~ Riding the MFW train ~

Hi, I'm very new to this forum but have been binge reading the diary threads which inspire me an incredible amount. Ive recently deleted Instagram and replaced the icon with a link to the forum which has been a fruitful swap :blush:  

Ive just started overpaying our mortgage with intention and aim to have it paid off before im 40, in 8 years time, but ideally in 5 years, equating to 1k overpayment per month. 

So ill start my diary today and hope to become more involved in the community and accoutble to myself and you too, if theres anybody out there :wink: 

Were a family of 4, my partner is a primary school teacher and I am an NHS nurse. Our kids are 8 and 7 years old.  We've lived in our home for 7 years and have £82,915 left to pay.  Our home is a 3 bed terrace ex council house which we bought for 100k.  Were planning to extend but with the approximated costs coming in over 40k weve decided to pivot our mindset and love our smaller home <3 which has been a big refreshing change and given hope to being MF pre 40 which I find incredibly exciting.

We live pretty frugally mostly by living off my partners wage and using mine as a means to fix the house which was bought in a 'doer upper' condition...new boiler, windows, doors, kitchen, bathroom, loft blarding/insulating, driveway over the years have left little to pay off any extra, but time has come to change.  At the end of the month we're getting the house repointed which will mark the end of the 'big jobs'. 

The thing which will hold us back is that we can only overpay by 10% each year until we change our mortgage in March 2024.  But I suppose we could save in an additional account to pay in a lump sum once that is changed. 

Other money stuff: No other debt, 3k emergency fund floater saved, Christmas fund in the making using the reverse penny challenge currently at £210, £100 a month going into a stocks and shares isa for long term investing and we both have our workplace pensions. 

Please say hello and any sugestions welcome, hoping to get to know you all better. 

Juliet 





Comments

  • South_coast
    South_coast Posts: 4,779
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    Hello, welcome aboard the very addictive MFW train. Enjoy the ride 😀!
    Mortgage start: £65,495 (March 2016)
    Cleared 🧚‍♀️🧚‍♀️🧚‍♀️!!! In 5 years, 1 month and 29 days
    Total amount repaid: £72,307.03. £1.10 repaid for every £1.00 borrowed

    Finally earning interest instead of paying it!!!
  • Mickyh-s
    Mickyh-s Posts: 287
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    🙋🏻@Juliet_B
    I always wanted a slightly bigger house but didn't want to increase the mortgage. Before we knew it, ds turned 18 and left home and I'm so glad we didn't get the bigger house now! 

    Looking forward to following you on your mfw journey.
    Mortgage balance as of 21.7.21 - £75,766. (7 yr mortgage on 2 yr fix of 1.32%)Mortgage balance as of 20.8.22 - £58,445.08o/p 2021/2022 = £6,313/£7,500o/p so far 2022/2023 = £5,997/£5,997 Goal 1 - to be under 60k by 20.7.22✔️Goal 2 - to op 10% of mortg by 31.12.22✔️Goal 3 - to pay off mortgage by 7.1.2023 (Subject to sale of btl property)✔️Goal 4 - to pay off cc by end of Jan 2023 - £260.64/£1500Goal 5 - to pay off car loan by 31.8.23 - £1722.39/£10,000
  • Juliet_B
    Juliet_B Posts: 5
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    Just a note to myself to say nice one for avoiding ordering a takeaway tonight after work... £20 into savings instead feels good 💷
  • Juliet_B
    Juliet_B Posts: 5
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    Mickyh-s said:
    🙋🏻@Juliet_B
    I always wanted a slightly bigger house but didn't want to increase the mortgage. Before we knew it, ds turned 18 and left home and I'm so glad we didn't get the bigger house now! 

    Looking forward to following you on your mfw journey.
    Its really hard sometimes.  I dont know whether we're doing the right thing half the time but something didnt feelnright about adding to the mortgage right now, so here we are.  Thanks for sharing x
  • Good luck on your journey, sounds like you are already pretty on top of things :smile:
  • Welcome and good luck. I look forward to reading your diary. I’ve only recently just started and have found everyone’s diaries inspiring.
    MFW 2022 #89
    MFW start (Feb 22): £170,122
    Current (Apr 22): £168,307

    MFW start (Feb 22): 14y 8m (Oct 36)
    Current (Apr 22): 14y 7m (Sep 36)
    MF goal: 9y 9m (Dec 31)

    Feb 22: £500.00
    Mar 22: £446.50
    Apr 22: £250.00
    OP 2022: £1,296.50/£5,000
    OP Total: £1,296.50
  • smetf
    smetf Posts: 259
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    Hi Juliet and welcome.
    We've been overpaying for a couple of years, trying to hit the max 10% overpayment so the mortgage is as small as possible before negotiating our next deal in Dec 23.
    Had a very spendy few days away in Paris in our first holiday for a couple of years but will be buying Aldi pizzas for tea rather than a takeaway when we get home!
    Good luck! 
    S
    Emergency fund 10k Holiday/ home fund 7k
  • Juliet_B
    Juliet_B Posts: 5
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    Saving a little bit of money today by doing some building work. 

    We were quoted a few hundred quid to remove a small wall in our home, luckily the builder was informative enough to tell me it was a non-supportive wall, so today me and my lump hammer got to work taking it down brick by brick. 

    One more day on it at the weekend with the mr and itll be done and ill consider that a substantial saving towards our big job at the end of the month and ultimately an OP on my pay day :smile:
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