The MF pipe dream

Youthgonewild

Hi all, hope everyone enjoyed the bank hol weekend. It was glorious in that sunshine, can't believe it went by so fast.

I'm starting to feel demotivated with my mortgage already. I know its early days but my interest has been added on to my mortgage now taking the grand total from £95430.22 up to £95608.70

That's £178.48 interest per month added on :mad: I suppose I should take some comfort from the fact that before I made those lump sum overpayments last month, the interest was £185 per month but still.

I think whats driving my current mood is a) the turn in weather b) being back at work and c) I've been watching films and documentaries on the banking crash over the weekend and it makes you realise just how messed up the banking systems really are. I object to the bank taking nearly £200 of my cash every month for effectively doing nothing. The quicker I can drive the debt down and be mortgage free the happier I will be.

Ignore me I'm rambling. I feel like I'm getting nowhere at the moment. Still gotta KOKO, I will get there eventually.

greent

However, your OP of £175/ mth nearly covers your monthly interest cost - meaning your standard payment is nearly all capital reduction (a 'Good Thing' ). Perhaps set a target - work out when your monthly interest = the £175/ op and look to beat that date?
It feels like a long and high mountain to climb at the mo - but progress upwards (ie@ a downwards balance!) is all good x

Youthgonewild

Thanks for the wise words greent, I never thought of it like that

Yes i suppose its First World Problems really. Just cant wait for the day I'm mortgage free but its such a long way off.

gallygirl

Youthgonewild wrote: »

Just cant wait for the day I'm mortgage free but its such a long way off.

Yes it is a long way off, but you're taking active steps to bring it closer :T. That's all you can do.

Youthgonewild

Well it's been a while since I last posted so I thought would update.

Had a bit of a spendy weekend only owing to the fact I went out with a friend on Saturday night. I didn't spend too much to be fair, less then £30 I think and that included the taxi home. It helps that I'm not a big drinker and switched to soft drinks when I could feel the tipsy-ness take effect :rotfl:

Tomorrow is payday for me and I cant wait! It also means that it will be my first mortgage payment where I have upped the OP by £175. Due to all the change left from my night out at the weekend, I am hoping to make an additional OP soon along with the money from my very recent TT's. Actually looking forward to giving the bank my money LOL! cant wait to see those £££ roll of my mortgage balance. Every little helps!

Youthgonewild

Quick update: so I cashed a load of coins at the bank yesterday and ended up £30+ better off! So that will go towards OP. Also moved some money around in my savings accounts and made sure I have enough cash to cover the month.... so hoping to throw around £300 extra at my mortgage this month and hopefully it won’t leave me cash strapped. I have budgeted for After School Club, fuel in car for work and my food shop. All my bills for this month at now paid for (they all go out on the 15th) so this should be doable.

On another note I have been promising my kids for some time that I would get guinea pigs. By some time I mean in January I swore I would get my garden sorted this year (it was like a building site for a long time). I told my kids that once done I would let them have guinea pigs.

After some home improvements I am now the proud owner of a luscious lawn plus flower beds. I have still have some gardening left to do but it is mostly there. I havent mentioned the guinea pigs for a long while. Ironically I found out two days ago that someone is giving their guinea pigs up for free complete with the hutch and all the paraphernalia! Upon hearing this I snapped at the chance to own them so I will be picking them up today. It will be a nice surprise for my kids who are at school and the child minders respectively as I bet they have forgotten all about it. Looks like I’ll now have to factor in hay on my shopping list!

greent

Awww - I love piggies! And they're *relatively* cheap, too So sweet with their squeaks and popcorning around! We have 3 at the mo. One of our previous ones lived to be more than 8 years old - she was a veritable old lady!

Youthgonewild

Aww that's wonderful greent! I am in love with my piggies, they have played in my garden all weekend and they do help keep the grass short :rotfl:

The hutch that they came in isn't that great to be honest. Its a bit small for two piggies.... so i found an bargain on eB@y! £81 for a big hutch with two floors that has a really good sized run underneath it!! It came with a Free hutch cover too :T great for chillier days! I found a similar hutch in my local discount warehouse store yesterday and it was priced at £150 without the cover so I am happy at the bargain I found online. That should be with me either tomorrow or Wednesday.

Ok, on another note I was going to throw £300 at my mortgage.... but I dibbed into a small chunk of my savings and I threw £500 at it instead :eek:

I have to bear in mind that I will have childcare costs to pay for at the end of this month but I have left enough to cover that, providing I don't touch that pot between now and the end of this month. That should be doable!

other than that I have spent a small amount on food shopping this weekend as I already had plenty of food in. I will probably need to top up a few items midweek but that's a standard thing for me.

Right I'm waffling on. Time to get back to work. Have a great day everyone!

Lauralou79

Great diary! Keep going!

Our mortgage is currently just over £83k and currently overpaying £100 a month ( it's only 10 mths in) as we currently are also needing money for work on the house but it cancels out a chunk of interest! We a 15 year aim of our 25 year mortgage which isn't too drastic.

Would love to pay it earlier but living a little in the moment is important to us too.

Youthgonewild

That's a fantastic amount to be OPing Lauralou:j

Every OP knocks something off the capital therefore something off the interest over the length of the mortgage. It will be worth it in the end (or so I keep telling myself :rotfl:)

I will have a look at your diary if you have one. Loving the inspiration on these threads