The MF pipe dream

monz

Amazing for next month!

Aw no!!! The kids can sniff these things out I tell you xx

Youthgonewild

Thanks @Monz - I'm looking forward to it being a new year and a new decade of monies owing. I never thought I'd see the "8" at the front of my mortgage balance, I've owed 90k+ for over three years now!

Yes, I should really hide my presents better in future. I could kick myself.

racken

Hello, only skimmed through these posts while I am looking for something else. Apparently I have been a member for 9 years yet this is my first post. I’m replying because years ago when Martin started out on TV he showed people how to be MF (mortgage free) within a couple of years. This may seem to mean not living life but it is true that the best things are free. I had already done as he suggested and have been MF for many years. I doubt there y any investment that will pay you more than your M (mortgage) as this would be a no brainer and everyone would be on it. Follow the scrimpers advice. Pay off what you can when you can. In my view credit is only good when it is yours or given to you. Owing is not allowed. Good luck. Benny. (Acronyms are obvious to all who know them)🤪

Youthgonewild

Eeeeeek I can't believe it, folks!

It's official! My mortgage is now in the 80s!!!! I'm so flippin' chuffed. My monthly mortgage payment went out today and the figure now stands at £89820.38 :T

On top of this, I made an overpayment at the weekend - which takes around ten working days to show up on the mortgage balance. The OP was for £400. I know some of you may think this is foolish so close to Christmas, but I bought my last present for my brother at the weekend and I'm well within my budget for the month. So I decided to use a combo of savings and surplus money in my budget to facilitate the OP.

I know I was hitting a new milestone with my mortgage balance, but actually seeing it on my mortgage balance has had a huge positive psychological effect! It almost feels surreal. Since I took out my mortgage in October 2015, I've always had a "9" at the start of the balance. Can't believe I have paid £10k off, especially since I only started overpaying about a year ago. If I hadn't started OPing, I would still be owing approx £95500 at this point!

Anyway I will stop waffling. I'm chuffed to bit, this has made my day! Have a good one everyone.

selloptape

Great milestone, 10k paid off is brilliant :j

Youthgonewild

Thanks Selloptape - it feels amazing!

monz

I think its amazing overpayment of £400 if anyone thinks its mad, they are silly. You know your finances and plan it all out and well done:)

Youthgonewild

Thanks Monz - I plan every penny out for the month to within an inch of it's life! Not that I'm anally retentive or anything.... :rotfl:

Youthgonewild

Happy New Year one and all!!! Hope everyone had a great Christmas.

Ahhh, finally back at work today. Couldn't sleep at all last night I always have trouble trying to sleep when I know I've to return to work after taking time off.

Nothing much to report, apart from Christmas was brilliant. Kids were happy with everything they got which is good. I plan on doing the same again this year, which is to buy things throughout the year. It seems to work out well, taking it in baby-steps.

I did get some money at Christmas from my parents and my grandma. I'd also built up a tilly tidy(?) stash, so I managed a cheeky OP of £200 which I made on 31st December :T

I have been playing around with the mse overpayment calculator last night (did I mention i couldn't sleep? :rotfl:) and I have discovered by playing around with the figures that I have knocked 3 years off the term of mortgage already. And If I carry on the rate I'm at, I will have it cleared worst case scenario, in 14 years instead of the 32 it is currently at :j Obviously a lot can happen between now and then so I wont count my chickens just yet. It is thoroughly motivating though.

Goals for this year:

Get hallway decorated

Overpay mortgage by £5000 (should be a doddle - touch wood)

Eat less rubbish

Pack up smoking

Youthgonewild

Ah where was I....?

Ok, time to fill you in with the latest, if you've managed to bear with me til this point.

I made a rather large OP about a week and a half ago. It felt a bit risky, but it definitely turned out to be manageable risk. In the meantime I broke my new phone!!! :mad: I have literally had it a couple of months (the last one had a cracked screen and ended up in my washing machine), but I dropped it on the floor at work. The screen didn't crack but I broke the OLED housing. At first there was a fine visible line of bright pixels going across the screen - phone still very usable. But as the days went on the picture was getting worse, the crystals all leaked out and my phone was rendered unusable :(:(

I did consider that because I've only had it a couple of months, it would still be under warranty but I read online that the warranty doesn't cover accidental screen damage). I need a phone for work and being contactable for school, childcare etc so I had to buy a new one out of my savings. That set me back a bit.

It is DS1 birthday next month so I put the deposit down for one of those soft play areas with the ball pits and big slides. He has invited 15 friends :eek: so that will set me back some more pennies next month. The deposit alone was £50. The kids dad has offered to pay half the cost so it hopefully wont be too costly.

I remember reading a thread on here recently - I think the user was AFrayedNot - but I could be wrong. One tip they gave was to always have 000 at the end of your mortgage balance..... so when my mortgage payment went out on Tuesday, the outstanding balance was £88243.07. I called up the bank and OPed £43.07 :rotfl:

Current balance...... £88200.00 :T:T