My MF Mission 2015

lippy1923

Thanks guys

Managed to sell some old bits today, so added the money to the EF fund, taking it to £22k! Pleased to hit another 1k mark.

I have decided to open a 5% reg saver so will be putting my normal £500 OP into that each month instead of my mortgage. I know this makes more financial sense as I will be gaining slightly more, but I can't help that itching feeling about not seeing my mortgage balance decreasing so much and not getting my monthly letter from my lender saying they have reduced the term.

I know it sounds sad, but I really enjoy that monthly letter telling me another month or sometimes 2 have been taken off the term. Its very motivating.


Will have to figure out the exact sum I can OP by when the product is in effect so I have something to look forward to lol.

lippy1923

Dogbooks wrote: »

Hi, I've read through the whole thread tonight (whoops, late night!) Just to say I love the diary and subscribed I'm due to exchange and complete by the end of the month so will be taking on board some tips you've mentioned.

Well done on OPing so much already!

Congrats on the new house. I hope you start a diary of your own to keep track of all your goals and milestones I will keep an eye out for your thread.

hiddenshadow

lippy1923 wrote: »

I know it sounds sad, but I really enjoy that monthly letter telling me another month or sometimes 2 have been taken off the term. Its very motivating.


Will have to figure out the exact sum I can OP by when the product is in effect so I have something to look forward to lol.

You could always setup a spreadsheet to give you the same info.

lippy1923

Payday has arrived on this lovely sunny day.

£300 added to the savings pot. Still need to open the 5% reg saver....hopefully get round to that tomorrow.

lippy1923

Opened the 5% reg saver and deposited my first £500. It's going to be weird not OPing the mortgage every month, but I will commit myself to the £500pm savings instead. On the bright side it will be nice seeing my savings increase much more per month.


For ease I have consolidated my emergency fund part of my signature to include the regular savings as well, so only 1 figure to update per month. Besides, I have hit the £23k mark in doing this!


Looking forward to Thursday when I move onto my new mortgage product and see the true figures online

lippy1923

New month, new mortgage.

-£500 already in the reg savings for this months OP
-£100pm savings from previous rate
-2 months knocked off the mortgage term (not sure why I assume this is my lender recalculating figures after the rate switch)

Not had my £100 cashback for the mortgage switch yet. Apparently they will send me a cheque, so will keep an eye out for that.

1st exam of the year taken last week. Im a bit worried as I think it went relatively ok which is weird. Hopefully I have actually passed and not gone down the wrong track with the essays lol.

Now to find out just how much I can OP and when. How does everyone elses mortgages work? I get 10% a year, but is it calendar year, mortgage start date year and can you OP the whole 10% at once? I cant seem to find this info on the web.

hiddenshadow

Hope the exam went well.

No experience with OP limits but I would guess it's per year from the mortgage start date, and the limit(s) on OP would be the amount you can do at once, not when you do it. Probably worth checking with the lender on their details as I think everyone is different.

lippy1923

I'm missing my monthly OP letter

Still half expecting one to come through the letterbox lol. Very strange, but must try to remember its earning me more in the savings.
Have sent a private message to my mortgage lender asking about OP figures/ dates I can OP so hopefully should find out next week.

In other news, found out I get a bonus in this months pay-packet which is nice. I have already spend most of it on a new apple watch which I am loving Going to be my motivation for keeping active and healthy and tracking my workouts.

lippy1923

Going to be an expensive month in July. We have decided for the 1st time since we moved in 7 years ago to actually do some home improvements! The back garden is getting done first so we are hiring someone to kit out the place with some nice AstroTurf. Already have the new shed up and the tree removed so hopefully once the grass is done it will look reasonably respectable

Also had a nice reminder that house insurance is up for renewal soon. Anyone had any good deals for this recently?

There was something else that was due to be paid as well, but I cant remember at the moment!

hiddenshadow

We have been loving our AstroTurf since we got it put in - so easy to deal with.

We got a decent price from Together Mutual - £186.77/year, according to my budget. I don't remember what it covers, but it was definitely more than we needed limit-wise.