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
    • lippy1923
    • By lippy1923 9th Aug 15, 11:30 AM
    • 1,295Posts
    • 3,574Thanks
    lippy1923
    My MF Mission 2015
    • #1
    • 9th Aug 15, 11:30 AM
    My MF Mission 2015 9th Aug 15 at 11:30 AM
    Hi all,

    I've threatened a diary for a while now.

    Option 1 -Pay off in less than 10 years with intention to rent out
    Option 2 -Pay off AMAP to gain higher equity to use for up-sizing

    Option 2 is most likely IMO as we may have another child in the next 10 years which will mean up-sizing is almost inevitable.

    Mini targets-

    Dec 2016 - Balance below 100k - COMPLETE
    Dec 2017 - OP 6k- COMPLETE
    Dec 2018 - Balance below 75k - MISSED - 76,285
    Dec 2019 - Balance below 65k - COMPLETE
    Dec 2020 - OP 6k

    Overall target 120 Payments to go (just under 10 years)

    Lets see how I do

    Mortgage Term Reduced by 5 Yr 11 mth
    Last edited by lippy1923; 26-12-2019 at 6:25 PM. Reason: Mortgage term reduction
    Total Mortgage OP 34,000
    Outstanding Mortgage 63,200
    Emergency Fund 40,000
    Credit card repayment 4,000
    Other funds 300
Page 26
    • Moneyfordreams
    • By Moneyfordreams 1st Sep 19, 3:48 PM
    • 1,638 Posts
    • 7,604 Thanks
    Moneyfordreams
    Congratulations

    fantastic mortgage figures
    Mortgage restart June 2018 119950
    Re mortgage August 19 110470, HSBC 3000cc, Hfx 6500, NW 5150 M&S 1100,
    CC 16150 Mortgage 107900
    plus car 6000 , it's coming down
    • shangaijimmy
    • By shangaijimmy 1st Sep 19, 4:36 PM
    • 3,254 Posts
    • 16,878 Thanks
    shangaijimmy
    Great work on financial figures, but even greater work on your degree!!
    MFW: Was: 136,000.......Now: 76,704.80......Reduction: 59,295.71... in 58 months!
    MFiT-T5 #8 - 10,313 of 23,100 (44.65%)
    Save 12k in 2020 - 0 // 24,000 (0.00%) & 2020 - Banish the Clutter - 25 // 366 days (6.83%)
    • hiddenshadow
    • By hiddenshadow 1st Sep 19, 11:21 PM
    • 2,525 Posts
    • 11,553 Thanks
    hiddenshadow
    Congrats on the degree, well done!
    Mortgage Free! 09/04/2019
    • lippy1923
    • By lippy1923 3rd Oct 19, 6:46 AM
    • 1,295 Posts
    • 3,574 Thanks
    lippy1923
    October Update-
    500 OP to mortgage today (66,200)
    1 brick coloured in
    1 month knocked off remaining mortgage term
    1k added to savings pot

    Results-
    Total mortgage OP - 32,500
    Total Savings - 38,300 - Aiming to hit 40k by E.O.Y
    Total Mortgage OP 34,000
    Outstanding Mortgage 63,200
    Emergency Fund 40,000
    Credit card repayment 4,000
    Other funds 300
    • lippy1923
    • By lippy1923 1st Nov 19, 1:38 PM
    • 1,295 Posts
    • 3,574 Thanks
    lippy1923
    November Update-
    500 OP to mortgage today (65,200)
    1 brick coloured in
    1 month knocked off remaining mortgage term
    1,100 added to savings pot

    Results-
    Total mortgage OP - 33,000
    Total Savings - 39,400 - Aiming to hit 40k by E.O.Y - ALMOST!!
    Total Mortgage OP 34,000
    Outstanding Mortgage 63,200
    Emergency Fund 40,000
    Credit card repayment 4,000
    Other funds 300
    • paddyz
    • By paddyz 1st Nov 19, 2:54 PM
    • 145 Posts
    • 604 Thanks
    paddyz
    Well done lippy

    Enjoyed this thread, keep going strong lass
    Mortgage start Oct 12 104,500
    current Nov 19 56,290
    term 9 years aiming on being mortgage free by 7
    Weight Up & down 14st 7lb
    • lippy1923
    • By lippy1923 1st Dec 19, 12:20 PM
    • 1,295 Posts
    • 3,574 Thanks
    lippy1923
    Dec Update-
    500 OP to mortgage today (64,200) - Hit my yearly goal. Mortgage is below 65k
    1 brick coloured in
    1 month knocked off remaining mortgage term


    END OF YEAR 2019 Results-
    Total mortgage OP - 33,500
    Mortgage Balance- 64200
    Total Savings - 40,000 - Hit end of year goal. Savings at 40k
    Credit card repayment fund- 1500 added to the pot


    *Need to have a long think about new year target for 2020*
    Last edited by lippy1923; 01-12-2019 at 1:13 PM.
    Total Mortgage OP 34,000
    Outstanding Mortgage 63,200
    Emergency Fund 40,000
    Credit card repayment 4,000
    Other funds 300
    • hiddenshadow
    • By hiddenshadow 16th Dec 19, 4:04 PM
    • 2,525 Posts
    • 11,553 Thanks
    hiddenshadow
    Brilliant end of year results!
    Mortgage Free! 09/04/2019
    • lippy1923
    • By lippy1923 18th Dec 19, 9:22 AM
    • 1,295 Posts
    • 3,574 Thanks
    lippy1923
    Still waiting for payday and December always comes with a nice bonus Looking forward to updating my figures next week.

    I've been playing with mortgage overpayment calculators and think if I keep going with the 500 OP per month and savings on the side, I could have enough money to pay the entire mortgage off in 2 years! Dec 2021 is looking realistic if I can keep the pace, which is really exciting.
    Total Mortgage OP 34,000
    Outstanding Mortgage 63,200
    Emergency Fund 40,000
    Credit card repayment 4,000
    Other funds 300
    • shangaijimmy
    • By shangaijimmy 19th Dec 19, 10:18 AM
    • 3,254 Posts
    • 16,878 Thanks
    shangaijimmy
    Great going lippy. I suspect the race is done...there's no way that I'll catch you now!
    MFW: Was: 136,000.......Now: 76,704.80......Reduction: 59,295.71... in 58 months!
    MFiT-T5 #8 - 10,313 of 23,100 (44.65%)
    Save 12k in 2020 - 0 // 24,000 (0.00%) & 2020 - Banish the Clutter - 25 // 366 days (6.83%)
    • lippy1923
    • By lippy1923 19th Dec 19, 3:00 PM
    • 1,295 Posts
    • 3,574 Thanks
    lippy1923
    The race isn't over until its over SJ

    Plenty of forces against me in the next year. I will also likely reveal my 2020 goals on 1st Jan (yes copying you now )
    Have to think long and hard about realistic targets.
    Total Mortgage OP 34,000
    Outstanding Mortgage 63,200
    Emergency Fund 40,000
    Credit card repayment 4,000
    Other funds 300
    • lippy1923
    • By lippy1923 23rd Dec 19, 9:02 AM
    • 1,295 Posts
    • 3,574 Thanks
    lippy1923
    Payday! 2500 added to credit card repayment fund - Needs to be paid off in summer 2020 so earning me some interest for now.



    This is likely my last December update in terms of savings. If I get Xmas money then I think it will be stashed away for spending on treats rather than saving..... but you never know. I might squirrel some of it away if nothing takes my fancy.

    Total mortgage OP - 33,500
    Mortgage Balance- 64200
    Total Savings - 40,000
    Credit card repayment fund- 4000
    Last edited by lippy1923; 26-12-2019 at 6:04 PM.
    Total Mortgage OP 34,000
    Outstanding Mortgage 63,200
    Emergency Fund 40,000
    Credit card repayment 4,000
    Other funds 300
    • lippy1923
    • By lippy1923 26th Dec 19, 6:23 PM
    • 1,295 Posts
    • 3,574 Thanks
    lippy1923
    2020 Targets
    Early update of next years targets. They seem smaller than usual but that's because I will be taking maternity leave next year

    Overall Goals

    1) Overpay 6k off the mortgage- This might be a challenge during the mat leave months but will try to maintain the 500 monthly OP's.


    2) End 2020 with min 40k savings- I already have this but hoping that with some good budgeting next year I wont have to dip into these funds. I've nearly saved up enough to pay off my 0% credit cards, hopefully by the end of the next payday I will have that covered.


    3) Not necessarily money saving but my overall NEW YEARS RESOLUTION is to make life a bit easier on myself- This might be small things like meal planning/slow cooking, online food shopping instead of having to drive out for big shops, decluttering so easier to clean/ tidy etc. I will look into subscriptions as well, for repeat needs so I don't run out or forget to restock (depending on costs obviously).


    Any simple suggestions to making life a little be easier are welcome.
    Total Mortgage OP 34,000
    Outstanding Mortgage 63,200
    Emergency Fund 40,000
    Credit card repayment 4,000
    Other funds 300
    • Moneyfordreams
    • By Moneyfordreams 27th Dec 19, 7:14 AM
    • 1,638 Posts
    • 7,604 Thanks
    Moneyfordreams
    Congratulations...
    Mortgage restart June 2018 119950
    Re mortgage August 19 110470, HSBC 3000cc, Hfx 6500, NW 5150 M&S 1100,
    CC 16150 Mortgage 107900
    plus car 6000 , it's coming down
    • lippy1923
    • By lippy1923 2nd Jan 20, 8:04 PM
    • 1,295 Posts
    • 3,574 Thanks
    lippy1923
    Start of the month update-

    500 OP to mortgage (63,200)
    1 brick coloured in
    1 month knocked off remaining mortgage term
    TOTAL 6 YEARS KNOCKED OFF MORTGAGE TERM

    Results

    Total mortgage OP - 34,000
    Total Savings - 40,000

    Credit card repayment fund 4000/5500 (Hope to add remaining 1500 required by Jan payday at the end of the month so the entire 0% balance is ready to be repaid in April/May time)
    Total Mortgage OP 34,000
    Outstanding Mortgage 63,200
    Emergency Fund 40,000
    Credit card repayment 4,000
    Other funds 300
    • shangaijimmy
    • By shangaijimmy 2nd Jan 20, 10:25 PM
    • 3,254 Posts
    • 16,878 Thanks
    shangaijimmy
    Great going as usual, and I particularly like your total years knocked off the mortgage term. I'm definitely going to clone that idea (scurries off to work mine out and post in my diary)!
    MFW: Was: 136,000.......Now: 76,704.80......Reduction: 59,295.71... in 58 months!
    MFiT-T5 #8 - 10,313 of 23,100 (44.65%)
    Save 12k in 2020 - 0 // 24,000 (0.00%) & 2020 - Banish the Clutter - 25 // 366 days (6.83%)
    • lippy1923
    • By lippy1923 15th Jan 20, 2:17 PM
    • 1,295 Posts
    • 3,574 Thanks
    lippy1923
    So I've just found out my current account interest will be slashed from 1.5% - 1% in May. I may as well downgrade to the lite account and take 20k out.


    This meddles with my 2020 targets as there really isn't much point in having savings at these rates. We are looking to move house in the next 1-2 years so not really worth chucking it into S&S. I only tend to invest if its for 5 years + just in case.


    Some more decisions to make. My mortgage year ends in June, so I have a month to see what I can safely OP for the end of that year. I think I may max the total 10% OP in May and put the rest into my ISA. This will totally mess with my 2020 goals as I planned to OP by only 6k which maintaining my 40k savings.


    I think I need to look at my finances with a view to my net worth. I can either OP more of mortgage and have less savings, or more savings (which make me feel safe) with higher mortgage.


    Totally rambling now Need to think.
    Total Mortgage OP 34,000
    Outstanding Mortgage 63,200
    Emergency Fund 40,000
    Credit card repayment 4,000
    Other funds 300
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

3,143Posts Today

6,231Users online

Martin's Twitter