2009 MF Wannabe's

Lynn11

Well I made another overpayment to my mortgage today of £150 so the total overpayment amount for November is £490. No 215 reporting in.

ironman1

Can someone help me out please.

I made an overpayment of nearly £500 two weeks ago. Somehow the cashier messed it up and the payment never went through. I phoned up a week later and they corrected the mistake and backdated the OP.

The mortgage balance went from £82,200 to £80,020. I know because of interest etc it doesn't take the full money off of the balance but just over £200 from nearly a £500 seems like a waste of time.

Does this seem right? Im sure before say when the balance has been £85000 and we OP'd £400, the balance went down the at least £84700!

blueberrypie

ironman1 wrote: »

The mortgage balance went from £82,200 to £80,020. I know because of interest etc it doesn't take the full money off of the balance but just over £200 from nearly a £500 seems like a waste of time.

Does this seem right? Im sure before say when the balance has been £85000 and we OP'd £400, the balance went down the at least £84700!

£82,200 - £80,020 = £2080 - did you mean it went to £82,020?

Overpayments come off the capital; I'm wondering if yours has been treated as your regular payment for this month.

ironman1

My mistake, the overpayment still hasn't come off of the mortgage yet. I found out we pay over £14 a day interest, thats scary!

blueberrypie

ironman1 wrote: »

My mistake, the overpayment still hasn't come off of the mortgage yet. I found out we pay over £14 a day interest, thats scary!

Depends how you look at it, I think. When you buy a house, you get somewhere to live - most of us, if we didn't buy a house, would have to rent. If you were renting, could you find a house like yours for £14 a day (£420 a month)? To rent a house like mine, in my area, would cost three times what I'm currently paying interest - and while the daily interest on a mortgage goes down over time, rents usually don't!

abouttimetoo

Hi everyone, number 81 reporting in

I made an OP of £512.55 this month (the odd pounds and pence made to take me below the next thousand )

That makes a total of £4912.55 this year to date and 70% of my annual target

Hope you are all doing well this month

cookie9

Managed to make overpayment of ......£1,000!! Won't be able to keep this up but at least have made a good start to repaying the mortgage.

Floxxie

Floxxie wrote: »

Shocked me a bit to see 2009 - I can't believe how quickly this year has gone!

Ok, by the end of this year my mortgage should be down to £90,000. I would like to go for an apparent unachievable target of having £10,000 in savings so effectively a mortgage of £80,000 without taking into account normal payments.

I shall be raising this through the various challenges that appear on the forums as I won't be 'earning' any money as I am going to be staying at home with the children. Can't wait to start!

Floxxie

Just popping in to give my final mortgage balance which is now £53000. I have been greatly helped by the interest rates and being able to make enough money through the internet.

Floxxie

chirpchirp

Floxxie that's absolutely amazing! Well done.

fluffysox

cake21 wrote: »

Cool, didn't want to step on any toes but it looks like tons of work so I was pretty sure you wouldn't want to do it two years running :rotfl:

I'll hang fire for a few days in case someone else is (mad? ) keen, then once it's up and running I'll post a linky in here.

Should be three of us already (you, me and Hurdler), hope to see plenty more oldies and newbies

Thanks for volunteering CAKE 21,:T (and thanks again to Zav for this year:T) you can count me in for the 2010 challenge! Can't wait!!:D

fluffysox xx