Welshlassies MF quest by 40

Welshlassie

I have just sent a payment of 12.15, the extra in my current account to bring it to a nice round number, very few payments left to go out this month so may hopefully have a little extra to send at the end of the month, but as we are going on holiday may keep it for spends. So £22.15 OP so far saving me approx £106 in interest over the course of the mortgage, yeah.

evab_2

well done good going, it's amazing how much the interest savings are even for a small overpayment!

StuartGMC

Welshlassie, that's a good way of "leveraging" the incentive to put in small amounts as and when you have some available, nice idea :beer:

I guess a good (reverse?) analogy would be that of a dripping tap; each drop doesn't look like much alone, but catch the water then you'll see why you've paid so much for it on the water bill...

setmefree2

Well done:j

Welshlassie

I have just withdrawn a years interest from our rented house account as its money we don't need in there and won't include as income in our tax return, so have used it to overpay our mortgage, that's another £96.88 off,have my OP spreadsheet in work so not sure what that does to our long term interest reduction, but it all helps.

So that takes me over the £100 mark for the year £119.03 yippeee.

Welshlassie

Well I have applied my new OP to my spreadsheet and it has taken us permanently sub £193K, yeah

setmefree2

Well done on going sub £193K:j:j:T:T

Welshlassie

Thanks

Feeling really sh*t at the moments, have just been told that me and 6 other members of my team are at risk of redunancy and unless they can find internal redepolyment opportunities (which are unlikely having now looked at the list) we will leave on 16 July.

I think there is a reasonable package on offer and there are jobs out there doing what I do, so it might not be too bad, but its a crap time for it to happen.

So it looks like our MFW goals are on hold for the time being, although they may get a huge boost in a few weeks if I manage to find a job quickly.

evab_2

Sorry to hear that news, that's really short notice. I hope things work out for the good.

Ev x

Welshlassie

Well I'm back from our very wet holiday in France, need to get back on track now next week. So much to do, but top of the list is GET A JOB.

I've got 3 interviews lined up and have already had one, so getting there, much more money available which would be good.

I've been offered around £17k in redundancy so we're going to knock £7k of the mortgage and then use the remaining do some work around the house that was going to need to be done this year anyway and save the rest.

The £7k will make a nice dent and save a considerable amount over the course of the mortgage, will certainly change the position we will be in, in 4 and half years when we get to the remortgage point.