Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Bluefire
    • By Bluefire 9th Apr 15, 1:15 PM
    • 470Posts
    • 2,977Thanks
    Bluefire
    Searching for Security: Our MFW Diary
    • #1
    • 9th Apr 15, 1:15 PM
    Searching for Security: Our MFW Diary 9th Apr 15 at 1:15 PM
    After a two year absence I've finally found my way back to the MSE forums, so I thought a good place to start would be with a MFW diary! I meant to start one back when I was a regular member as we were actively making overpayments when living in our old house, however I never got around to it, so now that we've decided to start again here I am.

    A bit of background:

    We're currently living in our forever-until-retirement home (so for at least the next 25-30 years) and renting out our previous property. As this is a buy to let we're currently letting the mortgage run as is, and concentrating on our residential borrowing.

    DH (35) works as an office manager, and I (30) am currently a homemaker, mainly due to a long history of depression. Although I remain hopeful that I'll return to work someday, I'm not under the illusion that it will happen any time soon. So for now, as I have the time, I make it part of my 'job' to keep on top of our finances and making sure our income is working as hard as it can for us.

    We don't have children (other than the cat!) and the plan is to remain childfree. The business that DH works for has recently been taken over, and although no official plans have been put in motion, as far as we're aware the intention of the new company is to close the business within 3 years.

    So that leaves us here, trying to make ourselves as secure as possible before that point, which means becoming mortgage free as soon as is viable. Hopefully by the end of 2016 if all goes to plan.

    Next up, the financials!
    Last edited by Bluefire; 08-06-2015 at 10:52 AM.
    Mortgage: 08/13 28,896.49 01/18 0

Page 9
    • Bluefire
    • By Bluefire 19th Aug 16, 2:30 PM
    • 470 Posts
    • 2,977 Thanks
    Bluefire
    Two letters received from HSBC last week informing us of our new standard payments following the base rate drop. Our residential mortgage payment now stands at a whopping 8.56 a month!

    DH suggested we cancel our flexible payment & drop to that, so that's now been done. The plan is still to pay it all off by the end of the year, but it's my hope that having to come up with the ~1950 will motivate me to start earning/decluttering again. Paying down debt is just so much more exciting than saving isn't it?

    Still, the money we would have been paying towards the mortgage is only going into a savings account, so it's there if we need it!
    Mortgage: 08/13 28,896.49 01/18 0

    • Bluefire
    • By Bluefire 29th Aug 16, 11:37 AM
    • 470 Posts
    • 2,977 Thanks
    Bluefire


    It's been a busy weekend!
    Mortgage: 08/13 28,896.49 01/18 0

    • SuperSecretSquirrel
    • By SuperSecretSquirrel 29th Aug 16, 2:13 PM
    • 696 Posts
    • 3,090 Thanks
    SuperSecretSquirrel
    Wow bluefire!

    Little one and I made rice krispies cakes this weekend, we're not quite at the same level as you yet!

    Will we be seeing you on bake off next year???

    Mtg [2013 64k|2014 51k|2015 38k|2016 26k|2017 14k] Zero!
    MN [2013-25k|2014-2k|2015+16k|2016+34k|2017+52k] +56,615.31(MFiT4:+60k)
    NW [2013 126k|2014 156k|2015 190k|2016 228k|2017 269k] 278,659.39 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%|2017 18%] 30.9% (exc SP)
    • Bluefire
    • By Bluefire 1st Sep 16, 6:09 PM
    • 470 Posts
    • 2,977 Thanks
    Bluefire
    Will we be seeing you on bake off next year???
    Originally posted by SuperSecretSquirrel
    Haha, if you did it would only be for the first week, I don't know a thing about bread & pastries!

    Speaking of watching GBBO, we added the TV license back into the budget today, theoretically we could have held out until Christmas but it's not like we can't afford it & we do tend to use iPlayer a fair bit.
    Mortgage: 08/13 28,896.49 01/18 0

    • Bluefire
    • By Bluefire 4th Sep 16, 4:56 PM
    • 470 Posts
    • 2,977 Thanks
    Bluefire
    This month saw the beginning of us slowly starting to pay off our stooze, by using the interest we're earning from various current accounts. 63.38 so far this month, with an addition 15 or so to come when the Tesco interest comes through.

    It's amazing the difference in interest compared to a year and a half ago before I took over the accounts. We've gone from earning pennies to 3 x Club Lloyds accounts (4% on 5000) 2 x TSB plus accounts (5% on 2000) 1 x Halifax Rewards (5 p/m) & 2 x Tesco current accounts (3% on 3000) Obviously there are still some more accounts we could open, but I'm waiting to see what happens with interest rates & our credit ratings first. I have a feeling most of our accounts will soon be going the way of Santander 123. Good while it lasted though!
    Mortgage: 08/13 28,896.49 01/18 0

    • Bluefire
    • By Bluefire 7th Sep 16, 8:36 PM
    • 470 Posts
    • 2,977 Thanks
    Bluefire
    A few bits & bobs paid off the mortgage this month has managed to bring the total down to below 1800.

    Most of it is cashback; 90 from our landlord insurance with Direct Line, and 8 odd that I rounded up to 10 from our Cineworld Unlimited card. I also sold one of my practically new cake stands for 60, exactly what I paid for it in the first place so pretty chuffed with that.

    Really need to start selling again with Christmas coming up. It's my birthday next week, so as soon as that's out of the way I shall make a start!
    Mortgage: 08/13 28,896.49 01/18 0

    • Bluefire
    • By Bluefire 9th Jan 18, 8:22 PM
    • 470 Posts
    • 2,977 Thanks
    Bluefire
    Long time no see diary!

    After the base rate drop back in August 2016 we made the decision to stop overpaying from DH's wage & drop to our minimum payment of 8.56 a month. I decide to pay off the rest of the mortgage using any money I considered 'spare' - profits from selling, cashback, interest, that kind of thing. By September 2016 we'd reduced the mortgage to just below 1800, which is around when I stopped posting.

    So what's happened since then?

    Work wise, DH's temporary promotion was extended & when the position was finally advertised he was able to secure it, bring our gross household income to around 36k. The extra money has mainly gone towards the renovation fund for the house. We've been through another round of him having to re-apply his own job with the threat of redundancy since then but touch wood things seem to have settled down now.

    The money that used to go towards paying down the mortgage has been put towards a family debt instead which we'll be paying off a year earlier than planned thanks to savings from our recreation fund last year. Looking forward to being able to get out & do a bit more in the coming months!

    Speaking of adventures, we took a trip to New York in the spring for our fifth wedding anniversary which took all of our holiday budget for the year (~1800) plus a bit more. Totally worth it though, we had a blast. Still not decided exactly where we're going this year for our 10th anniversary as a couple but I'm leaning towards colder climates. It's always been my dream to see the northern lights.

    Renovations wise we have a healthy 17k saved in the bank & will be adding a further 6k to that by summer before getting quotes for our new conservatory & bi-folds. No idea how much it's going to cost but hoping we have enough! DH also came into some inheritance earlier in the year which he's planning to use to buy a new car & start a lifetime ISA with before the end of the tax year. We've nearly saved the money for the ISA payment for next year too.

    As for the mortgage? We finished the last year with just under 500 to go. 2 Clydesdale Bank switches later & DH was able to make the call tonight to authorise the final payment to be taken. Less than 48 hours to go & we'll be mortgage free!
    Mortgage: 08/13 28,896.49 01/18 0

    • SuperSecretSquirrel
    • By SuperSecretSquirrel 10th Jan 18, 6:22 AM
    • 696 Posts
    • 3,090 Thanks
    SuperSecretSquirrel
    Congratulations on becoming officially mortgage free Bluefire!

    Mtg [2013 64k|2014 51k|2015 38k|2016 26k|2017 14k] Zero!
    MN [2013-25k|2014-2k|2015+16k|2016+34k|2017+52k] +56,615.31(MFiT4:+60k)
    NW [2013 126k|2014 156k|2015 190k|2016 228k|2017 269k] 278,659.39 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%|2017 18%] 30.9% (exc SP)
    • Bluefire
    • By Bluefire 10th Jan 18, 7:58 AM
    • 470 Posts
    • 2,977 Thanks
    Bluefire
    Thank you SuperSecretSquirrel! Just the buy-to-let to go now, and I'm planning on setting up a new diary for that. Quite looking forward to starting all over again from the beginning!
    Mortgage: 08/13 28,896.49 01/18 0

    • Bluefire
    • By Bluefire 10th Jan 18, 5:08 PM
    • 470 Posts
    • 2,977 Thanks
    Bluefire
    I feel like I've been logging into HSBC every single hour today to see if they've taken the final payment yet! No luck though, apparently it must be very difficult to work out the tiny bit of interest we've generated since the 1st. Fingers crossed for tomorrow, I'm waiting impatiently to celebrate!
    Mortgage: 08/13 28,896.49 01/18 0

    • Bluefire
    • By Bluefire 12th Jan 18, 9:29 AM
    • 470 Posts
    • 2,977 Thanks
    Bluefire
    Just had the letter from HSBC confirming the mortgage is redeemed. It's official! Time to celebrate
    Mortgage: 08/13 28,896.49 01/18 0

Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,074Posts Today

5,568Users online

Martin's Twitter