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  • FIRST POST
    • LadyGnome
    • By LadyGnome 20th Apr 16, 6:05 PM
    • 453Posts
    • 1,684Thanks
    LadyGnome
    A Journey of Many Pounds Starts With a Single Penny
    • #1
    • 20th Apr 16, 6:05 PM
    A Journey of Many Pounds Starts With a Single Penny 20th Apr 16 at 6:05 PM
    Like many I have lurked for some time popping up on people's diaries with comments but I've decided it's time to come out of the shadows and start my own.

    Let me introduce myself. I am 46, live in London with MrGnome and two school age children. We have been MF before but when we decided to move we kept the MF house as a BTL and bought a project to do up. Mr Gnome does up properties as a part time business so he did a back to the brickwork renovation and extension on the house which is now finished (mostly ). I work full time as the main earner.

    The combination of the renovation and house price rises mean our LTV is below 50% so our interest rate is pretty good (2yr fix at 1.74%).

    I won't be making huge overpayments as we currently pay school fees as well as the mortgage. Additionally I have to balance frugality with enjoying life with the children.

    As the mortgage is large
    268,261 today
    I am focussing on smaller goals which I will put in the next post.
    Mortgage
    Start Nov 2012 310,000
    Feb 2018 237,821.60 Reduction 72,178.40
    MFW 2018 #42 788.90/3100
    End Oct Sept 2034 but I have a cunning plan...
Page 20
    • LadyGnome
    • By LadyGnome 16th Mar 18, 5:57 PM
    • 453 Posts
    • 1,684 Thanks
    LadyGnome
    Hello everyone.


    I have had details of my bonus and so there will be some money for the mortgage pot even after various expenses I've been putting off like getting new glasses. I will work out the exact figures once I get paid and see what tax and NI does to the amount.
    I've made good start to the year with my OP to date at 788.90 against a target of 3100 (1% of original mortgage total).


    In 2016 I put together a plan to pay off the mortgage by Sept 2027. I am slightly ahead of schedule with a target end date of Aug 2027. The plan ramps up in later years as the school fees fall away. So 9.5 years to go or 114 payments.
    Mortgage
    Start Nov 2012 310,000
    Feb 2018 237,821.60 Reduction 72,178.40
    MFW 2018 #42 788.90/3100
    End Oct Sept 2034 but I have a cunning plan...
    • Busy Mee1
    • By Busy Mee1 17th Mar 18, 7:13 AM
    • 689 Posts
    • 3,177 Thanks
    Busy Mee1
    Hi LG - nice to see you back. Hooray to your bonus and well done on your MF progress. You are doing well in spite of expensive school fees x
    • LadyGnome
    • By LadyGnome 17th Apr 18, 7:12 PM
    • 453 Posts
    • 1,684 Thanks
    LadyGnome
    Sneaks back in...
    I am still around.
    I've shuffled all the money and rejigged the spreadsheets so I am still on track. I will need to update my sig tomorrow but my OP for March is over 600 so I am happy with that.


    No major changes of approach at this stage. On a positive note ERNIE decided he liked me this month so an extra 25 to be shared between the pots. I am back to my 3 pots of holiday, mortgage and children / schooling as I used my bonus to fill up the smaller pots.
    Mortgage
    Start Nov 2012 310,000
    Feb 2018 237,821.60 Reduction 72,178.40
    MFW 2018 #42 788.90/3100
    End Oct Sept 2034 but I have a cunning plan...
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