Forever Home Fund

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  • katep23
    katep23 Posts: 1,406 Forumite
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    Another £4 bank reward into the savings pot / debt offset.

    When we first moved in I used to pay the council tax monthly on the cashback credit card, after a year they introduced a 2% charge to pay by CC so I paid by bank transfer each month. Now the CC charge has been scrapped I'm back to paying by CC monthly = £12.50 each year :D

    £42 in change to pay into bank tomorrow.
  • katep23
    katep23 Posts: 1,406 Forumite
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    Ugh, I hate selling cars. £6k asking price, only just listed on the bay, so no I won't accept £4k or a Renault van as swaps.
  • katep23
    katep23 Posts: 1,406 Forumite
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    Inspired by SJ, I have just signed up for a S&S ISA for £100 per month to test the water. Feels weird investing when we still have the car debt but that should be cleared in the next few months and £100 / month won't make much of a difference.

    £5 from SB and nearly at £20 for PA payout.

    Latest car offer is £3.5K - jog on!
  • try_harder
    try_harder Posts: 1,527 Forumite
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    Good Luck with selling the car ,hope you get a good price .I hate that job
  • katep23
    katep23 Posts: 1,406 Forumite
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    Thanks TH, it is a pain but will be worth it when it's over (so I keep telling myself).

    £20 eB@y sale. 7 watchers on car. 1 message through FB. No silly offers (yet) today.
  • katep23
    katep23 Posts: 1,406 Forumite
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    edited 23 May 2018 at 1:41PM
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    I think I'm going to be banished from MFW :o

    Having got the debt for OH's car down to £8,000 by saving and selling his car finally (£5k), we then found an amazing deal on an ex-demonstrator all electric car for me which was £2k cheaper than anywhere else (and then I negotiated another £200 off).

    I don't pick it up until end of July but based on my projections and selling my car, when we do our debt will increase to around £18k :o

    All this debt is being finance by stooze money and serviced either by fee-free or low-fee balance transfers and everything is 0%, most of it for 2 to 3 years so it is not costing us much to finance the cars, however I am very nervous having no emergency fund at present.

    Plan is to replace the stooze money used ASAP (aiming to be debt-neutral by early 2019) and then to build emergency fund before starting to save for renovations. Kitchen desperately needs replacing (40 year old units, worktops and tiles) but that will have to wait until we have saved up - aiming for late 2019.

    On the MFW side, we upped our static payment by £500 ish a month and in true A Frayed Knot style it is a nice round number :D I'd like to tell you how this is affecting our mortgage balance but as TSB is our provider... who knows :p

    I did get an updated mortgage balance from the branch on Monday but it makes no sense so will have to wait for 2nd June and go get another updated balance.

    Have applied for Nationwide Flex account which I need to activate, even after buying the car we will have some stooze money left which needs to earn the highest interest we can. Also have a dormant TSB account which I will also activate to get the 5% interest they have promised existing customers :D

    And on the FIRE side, first payment goes out to my S&S ISA in June - only £100 but the sooner I start, the quicker I will benefit from compound interest!
  • shangaijimmy
    shangaijimmy Posts: 3,796 Forumite
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    You sound super organised so i'm sure it will all work out...somehow! Go you on the S&S, i'm very happy with my first dabbles, though it does seem an even longer long project to the MFW plan.
    MFW: Was: £136,000.......Now: £61,892.24......
    Mortgage Neutral Deficit: £43,082.90... Mortgage Neutral Savings: £18,809.34
    MFiT-T6 #13 - £3,517 of £15,500 (22.69%)
    1% Mortgage Challenge 2022 - £157.59 of £650
  • katep23
    katep23 Posts: 1,406 Forumite
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    December 2014
    Mortgage £346,545.00
    Mortgage free date 2044
    LTV 86.64%

    6th June 2018
    Mortgage £316,221

    Total paid off capital in last two months: £1,954
    Total paid off capital: £30,374

    MOS: £0

    LTV: 70.27%

    Amount to Mortgage Neutral - £322,847 (-£10,903)
  • katep23
    katep23 Posts: 1,406 Forumite
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    Still not completely convinced by the current mortgage value but we'll go with that for now!

    £5k in for OH's car, almost £1k in for PPI reclaim, plus savings have meant a good month for debt busting.

    Just listed my car for sale so we could be debt free very soon (until I have to pay for my new car!)

    Next month should be a good pay packet as work kept messing up my pay rise so that should be back-dated to April and OH has been massively over-taxed so that should be corrected this month as well.

    Balanced by an enormous credit card bill (including £2k deposit for new car so not as horrendous as it seems!) Should still knock a further £1k off debt at beginning of July.
  • shangaijimmy
    shangaijimmy Posts: 3,796 Forumite
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    A great month for debt busting. You're on a roll!
    MFW: Was: £136,000.......Now: £61,892.24......
    Mortgage Neutral Deficit: £43,082.90... Mortgage Neutral Savings: £18,809.34
    MFiT-T6 #13 - £3,517 of £15,500 (22.69%)
    1% Mortgage Challenge 2022 - £157.59 of £650
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