Buying a Bigger Birdhouse - MFW 2022 8 September 2017 at 10:33AM edited 21 November 2022 at 1:47PM in Mortgage-free wannabe 19 replies 1.9K views

SeekingFlight

Greetings,

Welcome to my first mfw diary it's nearly a year since I actually got my mortgage and yesterday i made my final over payment of year 1. Since i didn't spend as much on the move as i expected it was moderately easy to overpay the full 10% (more than that and i get penalised). Year 2 will be more of a push so i thought i would start a diary to help me keep focus.

This is my first home and it's been a bit more of a struggle than i expected to keep on top of it's needs. It currently comprises of me (35), my partner (37) and a syrian hamster called Siri because he looks at me like he knows everything and i am an idiot.

Y1 Breakdown looked like this
Mortgage: £200,000
Interest: 2.18% fixed for 5 years
Monthly Payment: £815.16
Regular over payment of £300 per month

Y2
Mortgage: £174,621.45
Interest: 2.18% fixed for 4 years
Monthly Payment: £780.11
Regular over payment: £335.51 per month

Y4
Mortgage: £140,68.90
Interest: 2.18% fixed for 2 years
Monthly Payment: £726.00
Regular over payment: £1100 per month


happy saving :j

Silence101

Well done on overpaying 10% in the first year, it's always impressive seeing the numbers go down at the end of the year!

SeekingFlight

It's my 1st Houseiversary

They took my mortgage money 1 year ago today. Tomorrow i can start paying off the 10% over payment for year 2 and having done some working out i'm going to make an additional over payment each month instead in larger chunks. I have a 6 month buffer that i'm not willing to part with but i do shuffle the cash around.

Currently i have a 12 month regular saver that pays out in October at 5% the money in it makes more in interest than the equivalent amount costs on the mortgage. So i'm moving cash out of the buffer and onto the OP until it pays out when i'll put the money back into the buffer and move the interest onto the OP.

Sometimes i think i get it and sometimes it confuses me! I wish they had taught basic budgeting, pension info and explained compound interest in secondary school.

pinkypig

What an amazing start:j. The very best of luck with your journey

PPxx

beanielou

Happy shiny new diary

Escapar2020

Wish I'd be as organised as you are overpaying from your first year!

SeekingFlight

Escapar2020 wrote: »

Wish I'd be as organised as you are overpaying from your first year!

Thank Martin :rotfl: i looked at the mortgage calculator and saw how much i'd save in interest. Plus i feel like my mortgage rate is quite low so i want to maximise the benefit of that over the next 5 years with the mortgage i have.

SeekingFlight

Welcome to October my favourite month.

October Mortgage: £173,835.92
Interest paid in Y1: £4122.24 :eek:

So lets go for a friendly October overpayment of £200 before my regular payment comes off in November.I still have about £400 to put back in the emergency fund so i'll be chipping away at that too but it's pretty healthy so far.

Currently loving Shop**um getting all my treats that way (referral code ji7s6: Octobers treat is Lindt chocolate if you join) and shop. Thinking about picking up a bit of xmas work at the local market but it will be tough doing the FT job and extra and all the things life requires.

Todays win was cheap cheeses, Co-op has Camembert reduced to £1.01 and Brie to 83p, my partner loves them and i never buy them. Also got 350g of Mature Cathedral City for £1.25.

Also i recommend Stoptober :beer: so much cheaper being out drinking soda water and hopefully good for the waistline as well as the bottom line.

SeekingFlight

October is definitely the month of jobs so much going on at the moment i'm adding a to do list to my diary to motivate me.

Actions
- Call the student loans company and add on the additional 2 payments after the last time we spoke so i know how much is remaining (should pay this off by next October )
- Make the additional overpayment on the mortgage for October
Call BT and negotiate a better deal
Call Eon and negotiate a better deal

Extra Cash Goals
- Stay under budget (i got a surprise invite to a birthday dinner so will have to be very careful)
- Make £50 on Jobspo**r in October
- Sell 5 items from the house
- Submit some more writing to magazines
- Come up with a double your cash scheme for November

I also need to open a new regular saver once mine cashes out on the 26th October.

Right lets have at it then!

Former_E.ON_Company_Representative:_Malc

SeekingFlight wrote: »

Call Eon and negotiate a better deal

Just a quick heads up SeekingFlight. The tariffs we currently have available are listed on our website. If you've an online account and pop your usage into the Quote Tool, you'll be able to see an instant quote (both monthly and annually). Best to use kWh rather than a cash amount. Although, for a much wider picture, I'd pop the usage on to one of the independent Price Comparison Sites. This will show you what's available in the wider market, both with us and with the other suppliers.

Hope this is useful SeekingFlight.

Malc

SeekingFlight

Since it's national novel writing month again and i have foolishly joined in i figured i better keep up in here as well.

November

November Mortgage: £173,032.58

Actions
- [STRIKE]Call the student loans company and add on the additional 2 payments after the last time we spoke so i know how much is remaining (should pay this off by next October )[/STRIKE] - DONE
- Make the additional overpayment on the mortgage for October - :mad:
- [STRIKE]Call BT and negotiate a better deal[/STRIKE] - DONE
- [STRIKE]Call Eon and negotiate a better deal[/STRIKE] - DONE

Extra Cash Goals
- [STRIKE]Stay under budget (i got a surprise invite to a birthday dinner so will have to be very careful)[/STRIKE] - :mad: over by £11
- [STRIKE]Make £50 on Jobspo**r in October[/STRIKE] - DONE
- Sell 5 items from the house - Nope
- [STRIKE]Submit some more writing to magazines[/STRIKE] - DONE
- [STRIKE]Come up with a double your cash scheme for November[/STRIKE] - DONE

[STRIKE]I also need to open a new regular saver once mine cashes out on the 26th October.[/STRIKE] - DONE

A mixed bag this month, feeling pleased with myself for getting through all the tasks relating to checking my gas, internet etc and for dealing with the student loans company. I find talking to people about these things a bit stressful.

Annoyed i went over my budget i was doing really well until that birthday dinner, fancy steak restaurant was just too much for my budgeting prowess. Still i feel that i got better value for my cash by eating the steak rather than the pumpkin risotto (vegetarian option) which was £12.95. My overpayment is also currently on hold as i had to pay my line rental in advance for BT and i forgot so there went my £200 saved this month.

Sometimes it feels like you are not making any impact at all.:(