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  • FIRST POST
    • greent
    • By greent 26th Mar 10, 2:46 PM
    • 7,339Posts
    • 74,401Thanks
    greent
    greent's mfw journey
    • #1
    • 26th Mar 10, 2:46 PM
    greent's mfw journey 26th Mar 10 at 2:46 PM
    Afternoon all!

    I have been inspired after reading lots of the diaries on here to join in.

    Background: OH and I are both 40. Have 4 children (12, almost 10, 4 and 10 months) OH was made redundant twice last year and recently started working as a contractor on a daily rate (4 month contract, may be extended a little) - so we now have a limited co of which we are both directors. I no longer work. We have a BTL property on which we have an interest only mtge and will clear that by selling the property (only bought for capital gain, not income, purposes) BTL property has long term tenant in. Rent covers mtge and buildings insce and repairs/ renewals with a small excess - but not much.However, it's on a fixed rate and takes care of itself.

    MFW relates to our home. Bought in Oct 2005 for 277k, 130k mtge over just under 16 years (kept previous end date) Since then we have added a further 30k to the mtge for a loft conversion (needed due to the no of children!!) that cost approx 35k. We have also spent 20k+ on a bespoke fitted kitchen and building work - but financed that from savings/ income. And decorated and new carpets (previous owners ran out of money and had to sell, so place was full of stuff to do, even though it's still only 11 years old!) Some overpayments have been made, as can be seen from the overall balance.


    OUr mtge is with C&G. I have a statement for balances as at 31/12/09:
    (Balance as at 31/01/2009 was £124 616, so we reduced the balance by just under 20k last year)
    Sub Account 01
    Term remaining 12 years and 7 months.
    Fixed rate 4.79% - until 30/09/10
    Balance £79512.27

    Sub Account 02
    Term remaining 13 years 1 month
    Fixed rate 3.99% until 30/04/11
    Balance £25423.78

    Sub Account 03
    Term remaining 12 years and 7 months
    Fixed rate 4.79% until 30/09/10
    Balance £33.32


    TOTAL BALANCE: £104969.37

    We can repay by 10% a year without incurring penalty fees. We pay £1074.94/ month - this includes an element of overpayment, but I'm not sure how much (we didn't reduce our monthly payments when we paid off £12500 after DH was made redundant the first time)

    My first step is going to be repaying Sub Account 03 We are with C&G, so I will phone them up about this. I can also afford to repay £4k to £5k from sub account 01, I think - but will leave that until after a meeting with our accountant (we are not sure yet exactly how much OH will be paid from the linited co)


    I'm kind of looking for advice/ ideas, I guess... Would posting an income/ expenditure budget be an idea?

    greent


    ETA: We don't have any other debts. CCs are used (Tesco ones for Clubcard points for rewards) but are paid off in full.
    Last edited by greent; 25-05-2010 at 11:41 AM.
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786. 2018 OPs (#18) £6100/£7500
    Net sales 2018 £655.15/£1000 PAYDOX18 (#15) Done £18918.90
Page 97
    • newgirly
    • By newgirly 9th Sep 18, 9:09 AM
    • 6,440 Posts
    • 44,814 Thanks
    newgirly
    Wow that's great news greent, I hope you get too spend some time together before he leaves, it is short notice
    MFW 21
    Target for 2018 £40k/£13,632 paid so far

    Mortgage £36,193 3yrs 9 mths left. Total owed £47,059 plan to clear in 12 months
    • jodles16
    • By jodles16 9th Sep 18, 4:24 PM
    • 1,352 Posts
    • 4,036 Thanks
    jodles16
    What wonderful news for DS! So glad you had a wonderful time away as well, Vienna always looks beautiful! Great that DD has also got herself a lovely flat and job!


    Jodles
    MFW2017 #29 1200.24/4524
    MFiT #66
    Overall aim 10,124.20/21,743 (£156,000)
    2016- Jan-£177,472, Apr-£173,195.04, July- £171,417.47 Oct- 169,366
    2017- Jan- 167,347.80 Apr- July- Oct-

    • brizzlegirl
    • By brizzlegirl 9th Sep 18, 4:27 PM
    • 350 Posts
    • 2,217 Thanks
    brizzlegirl
    Just catching up after holidays and RL work and stuff....great he’s off to uni to do a course he likes. Envious he will be so close to my beloved Gower

    Also see you liked Vienna. So did we when we went a few years ago ...my favourite thing was swimming in the Danube in one of their amazing parks. Awesome.

    Have a great (but very busy!) week

    Brizzle x
    MFW..aiming to pay it off in 2022.. 2018 Savings Rate - Goal 40% [29%May 25%June 15%July] 2018 Income Goal £88/£750 September Goals: AFDs 7/25; Decluttering 08/60; LSDs 02/10; NSDs xx/10 Exercise xx/15 12k steps per day pls Aiming to be a true Frugalista!
    • greent
    • By greent 12th Sep 18, 6:52 PM
    • 7,339 Posts
    • 74,401 Thanks
    greent
    Thank you all! x

    brizzle - we saw a park by the Danube - my aunt says that lots of events are held there We had a whistle-stop tour of everything, so next time we go we'll take our time with a few select places We watched a guy swim the width and back of the Danube - rather impressive!

    We are haemorrhaging money out at a rate this month - mainly in connection with DS1. We do have some things for him anyway, but are buying some other bits n pieces and have had to pay accom deposit and will also need to pay the rent for him each term and probably still have to top him up a bit (he gets the min maintenance loan) I'd rather he finds his feet and gets his head down than go job searching. Thankfully Swansea (and Cardiff) are both quite cheap for student cities : Agree that the Gower is beautiful - although often rather damp!

    In 2020 both OH and I will be 50 (well, he'll be 50 at the end of 2019, but we were in the same academic year) and it will also be our 25th wedding anniversary. We were looking at a cruise for just us for his 50th, but have now thought about the possibility of Disney in USA again...…. DD would have finished uni and either have been working for a year or have just finished her Masters(doesn't have to make a decision on that just yet) DS1 will be 2 years in to his degree, DS2 will be 14 and just finished Y9 and DS3 11 and just finished primary (finally - I will have done 18 years at primary by then!!) Not sure at this moment whether it is remotely achievably affordable (assuming we'd be paying for everyone, and it would be late July onwards, so peak school hols time....) but it would be lovely. My bestie is also 50 that Summer and has thrown into the mix that she and her husband may consider coming along..... (they have no kids)

    Anyway, moving on from that, we've managed to pay and extra 475 to the BTL this month - and that's before rent, which should mean I can pay another 390 minimum over too It's coming down... slowly

    Have been accepted on the RM survey thingy again - more free stamps! I still haven't used up all the ones from the first time I did it - and this will be the 3rd time! I usually send any flebay parcels via courier now - often cheaper than RM and tracking is free. Last couple of things I sent RM were disputed as being never received.....

    It's been a lovely sunny Autumnal day here - washing has dried nicely on the line. Good job too, really - I sent DD's heated airer back with her and am not buying DS1 one for this year, as the uni don't allow them in Halls. Sadly, most of our clothes as a family aren't tumble dryer-able (not that I'm a fan of the cost £££ of using tds) Am hoping it's like this for the rest of the week - DD is back tonight from a few days in Cardiff so will no doubt be bringing all her laundry homeand then OH gets back tomorrow night with all of his (plus Friday = white school shirt wash night + also rugby kit.....)

    Need to sort freezer out and see what I can offload onto the students when they leave - should mean lots of space for freezing the Autumn fruit glut
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786. 2018 OPs (#18) £6100/£7500
    Net sales 2018 £655.15/£1000 PAYDOX18 (#15) Done £18918.90
    • CathT
    • By CathT 14th Sep 18, 7:02 AM
    • 5,708 Posts
    • 39,869 Thanks
    CathT
    Wow so many changes for you all. Glad ds1 has found a course he wants and everything seems to have worked out well for him.

    Anniversary/birthday planning sounds great. I'm still mulling over CP so won't get any cruise/Disney ideas!
    Sept 2018 -
    part 1 - £75,557
    part 2 - £44,913
    Total - £120,470
    • chumpy45
    • By chumpy45 15th Sep 18, 3:01 PM
    • 338 Posts
    • 1,481 Thanks
    chumpy45
    Wow just caught up on all your news. Belated Happy Anniversary and your holiday sounded fab. Also, many congrats to DS1. How exciting for him. I feel your pain in the" loss of your boy" it's so hard to let them go isn't it. I hope the preparations are all going well. Good luck
    with it all x
    Starting Mortgage 01.08.08 £171,209.24. Mortgage as at 01.09.15 - £54,780.04; 01.11.15 £49,577.04;01.03.16 £45,799.32; 01.08.16 £42,418.93; 01.10.16 £40,119.5 01.02.17 £36,584.00; 01.04.17 £34,694.71 09.06.17 £32,828.89 MFW Target date Sept 2017; :) 06.08.18 £24,769.47 New Target Date Sept 2020
    • jodles16
    • By jodles16 16th Sep 18, 2:08 PM
    • 1,352 Posts
    • 4,036 Thanks
    jodles16
    Oh a cruise or Disney would just be amazing!! Is there any cruises that you could go to from disney? Do a bit of both? Mind you, could be even more expensive then!! I do love a holiday


    Great news about the OP of BTL, great stuff!


    Jodles
    MFW2017 #29 1200.24/4524
    MFiT #66
    Overall aim 10,124.20/21,743 (£156,000)
    2016- Jan-£177,472, Apr-£173,195.04, July- £171,417.47 Oct- 169,366
    2017- Jan- 167,347.80 Apr- July- Oct-

    • greent
    • By greent 17th Sep 18, 9:25 PM
    • 7,339 Posts
    • 74,401 Thanks
    greent
    Preparations are still underway - we've been sorting out online access to bank accounts today, and making sure all of his pre-uni reading has been done. Tomorrow the plan is to get everything in one place and sort it all - so check that all bedding is there and together, all kitchen items there and together etc. Then make a list of anything still needed to buy (possibly a couple of utensils and definitely some basic storecupboard items) and a list of last minute things to pack (chargers, toiletries etc) And then see where we are at that point! I've transferred a lump of money into his account - he seemed very pleased, until I pointed out that that had to last him until hopefully mid Dec!!!


    Other news - OH has re-hung one of the kitchen radiators after the painting - looks lovely. Unfortunately, the other is so heavy that he and DS1 damaged a bracket thing when lifting it. Looks like we may have to hang it on alternative style brackets, as the vendor says they don't do spare bits (it sheared apart) Ah well - it'll get done eventually! I'm not booking the annual boiler/ heating check until it is, though!

    On the subject of kitchen painting I've still not had the invoice - so that's a teeny weeny bit of interest being earned on the money in the meantime


    I need to reduce the BTL by around £980/ mth to fully repay by expiry. Have calculated we'd be about 22k short reducing it by an achievable £535/ mth (assuming int rates stay same/ we have no major letting voids/ major repairs) I figure that amount should be re-mortgageable at the time if we don't make it so am happy with that

    It's going to be very weird next week with the 2 big ones 'missing' and OH working away.....
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786. 2018 OPs (#18) £6100/£7500
    Net sales 2018 £655.15/£1000 PAYDOX18 (#15) Done £18918.90
    • Karmacat
    • By Karmacat 17th Sep 18, 10:07 PM
    • 29,740 Posts
    • 171,478 Thanks
    Karmacat
    That really will be different next week. And you have such a good age range with the four of them. Hope you get to hear all the exciting stories really soon
    Retired August 2016
    • greent
    • By greent 18th Sep 18, 2:23 PM
    • 7,339 Posts
    • 74,401 Thanks
    greent
    Lots of organising of stuff today (although not yet finished)

    2 small flebay sales (of freebie items) overnight - monies rounded up and OP made to mtge Have been playing with spreadsheet. We only have a 'standard' OP going to the BTL of < £35/ mth (to keep balance on sub acct 1 at a round figure ) - all other OPs come from rent/ 'extra' monies. If I make £1500 more above standard OPs between now and end of 2018, the balance on sub acct 1 will be under 50k - that's quite exciting! I haven't been looking at super short term targets/ figures in goodness knows how long - I've been concentrating on what I can get it to by term expiry - however, some short term good news on there is rather fab!

    Have 2 more small freebie flebay items to list and a pile of stuff to list on fb00k marketplace - but will leave until next week, I think, as it's a bit busy with other stuff at the mo!

    Lovely blowy day here (after the horrid rain blew over) - 2 loads of washing flapping away outside! x
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786. 2018 OPs (#18) £6100/£7500
    Net sales 2018 £655.15/£1000 PAYDOX18 (#15) Done £18918.90
    • the cross rabbit
    • By the cross rabbit 18th Sep 18, 5:14 PM
    • 55 Posts
    • 239 Thanks
    the cross rabbit
    Hi greent thanks for your advice it spurred me into action.I've now registered for my course and applied to student finances. Hope your son enjoys uni
    CR x
    Mortgage £82,000, due to end July 2036. OP by £50 a month,due to finish Dec 2034 still
    • greent
    • By greent 18th Sep 18, 8:49 PM
    • 7,339 Posts
    • 74,401 Thanks
    greent
    Hi greent thanks for your advice it spurred me into action.I've now registered for my course and applied to student finances. Hope your son enjoys uni
    CR x
    Originally posted by the cross rabbit
    Yeay! Well done, cr! xx
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786. 2018 OPs (#18) £6100/£7500
    Net sales 2018 £655.15/£1000 PAYDOX18 (#15) Done £18918.90
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