Taking the plunge as a MFW...

moominyak

Hi all,

Have been more of a lurker than a poster the past couple of years, but have decided to dive in as a MFW at last...

My mortgage is currently around the £122k mark, just under at the moment but am in the process of remortgaging for 1st Aug so am including an estimate for July's interest.

I'm sticking with Hfx on a 5.89% fixed until Oct 2011.
The term is 33 years :eek:

There's no way I'll be able to OP more than 10% each year, so I'll be trying to get the minimum payments down (but keep my regular payment higher), rather than trying to reduce the term just now, then reassessing the situation when this fixed-rate ends.

Minimum payments from August will I think be about £700pcm, and it's just me paying, so OPs are going to be coming out of lodger income and just naturally being something of a hermit

Am anticipating making regular payments of £750 (so a regular £50 OP) and then other OPs as and when (hopefully at least another £100 each month...she says :rolleyes: )

What I'd like to achieve by Dec 31st 2008 is just to get that horrendous figure down to £120k (or £119.9k, preferably!).

August minimum payment will be higher than usual to account for some additional borrowing I took out in July, so I don't anticipate the OP for August being very high, but I will try to throw something extra at it!

Here goes!

Edit: Just realised that this post has made me Convert, I'm not a newbie anymore, yay!!! :j

galadriel

Hi and welcome Moominyak, I've just become a MFW myself and made my first overpayment earlier this week, what a buzz!! I can't stop looking at the payment card - I decided to pay cash over the counter was my best option as my building society don't do online and the branch is near my office.

Good luck on your MF journey.

poppyoscar_3

Good luck to moominyak and galadriel

but beware - you'll find it addictive!! :rolleyes:

PO xx

moominyak

Hi galadriel and PO,:hello:

Thanks for the warm welcome!

I've already made a few small OPs this year, and you're right, I'm already addicted to seeing that balance coming down so thought it was time I signed up on here!!

PO - I've been reading your (and Le Cochon's) thread too, I'll have to get myself subscribed (as I said, I've been a bit of a lurker until now).

galadriel - that's great that you can get to your BS easily... the Hfx doesn't allow me to transfer money from my current a/c to my mortgage online (as one-off irregular payments), so I've also had to make journeys to the bank to do it. What a palaver.

I've just opened a Smile a/c for that very purpose, wasn't really bothered about interest rates as I just want a conduit to move the money back and forth (or forth and back again!), will take 6 days at the moment :rolleyes: but hopefully when the Hfx and the Co-op enable this Faster Payments thing I keep hearing about it'll come into its own...

galadriel

Yes, if I go out the office at lunch time I have to walk past two cashpoints and then the BS, so no excuse for not overpaying. I think actually handing over cash and seeing it totting up on the payment card will be a good incentive for me, am keeping the payment card in my handbag next to my purse in the hope it will make me think twice before spending.

mountainlioness

Welcome moominyak!

EssexHebridean

Welcome aboard. I'm still quite new to all this myself it has to be said, but the feeling of satisfaction when you actually take control of your finances and your mortgage and start considering that you can reduce the time you are paying it and the amount it is costing you.......superb.

zekepes

EssexHebridean wrote: »

Welcome aboard. I'm still quite new to all this myself it has to be said, but the feeling of satisfaction when you actually take control of your finances and your mortgage and start considering that you can reduce the time you are paying it and the amount it is costing you.......superb.

Couldn't agree more! Much better than the spending buzz!

moominyak

Hello everybody, thanks again for the replies

Well, I've flogged a few things on Ebay which finished this weekend, so I now have just under £30 sitting in PayPal - and I got £5 in hard cash from a local buyer too, that's gone straight into the mortgage pig

I've sent £130 from my Hfx odds and sods a/c to my new Smile a/c too which I will then send back to my Hfx mortgage in a few days time :rolleyes:

Hfx should be ringing me on Wednesday to sort out the consolidation and tfr to the new fixed rate from 1st Aug, so I'll hopefully get a better idea of where I am soon...

Long may the buzz continue! (Although not tooooo long, if you get my drift!)

shirlgirl2004

Well done. I'm fairly new to this MFW lark too so I'll keep tabs on your thread and hopefully get inspiration from you.

StuartGMC

moominyak wrote: »

Hfx should be ringing me on Wednesday to sort out the consolidation and tfr to the new fixed rate from 1st Aug, so I'll hopefully get a better idea of where I am soon...

Long may the buzz continue! (Although not tooooo long, if you get my drift!)

Moominyak, good to hear you've taken the plunge here, I'm sure you'll get to that target and soon you'll start to be concerned about what will replace that rush you get from improving the mortgage position because you won't have one... :rolleyes:

I am, sorry to say, something of a spreadsheet addict!
Keeps us updated.