Searching for Security: Our MFW Diary

edinburgher

Remember that while your DH might not be amenable to changing his current account, you can always set up a H@lifax for him as a second account. A two minute money shuffle + 2 small DDs and you've just found an extra £60/year. We use silly things like the TV license and an insurance payment.

Bluefire

DH already has a Halifax reward account (luckily he's ok with multiple current accounts as long as I'm the one keeping on top of making sure we meet the monthly income requirements) but I might looking into getting a joint one down the line. I think he's probably had enough of applying for new accounts at the moment, we've had one hell of a shuffle around since starting this project!

Bluefire

A total of £1100 over paid today. Mortgage total is now at £18,470.75 and our new MF date is 01/01/2022.

£100 of that amount was from a cheque that arrived from First Direct this morning after DH closed his account, and the other £1000 was from my savings. I wasn't originally planning on using that money to overpay, but as we're hoping to remortgage our BTL tomorrow I thought it couldn't hurt to bring our overall borrowings down by another chunk.

Luckyinlife

wow bluefire your smashing it :] good work motivational stuff :]

Bluefire

Luckyinlife wrote: »

wow bluefire your smashing it :] good work motivational stuff :]

Thank you! It'll all slow down a bit soon, one last 'chunk' overpayment should come when DH finally cashes in the premium bonds (he keeps changing his mind over the amount) as well as what is left of his bonus, and from then on it's the hard slog of spending as little as we can & overpaying at the end of the month.

Slowly slowly catchy monkey!

Luckyinlife

Ya i know but dam youll be well under 15k by the end of the month even if he changes the amount hehe :]

Ya im trying my best to spend as little as possible in terms of stuff i don't need to spend on or giving myself a set amount per week.

Bluefire

Remortgage approved in principle on the BTL property this morning. As suspected, it was a no go on the whole idea of borrowing an extra 15k to pay our residential mortgage off, but oh well, I guess that means I'll be able to keep this diary going for a bit longer!

Bluefire

As we're doing well so far I thought it was time to up the pressure a little & update our goals. I've decided, as ambitious as it may be, that our aim should be to attempt to clear our residential mortgage by the end of 2016.

Therefore, our new target for this year is £13,900, and next year it will be £6600. Eek!

Luckyinlife

shame they wouldn't combine the 2 for you but it will motivate you to pay it off sooner no dout :]

Wow now that is a great target :] get them premium bonds cashed hehe

hope youv had a nice weekend so far

Bluefire

DH has done it! Got home from the cinema last night (Fifty Shades of Grey, 2 hours of my life I'll never get back) to find he'd withdrawn the £2000. Just waiting for it to appear in the bank now. Turns out although he wanted to keep the very first bond of £500, when it came to filling out the form to claim them he couldn't be bothered so just withdrew a sum instead.

I haven't told DH about the new mortgage goal as I think it'll scare him, but he does know it's been raised, and he's worried I'll end up disappointed at the end of the year if we don't meet it. My way of looking at it is that if I set a target I know we can comfortably reach, then there's no motivation to sell/save/earn extra money where ever possible. As long as we have tenants, I'm hoping the £550 a month overpayment will be achievable.

The weekend so far has mainly consisted of remortgaging & getting started with Slimming World. I hope yours has been a bit more exciting!