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  • FIRST POST
    • Cinny91
    • By Cinny91 8th Mar 18, 1:04 PM
    • 5,878Posts
    • 25,162Thanks
    Cinny91
    Our Patch of England
    • #1
    • 8th Mar 18, 1:04 PM
    Our Patch of England 8th Mar 18 at 1:04 PM
    Hello Anybody!

    I staggered around this forum as we saved for our house deposit, although my diary fell flat - a mixture of being busy and unable to update from home - in December of 2016 we hit our £20,000 savings target. I didn't actually think we'd make it, but a mixture of work bonuses and my DH's sheer determination pushed us across that line.

    Then, in July of 2017 we completed on our first house purchase! A 1910's end terrace house, a stones throw from my Parent's and everything we were after. We decided to stretch our mortgage budget to the maximum and secured a 19 year term deal on a £125,000 loan, which currently stands at £121,441.20 (and a £729.84 pm payment) Our interest rate seems so much higher than other people who took mortgages out shortly after us - but it's all good and obviously we were happy with it when we signed the papers!

    We also have a loan, taken out by my DH before we were married. The balance is currently £8980.92 and we hope to have this paid off in May (a nice forum manager said I could keep my "own" DF badge ) so in May I'll be DF x 2. Funny how mortgage is classed as the necessary debt, and completely separate from a debt free status?

    Regardless - once the loan is paid off we can work towards our first mortgage over payment We haven't set any firm goals yet, but as our loan currently soaks up £972.78pm (a mixture of repayment amount + what we're saving to pay it off) we are toying with what might be a slightly insane, burn out inducing, £1000pm target. We can be slobs with our budgets, and I do feel we have a tendency to be a little throwaway and careless when it comes to out-of-bill spending. These are all areas I think will be the making or breaking of any longer term financial goals. We're very stereotypical in that we make good money, but lord knows where it goes to.

    So, until May (with eyes on a June OP) I'll be working hard to pull as much money as I can together. I think the fun will really start once all our spare money can be focused at the mortgage - however a diary will be great to keep us on track for our DFD and not leave us thinking "well, another month on the loan won't hurt"

    A little more about us - We're a family of 3 (plus pup) and we live in the East Midlands. My DH works full time, and I've got a neat 60/40 split between home life and my working week. Our LO recently turned 2, he's an absolute tornado. I think he's brilliant, but I'm obviously biased, he's been a blessing and a half.

    Hoping this is the start of a fantastic journey!
Page 1
    • missplant
    • By missplant 8th Mar 18, 4:40 PM
    • 10 Posts
    • 22 Thanks
    missplant
    • #2
    • 8th Mar 18, 4:40 PM
    • #2
    • 8th Mar 18, 4:40 PM
    looking forward to reading your MF journey
    • beanielou
    • By beanielou 8th Mar 18, 10:17 PM
    • 54,024 Posts
    • 214,081 Thanks
    beanielou
    • #3
    • 8th Mar 18, 10:17 PM
    • #3
    • 8th Mar 18, 10:17 PM
    Happy shiny new diary
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger.
    • michelle09
    • By michelle09 9th Mar 18, 7:55 AM
    • 777 Posts
    • 4,277 Thanks
    michelle09
    • #4
    • 9th Mar 18, 7:55 AM
    • #4
    • 9th Mar 18, 7:55 AM
    Welcome. Best of luck with your OP journey!
    • Busy Mee1
    • By Busy Mee1 9th Mar 18, 9:27 AM
    • 598 Posts
    • 2,710 Thanks
    Busy Mee1
    • #5
    • 9th Mar 18, 9:27 AM
    • #5
    • 9th Mar 18, 9:27 AM
    Hello Cinny and welcome.
    Congratulations on your new house and being nearly debt free. Most of the folk on here try to balance paying the mortgage off, with "having a life", but I find setting yourself mad targets does focus your mind. It makes you properly examine where your money goes and make conscious choices about where you spend the money, rather than it just leaking out. And don't worry if you don't hit your targets .....we don't send the boys round or anything
    • jwil
    • By jwil 9th Mar 18, 2:00 PM
    • 8,512 Posts
    • 26,049 Thanks
    jwil
    • #6
    • 9th Mar 18, 2:00 PM
    • #6
    • 9th Mar 18, 2:00 PM
    Good luck
    "If you can dream it, you can do it". Walt Disney
    • Cinny91
    • By Cinny91 9th Mar 18, 4:54 PM
    • 5,878 Posts
    • 25,162 Thanks
    Cinny91
    • #7
    • 9th Mar 18, 4:54 PM
    • #7
    • 9th Mar 18, 4:54 PM
    Thanks for the warm welcome everyone

    It's "my" payday today, slightly lower than normal as I had 2 days off last week with the snow but only booked 1 holiday down to try and balance my wage a little. Still, we've moved £156.21 into our loan payoff savings so we've got £6164.71 in there now. We need to basically contra the loan balance in May to pay it off and we're currently £1870.63 short - but we do budget £500 in savings for this each month so it's only really £870.63 short. If anyone can follow my horrible writing style!

    Busy Mee1 - Glad to hear I won't get put on some MF hit-list!

    The life/plans balance is what we generally struggle with, we're a lot better since we've moved. We don't have to drive 30+ minutes to get somewhere fun, we've got parks and a gorgeous market town on our doorstep now. We're "investing" some of our birthday money in passes to the local Children's adventure park, and I have a NT membership for days on my own with LO so there's going to be loads of entertainment for almost nothing this year.

    Easy day today, LO and I have been for dinner with my Grandparents like we do every Friday and spent this afternoon in the garden trying to do some kind of tidying up. Easy and cheap tea tonight of sausage and veggie-hash-waffle-things. I never understood hiding vegetables in plain sight until our potato-fiend of a child came along. Honestly, if it's not potato (or sausage) he's not interested. Also tried to do a bit more work on our mortgage goals but it's still a work in progress, hoping to sit down properly with DH tonight and figure it out.
    • greent
    • By greent 9th Mar 18, 5:57 PM
    • 7,010 Posts
    • 71,571 Thanks
    greent
    • #8
    • 9th Mar 18, 5:57 PM
    • #8
    • 9th Mar 18, 5:57 PM
    Welcome to the MFW board
    x
    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
    • Kittenkirst
    • By Kittenkirst 10th Mar 18, 6:27 AM
    • 1,887 Posts
    • 10,117 Thanks
    Kittenkirst
    • #9
    • 10th Mar 18, 6:27 AM
    • #9
    • 10th Mar 18, 6:27 AM
    Happy new thread
    2018 MFW #20 - OP £1799.61/ £3000 60%
    Mar: £218 Apr: £528.91 May: £361.07

    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    Overpayments 2016 £255.50 2017 £2600.40
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 10th Mar 18, 7:12 AM
    • 1,324 Posts
    • 6,168 Thanks
    wishingthemortgaheaway
    Welcome, welcome, welcome.

    Have you ad a play around with the mortgage overpayment calculators, I find them incredibly motivating and if you are looking at £1k a month payment I think you'll be mortgage free in a blink.

    And, even if you decide to lower payments later, higher payments now have a bigger effect on interest saved.

    Do you pay out for childcare? If your little one is 2, don't forget that 15/30 hours (term time only) childcare kicks in the term after they are 3. This could be a saving that could be swept into the mortgage or savings, or could just loosen the budget up a little.

    Keep posting.
    I break huge things down into little steps, works for me, maybe not for everyone though.

    Good luck
    Wish.
    The 100 payment countdown (each payment = £400) 2018 Starts at 13/100 o/s £34,750.
    Jan 18 14/100 Feb 15/100 March 18/100 April 19/100
    Term Mortgage free date: October 2029 Current mortgage free date: April 2025 March 2024 Jan 2024
    MFW 2018 Challenge Member #162 £1600ish/£2,500
    • Cinny91
    • By Cinny91 10th Mar 18, 8:26 AM
    • 5,878 Posts
    • 25,162 Thanks
    Cinny91
    Do you pay out for childcare? If your little one is 2, don't forget that 15/30 hours (term time only) childcare kicks in the term after they are 3. This could be a saving that could be swept into the mortgage or savings, or could just loosen the budget up a little.
    Originally posted by wishingthemortgaheaway
    We're very fortunate that he spends my 3 working days with my Mum, so we don't have any real childcare costs as they won't take anything from us for their time. We try to take them out for a meal at least once a month to say thank you, and we're toying with the idea of getting them a NT membership as a surprise once we've paid the loan off.

    Like the idea of breaking things down into steps, I think I'm naturally a "big picture" person and can get disheartened by semi-disregarding the mini mile stones.

    Taken some chicken out of the freezer to start defrosting in the fridge ready for tea tomorrow. We're having my parents over for tea for mothers day, our first plan was to order a take away but bar a few store cupboard staples we used up making our last curry, we've got everything in the cupboards to make it from scratch so we're taking that route instead. We've also got some over ripe bananas so I'll force the kid to "help" make some banana muffins for pudding. His favourite part of baking is pulling a tea bag out of thin air while my back is turned and trying to adding it to the bowl

    Another semi-quiet day for us two at home. DH is off to watch football so we're meeting my friend and her daughter for cake and a catch up, the restaurant we're going to has an indoor/outdoor play area so they'll be able to burn off some steam. Hopefully the rain will clear so they can get some fresh air, if not I'll bundle LO up when we get home and at least brave the garden!

    Also P.O.A with DH is to look at a mortgage OP calculator this morning. He's very numbers driven, so I think it'll get the cogs going to see the payoff charts. Hopefully we'll get the time this weekend, probably Sunday evening, to sit down and write up a S.O.A too. So many letters!
    • tinkerbel
    • By tinkerbel 10th Mar 18, 9:12 AM
    • 1,790 Posts
    • 4,903 Thanks
    tinkerbel
    Hi!!!!!! so good to see you! congrats on the house! youll own 100% in no time!
    • tootallulah
    • By tootallulah 10th Mar 18, 3:31 PM
    • 2,122 Posts
    • 7,398 Thanks
    tootallulah
    Hi Cinny, nice to see you here, from one East Midlander to another - good luck. Once your loan is paid off you will be in a very good position to over pay the mortgage. My only advice is that however small the extra repayment make one every month. It's a good habit to be in. Good luck.
    Mortgage House £45,000, 26 January 2018, 28th April £16,500.
    • Cinny91
    • By Cinny91 10th Mar 18, 4:47 PM
    • 5,878 Posts
    • 25,162 Thanks
    Cinny91
    Lovely to "see" some familiar faces. Hope you're both doing well

    Having an unexpectedly relaxed late afternoon as LO is having a late nap, which is kind of standard on a weekend. He's timed it nicely so I can listen to the jazz requests on Radio 3 - had no idea this was a thing until a few weekends ago.

    Made a small TT of £3.44 into the loan savings. We have £29.90 due in the bank from various cashback sites this week too so we'll be able to round that up to £30 to add to the pot. Slowly chipping away at the shortfall!

    Had a quick talk with DH about our over payments, and I think he'll be calling the bank to talk about our annual limits next week. I have it in my mind that we're capped at 10%pa, so we'd be able to pay our limit off and then whatever's extra we can put into a high interest saver? Be very interested to hear what other people with payment limits do with the "overage".

    Right, off to read some diaries while I finish off some seaside rock we got on Monday!
    • tootallulah
    • By tootallulah 11th Mar 18, 8:32 AM
    • 2,122 Posts
    • 7,398 Thanks
    tootallulah
    Aha the 10 % rule makes your challenge simpler, aim to pay off 10% per year until your tie in ends then find a better deal (lower ltv) that allows over payments of any amount. Any extra goes in a high saving account until you need it for the remortgage. Whatever happens you will be mortgage free in ten years at the most. My bet is that you will be done more quickly than that - you two have your heads together.
    Mortgage House £45,000, 26 January 2018, 28th April £16,500.
    • shangaijimmy
    • By shangaijimmy 11th Mar 18, 9:24 AM
    • 2,712 Posts
    • 13,362 Thanks
    shangaijimmy
    Welcome aboard. I to am a big picture type person so have to work hard at having small milestones (some people can't the wood for the trees, some people can't see the trees for the forest, and some people can see the minute details of the bark, but miss the trees!). I'm also visual learner so i make sure that i have more monthly goals written into the first post of may dairy.

    If you become obsessed with MFW status you'll come up with loads of little techniques that suit you. A must though is a spreadsheet, that is where the obsession really begins!

    Good luck.
    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
    • Cinny91
    • By Cinny91 12th Mar 18, 2:30 PM
    • 5,878 Posts
    • 25,162 Thanks
    Cinny91
    Thanks for the faith, Tootallulah! In all honesty, paying this off in 10 years seems within our reach and quite exciting. It would be a £500pm overpayment which I think is doable while giving us enough wriggle room to save a nest egg of living costs as well as give us money for renovations.

    I'm hoping I'll be up there with the spreadsheet pros one day, shangaijimmy. DH is the spreadsheet guy so once we're done with this loan he'll be able to put us something together, I've got to say my excel skills are terrible and I wind up with something very basic and uninspiring

    Truly weather for ducks today! We braved the rain to go to the wholesalers, I had a £50 budget but only spent £30 which is nothing short of a miracle in that place. Also did a TT of £19.87 into the savings pot, it's always slow going mid month but it's all going in the right direction.

    Don't think we'll be chancing the park this afternoon, as much as I'm fine with wrapping LO up and letting him run free even if the weather's shoddy he has his own limits. I might be able to get him into the garden to jump in puddles which is better than nothing, figure the air in our garden is just as fresh as that in the park!

    Off to catch up on some diaries now, and try to fight off my own urge for a nap with some caffeine.
    • Cinny91
    • By Cinny91 14th Mar 18, 3:13 PM
    • 5,878 Posts
    • 25,162 Thanks
    Cinny91
    TT of £4.50 into the saver this morning, as well as a smaller amount yesterday. We're 42p away from having saved £200 in 6 days. I always marvel at how money just seems to fall into place when we start working towards something, when it's actually just been there all along - I've just spent it on cake and biscuits.

    Spent yesterday working on a SOA and speaking to DH about pay off dates. And I think we could potentially do it in 5 years. Maybe. We'd have to throw everything we have at it, but it's possible with some hard work and sacrifice. We'd still have £65pw for groceries, £265pm for entertainment etc We'd just need to flex our "no" muscle, but it's something we most definitely need to be on the same page to succeed at doing.

    Funnily enough I was checking my emails last night after LO went to bed, and one of my money newsletters pinged in saying "Stop talking about one day" with a quote that said "What if you quit talking about all the things you wanted to do with your life, and just started doing them?" which was more than a little inspiring! In my eyes worst case scenario at giving ourselves such a big task is we get 3 months in and can't do it anymore - but 3 months in would be £4500 more off the mortgage. Best case is we're mortgage free in 5 years, so both are positives? I know we're 2 paydays away from even starting this so it's a little premature but it's some food for thought.

    Still, had a frugal few days. Made white chocolate and cranberry muffins with LO last night while tea cooked so that's puddings sorted for a few evenings. Stocked up on tins of chopped tomatoes so we've got a lot of hearty but cheap meals planned the next week or so. DH eats separately as he's on a special weight loss diet but the bonus is I can cook all the tasty frugal meals that my mum used to make me that DH isn't keen on (aka, anything tomato based)

    DH has his expenses paid tomorrow so we'll be able to squirrel a little more away. Having a bit of a commotion in the family on DH's side, and we may need to temporarily take care of our niece in the future so we really need to get all of our ducks in a row. Been a very stressful day on that account, and I know it's very selfish, if not a little smug, but I'm looking forward to going home to my own little family, cooking tea, watching telly and going to bed in peace.
    Mortgage July 2017 £125,000.00Mortgage April 2018 £121,040.38
    3.17% paid
    May Loan Payoff Savings: £7200.00/7562.55
    • shangaijimmy
    • By shangaijimmy 14th Mar 18, 4:33 PM
    • 2,712 Posts
    • 13,362 Thanks
    shangaijimmy
    I bet if you throw some things at it and aim for 5yrs you won't be far off. But don't get disheartened if you a few months where you don't quite get the target amount OP'd.
    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
    • Cinny91
    • By Cinny91 15th Mar 18, 11:00 AM
    • 5,878 Posts
    • 25,162 Thanks
    Cinny91
    Popped to @ldi on my way to work this morning got a clothes line, line prop, peg bag and pegs for £11.26. Similar was coming out at £22.96 from different shops so it's a pretty decent saving. Just need the sun to actually pop it's head back out again!

    Following the stressful day yesterday I bought ice cream on the way home. Was not budgeted for, but isn't going to sink the ship. I do feel a little guilty for doing it, a bit selfish

    DH moved his expenses into savings, just waiting for him to tell me the actual amount - and then along with my wild TT of 82p I can update my signature We're going to push through an extra £500 of savings just so we have a bit of a buffer after we clear the loan (we'll also get a bit of interest back when we pay it off)

    Going to look into our broadband contract atm, we currently pay £28.99pm for broadland and line rental which isn't bad but I think we can cut back. Will try to haggle with our current provider first but I know we can get a slightly cheaper deal of £24.99pm plus £70 cashback and it all helps!

    Shangaijimmy - I'm thinking the same! We do seem to have some luck in that when we put our minds to a task we somehow manage to achieve it. It's probably all down to DH's stubbornness, but we saved 20k in 2 and a half years, while still having treats and I was on SMP for 10 months of that period. We're set to have paid £17512.87 in 17 months, while having cash rolled buying a house, the moving process, and having an extra £500 on our budget with the mortgage. I'm always feel like we trudge through mud when it comes to getting places with our finances but looking back, we don't do too badly!
    Mortgage July 2017 £125,000.00Mortgage April 2018 £121,040.38
    3.17% paid
    May Loan Payoff Savings: £7200.00/7562.55
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