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  • FIRST POST
    • jenni_fer
    • By jenni_fer 17th Dec 17, 10:40 PM
    • 152Posts
    • 696Thanks
    jenni_fer
    Reduce to Increase...Towards the Forever Home...
    • #1
    • 17th Dec 17, 10:40 PM
    Reduce to Increase...Towards the Forever Home... 17th Dec 17 at 10:40 PM
    I signed up to the 2018 mfw challenge last night on a whim so now it's time to try and start my own diary and start as I mean to go on.

    Once upon a time I had the notion of being mf by 40, then we had kids and that got delayed. Now I've decided that our current house, whilst lovely, is just not my forever home.

    Mortgage Balance is c160k.

    Our current mortgage deal is a 5yr fix, which we are 2.5 years into. The timeframe takes us to the point both kids are in full time school and out currently astronomical childcare bill reduces massively.

    We can overpay by 10% a year, we did that this year by way of me changing jobs and having to sell a load of shares but want to do it again for the next 2 years without that help to put us in the best place possible when we are able to move.

    Current mortgage rate is 2.4% so I'm planning to use a couple of decent rate regular savers to accumulate payments in before paying into the mortgage just in case I'm being too ambitious but also to try and concentrate our minds on hitting that overpayment. target.

    Wish me luck!
Page 1
    • HOL82
    • By HOL82 17th Dec 17, 10:53 PM
    • 21 Posts
    • 85 Thanks
    HOL82
    • #2
    • 17th Dec 17, 10:53 PM
    • #2
    • 17th Dec 17, 10:53 PM
    Hey Jen!

    Welcome, I'm pretty new to the MFW diary thing too, just wanted to wish you good luck, I'll keep an eye out for your posts.

    HOL x
    • Thriftmaster1973
    • By Thriftmaster1973 17th Dec 17, 10:57 PM
    • 51 Posts
    • 133 Thanks
    Thriftmaster1973
    • #3
    • 17th Dec 17, 10:57 PM
    • #3
    • 17th Dec 17, 10:57 PM
    Good luck Jennifer on your mortgage free journey.

    Stay focused on saving the 's every day and you will soon reach your 'overpayment target' on a monthly basis.

    I try to treat it as a game in many ways, remember your not alone on the journey to mortgage freedom, loads of us are trying our best to balance the books to overpay the mortgage.
    • jenni_fer
    • By jenni_fer 17th Dec 17, 11:02 PM
    • 152 Posts
    • 696 Thanks
    jenni_fer
    • #4
    • 17th Dec 17, 11:02 PM
    • #4
    • 17th Dec 17, 11:02 PM
    Hi HOL, will seek out your diary and have a read
    Thanks Thriftmaster, I'm a spreadsheet queen so hoping to maintain the focus by the way of formulas and what-if scenarios.
    • Kittenkirst
    • By Kittenkirst 18th Dec 17, 11:43 PM
    • 1,885 Posts
    • 10,108 Thanks
    Kittenkirst
    • #5
    • 18th Dec 17, 11:43 PM
    • #5
    • 18th Dec 17, 11:43 PM
    Hi Jenni_fer
    Nice shiny new diary welcome to the mortgage free wannabe board- I warn you that it becomes a little addictive, especially if you!!!8217;re a spreadsheet lover

    My mortgage is a similar amount now (162.8k) with a rate of 2.99% so it!!!8217;s nice to find someone with a similar sized mortgage

    Best of luck x
    2018 MFW #20 - OP 1465.85/ 3000 49%
    Mar: 218 Apr: 528.91 May: 27.31

    Emergency fund 4.2k/ 6k
    Mortgage Oct '16 170.995 LTV 90% end: Nov 2041
    Overpayments 2016 255.50 2017 2600.40
    • newgirly
    • By newgirly 19th Dec 17, 7:42 AM
    • 6,269 Posts
    • 43,314 Thanks
    newgirly
    • #6
    • 19th Dec 17, 7:42 AM
    • #6
    • 19th Dec 17, 7:42 AM
    Welcome and best of luck with the new diary, mse is a great resource to help you along the way with your aims, there are some wonderful helpful people, reading other mf diaries always helps me.
    MFW 21
    Target for 2018 40k/11,092 paid so far

    Mortgage 38,275 4yrs 1mth left. Total owed 50,898 plan to clear in 14 months
    • shangaijimmy
    • By shangaijimmy 19th Dec 17, 9:54 AM
    • 2,705 Posts
    • 13,350 Thanks
    shangaijimmy
    • #7
    • 19th Dec 17, 9:54 AM
    • #7
    • 19th Dec 17, 9:54 AM
    Shiny new diary! I'll give you until New Years Eve before your addiction kicks in! I'd advise a daily account tidy as a great took for motivation and momentum, even in the lean times when Oping seems an impossibility.
    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
    • greent
    • By greent 19th Dec 17, 1:24 PM
    • 7,008 Posts
    • 71,557 Thanks
    greent
    • #8
    • 19th Dec 17, 1:24 PM
    • #8
    • 19th Dec 17, 1:24 PM
    Spreadsheets are addictive for mfw-ers! - you can pop in an extra 50/mth and see the cumulative effect, see where you are to where you would have been without OPs, see how long it's expected until you get to your next target (whether that be a balance or daily int figure etc) - such fun!
    x
    ps - hello and welcome
    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
    • jenni_fer
    • By jenni_fer 21st Dec 17, 9:47 PM
    • 152 Posts
    • 696 Thanks
    jenni_fer
    • #9
    • 21st Dec 17, 9:47 PM
    • #9
    • 21st Dec 17, 9:47 PM
    Thanks for all the well wishes!
    Have spent the evening setting up my 2018 budget spreadsheet and working out just how much I can squeeze our spending to reach my goals.
    Next step is to convince DH to change his savings account to something with a higher rate (my regular saver which will mature in Jan was a higher rate than the mortgage so made sense to feed that and then pay a chunk when it matures) as every little helps!
    Think I'll spend any downtime over the holidays sorting through the cupboards etc and looking at using things up rather than buying more so that we can have a frugal Jan and get off to a good start for the year.
    • jenni_fer
    • By jenni_fer 27th Dec 17, 8:24 PM
    • 152 Posts
    • 696 Thanks
    jenni_fer
    Ok.
    We will end 2017 with a mortgage balance of 158,690.25
    Without any over-payments I estimate our mortgage balance at the end of 2018 will be 151,288.29. I've signed myself up to (almost) the maximum I can overpay on the MFW board...15k so on that basis I'm hoping our mortgage balance at the end of the year will be c136k

    Tasks for this week:
    a) finally get my online login for the mortgage company sorted so I can hopefully overpay and check balances online.
    b) cancel the 2% regular saver I'd set up as this is a lower rate to the mortgage so it doesn't make sense to do this really.
    c) make a decision on reducing term (Which I've always done in the past) vs monthly payment for 2018. If I am expecting to borrow more before the fix runs out in 2020 then I'm wondering if I'm better to reduce the term so that I can 'afford' to borrow more when we do this, as I'm assuming the existing element of the borrowing would remain on the term it is on? Research needed I think.

    Off to make a budget for the first few months of the year, to plan in birthdays and holiday spends and see what I think I can save.
    Tomorrow the sorting and using up begins!
    • jenni_fer
    • By jenni_fer 5th Jan 18, 10:08 PM
    • 152 Posts
    • 696 Thanks
    jenni_fer
    Ok.

    Tasks for this week:
    a) finally get my online login for the mortgage company sorted so I can hopefully overpay and check balances online.
    b) cancel the 2% regular saver I'd set up as this is a lower rate to the mortgage so it doesn't make sense to do this really.
    c) make a decision on reducing term (Which I've always done in the past) vs monthly payment for 2018. If I am expecting to borrow more before the fix runs out in 2020 then I'm wondering if I'm better to reduce the term so that I can 'afford' to borrow more when we do this, as I'm assuming the existing element of the borrowing would remain on the term it is on? Research needed I think.
    Originally posted by jenni_fer
    Mortgage login is still not working, but today was the fourth working day and it's the start of Jan so I'll give them a day or two before phoning up and whinging. Would be so nice to log in and see the balance as I start overpaying.

    Stupidly forgot that the regular saver doesn't ditch the minute the 12th payment goes in so need to sit on my hands until Feb to make the first payment, won't bother restarting though.

    Still undecided on c) think that we are going to forget about trying to move before the fix runs out in which case it probably doesn't matter.

    Have had to buy a new tumble drier today as ours went bang just before Xmas and trying to cope without was driving me mad. Looking like it will be Feb before I manage to pay anything
    • Kittenkirst
    • By Kittenkirst 6th Jan 18, 9:10 AM
    • 1,885 Posts
    • 10,108 Thanks
    Kittenkirst
    I always forget the Jemnifer, I!!!8217;ve been budgeting based on mine finishing in March, however that!!!8217;s the last payment date not the interest date. Boooo!
    2018 MFW #20 - OP 1465.85/ 3000 49%
    Mar: 218 Apr: 528.91 May: 27.31

    Emergency fund 4.2k/ 6k
    Mortgage Oct '16 170.995 LTV 90% end: Nov 2041
    Overpayments 2016 255.50 2017 2600.40
    • jenni_fer
    • By jenni_fer 10th Jan 18, 9:44 PM
    • 152 Posts
    • 696 Thanks
    jenni_fer
    Finally into the online mortgage account, slightly disappointed that it shows almost no information!
    Still, it'll confirm our balance.
    • Kittenkirst
    • By Kittenkirst 15th Jan 18, 6:40 AM
    • 1,885 Posts
    • 10,108 Thanks
    Kittenkirst
    I!!!8217;d love to be able to see our mortgage balance online!

    What are you plans for this week?
    2018 MFW #20 - OP 1465.85/ 3000 49%
    Mar: 218 Apr: 528.91 May: 27.31

    Emergency fund 4.2k/ 6k
    Mortgage Oct '16 170.995 LTV 90% end: Nov 2041
    Overpayments 2016 255.50 2017 2600.40
    • jenni_fer
    • By jenni_fer 21st Jan 18, 8:56 PM
    • 152 Posts
    • 696 Thanks
    jenni_fer
    So January's overpayment opportunity was lost this weekend when I broke my glasses and have spent 250 on new ones.
    Roll on payday, February and trying again!
    • jenni_fer
    • By jenni_fer 10th Feb 18, 9:40 PM
    • 152 Posts
    • 696 Thanks
    jenni_fer
    Baby steps forward tonight...
    5.68 paid via online banking, test amount to make sure I've got the right details for it. Once that's been processed I've got 5k from my regular saver to pay in.
    • jenni_fer
    • By jenni_fer 22nd Feb 18, 8:18 PM
    • 152 Posts
    • 696 Thanks
    jenni_fer
    Baby steps forward tonight...
    5.68 paid via online banking, test amount to make sure I've got the right details for it. Once that's been processed I've got 5k from my regular saver to pay in.
    Originally posted by jenni_fer
    First 5.68 bounced back but details sorted and second one worked. Followed up with an overpayment of 4770.
    Nearly 1/3 of my 2018 target

    Off to update the mfw board, feeling positive!
    • Kittenkirst
    • By Kittenkirst 25th Feb 18, 11:55 PM
    • 1,885 Posts
    • 10,108 Thanks
    Kittenkirst
    Wow thats a huge Overpayment! Great stuff!!
    Last edited by Kittenkirst; 10-03-2018 at 10:18 PM.
    2018 MFW #20 - OP 1465.85/ 3000 49%
    Mar: 218 Apr: 528.91 May: 27.31

    Emergency fund 4.2k/ 6k
    Mortgage Oct '16 170.995 LTV 90% end: Nov 2041
    Overpayments 2016 255.50 2017 2600.40
    • jenni_fer
    • By jenni_fer 10th Mar 18, 9:13 PM
    • 152 Posts
    • 696 Thanks
    jenni_fer
    Just rounded our current accounts down and put another 40 into the mortgage. We've been looking seriously at moving in the last couple of weeks but what we want is still not quite achievable so renewed focus on making sure we overpay as much as we can.
    • jenni_fer
    • By jenni_fer 11th Mar 18, 9:26 PM
    • 152 Posts
    • 696 Thanks
    jenni_fer
    Logged on this evening to check that the 40 from yesterday had gone in and decided to pay in the 339.66 to round the amount down to the nearest 1000.
    It means taking some out of savings but at 1.5% higher rate than the savings account it's not that bad.
    We will get there!
    Last edited by jenni_fer; 11-03-2018 at 9:27 PM. Reason: pressed enter too soon!
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