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Z's MFW journey

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  • Zerforax
    Zerforax Posts: 416 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    beanielou said:
    Surely if chaos reigns at work all the more reason to pay down the mortgage? 
    Made a £2,000 overpayment today!
    Brings the total mortgage down to £74,541 so I'm very pleased its below the £75k mark now.
    Monthly repayments also down to £400.64
    So we have used up £5k / £16k overpayment allocation for this year to end of Sept.
  • beanielou
    beanielou Posts: 95,486 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Mortgage-free Glee!
    That’s good. 
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.     ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • LadyWithAPlan
    LadyWithAPlan Posts: 3,744 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper
    Zerforax said:
    beanielou said:
    Surely if chaos reigns at work all the more reason to pay down the mortgage? 
    Made a £2,000 overpayment today!
    Brings the total mortgage down to £74,541 so I'm very pleased its below the £75k mark now.
    Monthly repayments also down to £400.64
    So we have used up £5k / £16k overpayment allocation for this year to end of Sept.
    Well done on the OP
    DON'T BUY STUFF (from Frugalwoods)
    No seriously, just don’t buy things. 99% of our success with our savings rate is attributed to the fact that we don’t buy things... You can and should take advantage of discounts.... But at the end of the day, the only way to truly save money is to not buy stuff.    Money doesn’t walk out of your wallet on its own accord.
    https://forums.moneysavingexpert.com/discussion/6289577/future-proofing-my-life-deposit-saving-then-mfw-journey-in-under-13-years#latest
  • Zerforax
    Zerforax Posts: 416 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    LadyWithAPlan said:
    Zerforax said:
    beanielou said:
    Surely if chaos reigns at work all the more reason to pay down the mortgage? 
    Made a £2,000 overpayment today!
    Brings the total mortgage down to £74,541 so I'm very pleased its below the £75k mark now.
    Monthly repayments also down to £400.64
    So we have used up £5k / £16k overpayment allocation for this year to end of Sept.
    Well done on the OP
    We had some more buffer paid so I thought about a larger overpayment but then I realised we were booking 3 holidays for this year over the next few days so will hold back for now!

  • Zerforax
    Zerforax Posts: 416 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    Last month was expensive after buying an expensive gift and booking the Easter holiday and flights/hotels for the summer trips but still managed to make a £1,000 overpayment.
    Monthly repayment amount now down to £395 and total mortgage down to £73,400. Also used up £6k of the £16k overpayment allowance. A little bit behind as almost at the halfway point (my yearly deal runs from start of October) but still positive progress!
    Work has also settled down too so that has been positive. Hopefully means I can focus a bit more on overpayments for the next 6 months.
  • Zerforax
    Zerforax Posts: 416 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    Secured a promotion and a 30% salary increase at work :#
  • beanielou
    beanielou Posts: 95,486 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Mortgage-free Glee!
    well done! 
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.     ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • Zerforax
    Zerforax Posts: 416 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    I have made a £5,000 overpayment today! This brings down the buffer we built up before Xmas when work was a bit unsettled. Still got plenty in our emergency fund but it's now more like 6 months of expenses rather than 9-10 months worth.
    Mortgage: £73,400 --> £68,400
    Monthly: £395 --> £369
    Will only have £5,000 overpayment allowance left from now until September.
    I'm off next week and I'm going to turn off my work laptop and have been telling everyone else. I have worked through the last 3 holidays and feeling a bit burnt out lately.
  • Zerforax
    Zerforax Posts: 416 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    For quite some time now, any money we have saved, I've put straight towards the mortgage. I feel like now I should also put money towards some other goals. I always joke to my wife about an extension but at some point I need to have a set fund for that (may save in premium bonds as it's a bit more fun) and I'm also thinking I should start saving in a stocks and shares ISA. Hard to change tact when I've been doing in a certain way for so long!
  • Zerforax
    Zerforax Posts: 416 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    Took me a week but I've gotten a bit more organised.
    £1,000 mortgage overpayment made
    £1,000 into premium bonds (for extension fund)
    Will likely put £3,000 into the S&S ISA but I haven't worked out which platform to use yet.
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