Lumiona's MFW Diary

Suffolk_lass

Hello @Lumiona, I just found your diary as I was reading the mortgage free thread we are both on. I have bookmarked your diary now so I will see the updates to it. Having maybe just paid off our last debt (the mortgage) I realised my diary is in the wrong part of the forum - among the debt free wannabees but hey ho, four years in, I'm not asking for it to be moved! I'll follow your progress with interest and support you from the sidelines if I can

Merchandiser2367

Great to read your diary Lumiona, don't get to read many these days but always good to read others on their journeys. 
Hope your MFW adventure continues to go well

Lumiona

Thanks Suffolklass and Merchandiser. 
So I've agreed to work full time from November. I've always loved my Mondays off to get housework and errands done, study and generally chill out whilst the kids aren't here. However, working from home has given me a much better work/ life balance I don't need that day in the same way and the extra £ will help us reach our goal. 

Suffolk_lass

Exciting times, going back to full time after being part time!

I'm not sure if you have explored the Old Style part of the forums on here but there is a Flylady thread - it's a system of keeping your cleaning time to a set amount a day and maximising your return on your effort. If you haven't looked, it might be worth a quick browse so you don't end up using your leisure time for the mundane stuff

caeler

Well done @Lumiona on the overpayment!  It is such a huge achievement! I like you am restricted to repaying 10% and it took me a few years to realise the difference it would make if I did that.  I also find it quite addictive to see the balance reduce! Keep going!

Lumiona

Happy New Year everyone. 
I should have our annual statement by the end of the month which will give us the 10% overpayment figure. I expect it will be around the £7200 mark given the mortgage balance. It is all saved and ready to go which I'm really excited about. It will be a huge drop and will make quite a difference. I think it will drop our monthly payments by £40-50 too.

I'll update when the payment is made ☺️

Suffolk_lass

Well done! When we made a lump-sum payment I called up and asked it they could keep the payment at the same level, rather than reducing it. It did not seem to count in the 10% limit for overpayments. It does depend on your circumstances first and foremost but also on your lender

caeler

I’m with @Suffolk_lass any overpayment I make, reduces the term and not the monthly payment but this is quite the personal choice and depends on circumstances. 

Lumiona

Thanks guys, I tried that when we op'd last year.
RBS wanted to charge us a "mortgage amendment fee" to keep the monthly amounts the same and had to do an interview for a full affordability check 🤨. Despite us paying the mortgage plus 10% with no issue 🤦. Cheeky buggers imo so we decided to take the reduced monthly amounts and put it towards our next OPs.

caeler

Oh wow! I’m obviously very lucky with Nationwide. Mortgage terms really are all different! I’ve limited experienced outside Nationwide. I think years and years ago I had a Standard Life mortgage but no idea what the terms were, I certainly hadn’t considered overpayment!