas, but also a trip to Florida I'm going on with my Mum. Luckily the majority of it is paid for, but it's hard to know how much spending money I'm going to need at this point (although I will be aiming to part with as little as possible!)

Bluefire

Our remortgage on the BTL property with HSBC completed today :j

Our interest payments should now drop from £222.65 to around £156.15, leaving more money spare for overpayments. Happy days!

turtlemoose

YAY! It's frustrating that you lose a chunk of your saving in extra tax though isn't it!

Bluefire

turtlemoose wrote: »

YAY! It's frustrating that you lose a chunk of your saving in extra tax though isn't it!

Yep, we'll need to put about £13 extra a month away for tax now. But on the plus side, the biggest bonus of the new mortgage is that there's no longer any charges for overpaying. So in a few years time we'll be able to get the BTL cleared and then total mortgage freedom will be ours!

<insert slightly evil sounding money saving laughter here>

Bluefire

DH's HSBC Advance account is now FINALLY open (seriously, it took longer for HSBC to sort that out than it did to complete the re-mortgage that's linked to it. The mind boggles!) so the next step is to get him to open the 6% regular saving for stashing away stooze money and an ISA so we can take advantage of the Save Together scheme. An extra £120 for essentially doing nothing except transferring £300 of stooze money will be a nice little freebie for the pot!