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  • FIRST POST
    • Youthgonewild
    • By Youthgonewild 20th Apr 18, 8:42 PM
    • 61Posts
    • 57Thanks
    Youthgonewild
    The MF pipe dream
    • #1
    • 20th Apr 18, 8:42 PM
    The MF pipe dream 20th Apr 18 at 8:42 PM
    Hi all.

    I!!!8217;m new to the site, only just signed up. Have read a few MFW threads and yes, MF is definitely where I want to be!

    A bit of background about me, I!!!8217;m 32 yo single parent with 2 young kids aged 5 and 2.5. I work p/t over 4 days a week and will probably look at f/t once youngest starts school.

    I got my mortgage 2.5 years ago (how time flies) and the debt then was £99875 - just found my paperwork. When the two year fixed deal ended (last november) I simply took up a 5 year fix with the same lender for the simple reason that I was doing some home improvements and didn!!!8217;t think my house was in any sort of fit state to have a new valuation done so I just went with the house value that I bought the house at. I still ended up on a better rate though - 2.27%

    I currently OP by £125 pm but recently I paid a lump sum of £500 towards the mortgage as well. The current figure stands at £95550 but interest usually gets added on to the balance around the 6th of every month

    I have 32.5 years left to go but really want to decrease that. I hope to be MF by the time I!!!8217;m 50ish. It!!!8217;s feels like it will be one long slog!!

    On top of this I have recently set up AVC!!!8217;s through my works pension scheme - only £30 extra pm. As the application hasn!!!8217;t been processed yet I have no idea what my wage slip will look like once it kicks in.

    Anyway I!!!8217;m in this for the long haul. Thanks for reading. Wish me luck!
    Last edited by Youthgonewild; 06-07-2018 at 10:56 AM.
Page 2
    • gallygirl
    • By gallygirl 26th Apr 18, 8:45 AM
    • 16,612 Posts
    • 109,706 Thanks
    gallygirl
    Thanks Gallygirl. Im really not sure I do. I could probably be doing any number of things better and making my money work harder for me and probably should look at upping my AVCs. I think Im just trying to cover all bases lol.
    Originally posted by Youthgonewild
    All you can do is all you can do . Covering all bases is better than leaving some uncovered! So just keep an eye on the big picture and reassess when you have any spare cash.
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    Mortgage Balance = £0
    "Do what others won't early in life so you can do what others can't later in life"
    • therocket
    • By therocket 27th Apr 18, 10:07 AM
    • 46 Posts
    • 163 Thanks
    therocket
    Hi,

    Happy new diary! I shall be reading with interest and spurring you on. You sound as though you've got a good plan and look forward to watching you achieve it!

    Rocket
    MFW - diary incoming!
    • Youthgonewild
    • By Youthgonewild 27th Apr 18, 6:19 PM
    • 61 Posts
    • 57 Thanks
    Youthgonewild
    Ahh thanks Rocket! Also looks like I!!!8217;ve an expensive weekend coming up. Eeeekkk!!!
    • Youthgonewild
    • By Youthgonewild 30th Apr 18, 12:23 PM
    • 61 Posts
    • 57 Thanks
    Youthgonewild
    Well, the spendy hen do happened. To be fair, I probably spent around £90 or so which isn't bad considering it was a trip to York. I'm not including my accommodation or train tickets in that figure as they were paid for in advance. The way I kept the costs down is that I didn't drink!!! This wasn't intentional, its just that by the time we did our activities then went for a marvellous meal at a gorgeous Turkish restaurant, it was late and time to hit the bars. I was soooooo full from the afore mentioned Turkish food that I just couldn't stomach drinking. So I had one Coke in a bar and even that was a struggle to finish! By the time we'd moved on to the second bar I was tired () and just wanted to go to sleep.

    By the time we did get back to where we were staying, I had woken up a bit and made myself a cup o'tea whilst we played some games! Very rock 'n' roll

    After a full English breakfast the next day in a ye olde haunted inn, it was time to go home. So I came home with over £10 in pound coins in my handbag (love it when that happens). Just checked my bank account today, managed to TT £5.10.

    Thankfully I don't intend on any more nights out for a long time now so i should be able to rein in my spending a bit.
    • Youthgonewild
    • By Youthgonewild 30th Apr 18, 12:29 PM
    • 61 Posts
    • 57 Thanks
    Youthgonewild
    Just checked my mortgage balance. It is now at £95430.22. Interest in usually added around the 6th of every month. I hope my OPs are worth it.
    • tootallulah
    • By tootallulah 30th Apr 18, 8:51 PM
    • 2,144 Posts
    • 7,464 Thanks
    tootallulah
    Hello and welcome, have you looked at an overpayment calculator? Even £50 per month makes a difference. Good luck you seem to have all bases covered.
    Mortgage House £45,000, 26 January 2018, 2nd July 2018 £14,000.
    • Youthgonewild
    • By Youthgonewild 1st May 18, 9:34 AM
    • 61 Posts
    • 57 Thanks
    Youthgonewild
    Hi Talloolah!

    I am addicted to MSE Overpayment calculator and I also use the banks that I have my mortgage with. I OP by £125 pm by default but I have started saving the pennies to make extra OPs too

    Today for work I have brought a HUUUUGGGEEE flask of tea (it doesn't taste the same as a freshly made brew but it will do) and I have brought my own lunch. I don't always bring my own lunch so I can pay a small fortune at work on the days I don't.

    DS (5) is in Reception class and gets free school meals. He has decided he wants packed lunch as that's what his friends have. It means I'll have to make a packed lunch the night before just so I have enough time to get out the door in the mornings. It will actually save me money if I make my own the night before too, so it's not such a bad idea I guess. I can spend a fortune in Greggs when I'm working and haven't brought lunch
    • Youthgonewild
    • By Youthgonewild 2nd May 18, 10:06 AM
    • 61 Posts
    • 57 Thanks
    Youthgonewild
    Ok, so today the goal is to go food shopping. I do still have quite a lot of food in but I need a top up shop - a regular occurrence in this household!

    I am planning my meals for the next few days, these include lasagna for tonight with Mediterranean veg and garlic bread, chicken salad wraps for tomorrow, beef and tomato casserole for Friday, I don!!!8217;t know that is as far as Ive got lol. Might do something simple like jacket potato with cheese etc over the weekend but I havent got as far as Friday to be honest.

    Need to buy more cheese and some easy lunch box snacks for DS1 for school. Also need to buy nappies and baby wipes for DS2. I have a couple of weeks off week at the end of the month. Hoping to get him potty trained in that time, I will be so relieved when hes out of nappies! One less expense. I shouldnt wish the time away but Im also looking forward to when he turns three and gets 15 hours free childcare. Thats some months off yet though!

    I also need to buy DS1 a lunch box. I!!!8217;m hoping to spend £50 or less today but we!!!8217;ll see, I have got lots of other items that I haven!!!8217;t mentioned above on my shopping list but it still doesnt qualify a !!!8216;full shop!!!8217; due to amount of meat I have in the freezer. It doesn!!!8217;t count as a full shop if Im not buying loads of chicken, mince beef, lamb etc. haha.
    • Youthgonewild
    • By Youthgonewild 2nd May 18, 1:14 PM
    • 61 Posts
    • 57 Thanks
    Youthgonewild
    Well the food shop came to £53.61. BUT I did buy some extra items that I eyed up in the aisles. Some frozen bbq chicken wings and drumstick thighs, some frozen bbq ribs and I also got some of those freezer box things that you use in a cool bag. Had I not have bought those extras the food shop would have come in at £46.05.

    Still need to buy eldest sons lunch box but may take him after he!!!8217;s finished school so he can choose. I would go today but my two year old knackers me out. Just hoovered round and he!!!8217;s decided to pour a packet of crisps all over the front room floor! Deary me!
    • Youthgonewild
    • By Youthgonewild 2nd May 18, 6:31 PM
    • 61 Posts
    • 57 Thanks
    Youthgonewild
    Ok so I went to A$da for a lunch box. It ended up being a lunch bag. It HAD to have a certain cartoon car on it according to DS1. So that set me back £7. He also went for a juice bottle which set me back a fiver! I need to curb my spending, really I do.
    • Youthgonewild
    • By Youthgonewild 4th May 18, 12:50 PM
    • 61 Posts
    • 57 Thanks
    Youthgonewild
    Just a quick update. having done some quick calculations, I reckon I should be able to afford to chuck another £50 per month at the mortgage. So i have asked the bank to up my OP from £125 to £175.

    Should I find myself in a bind at some stage, I will simply reduce this amount.

    Hope everyone has a great Bank Holiday Weekend. I've got plans for a BBQ if weather is nice. have a good one everybody
    • Youthgonewild
    • By Youthgonewild 8th May 18, 10:03 AM
    • 61 Posts
    • 57 Thanks
    Youthgonewild
    Hi all, hope everyone enjoyed the bank hol weekend. It was glorious in that sunshine, can't believe it went by so fast.

    I'm starting to feel demotivated with my mortgage already. I know its early days but my interest has been added on to my mortgage now taking the grand total from £95430.22 up to £95608.70

    That's £178.48 interest per month added on I suppose I should take some comfort from the fact that before I made those lump sum overpayments last month, the interest was £185 per month but still.

    I think whats driving my current mood is a) the turn in weather b) being back at work and c) I've been watching films and documentaries on the banking crash over the weekend and it makes you realise just how messed up the banking systems really are. I object to the bank taking nearly £200 of my cash every month for effectively doing nothing. The quicker I can drive the debt down and be mortgage free the happier I will be.

    Ignore me I'm rambling. I feel like I'm getting nowhere at the moment. Still gotta KOKO, I will get there eventually.
    • greent
    • By greent 8th May 18, 10:56 AM
    • 7,153 Posts
    • 72,818 Thanks
    greent
    However, your OP of £175/ mth nearly covers your monthly interest cost - meaning your standard payment is nearly all capital reduction (a 'Good Thing' ). Perhaps set a target - work out when your monthly interest = the £175/ op and look to beat that date?
    It feels like a long and high mountain to climb at the mo - but progress upwards (ie@ a downwards balance!) is all good 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) £2772.47/£4000
    Net sales 2018 £558.92/£1000 PAYDOX18 (#15) Done £18918.90
    • Youthgonewild
    • By Youthgonewild 8th May 18, 12:31 PM
    • 61 Posts
    • 57 Thanks
    Youthgonewild
    Thanks for the wise words greent, I never thought of it like that

    Yes i suppose its First World Problems really. Just cant wait for the day I'm mortgage free but its such a long way off.
    • gallygirl
    • By gallygirl 9th May 18, 6:29 PM
    • 16,612 Posts
    • 109,706 Thanks
    gallygirl
    Just cant wait for the day I'm mortgage free but its such a long way off.
    Originally posted by Youthgonewild
    Yes it is a long way off, but you're taking active steps to bring it closer . That's all you can do.
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    Mortgage Balance = £0
    "Do what others won't early in life so you can do what others can't later in life"
    • Youthgonewild
    • By Youthgonewild 14th May 18, 1:18 PM
    • 61 Posts
    • 57 Thanks
    Youthgonewild
    Well it's been a while since I last posted so I thought would update.

    Had a bit of a spendy weekend only owing to the fact I went out with a friend on Saturday night. I didn't spend too much to be fair, less then £30 I think and that included the taxi home. It helps that I'm not a big drinker and switched to soft drinks when I could feel the tipsy-ness take effect

    Tomorrow is payday for me and I cant wait! It also means that it will be my first mortgage payment where I have upped the OP by £175. Due to all the change left from my night out at the weekend, I am hoping to make an additional OP soon along with the money from my very recent TT's. Actually looking forward to giving the bank my money LOL! cant wait to see those £££ roll of my mortgage balance. Every little helps!
    • Youthgonewild
    • By Youthgonewild 17th May 18, 12:37 PM
    • 61 Posts
    • 57 Thanks
    Youthgonewild
    Quick update: so I cashed a load of coins at the bank yesterday and ended up £30+ better off! So that will go towards OP. Also moved some money around in my savings accounts and made sure I have enough cash to cover the month.... so hoping to throw around £300 extra at my mortgage this month and hopefully it wonít leave me cash strapped. I have budgeted for After School Club, fuel in car for work and my food shop. All my bills for this month at now paid for (they all go out on the 15th) so this should be doable.

    On another note I have been promising my kids for some time that I would get guinea pigs. By some time I mean in January I swore I would get my garden sorted this year (it was like a building site for a long time). I told my kids that once done I would let them have guinea pigs.

    After some home improvements I am now the proud owner of a luscious lawn plus flower beds. I have still have some gardening left to do but it is mostly there. I havent mentioned the guinea pigs for a long while. Ironically I found out two days ago that someone is giving their guinea pigs up for free complete with the hutch and all the paraphernalia! Upon hearing this I snapped at the chance to own them so I will be picking them up today. It will be a nice surprise for my kids who are at school and the child minders respectively as I bet they have forgotten all about it. Looks like Iíll now have to factor in hay on my shopping list!
    • greent
    • By greent 17th May 18, 5:34 PM
    • 7,153 Posts
    • 72,818 Thanks
    greent
    Awww - I love piggies! And they're *relatively* cheap, too So sweet with their squeaks and popcorning around! We have 3 at the mo. One of our previous ones lived to be more than 8 years old - she was a veritable old lady!
    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) £2772.47/£4000
    Net sales 2018 £558.92/£1000 PAYDOX18 (#15) Done £18918.90
    • Youthgonewild
    • By Youthgonewild 21st May 18, 10:58 AM
    • 61 Posts
    • 57 Thanks
    Youthgonewild
    Aww that's wonderful greent! I am in love with my piggies, they have played in my garden all weekend and they do help keep the grass short

    The hutch that they came in isn't that great to be honest. Its a bit small for two piggies.... so i found an bargain on eB@y! £81 for a big hutch with two floors that has a really good sized run underneath it!! It came with a Free hutch cover too great for chillier days! I found a similar hutch in my local discount warehouse store yesterday and it was priced at £150 without the cover so I am happy at the bargain I found online. That should be with me either tomorrow or Wednesday.

    Ok, on another note I was going to throw £300 at my mortgage.... but I dibbed into a small chunk of my savings and I threw £500 at it instead

    I have to bear in mind that I will have childcare costs to pay for at the end of this month but I have left enough to cover that, providing I don't touch that pot between now and the end of this month. That should be doable!

    other than that I have spent a small amount on food shopping this weekend as I already had plenty of food in. I will probably need to top up a few items midweek but that's a standard thing for me.

    Right I'm waffling on. Time to get back to work. Have a great day everyone!
    • Lauralou79
    • By Lauralou79 21st May 18, 11:43 AM
    • 218 Posts
    • 226 Thanks
    Lauralou79
    Great diary! Keep going!

    Our mortgage is currently just over £83k and currently overpaying £100 a month ( it's only 10 mths in) as we currently are also needing money for work on the house but it cancels out a chunk of interest! We a 15 year aim of our 25 year mortgage which isn't too drastic.

    Would love to pay it earlier but living a little in the moment is important to us too.
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