2009 MF Wannabe's

gallygirl

shell1000 wrote: »

Well I'm gearing up for my first overpayment, although its a little delayed due to a water leak in my kitchen! just my luck, ive renovated the whole house excepting the kitchen and a flexi hose has a leak.. so im waiting to sort it out before i make my overpayment.

Its a hard balance though, how do you decide whether to O/P the mortgage, save for a new kitchen or spend the money on hols?

Even though my mortgage has gone up im better off than ever as I have cleared all my debts and want to spend my cash wisely. any advice?


Although if i did O/P i have an offset so I could always draw it back. But im keen to supplement my ISA savings which are there to modernise my kitchen, i figure i need 3k more to do a good job on it..

any help gratefully received!

No obvious answer Shell. However the key is probably in your overall balance and ability to overpay. E.g. if you 'only' owe 40k and you reckon you can clear in 4 yrs maybe wait til then. But if you're looking at longer I'd be inclined to say go for it now (bearing in mind you should have 6 months of savings). As for hols - well, I'm not giving up my hols for anyone - but maybe you could compromise on a self catering apartment instead of the luxury villa with staff you usually have

SmileyG_2

Hiya Zav

Just found the thread. What a great idea!:idea:

Most people I know have been looking forward to spending the benefits of the interest rate cut, and I've been telling them to use the money to pay down the mortgage.

Can you add me to the list please? I'll be lookng to OP my mortgage by £3,000 in 2009. New target for Dec 2009 is £56,000.

SmileyG

(looking forward to be Mortgage free by 2014, when my endowment coughs up something!)

newty428

Hi there,
Please can I join your thread.
Currently owe just under £160K, aim to overpay £500 per month (which is all Nationwide will allow). I have no idea what this will bring the total down to, but it'll be exciting to see!

Cheers

Kelly

emma_nottingham

Hi, im also continuing in 2009 was really inspired by the thread in 2008 and reached my target thanks to everyones support.
Mortgage to date is £68,984.80. By end of 2009 I aim to see the balance at £65,500.

Im not sure how achievable this will be because we are planning for another baby next year but must have a goal to get started on.

A benefit for this year is that my mortgage deal has come to an end so there are no restrictions on my overpayments. Even if I have £10 spare I can just transfer it in to my mortgage account. This is much easier that having to pay a fixed amount each month. Good luck

eco_farmer

hi zav,
i too have been a lurker for a long time and now its time too take the plunge!!
our current mortgage is £61000the aim for the year is to overpay by £12000 scary target but with everyones encouragement i'm sure we can do it!Only problem is mortgage provider charges £55 per extra transaction"because we don't want u to repay early!!" so am not sure how to go about making over payments?!

eco farmer
p.s how do i PM??

zavarony

Hi Eco farmer
if you left click on the persons name it gives you some options and you can choose to send a private message
You might be best to save all your OP's and make one payment if its going to cost you that much to OP - what do other people think????

Have you asked your mortgage provider about it?

Zav

zavarony

Hi all and welcome to all the newbies

I think so far I have managed to update and add all the requests I have been sent - I am amazed as always about the amount of support that is on the thread and the number of people signed up for next years challenge - theres 205 of us now!!!
If I have missed anyone off - dont forget to let me know so I can update
:wave:
Zav

Welshlassie

eco_farmer wrote: »

hi zav,
i too have been a lurker for a long time and now its time too take the plunge!!
our current mortgage is £61000the aim for the year is to overpay by £12000 scary target but with everyones encouragement i'm sure we can do it!Only problem is mortgage provider charges £55 per extra transaction"because we don't want u to repay early!!" so am not sure how to go about making over payments?!

eco farmer
p.s how do i PM??

I'd suggest finding a nice hi interest savings account and stick all your OP's in there and then pay it off every 3/6 months or even less often if you have savings account when a better rate than your mortgage. Make those extra £55 payments really work.

uzubairu

Hi Everyone,

Just declaring my November overpayment of £600 by standing order.
Sneakily paid £100 more than the £500 limit and no charges have been applied (definitely sure of that).
Total for the year so far is £4,500.

From December, our monthly mortgage payments will be £771 (instead of £646) because we have reduced the term of the mortgage again.
Getting a little closer to being mortgage free in 2016.

Overpayments will still be £500 by standing order.

uzubairu

uzubairu wrote: »

Hi Everyone,

Just declaring my November overpayment of £600 by standing order.
Sneakily paid £100 more than the £500 limit and no charges have been applied (definitely sure of that).
Total for the year so far is £4,500.

From December, our monthly mortgage payments will be £771 (instead of £646) because we have reduced the term of the mortgage again.
Getting a little closer to being mortgage free in 2016.

Overpayments will still be £500 by standing order.

Ooops! I should have posted this in the 2008 thread.