MF in 10

A question about : MF in 10

Hi All,

Have been meaning to (re)start my MFW diary for a few months and finally getting around to it.

Been around the forums for years; started originally as a MFW on my first house up north. Was diverted away from that when I upped sticks to London (that house is now a BTL) and have since met my DH, had DD and took on an eye watering mortgage in 2012.
We spent 2012-2014 on a serious debt bust and managed to clear them all before the % offers were up.

Finished maternity leave late 2014 and had no sense of what our income would look like with OH on a FT salary and me on a PT salary. Now, after a few months of figuring it all out, we are back and well and truly on board for a Mortgage Free mission.

The figs.

Original Mortgage 2012 - 2037
Ј233,750
Ј35,000 of standard payments made 2012-2014
4.59% rate fixed til Oct 2014

MFin10 Mission starts Jan 15
Balance Ј222,329
2.99% fixed rate til Nov 2016
standard monthly payment Ј1,100
OP for Jan 2015 = Ј510 (so far)
Regular OP set up from Feb 2015 of Ј500
Looking to keep topping this up where possible from TCB, ebay etc

Have a few milestones I'd like to meet.....
Be under Ј200k when our current fixed rate is up in Nov 2016
Have 50% LTV by Jul 2018
Be under Ј125k by OH's 40th in Nov 2021
Be mortgage free before DD is in secondary school in Sept 2025
So the main plan is to be Mortgage free in 10 years taking 12 years off the original date

In it for the long haul. I've seen a few others with similar amounts and/or similar timescales so look forward to keeping up.

MIB

x

Best answers:

• Hi MIB, so glad you've started your diary! I was just about to update mine when I saw yours. Looking forward to reading your updates, following your story and cheering you on.
  Best of luck! SR
• Ill join you both, as we're awaiting new remortgage starting and i'll be doing a diary as well. We're not as big number as yourselves but similar times as aiming for 12, hoping for 10, but with a bit of fortune may sneak 8-9 years.
• Thanks for posting and for your encouragement.
  MIB x
• Hello MIB,
  Have managed to have a proper look at your diary. Your goals look great and realistic. I don't know about you but I always find myself dreaming of the impossible and setting too high a target.
  Would be brilliant to get the mortgage down to Ј125k in such a short space of time - everyone I know with a mortgage in London now has double that as a minimum.
  I've subscribed to your diary and look forward to more updates! SR
• Spreadsheet updated and we finished January with a grand total of 66p in the joint account.
  Money shuffle done and all set for an OP of Ј500.
  Gotta find some more to try to keep in the "on schedule" category on the MFW spreadsheet.
  Have some TCB hopefully becoming payable in the next week or so for a potential additional OP.
  Also sold a couple of baby things to a friend for Ј30. Think I'll put that money into the holiday fund though.
  Off to bed to dream up some more options for cash generation.......
• I realise that I'm frittering too much money away on buying breakfasts and lunches (and snacks!) while I'm at work. Not good for the figure but more-so the pocket.
  I pledge this week to spend Ј0.00 on food while I'm at (or in transit to/from) work. It shouldn't be hard as I'm only in the office 2 days.
  breakfast - packet porridge brought in from home, used communal milk from the work fridge. (legitimately )
  lunch - one of those Ainsley Harriet "just add water" packets.
  After a week off work, it was strange getting out of the tube station into daylight. The mornings might be freeeeezing but they're getting lighter.
• V chuffed with a NSD yesterday - it's a tough call walking past all the lovely shops on the street I work in. All sorts of "it's cold out so treat yourself" messages being sent my way.
  Today won't be an NSD as I've got music club tonight and need to pick up party invitations too.
  No cash on food though.
  Tomorrow will be an NSD.
  Thursday could be if I get organised today for our visitors
  Friday won't be as I have car parking to pay for DDs lessons
  Saturday is shopping day so no NSD (unless I do it Friday)
  Sunday might be, no plans yet.
  Think I'll aim (in the first instance) for 2 NSDs a week
  Hi ho, off to work I go
  MIB x
• Hi MIB
  I found your diary and have subscribed. You seem to be very organised and focused on your goal. I look forward to seeing how it works out for you as we are in such similar positions.
  MEM
• Lovely to read your diary and best of luck to you!
  You have exciting targets, it's really good to see the numbers fall!
  I've subscribed to keep up with you!
  Allium 😊
• Thanks Allium and Mummy Em for popping by. Good to be part of a team.
  Yesterday managed another NSD as music club was cancelled (so relieved as I didn't want to venture back out into the cold) and have sent invitations by email instead of buying them.
  Working from home this morning (well on MSE at the mo ;-) ) and then off to the bank this afternoon to open a new savings account for DD. Hal have offered her another 6% for a year so we'll continue paying the max Ј100 a month into that. Not sure what for - just cos it feels like a good idea.
  Other than using my oyster card to get to the bank, hoping for another NSD.
• This week's highlights
  Ј500 OP
  3 NSDs
  Only spent Ј50 on the weekly shop - Ј15 of that was on nappies
  Set up DDs new savings account
  Haven't spent a single penny from my pocket money
  DD joined the local library
  Need to return baby gates - wrong size so Ј45 refund to collect
  Things we need to spend on next week!
  Fire guards and baby proofing
  The (right size) baby gates
  DDs birthday party & cake (cheap and cheerful)
  MOT booked in for weds but will pay out of car account
  MSE week last week - not so cheap next week :-(
• The weeks highlights and lowlights ...
  MOT passed 1st time
  Weekly shop came under budget
  TCB paid out Ј120
  No NSDs (work spends but will claim back)
  Oven cost Ј100 to fix but at least we can start eating from the freezer
  Had guests at the weekend and forgot to buy enough food to feed them. Fed them using Monday and Tuesdays planned meals ;-)
  Was hoping to work an extra day this week but LO is ill so might try to stay home with her.
  Hoping to find another OP before the end of the month
  Bought DDs bday cake, just the (cheap) party bags to make
  x
• Ј222k over 10 years
  paying Ј1600, regular Ј1100+Ј500op fails the interest free reality check test.
  rate....10y.....11y
  0% Ј1850..Ј1682
  3% Ј2144..Ј1977
  Even with the regular Ј500pm overpayment you are Ј500pm short, is that realistic on top of the regular Ј500?
• Hi Get more for less
  Thanks for looking into this, and agree the Ј500 OP is not going to reach the 10 yr MFW goal alone.
  The Ј1100 + Ј500 is only a temporary arrangement at the mo.
• I work PT, plan to increase my hours once DD goes to school (2017)
• OH has just been promoted to a higher payscale so will received 3% annual increments
• currently paying my parents Ј300 a month for a BoM&D loan.will divert to the mortgage when paid off (2018).
• Ј10K of ISAs tied up in a decent 3 year rate. Once they mature (2016) that'll be thrown at the mortgage.

I've tracked these into the MFW spreadsheet and should all help reaching the 10 year plan. That, and a bit of luck with a good wind behind us ;-)
Cheers, MIB

• Sounds like you have things sorted and an achievable target in your sights MIB. I have been playing round with the spreadsheets and you're right, they are addictive. Think OH is getting sick of me talking about it so glad I can come on here with all you other money geeks!
  Hope you're having an MSE day!
  SR
• Thanks SR
  Just finished tidying up after DDs bday party. Messy but worth having it at home to a) keep the numbers down as DD isn't great in crowds and b) didn't have to pay some overinflated booking fee for a room hire somewhere. Pretty much kept to budget although probably went OTT on balloons but hey ho. She's one happy little girl so it's worth it.
  Did the weekly shop early and used a Ј5 off voucher from mum and the cashier used my points card to swipe the shopping of the lady in front of me Also got 10% cash back on the debit card for shopping in that supermarket.... Yey
  Spent less than usual due to lots of meals on the Mealplan being from the freezer, hope there's not much topping up to do during the week...
  Hoping for at least one NSD this weekend and two during the week.
  Claimed my work expenses back - Ј50 - so hoping to fling that at the mortgage when it lands in the account.
  MIB
• Sounds like a productive and exhausting week with the party! Well done on all the savings too - nothing like getting someone's supermarket points for free!
  Hope you're managing to relax today
  SR
• Thanks SR. Hope you had a productive & MSE weekend.
  A very relaxing day for us. We treat ourselves to a Toby carvery... Moreorless cheaper than doing it yourself MUCH easier than cooking Sunday lunch yourself (and no washing up).
  So not a NSD today but did have one yesterday
  Payday next Friday - not much left (but enough) in the joint account and surprisingly plenty in my pocket money account. My no-buying-food-at-work plan seems to be working. Hopefully will keep that up for this week
  MIB
• Well done on the NSD and having cash left this close to pay day - I am counting the hours down til my invoices are paid! Good luck remembering your lunch this week, amazing the amount of cash it saves.
  SR