My MF Mission 2015

lippy1923

Added another £100 to the savings pot. Not sure how long it will stay there but hoping I don't have to dip in any time soon. Payday on Friday :j

I know it's pointless but as my fixed rate mortgage deal is coming to an end in the summer I have been looking at current deals. Some pretty decent deals going at the moment. If they can hang on for another 4/5 months that would be grand.

hiddenshadow

Not sure if you're planning to stick with the same provider (or if this applies even if you switch?) but we were able to lock in our rate once we were within 6 months of our deal ending.

lippy1923

Yes the same provider has some great deals and can switch 3 months before it ends so will be April/ may time. They also do cash back for staying with them on a new deal which looks good. Will look around fully nearer the time to make sure I get the best rate.
Only thing I want to change about my mortgage is the amount I can overpay. Being limited to £500 pm is annoying. I would have made at least an extra £10k in OPs last year if I had been able to. Ideally I want an offset mortgage where I can op and have the money available to use if need be, or an unlimited overpayment mortgage.... If these even exist!

lippy1923

I'm a bit puzzled. I want to be able to OP £15k when my FR deal ends in the summer, but I also want to secure a new deal 3 months before its due to end. I'm guessing I wont be able to reserve a new deal as when the current term ends, the new one will begin straight away, stopping me from being able to OP a lump sum.


I will have to speak to my mortgage provider and find out, but my gut feeling is I will need to wait until the term ends and I go onto the SVR to make my OP. Then from there I will have to pick a product that is available at that time. I think that's how it will work.


Some good news. My employer has agreed to fund the next level of my course *need to engage brain for the rest of the year!*

hiddenshadow

I think our provider gave us the option of when our fix would start - obviously we chose the day after our fix ended, but if yours has the same flexibility you could possibly lock in the rate for the following day and make your big OP on the SVR in between?

Congrats on the course - I hope it goes well!

lippy1923

hiddenshadow wrote: »

I think our provider gave us the option of when our fix would start - obviously we chose the day after our fix ended, but if yours has the same flexibility you could possibly lock in the rate for the following day and make your big OP on the SVR in between?

Congrats on the course - I hope it goes well!

Yeh hopefully I get an option to start it after a certain date. Will have to check nearer the time.

Thank you I hope it goes well too!

lippy1923

-£500 OP made for Feb.
-2 month reduction on mortgage term
-1 brick to colour in


Can't believe in just 2 years I have shaved off 3 years on our original mortgage term

lippy1923

I have done some thinking and planning for the new year ahead. Mainly thinking about my new course/ planning my studying around my life as well as paying off my CC debts by the end of the year.

I've sat and made up a spreadsheet with my revision plan all mapped out. I have a set amount of revision hours/ tuition per week, which I am determined to stick to.

I have also done a separate spread sheet with all my current outgoings and debts. I plan to have paid off my two 0% CC's by the end of the year as well as reduce my current outgoings by..... maybe a bit ambitious..... £600pm.

That's right. This time next year I hope my outgoings will be at least £600pm less than they currently are. This will be achieved by a combination of the following;

-£100pm min payment stops on the 0% CC's
-£250pm saving in childcare costs (free 15 hours a week starts)
-£200pm saving in mortgage payments (when I remortgage)
-£35pm 0% loan ends on the bed purchase last year


Watch this space!

hiddenshadow

All sounds very exciting! (And practical.) £600/mo reduction in payments would be amazing.

lippy1923

hiddenshadow wrote: »

All sounds very exciting! (And practical.) £600/mo reduction in payments would be amazing.

It would be amazing. I'm so excited just thinking about saving an extra £600pm. That means I could continue to OP £500PM and save £600pm into savings. That all coming true would mean I could be MF by the time I am 30!