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  • FIRST POST
    • shangaijimmy
    • By shangaijimmy 13th Mar 15, 12:18 PM
    • 2,704Posts
    • 13,345Thanks
    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 - 38 payments
    • Balance - £95,015.63
    • Diary Reduction Total - £40,984.38
    • Cumulative Overpayments - £22,705.11
    • Monthly Average Overpayments - £597.50
    • Monthly Average Net Reduction - £1,078.54

    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
    • 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; 29-04-2018 at 7:40 AM. Reason: Updated Goals
    MFW: Turning June 2036 into March 2025... 38//120 Payments Challenge, Diary Reduction £40,984.38
    Aug 2009: £163,051 // Current: £95,015.63 // Avg Daily Interest £4.27
    MFiT-T4 #8 - 74.24% of £41,000
Page 124
    • shangaijimmy
    • By shangaijimmy 28th Feb 18, 7:51 AM
    • 2,704 Posts
    • 13,345 Thanks
    shangaijimmy
    Been diary absent for a couple of days due to busy busy life getting in the way! Kept up with TT's, not sure of amounts for each day but tioday was 77p.

    End of the month so the excitement of accounts day has arrived. I'm gonna snatch some time at work today to get everything worked out and posted. Current account wise Mrs SJ gets paid a week on Friday and i suspect we may need to borrow some petrol money from savings for next week. Partly because i had an extra 250 miles to drive for work last week which i wont get back until end of March. So no great drama., I'm fully hoping we will be back on an even keel post Christmas and the mad months of Jan & Feb for family birthdays.

    We sold 4 items on the bay on Sunday. The relist pile is gradually reducing yet the "to-list" pile is multiplying, so need to pull my finger out!!
    MFW: Turning June 2036 into March 2025... 38//120 Payments Challenge, Diary Reduction £40,984.38
    Aug 2009: £163,051 // Current: £95,015.63 // Avg Daily Interest £4.27
    MFiT-T4 #8 - 74.24% of £41,000
    • shangaijimmy
    • By shangaijimmy 28th Feb 18, 10:27 AM
    • 2,704 Posts
    • 13,345 Thanks
    shangaijimmy
    Month 36 - Feb 2018
    Well 3 years into the big mortgage free challenge, and am ecstatic with our overall progress. With every month i can feel a greater sense of freedom. Financial burden is evaporating away and i suspect the snowball effect is now starting to take real effect. We're 1 yr from a remortgage and i think if we fix for 5 that may see the end of it all...But as ever lets not get too far ahead of ourselves!

    Monthly Figures
    • Closing Balance - £97,132.75
    • Total OP's - £542.19
    • Net Reduction - £1,040.33
    • Daily Interest - £4.36 (5p reduction)
    • LTV - 43.95%
    • % Loan Remaining - 71.42%

    Diary Averages - 36 Months
    • Diary Opening Balance - £136,000
    • Current Balance - £97,132.75
    • Cumulative OP's - £21,566.45
    • Average OP's - £599.07
    • Ave Net Reduction - £1079.65
    • Diary Reduction - £38,867.25 (36 months)
    MFW: Turning June 2036 into March 2025... 38//120 Payments Challenge, Diary Reduction £40,984.38
    Aug 2009: £163,051 // Current: £95,015.63 // Avg Daily Interest £4.27
    MFiT-T4 #8 - 74.24% of £41,000
    • Busy Mee1
    • By Busy Mee1 28th Feb 18, 11:02 AM
    • 597 Posts
    • 2,700 Thanks
    Busy Mee1
    Fantastic figures Jimmy - my favourite time of the month : )
    • michelle09
    • By michelle09 28th Feb 18, 7:42 PM
    • 777 Posts
    • 4,277 Thanks
    michelle09
    Looking brilliant! You're not that far from the end now, I'm sure those numbers will fall quickly.
    • shangaijimmy
    • By shangaijimmy 28th Feb 18, 9:10 PM
    • 2,704 Posts
    • 13,345 Thanks
    shangaijimmy
    Thanks Busy and Michelle. Its funny as it feels like we're miles away from the end, yet when i look at how far we have come in 3years its astonishing!
    MFW: Turning June 2036 into March 2025... 38//120 Payments Challenge, Diary Reduction £40,984.38
    Aug 2009: £163,051 // Current: £95,015.63 // Avg Daily Interest £4.27
    MFiT-T4 #8 - 74.24% of £41,000
    • pinkypig
    • By pinkypig 28th Feb 18, 10:07 PM
    • 1,202 Posts
    • 9,905 Thanks
    pinkypig
    Looking stupendous Jimmy . Well done!
    • themadvix
    • By themadvix 1st Mar 18, 8:36 AM
    • 1,644 Posts
    • 9,623 Thanks
    themadvix
    Looks amazing Jimmy! It must be so exciting to think you might be one remortgage away from freedom!
    OPs 2017 = £3103
    S&S ISA 2017 = £626
    OPs 2016 = £6142.12
    Starting balance 2012: £132000; balance Dec 2017: £96,822
    MFW2017 no. 38
    • shangaijimmy
    • By shangaijimmy 1st Mar 18, 9:05 AM
    • 2,704 Posts
    • 13,345 Thanks
    shangaijimmy
    one remortgage away... ive never phrased it like that...i like it!!!!
    MFW: Turning June 2036 into March 2025... 38//120 Payments Challenge, Diary Reduction £40,984.38
    Aug 2009: £163,051 // Current: £95,015.63 // Avg Daily Interest £4.27
    MFiT-T4 #8 - 74.24% of £41,000
    • therocket
    • By therocket 1st Mar 18, 3:28 PM
    • 41 Posts
    • 126 Thanks
    therocket
    Great work Jimmy! How nice to be able to say !!!8220;one remortgage away!!!8221;! Can!!!8217;t wait until I get to say that too!
    MFW - diary incoming!
    • Jessy103
    • By Jessy103 2nd Mar 18, 10:13 AM
    • 525 Posts
    • 2,237 Thanks
    Jessy103
    Great figures and great work SJ!!! Good luck with the rest of journey!
    Original Mortgage Amount 2007 - £87,310.50
    Mortgage Amount Jan 2018 - £58,500.00
    Overpayment Target for 2018 - £5,000 /£663.78
    Jan - £369.23 Feb - £294.55
    • atypicalblonde
    • By atypicalblonde 3rd Mar 18, 7:53 AM
    • 2,860 Posts
    • 20,050 Thanks
    atypicalblonde
    Great figures SJ and nice to read your enthusiasm seems to be back - long may it continue!
    MFW
    Mortgage 8.2.15 - £171,064.64 Mortgage 1.5.2018 - £99,980.45
    Aiming to be MF 1.10.2020
    • CathT
    • By CathT 3rd Mar 18, 9:18 AM
    • 5,542 Posts
    • 38,646 Thanks
    CathT
    Great update Jimmy. I love !!!8216;with every month I can feel a greater sense of freedom!!!8217;

    Your commitment and approach to overpayments is impressive especially with 3 small children. You will be reaping the rewards in a few years.

    Our current account is looking slim but you have motivated me to make a TT.
    May 2018 -
    part 1 - £77,906
    part 2 - £45,391
    Total - £123,297
    • michelle09
    • By michelle09 3rd Mar 18, 9:53 AM
    • 777 Posts
    • 4,277 Thanks
    michelle09
    One remortgage. That is an incentive, if nothing else is!
    • try harder
    • By try harder 3rd Mar 18, 10:07 AM
    • 784 Posts
    • 3,007 Thanks
    try harder
    You are a man with a plan and doing great .Brilliant average monthly payments
    • greent
    • By greent 4th Mar 18, 9:43 AM
    • 7,008 Posts
    • 71,548 Thanks
    greent
    Brilliant 3 year review - goes to show that it all adds up and every OP counts!
    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) £877.49/£4000
    Net sales 2018 £491.03/£1000 PAYDOX18 (#15) £13869.38/£18694.38
    • shangaijimmy
    • By shangaijimmy 6th Mar 18, 7:41 AM
    • 2,704 Posts
    • 13,345 Thanks
    shangaijimmy
    Wow 5 days without logging on, let alone posting! Neglected diary...can i blame the cold from last wekk? To be fair it created havoc with my working week!

    Anyway the month has started off quite well. We had a big ebay sort at the weekend and i managed to list 40, yes 40 new items! 4 of the first 20 sold within a few hours (only put them on a 1 day list), so have been paid for and dispatched (how effecient is that?!?!), and then 3 of the next 20 (listed on sunday for 7 days) also have bids on. So paypal has started to accumulate for DS2's birthday in August. Amazingkly we still have a further 10-15 items to list and i may keep momentum going at list those tongiht. The stuff will never make us rich, its all kids clothes that they have grown out of and more than anything its a constant decluttering process.

    Payday for Mrs SJ on Friday and we should be back to normal current account wise. Big hangover from Christmas and the birthday months of Jan & Feb that we have. We now get 2 months without birthdays until we hit 4 nieces in the space of 15 days in May.

    Mrs SJ is back out on her bike but typically the big TV packed in last night...grrrr! So my chance of claiming the TV every night will be delayed. Is it too early to go to bed at 8.30??

    I seem to have totally lost my MB mojo aswell and not sure where/when i lost it! i've not been doing anyway for weeks.
    MFW: Turning June 2036 into March 2025... 38//120 Payments Challenge, Diary Reduction £40,984.38
    Aug 2009: £163,051 // Current: £95,015.63 // Avg Daily Interest £4.27
    MFiT-T4 #8 - 74.24% of £41,000
    • shangaijimmy
    • By shangaijimmy 6th Mar 18, 9:02 PM
    • 2,704 Posts
    • 13,345 Thanks
    shangaijimmy
    Well not much happening money wise and little new things on the horizon to get overly excited about. I'm struggling a bit wth work at the minute as the sheer volume is beconing ridiculous. Each week is merging into the next, and the upcoming 3 weeks is shocking! Vindicates my decision at Christmas that the time is coming to look to move on, before it starts to affect health and family time!

    And on that note, its time for shower and bed with a book.
    MFW: Turning June 2036 into March 2025... 38//120 Payments Challenge, Diary Reduction £40,984.38
    Aug 2009: £163,051 // Current: £95,015.63 // Avg Daily Interest £4.27
    MFiT-T4 #8 - 74.24% of £41,000
    • shangaijimmy
    • By shangaijimmy 7th Mar 18, 8:12 AM
    • 2,704 Posts
    • 13,345 Thanks
    shangaijimmy
    well i managed to keep eye lids propped open till 10 and the news coming on (was showered and in bed by then)... I reckon i made it till 10.03 before i was sleeping the sleep of the righteous!!

    Do i feel refreshed this mornng?? No chance... I reckon now we havbe 3 kids that i am permanantly tired and this won't stop till they're at least 25!!!!!!

    Anyway bank account looking very sorry for itself. TT's on temporary hold until Mrs SJ gets paid of Friday. Just as i think we're clear of birthdays for a month then i get reminded that its actually mothers day this weekend....aaagghhhh! My spreadsheet is screaming!

    And the TV is definitely not working, so i'll give it 1 more night before Mrs SJ starts getting grumpy at me for not having rectified it yet!!

    Hump day today so as of 3pm (8.15pm finish for me tongiht) i'm on the run in!
    MFW: Turning June 2036 into March 2025... 38//120 Payments Challenge, Diary Reduction £40,984.38
    Aug 2009: £163,051 // Current: £95,015.63 // Avg Daily Interest £4.27
    MFiT-T4 #8 - 74.24% of £41,000
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 7th Mar 18, 8:43 AM
    • 682 Posts
    • 3,054 Thanks
    SuperSecretSquirrel
    I'm struggling a bit wth work at the minute as the sheer volume is beconing ridiculous. Each week is merging into the next, and the upcoming 3 weeks is shocking! Vindicates my decision at Christmas that the time is coming to look to move on, before it starts to affect health and family time!
    Originally posted by shangaijimmy


    Many people just allow this to happen to themselves and their families. Good job not being one of those guys!

    Mtg [2013 £64k|2014 £51k|2015 £38k|2016 £26k|2017 14k] Zero!
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k|2017+£52k] +£55,209.85 (MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k|2017 £269k] £274,532.45 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%|2017 18%] 30.0% (exc SP)
    • shangaijimmy
    • By shangaijimmy 7th Mar 18, 7:47 PM
    • 2,704 Posts
    • 13,345 Thanks
    shangaijimmy
    Thanks Super... I'm been formulating plans and doing some extra training so i can branch out a bit. I've been at my place of work for 16yrs so mentally the decision to leave will be a challenge, especially as what i do, where i'm from and where I do it creates an emotional attachment. I'm coming to the thinking that i need a career/life coach to work some thoughts with, but not got a few things to do first (2nd week of a 2 week course is the end of this month for example).

    Anyway my long day is all but done. Just waiting to lock up in 10mins, So having a brew and a warm! Happy to report that we have bids on 6 of our ebay items too! I've enjoyed the noise on my phone when i bids have come through today!!
    MFW: Turning June 2036 into March 2025... 38//120 Payments Challenge, Diary Reduction £40,984.38
    Aug 2009: £163,051 // Current: £95,015.63 // Avg Daily Interest £4.27
    MFiT-T4 #8 - 74.24% of £41,000
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