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  • FIRST POST
    • muddywhitechicken
    • By muddywhitechicken 12th Oct 12, 10:29 PM
    • 3,915Posts
    • 35,984Thanks
    muddywhitechicken
    Making chicken feed of my mortgage
    • #1
    • 12th Oct 12, 10:29 PM
    Making chicken feed of my mortgage 12th Oct 12 at 10:29 PM
    Hello

    After reading lots of inspirational MFW diaries I have decided to start one of my own as a record of my progress and to keep me motivated.

    When we relocated to our current house 4.5 years ago we gained a bedroom but more than doubled our mortgage
    Luckily Mr MWC had a very generous 4-year relocation package and even luckier it was paid out in full when he was made redundant 6 months later…

    A little about the mortgage…

    July 2002

    Original mortgage (interest only)
    4.49% fixed rate
    Redemption date = July 2027
    £90,250

    April 2008

    Further advance (repayment)
    5.62% fixed rate
    Redemption date = April 2028
    £106,190

    October 2012

    Original mortgage (interest only)
    2.50% BMR
    Redemption date = April 2028
    £88,660

    Further advance (repayment)
    2.50% BMR
    Redemption date = August 2026
    £79,832

    We have been paying £134/month into a S&S ISA for the past 10 years to pay off the capital on the interest only mortgage - fingers crossed. Note to self: check performance of S&S ISA.

    We made our first OP of £2,750 to the FA last November and this year we have OP’d the equivalent of paying the FA twice a month, every month

    A little about me…

    41 years old
    0 children
    7 chickens
    Work FT in a job that bores me to tears but pays well and allows me to finish at lunchtime on Fridays

    A little about Mr MWC…

    Happy to OP as long it doesn’t affect our lifestyle
    Recent convert to topcashback

    Today I have…

    Sold 2 boxes of eggs @ £1.25/box
    Shined my sink (after scrubbing it and bleaching it first)
    Made sausage, barley & kale stew for dinner
    Been unable to locate a dividend cheque for £265 that came in the post last week…

    muddywhitechicken
Page 308
    • Karmacat
    • By Karmacat 4th Feb 18, 5:25 PM
    • 29,312 Posts
    • 167,838 Thanks
    Karmacat
    I'm now dying to know how you calculate it. Is it value of assets, pensions and savings excluding house equity x 4% or am I over simplifying it?
    Originally posted by pinkypig
    Isn't it .... oh good grief, what are the words .... you decide what you want to fund from your savings - £20k a year, say - and you multiply that by 25, so £20k x 25 = 500,000 in savings will let you withdraw £20k, 4% a year, and leave room for returns to replenish the savings. No idea what your figures are, of course!

    Enjoy your dinner (and your pre dinner) it sounds lush xx
    Absolutely

    And somebody tell me if I've got the wrong end of the stick on the savings calculation, because if I have, my own figures are in doubt yet again
    Retired August 2016
    • michelle09
    • By michelle09 4th Feb 18, 6:01 PM
    • 786 Posts
    • 4,363 Thanks
    michelle09
    You could definitely live on the 20k. Least it means you've got options.

    Haircut sounds lovely!
    • muddywhitechicken
    • By muddywhitechicken 4th Feb 18, 6:34 PM
    • 3,915 Posts
    • 35,984 Thanks
    muddywhitechicken
    You could definitely live on the 20k. Least it means you've got options.
    Originally posted by michelle09
    Absolutely! I chose £25,000 so that we could have a fabulous holiday every year

    Haircut sounds lovely!
    Originally posted by michelle09
    Thank you - I it! A real wash & go hairstyle - just what I wanted as I'll be getting ready for work at the gym
    Mortgage at highest (April 2008): ~£195,000
    Outstanding balance: <£30,000
    Current total overpayments: ~£128,250
    • pinkypig
    • By pinkypig 4th Feb 18, 8:19 PM
    • 1,260 Posts
    • 10,212 Thanks
    pinkypig
    Yes, it's that simple! Although if you read SSS's diary you'll see that ed's complicating it by adding state pension in to the mix
    Originally posted by muddywhitechicken
    Isn't it .... oh good grief, what are the words .... you decide what you want to fund from your savings - £20k a year, say - and you multiply that by 25, so £20k x 25 = 500,000 in savings will let you withdraw £20k, 4% a year, and leave room for returns to replenish the savings. No idea what your figures are, of course!


    Absolutely

    And somebody tell me if I've got the wrong end of the stick on the savings calculation, because if I have, my own figures are in doubt yet again
    Originally posted by Karmacat
    Thank you both. I've had a go and I've gone for £25 k too as I love to travel and would like to be able to treat my kids. It appears I'm nearly FI which is weird as I feel totally skint. Has focussed my sights on MF and and retired at 55 though. Thank you for the prompt, such a sensible way of looking at things xx
    • gallygirl
    • By gallygirl 5th Feb 18, 7:47 AM
    • 16,605 Posts
    • 109,650 Thanks
    gallygirl
    Absolutely! I chose £25,000 so that we could have a fabulous holiday every year
    Originally posted by muddywhitechicken
    Not posh bread though. You'd have to choose between them .
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    Mortgage Balance = £0
    "Do what others won't early in life so you can do what others can't later in life"
    • muddywhitechicken
    • By muddywhitechicken 5th Feb 18, 8:46 AM
    • 3,915 Posts
    • 35,984 Thanks
    muddywhitechicken
    Not posh bread though. You'd have to choose between them .
    Originally posted by gallygirl
    I'll spend my state pension on posh bread and eating out x
    Mortgage at highest (April 2008): ~£195,000
    Outstanding balance: <£30,000
    Current total overpayments: ~£128,250
    • Karmacat
    • By Karmacat 5th Feb 18, 9:16 AM
    • 29,312 Posts
    • 167,838 Thanks
    Karmacat
    "I shall wear purple with a red hat... "
    Retired August 2016
    • muddywhitechicken
    • By muddywhitechicken 5th Feb 18, 10:12 AM
    • 3,915 Posts
    • 35,984 Thanks
    muddywhitechicken
    "I shall wear purple with a red hat... "
    Originally posted by Karmacat
    I love that poem
    Mortgage at highest (April 2008): ~£195,000
    Outstanding balance: <£30,000
    Current total overpayments: ~£128,250
    • gallygirl
    • By gallygirl 5th Feb 18, 3:33 PM
    • 16,605 Posts
    • 109,650 Thanks
    gallygirl
    "I shall wear purple with a red hat... "
    Originally posted by Karmacat
    I have a red hat .

    Mr GG hates it .
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    Mortgage Balance = £0
    "Do what others won't early in life so you can do what others can't later in life"
    • muddywhitechicken
    • By muddywhitechicken 5th Feb 18, 7:59 PM
    • 3,915 Posts
    • 35,984 Thanks
    muddywhitechicken
    No need for a hat today...! I my new hairstyle - I washed it, I combed it and that was it - no product or styling required And my multi-tonal, light brown hair with a liberal sprinking of grey looks like I've had very expensive highlights - bonus

    HM spag bol with home grown salad for dinner (27 bags @ £1.33/bag)
    Mortgage at highest (April 2008): ~£195,000
    Outstanding balance: <£30,000
    Current total overpayments: ~£128,250
    • muddywhitechicken
    • By muddywhitechicken 11th Feb 18, 10:19 AM
    • 3,915 Posts
    • 35,984 Thanks
    muddywhitechicken


    Fairly quiet week here. Mr MWC took me out for lunch yesterday (he's away on Valentine's Day - that's STRIKE 2 - I think he was getting a bit worried!!!)

    I've already spent £43.03 on groceries this week and I haven't finished spending yet

    Grocery challenge = £115.08 £158.11/£315
    Mortgage at highest (April 2008): ~£195,000
    Outstanding balance: <£30,000
    Current total overpayments: ~£128,250
    • muddywhitechicken
    • By muddywhitechicken 11th Feb 18, 3:51 PM
    • 3,915 Posts
    • 35,984 Thanks
    muddywhitechicken
    I've already spent £43.03 on groceries this week and I haven't finished spending yet

    Grocery challenge = £115.08 £158.11/£315
    Originally posted by muddywhitechicken
    Another £32.89 spent in Sainsburys AND I forgot to cancel the veg box (£15.95 - £1.65 credit = £14.30) but that's it - no more spending until next weekend.

    Grocery challenge = £158.11 £205.30/£315
    Mortgage at highest (April 2008): ~£195,000
    Outstanding balance: <£30,000
    Current total overpayments: ~£128,250
    • apple muncher
    • By apple muncher 11th Feb 18, 5:46 PM
    • 7,373 Posts
    • 55,536 Thanks
    apple muncher
    How is your nephew doing?
    NST June Odyssey #20; NSD 11/15; Ex 9/20 ; craft / (69); remove 54 (433)
    2018 Pay off: £2110; 2
    018 sell

    Mortgage £21,033 (01/14: £78,201; 01/15: £59,629; 01/16: 39,915; 01/17: 27,295; 01/18 23,143) MFWDate Dec 2018
    • muddywhitechicken
    • By muddywhitechicken 11th Feb 18, 7:51 PM
    • 3,915 Posts
    • 35,984 Thanks
    muddywhitechicken
    How is your nephew doing?
    Originally posted by apple muncher
    OK-ish - he was poorly again, on antibiotics again, wasn't eating and was losing weight so, given his medical history, the doctor sent him for blood tests to check for any underlying issues... none identified and he seems to be on the mend now
    Mortgage at highest (April 2008): ~£195,000
    Outstanding balance: <£30,000
    Current total overpayments: ~£128,250
    • apple muncher
    • By apple muncher 11th Feb 18, 8:10 PM
    • 7,373 Posts
    • 55,536 Thanks
    apple muncher
    Poor mite. Very tough for the parents.
    NST June Odyssey #20; NSD 11/15; Ex 9/20 ; craft / (69); remove 54 (433)
    2018 Pay off: £2110; 2
    018 sell

    Mortgage £21,033 (01/14: £78,201; 01/15: £59,629; 01/16: 39,915; 01/17: 27,295; 01/18 23,143) MFWDate Dec 2018
    • muddywhitechicken
    • By muddywhitechicken 13th Feb 18, 9:52 PM
    • 3,915 Posts
    • 35,984 Thanks
    muddywhitechicken
    I'm liking the combinations/recipes in my new book (bowls! by Molly Watson)

    I had the "Northern Hunt" yesterday - wild rice, sliced smoked duck, borlotti beans, radicchio braised in a little HM chicken stock and drizzled with good balsamic vinegar, crumbled blue stilton (LO from Christmas) and sliced spring onions. It was really tasty

    Today's dinner was "Kalefornia" - white beans sauteed with garlic & rosemary, shredded kale & savoy cabbage in a chilli & lime vinaigrette (kale from the garden), shredded LO roast chicken, sliced avocado and roasted peanuts

    And tomorrow I'm planning to have "Sweet & Crunchy Salmon" - swiss chard & barley pilaf (chard from the garden), maple-glazed salmon (YS wild salmon), fennel & green apple salad (fennel from the unwanted veg box), chickpeas and pecans (except I'll have to substitute the pecans as I've just used the last few in a bircher muesli for breakfast tomorrow )

    I've decided to give up chocolate & alcohol for lent. It'll be tough tomorrow as there is a particularly good box of chocolates in the office...

    No financial news at all and 10 days until pay day BUT
    I do have exciting egg news Two of my lazy chickens have each laid an egg on 2 consecutive days
    Mortgage at highest (April 2008): ~£195,000
    Outstanding balance: <£30,000
    Current total overpayments: ~£128,250
    • Karmacat
    • By Karmacat 14th Feb 18, 1:30 PM
    • 29,312 Posts
    • 167,838 Thanks
    Karmacat
    Those dishes *do* sound tasty, MWC. And well done to the chickens
    Retired August 2016
    • gallygirl
    • By gallygirl 15th Feb 18, 8:43 PM
    • 16,605 Posts
    • 109,650 Thanks
    gallygirl
    I've decided to give up chocolate & alcohol for lent.
    Originally posted by muddywhitechicken
    Oh well done you .

    One of our Pilates instructors has given up chocolate....... we're all hoping she's started again by tomorrow .
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    Mortgage Balance = £0
    "Do what others won't early in life so you can do what others can't later in life"
    • muddywhitechicken
    • By muddywhitechicken 15th Feb 18, 9:04 PM
    • 3,915 Posts
    • 35,984 Thanks
    muddywhitechicken
    Oh well done you .
    Originally posted by gallygirl
    Not so quick... I've just eaten 1/2 dozen white chocolate-coated cranberries thinking that they were yogurt-coated...
    Mortgage at highest (April 2008): ~£195,000
    Outstanding balance: <£30,000
    Current total overpayments: ~£128,250
    • Watty1
    • By Watty1 15th Feb 18, 10:02 PM
    • 2,992 Posts
    • 21,298 Thanks
    Watty1
    Maybe eat the rest? Just to be sure. Some yoghurt coated ones might have slipped in ?
    Mortgage at start of diary Sept 2013: £132,995 Aug 2015 £0
    Overpaid next mortgage. £79,491 down to £27152
    Changing focus for now
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