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  • FIRST POST
    • shangaijimmy
    • By shangaijimmy 13th Mar 15, 12:18 PM
    • 2,736Posts
    • 13,570Thanks
    shangaijimmy
    New Diarist - Attacking the Banks!
    • #1
    • 13th Mar 15, 12:18 PM
    New Diarist - Attacking the Banks! 13th Mar 15 at 12:18 PM
    Hi all,
    Thanks for popping and helping me to stay motivated. This would be the 3rd version of the opening post, but is reflective of where we are currently at. Lots has changed over the last 3 yrs, not least adding a 3rd child to our household!

    This post details my current goals, and as it seems a shame to ignore previous achievements I've summarised them below. This is a 120 payment challenge which would knock 11yrs off our initial draw down of 30yrs. I'm hoping for 100 payments so we'll see how we progress!

    Achievements - 39 payments
    • Balance - £93,938.84
    • Diary Reduction Total - £42,061.17
    • Cumulative Overpayments - £23,292.60
    • Monthly Average Overpayments - £597.25
    • Monthly Average Net Reduction - £1,078.49

    Long Term Targets
    • 5yr/60th payment - £70,000
    • 7yr/84th payment - £38,000
    • 9yr/108th payment - £7,000

    Targets for 2018
    • Jan 2019 - £98,200 - Actual £98,173.08 (£26.92 ahead)
    • Feb 2018 - £97,000 (End of Yr 3 Balance £39k diary reduction) - Actual £97,132.75 (£132.75 behind target)
    • Mar 2018 - £95,900 - Actual £96,102.38 (£202.38 behind target)
    • Apr 2018 - £94,800 - Actual £95,015.63 (£215.63 behind target)
    • May 2018 - £93,700 - Actual £93,938.84 (£238.84 behind target)
    • June 2018 - £92,600
    • July 2018 - £91,500
    • Aug 2018 - £90,400
    • Sept 2018 - £89,300
    • Oct 2018 - £88,200
    • Nov 2018 - £87,100
    • Dec 2018 - £86,000
    Last edited by shangaijimmy; 02-06-2018 at 8:25 AM. Reason: Updated Goals
    MFW: Turning June 2036 into March 2025... 39//120 Payments Challenge, Diary Reduction £42,061.17
    Aug 2009: £163,051 // Current: £93,938.84 // Avg Daily Interest £4.22
    MFiT-T4 #8 - 74.24% of £41,000
Page 119
    • shangaijimmy
    • By shangaijimmy 2nd Jan 18, 9:44 PM
    • 2,736 Posts
    • 13,570 Thanks
    shangaijimmy
    It was a 5yr olds fault, pestering! Golden rule is not to put bets on when kids are running riot! Have a check you;ll be right and a few quid in profit!
    MFW: Turning June 2036 into March 2025... 39//120 Payments Challenge, Diary Reduction £42,061.17
    Aug 2009: £163,051 // Current: £93,938.84 // Avg Daily Interest £4.22
    MFiT-T4 #8 - 74.24% of £41,000
    • A Frayed Knot
    • By A Frayed Knot 2nd Jan 18, 10:27 PM
    • 2,393 Posts
    • 10,718 Thanks
    A Frayed Knot
    Had a look, everything worked out, well going by the balances, can't seem to find my bets and how they done. Money's in the balance, so shouldn't much care, can't actually remember what they said the profit would be, however an afternoon's tangle, twist and panic stations has given me £14.20 - was it worth it ?

    Bet your glad I'm back at work tomorrow
    Last edited by A Frayed Knot; 02-01-2018 at 10:31 PM.
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    Target 18 months 6/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/£4000, 2015/£6294.69, 2016/£3186.80, 2017 £4068.97

    • Betterthanever
    • By Betterthanever 3rd Jan 18, 8:28 AM
    • 526 Posts
    • 3,606 Thanks
    Betterthanever
    Well done on the MB (glossing over the hiccup!). When I was on MSE first time round, I made a lot of money from it - I've not dipped into the world of MB for 8 years or so, but must get back into it. I know I will probably not get many of the new account offers (despite having a new surname, bank account etc!) but anything that is free is a bonus.


    I have got as far as downloading ultimatematcher......THAT was something that didn't exist back in my original days - we just used a bog standard excel spreadsheet!!


    Happy new year!

    Current balance £112,593.71. Offset £2,677.73. £109,951.98 needed to be mortgage neutral!
    End date - 03/29 but aiming for 10/22 - 2018 O/pay £600
    Make £2018 in £2018 = £406.75/£2018
    Former DFW Nerd 230. Determined to be MF. Bring it on!
    • shangaijimmy
    • By shangaijimmy 3rd Jan 18, 9:20 AM
    • 2,736 Posts
    • 13,570 Thanks
    shangaijimmy
    You bet it was worth it! My view even on the £5 freebets where you only make £3.50 is "If it was on the floor i'd pick it up"!

    Betterthan - i'm at the stage where i have accounts in wife's name and am about to move onto accounts with grandparents!!
    MFW: Turning June 2036 into March 2025... 39//120 Payments Challenge, Diary Reduction £42,061.17
    Aug 2009: £163,051 // Current: £93,938.84 // Avg Daily Interest £4.22
    MFiT-T4 #8 - 74.24% of £41,000
    • shangaijimmy
    • By shangaijimmy 3rd Jan 18, 9:28 AM
    • 2,736 Posts
    • 13,570 Thanks
    shangaijimmy
    47p TT with my morning brew!
    MFW: Turning June 2036 into March 2025... 39//120 Payments Challenge, Diary Reduction £42,061.17
    Aug 2009: £163,051 // Current: £93,938.84 // Avg Daily Interest £4.22
    MFiT-T4 #8 - 74.24% of £41,000
    • pinkypig
    • By pinkypig 3rd Jan 18, 10:53 AM
    • 1,257 Posts
    • 10,193 Thanks
    pinkypig
    Sub £100k - what a start to the year! Good luck with your 2018 p!ans xx
    • atypicalblonde
    • By atypicalblonde 3rd Jan 18, 1:12 PM
    • 2,869 Posts
    • 20,138 Thanks
    atypicalblonde
    SJ quick MB question if I may - do they let you open another account for your wife using the same postal address and bank account? Presumably, you have to use another email address?
    MFW
    Mortgage 8.2.15 - £171,064.64 Mortgage 1.5.2018 - £99,980.45
    Aiming to be MF 1.10.2020
    • michelle09
    • By michelle09 3rd Jan 18, 6:53 PM
    • 785 Posts
    • 4,324 Thanks
    michelle09
    Really should investigate the MB, but the idea of losing money does seriously worry me.

    Is it a full family holiday?
    • shangaijimmy
    • By shangaijimmy 5th Jan 18, 11:40 AM
    • 2,736 Posts
    • 13,570 Thanks
    shangaijimmy
    ATB - I have accounts in both my name and my wifes names. Some bookies are better than others in allowing it. You just have to try!

    Michelle - yes full family holiday, all 5 of us! So for the first time we have to pay for DD. We struggled to find something affordable even with the free child places on offer. They only seemed to be on the astronomical options and Mrs SJ said she wouldn't enjoy it knowing we'd spend so much. So we've gone for a villa via a work colleague and booked flights seperately.
    MFW: Turning June 2036 into March 2025... 39//120 Payments Challenge, Diary Reduction £42,061.17
    Aug 2009: £163,051 // Current: £93,938.84 // Avg Daily Interest £4.22
    MFiT-T4 #8 - 74.24% of £41,000
    • shangaijimmy
    • By shangaijimmy 5th Jan 18, 11:43 AM
    • 2,736 Posts
    • 13,570 Thanks
    shangaijimmy
    Not much happening in this funny week. Kids have been back in school since yesterday which they were definitely ready for (for parents sanity!).

    So having our Christmas mum and dad night out tonight now that chicken pox, shingles and ladies op have been recovered from! So an adult night. Not too heavy as Mrs SJ still sore, but a meal and a few shandies will suffice!

    Got £14.03 cashback from pet insurance that has paid and is now in transit to current account ready for OP pot. Quite surprised as i'm sure it was more like £4.03, so not complaining!
    MFW: Turning June 2036 into March 2025... 39//120 Payments Challenge, Diary Reduction £42,061.17
    Aug 2009: £163,051 // Current: £93,938.84 // Avg Daily Interest £4.22
    MFiT-T4 #8 - 74.24% of £41,000
    • michelle09
    • By michelle09 6th Jan 18, 3:29 PM
    • 785 Posts
    • 4,324 Thanks
    michelle09
    Sounds lovely! I can see what Mrs SJ means, it's not full enjoyment if you know it's a drain on your finances. Sure the kids will love it either way, though.

    Hope Mrs SJ is all recovered soon.
    • debtfreeoneday
    • By debtfreeoneday 6th Jan 18, 4:52 PM
    • 2,822 Posts
    • 9,724 Thanks
    debtfreeoneday
    Well done on getting under £100k
    DFW (08/08) £64,346.53 Credit card debt: £3,403.45 over three credit cards.
    MFW (01/15) £118,031.21 £92808.90 ~ 2017 OPs £104.44
    Earnings 2018 Pcone £18.00 ~ Ips0s £10.00 ~1poll £43.50 ~ Pr0filic £44.62 ~ TCB £93.12 ~ YouGov £37.75
    • Busy Mee1
    • By Busy Mee1 6th Jan 18, 4:59 PM
    • 609 Posts
    • 2,770 Thanks
    Busy Mee1
    The holiday sounds like a great solution. I think villas work best for a family holiday, no need to worry about everyone being on their best behaviour all of the time and you can have a chilled nights in front of the telly when it all gets too much.
    • shangaijimmy
    • By shangaijimmy 8th Jan 18, 9:37 PM
    • 2,736 Posts
    • 13,570 Thanks
    shangaijimmy
    Well the first proper week of 2018 is underway with a lovely 11hr day in work today! Mrs SJ 6am alarm clock was a shock, as was waking both boys up at 7.40am... though i imagine DD being snatched out of her cot whilst soundly asleep and put in a car that was reading -3deg was probably the worst scenario!

    No money news to report really. I had to top up current account from savings until Friday so that Mrs SJ can buy presents for 2 family members this week. Not a concern and thankful that we have the funds to do that to be honest.

    Actually on second thoughts there's a little bit of financial news in that we've altered out utility supplier tariff to fix until Feb 2019. There were 2 or 3 that were much of a muchness so i opted to stay with current supplier. I've had some bad dealings with a couple of them in the past! Overall we'll save around £3.34 a month!!

    So onto tomorrow...need to post 7 items that sold yesterday and that's all!
    MFW: Turning June 2036 into March 2025... 39//120 Payments Challenge, Diary Reduction £42,061.17
    Aug 2009: £163,051 // Current: £93,938.84 // Avg Daily Interest £4.22
    MFiT-T4 #8 - 74.24% of £41,000
    • try harder
    • By try harder 9th Jan 18, 8:10 AM
    • 787 Posts
    • 3,036 Thanks
    try harder
    Wow thats a great reduction on the mortgage and what a great year you have had whilst still overpaying you are doing so so well .

    Well done on all those sales too.
    • VDOT47
    • By VDOT47 9th Jan 18, 10:57 AM
    • 121 Posts
    • 349 Thanks
    VDOT47
    SJ - how do you propose to deal with your overpayments when your average annual overpayments (by the looks of your posts above, currently about £7000p.a.) exceeds 10% of the outstanding balance (which will not be that far away as your mortgage is already down into the 90ks)? Will you just pay some ERCs or will you cap overpayments at the 10% of balance mark, and put the extra cash elsewhere?
    Original Mortgage (Feb '17) £269,995
    Current Mortgage (12/04/18) £246,637.06
    End Date Aug 2040 Original End Date February 2042
    • shangaijimmy
    • By shangaijimmy 9th Jan 18, 11:17 AM
    • 2,736 Posts
    • 13,570 Thanks
    shangaijimmy
    Our current mortgage has unlimited OP's. Any future product (if it has a 10% cap) i'll stash the cash somewhere!
    MFW: Turning June 2036 into March 2025... 39//120 Payments Challenge, Diary Reduction £42,061.17
    Aug 2009: £163,051 // Current: £93,938.84 // Avg Daily Interest £4.22
    MFiT-T4 #8 - 74.24% of £41,000
    • michelle09
    • By michelle09 9th Jan 18, 11:42 AM
    • 785 Posts
    • 4,324 Thanks
    michelle09
    If you're happy with your current supplier it seems sensible to stick. £3.34 is better than nothing. Maybe use it for a MB?

    Bet the boys were happy with that!
    • Elephantchunks
    • By Elephantchunks 10th Jan 18, 12:16 AM
    • 137 Posts
    • 717 Thanks
    Elephantchunks
    Wow SJ Congrats on getting below £100,000. You are an inspiration. Best wishes for 2018!
    Live a lot. Love a few. Always paddle your own canoe.
    • shangaijimmy
    • By shangaijimmy 10th Jan 18, 7:51 AM
    • 2,736 Posts
    • 13,570 Thanks
    shangaijimmy
    2 days to go until payday, which is a good thing for first pay following Christmas. Not been able to make any TT's for a few days as we've slightly dipped into overdraft. £14.03 cashback from £co arrived this morning and has been promptly dispatched to the mortgage - a nice little present for the middle of first week back to normality.
    MFW: Turning June 2036 into March 2025... 39//120 Payments Challenge, Diary Reduction £42,061.17
    Aug 2009: £163,051 // Current: £93,938.84 // Avg Daily Interest £4.22
    MFiT-T4 #8 - 74.24% of £41,000
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