2009 MF Wannabe's

waughc01

229 checking in.....

£350 OP this month so totals for the year are
5000 / 350 / 3450

Thanks.

BARGAINHUNTER!

No 51 reporting details - £414.39 overpayment this month bringing total repayments for this year £2001.95 :j

RosieTiger

Wow, not been able to get on here for a week or so and amazing to see the reporting going on :T with great success.

Our Op for June has been made at £1,200

pollys

Overpayment for June has now been paid and our Mortgage has fallen under £30,000.:j We can't wait to get it under £25,000 hopefully by the end of the year.

Well done Everyone

zebedy

No May overpayment from me due to various reasons but the June OP should be a bumper one that'll more than make up for missing one month.

2latenow

Number 126 checking in again (first time for a while).

My target for this year is (/was) to make £10 of overpayments, but as it's now June and I've done about 25% I'm not sure I'm gonna get that :-(

Especially as we've had a couple of expensive months with our twins needing things like high chairs and next it'll be new car seats as they are getting to big for the baby ones. And the wife's maternity money has ended and it's not economic for her to go back to work....

And having moved job about 6 weeks ago I'm refocussed a little bit on increasing my ISA a bit (albeit the rates are rubbish) "just in case". Though as the rates are so rubbish and my lender will apparently allow me to take "payment holidays" against the overpayment balance I know I'm still better off using the mortgage as "savings" instead of the ISA...

Anyway, I've finally made another overpayment of £1424.06, made up of my target "£1000" amount, plus 2 months "SVR Bonus" since part of my fixed rate ended in April and a small amount we "fined" ourselves for indulging in a takeaway (the fine = the cost of the meal, so that becomes a really expensive curry!).

Puts me at £3444.01 towards my £10k-by-December target... :-(
Still every penny counts - and this thread is still inspirational in my quest to keep making some overpayments.

sheslookinhot

violetblue wrote: »

Ooh, hasn't June come round quickly?!

Have been checking my figures (again! :rolleyes:) and already I am almost up to the maximum OP (10%) allowed on my mortgage per year. So today I've cancelled the regular OP that's included in my monthly DD, and whilst I was on the phone I've OPed an extra £250 too. This brings me just over my OP target for the year, woo! :j

For the rest of the year, I'm going to therefore concentrate on whacking everything I can into savings, and see if I can smash that target too! :T

If you are maxed on your overpayments can you not restructure your mortgage such that your overpayments become part of your mortgage proper. Maybe by reducing the duration by 6 months /1 year or whatever you are comfortable with.

co123456

Not entirely sure what is going on with my stock portfolio however a huge jump today. IF the price remains the same (or more) over the next four months, I'll only have to make one single overpayment of £248.

I know you shouldn't count your chickens, so I'll plan to make the £248 overpayment from next months wages, then see how things go. If the stock drops, I'll simply start making overpayments again.

What a day!

violetblue

sheslookinhot wrote: »

If you are maxed on your overpayments can you not restructure your mortgage such that your overpayments become part of your mortgage proper. Maybe by reducing the duration by 6 months /1 year or whatever you are comfortable with.

Thanks for the suggestion - I actually did just that when I remortgaged last September! I had 17 years left then, but by overpaying a big chunk and then working out what I could afford per month, I managed to reduce it to just 6 years :cool: I didn't want to overstretch myself too much, so the increased monthly payments still left me a little breathing space, but I also knew I had the facility to overpay a little too.

The main reason I've been able to overpay so much this year is down to the interest rate drops - I'm on a discounted tracker and started in September on a 5.99% rate, which is now down to 1.49% :T Long may it continue! (I swear my mortgage adviser was trying to persuade me to go for a fixed rate, and I'm soooooo glad I didn't listen! ) But I know the low rate won't last forever, so like many I'm making the most of the reduced payments to overpay as much as possible.

It's not really worth me changing it again now, as the fees involved would outweigh the benefits. And it's such a small mortgage now (just under £18k) so all being well I expect to have enough saved to pay off the balance when my discount period ends in September 2011. Can't wait!

(In the meantime I'm counting money saved in my mortgage fund as overpayments, hope nobody minds!! )

Numenor

233 here. June's payment is in, at £450.

Year-to-date stands at £1,450 of £3,000 target.