2009 MF Wannabe's

sheslookinhot

as you can see, I am paying off the mortgage, overpayments are 5 times what my standard payment would be.

I just can't help but wonder if paying for the kitchen, with effectively what is my overpayments, would make life easier.

phizzimum

how many months is your 0% deal for?

sheslookinhot

phizzimum wrote: »

how many months is your 0% deal for?

12 months- TESCO and 10 months- M&S

phizzimum

sheslookinhot wrote: »

12 months- TESCO and 10 months- M&S

I think if it were me, I would like the peace of mind of paying off the card - but how about putting the money aside in a savings account. some regular savings accounts are paying around 4% - but that is before tax, so although it doesn't beat your mortgage rate by much, at least you know you have the money there to pay off the credit card when the deal ends.

uzubairu

My overpayment figure for July is £ 888.88.
I won't be paying anymore this month because I like the look of all the 8s together.

I will update mortgage total on the last day of the month (when all the interest has been added - currently £11.58 per day :eek:).

SmileyG_2

MFW #203 checking in!
My July overpayment has left my account, another £250!

Numbers are:

Target £3000
July overpayment £250
Overpayment to date £1750

This means an predicted interest saving of £387.49 since Jan 2009 until my MF date of September 2014, My £250 pm overpayment is more than covering the mortgage interest (£245.50), which means the regular payment at the 1st of the month has become a capital repayment!

An improvement on the investment front since I last posted means that overpayments plus the endowment plus my investements should just clear the mortgage on my MF date assuming Interest rates stay unchanged. iIstill need to create a contingency because I can't see my base rate staying at 2.5% by the time I come off my fixed rate of 5.18% in November 2011, so overpayments need to continue.

I can't belive that that we've smashed the £500,000 target so convincingly. Looking forward to the July figure, Zav!!

Looking to start a diary at the end of August, just to stay focused on the final objective. September 2009 will be exactly 5 years to Mortgage Freedom, although finding the time to keep it up to date could be difficult!

Keep the faith and prepare for success!!!

SmileyG

kizzie01

MFW No: 210

Another £221.82 left my account.

Total overpayment for 2009 = £1,259.54

Just been advised at work we have to take a pay cut, so not sure how long I'll be able to keep overpaying, but I'm going to try and stick with it.

vwchris

Hi there, #222 checking in....

Aim is to reduce mortgage to £148,000.
Total capital repayment required in 2009 is £10,340.
This months capital repayment is £900.
Total capital repayment for 2009 is £7240.

Cheers

co123456

sheslookinhot wrote: »

I know it is the right to keep overpayments and be mortgage free by this time next year. However, I am .....

Everyone deserves a (payment) holiday. If you think it's right for you, take a break.

RosieTiger

We had been hoping to go below £125K at the half year point and waiting to get a new figure once all OP's in and checked today ...

Latest position for the half year - £124,142.42 :j:j:j:j:j:j

My spreadsheet was over reading by £2.98 :j:j:j