09 Mar 2015

A question about : BookWorm's MFW Chapter


I've been lurking around these parts for a good while now with occasional posts here and there. However, after reaching what I consider to be a milestone with my mortgage (will come back to that shortly), I felt the time was right to start my own diary. I figured if I don't now, I may never do so!

It was after reading some of the inspirational diaries on here that caused me to have my 'light bulb moment' back in 2012. Until then, I didn't really know about overpaying a mortgage - and certainly didn't know what a positive effect even small amounts can have. It also caused me to review my spending overall (and whilst I wasn't bad by any means), it certainly made me think and become very aware of where I could become better.

I'm in my mid 30's, single and although I have an ok paying job, I'm unlikely to get my mortgage cleared anytime soon. Money only goes so far after all and I do still want some semblance of a life in the meantime. However, I figured all progress is good right (thinking tortoise and the hare!)

Ok so on to the figures:

Mortgage taken out June 2010 with 10% deposit - initial rate 6.59% title=EEK! fixed for 3 years - initial balance Ј104499. 25 year term due to finish July 2035

(I had no one to advise me not to add the fees to the balance - lesson 1 learnt!)

LBM - October 2012 - still on the scary rate - balance Ј100,664.70

2013 - started with a balance of Ј100,499.88 - during the year I dropped to the SVR of 4% which was a welcome relief. However, after being around these parts, I continued to OP the difference in payments which means it does tick along nicely. I remortgaged in November and as the extra OP's had dropped me below 85% LTV and I wanted to fix again for peace of mind. I now have a rate of 3.75%. which is fixed until March 2016. I got Ј100 cashback as I stayed with the same provider which duly went on as an OP! I'm hoping that I can get down to below 75% LTV by the time the deal runs out (and if I can manage 70% so much the better!)

2014 - started with a balance of Ј94,591.34. Ok now back to the milestone. As of today, my balance is Ј89,733.43! title=Jumping I have dropped into the 80's for the first time!!

I have also worked out that the monthly interest will push me back into the dreaded 90's by Ј12.30…title=Mad so I have to make sure that I can OP by at least that much as there is no way I want to creep back over that threshold. I have Ј9 owing from survey payments and so I'm confident I can do this.

So here is the start of my diary (if not the journey itself).
Everyone is welcome…I'd love some company along the way. So pull up a chair, have a brew and make yourselves at home.

BW title=Smile

Best answers:

  • My OP’s come from a variety of places.
  • Set OP each month (love seeing the effect this has)
  • Surveys (I was already an avid survey taker. It was due to those, that I came across MSE in the first place)
  • Monthly reward from the bank (it was because of lovely MFW’ers I do this – it never would have occurred to me otherwise – so ty!)
  • Cashback sites
  • Any extra cash I get (lottery wins, bonuses, bill rebates, etc)
  • I do keep a spreadsheet of OP’s (nothing fancy) just so I can track progress and it’s really satisfying to see the OP total go up whilst the balance comes down.
    Total OP’s since I started this are now just over Ј6K. I know that compared to some figures around here that it’s pretty modest…but I am still pleased with it.

  • Hello!
    Congratulations on starting a diary
    You've certainly made some inroads on the mortgage already.
    Good luck with your quest, and I'll certainly keeping up to date with your future progress
  • Thanks Goldiegirl
    As I was listing the figures earlier , it did make me realise what I have achieved already. I must remember that on the days where I feel uninspired
  • Well that's Monday done work wise. Is it the weekend yet?
    One of my survey payments has come in so that's Ј3 OP made. Be there in no time eh
  • Hello bookworm and good luck with your plans. I too am a bookworm and so is oh. On our last holiday we were reading about one and a third books a day each.... X
  • It's wonderful that you've decided to open a diary to visitors - we all owe a lot of long overdue encouragement after your years of supporting the rest of us
  • Hi and thank you SSS. Always nice to meet fellow readers. What kind of things do you like to read?
    Thanks Mr E. You really are too kind
  • Morning BookWorm, just stopped by to say hi and good luck, seems like you're well on top of things already.
    Love the psychological need to stay below the 90s once you've hit 80-odd, am just like this too and it's sooooo frustrating when the mortgage interest goes out and pushes you back over! You're doing brilliantly, we're still heading for that Ј100 k barrier by the end of the year ... that's far back in the distance for you now as you're striking away to minimise that mortgage! Good luck with it all.
    Another tribe of the bookish kind here too. We ditched having a TV years ago, instead we have bookcases and kindles, can't beat a good book!
    Wishing you well with the next exciting stage. X
  • Bookworm, you've started a diary
    Will certainly be pulling up a chair, always happy to bring a plate of HM scones with me
    I can certainly understand the need to find the Ј12.30.
    Best wishes and keep posting.
    Tilly x x x
  • Thank you to Habibiboo and Tilly for stopping by
    Habibiboo - I am in awe of you not having a TV. As much as I love reading, I'm not sure I could give up my viewing entirely. Although I do seem to watch more films than anything else these days
    Tilly - mmm scones sound lovely I never need encouraging to eat
  • Not much for me to report today. Been a very uneventul Tuesday
    I'm counting down the days til the bank holiday.... naughty I know but I can't help it.....
  • That's Wednesday over and done with (work wise at least). All downhill to the weekend...in a good way
    I've been to give my weekly donation to Mr A. Although it was very quiet and I whizzed round and was out in under 20 minutes. If only it was always like that!
    Another Ј3 op today from a PC survey payment.
  • Welcome to the boards and well done on your progress so far.
  • Thanks Yukkibear - very kind of you
  • Best things I read on holiday were 'After you'd gone' by Maggie O'Farrell and 'Adrian Mole, the prostrate years'. Very sad that there will be no more Adrian Mole books.
    Like you, we don't watch much TV, and I didn't have one for about eight years but don't think I would want to give it up now. What with catch up, you can skip ads and watch when you want, so there is less dross to wade through. All good cheap entertainment when you are trying to keep the bills down!
  • BW
    Yay, you've started a diary
    Brilliant progress so far
  • Good evening
    I arrived home to a nice surprise email. I won a Ј3 e voucher for Am@zon I know it's only a small win but I'm excited all the same. Given my name, it won't come as surprise that much of my spending is on books!
    SSS - I've not read that Adrian Mole one - will have to add it to my ever growing to read list - thanks! Sue Townsend certainly wrote a great set of books with those.
    I agree that it's much better with catch up tv and being able to skip the ads. I rarely watch any live tv for exactly that reason. Saves so much time too!
    MWC - thanks for stopping by and the lovely encouragement
  • it's finally the weekend!
    Today was an odd one as it seemed very quiet (emails and phones and generally few people around it seemed). In fact the boss even let us leave early - I didn't need asking twice
    I'm now in my pj's (anyone else do this? ) and firmly attached to the sofa catching up on some viewing and browsing the web. Bliss
    I have reached cash out on both YG and OneP so it will now be a race to see which I get first. Naturally they will be op'd. I have also completed another PC survey so that should come in next week too
    In other news, I have also won a free book. It's a Linwood Barclay one. I've read some of his work before and usually enjoy them so looking forward to that arriving.
  • Hello!
    I had a few surveys to do this evening. OneP seems to be the one where I'm making most money so far. I like YG, as it seems to be more about my opinions, and the surveys are interesting.
    I had an I-say survey about my attitudes to blenders...... To be honest, it was a bit mind boggling, I'd never given blenders much thought before. But it's a few more points in the bag.
    I read a Linwood Barclay book a few years ago, quite good as far as I remember.
    I'm currently reading a Jeffrey Archer book. Not exactly great literature, but it's a story that moves on at a fast pace. At least I don't need to think too much!
    My pj night on the sofa is Sunday, a sort of comfort night before the new week starts.
    Have a good evening