Lumiona's MFW Diary

Suffolk_lass

We had the same with Nationwide and then more recently with Skipton. Our Skipton deal was a lifetime tracker at 0.49% above BOEBR so we stuck with it and have cleared it now - I do think BS are better than banks having had both.

Lumiona

Just sent our 10% of £7k to the bank, happy days!!
A big celebration for us! The balance is £32k less than it was 2 years ago which I'm very happy with. Now we are just continuing to saving for our next 10% in a years time, see you then  

caeler

Congrats on the 10% OP, I bet that feels good! @Lumiona

Lumiona

Thanks Caeler, it will feel better once the payment is allocated to our mortgage account  I'm expecting the monthly payments to go down by £40-50 which will mean more to the savings for the next 10% and eventual balance if we decide to pay that off in Mar 2024.

Lumiona

It's taken a week but the overpayment is now showing at the bank, our monthly payments have dropped by £54pm.

However we have decided to put our mortgage overpayments on hold and take more money out for a new extension. We've been putting it off for 5yrs+ but our old conservatory really needs replacing and we need more space in our home, especially now we're spending more time than ever here. 

So we're planning to use our savings that are doing FA and taking out £30k from our mortgage towards the refurb which puts our plans right back for a few years but being MF is still a goal, just will have to be further down the line.

FtbDreaming

Sounds like you’ve got a plan @Lumiona you might as well get the house sorted to suit you before you are MF. I think it’s right that we’re open to change and sometimes swapping our priorities around temporarily. 

I’ve read loads of diaries and they’re super ambitious then something will happen like buying a new house or having a baby and the first MF target is rethought... most of them do get back on the wagon though and still get there just a bit later. 

My own MFW is probably unrealistic lol. But we’ve gotta try! X

Viking_mfw

The point of overpaying, of being careful, of savings is to have the flexibility to do this kind of thing. And balance out where the benefit lies. And hopefully it will help in terms of LTV once it's complete. 

Nurse2047

Well done your doing great 👍

Suffolk_lass

Yes, when I used to present on strategy, it is about the intended destination and direction - the actual route is never a straight line from A to B!

Lumiona

Thank you guys  .

I've been ready to move up for some time but the location and south facing garden space here is just too perfect, a bigger house would mean compromising on those so we've been left in a state of inaction. 

We are extremely risk averse and cautious people, (hence mfw) so a big expensive decision like this is difficult for us. Spending big money when you are a frugal budgeteer is so unnatural.