2009 MF Wannabe's

jacqhale

Thanks for the advice - and that calculator is great!!! I keep putting in different figures and watching the interest go down!!!!
Anyway I rang Nationwide yesterday and arranged an overpayment to start in September of £200 which alone will bring the mortgage term right down and save about £36K interest.
I will make a lump sum overpayment in September when we come off the fixed deal as there are no penalities and we can pay as much as we like. I have the account number and sort code all ready!! Nationwide said we can take back whatever we over pay with no catches, criteria or clauses so we are thinking pay off £13,000 from my savings and keep £1,000 as a buffer. Then each time we get over the £1,000 pay it straight into the morgage account - I love internet banking it's so easy!!!!!!!! I am earning pennies in interest at the moment and just one lump payment of £13,000 plus the regular overpayments will save a massive £46K interest. Mortgage Free here I come .......
The hope is that we can get our capital right down and then move on to a fixed rate before interest rates go up cos I feel more comfortable on a fixed and they're not going to stay this low forever (wish they would!)
Thanks Guys.

co123456

For those of us comming to the end of the journey, here are the thoughts of a friend of mine who crossed Australia on a skateboard. I asked him how he kept pushing himself and crossed the finish line...

'Seems like everyone falls over in that last mile, so it takes a bit of concentration! Actually, the last mile is the easiest, it's getting through the rest of them that takes the effort. Focus (wanting to get to the end) and preparation (making sure you can deal with the obstacles on the way) get you to the finish'

rumncoke

mfw 231 reporting in for August. Reduced balance by £1262 this month.:j.

gratefulforhelp_2

Another £185 quid to Northern Rock!

co123456

Stoozed Virgin Money 5K paid off mortgage by Egg Money credit card (nice easy £50 cashback come this March). NR wouldn't let me pay the mortgage down to £1 - could only pay it down to £100.

99% of debt now on a 0% credit card due for repayment in May 2010.

Reasonable.

RosieTiger

cheeryoleary wrote: »

Stoozed Virgin Money 5K paid off mortgage by Egg Money credit card (nice easy £50 cashback come this March). NR wouldn't let me pay the mortgage down to £1 - could only pay it down to £100.

99% of debt now on a 0% credit card due for repayment in May 2010.

Reasonable.

Big congratulations on getting it to there - was it you who had the bottle to drink ???

Moniker

jacqhale wrote: »

Thanks for the advice - and that calculator is great!!! I keep putting in different figures and watching the interest go down!!!!
Anyway I rang Nationwide yesterday and arranged an overpayment to start in September of £200 which alone will bring the mortgage term right down and save about £36K interest.
I will make a lump sum overpayment in September when we come off the fixed deal as there are no penalities and we can pay as much as we like. I have the account number and sort code all ready!! Nationwide said we can take back whatever we over pay with no catches, criteria or clauses so we are thinking pay off £13,000 from my savings and keep £1,000 as a buffer. Then each time we get over the £1,000 pay it straight into the morgage account - I love internet banking it's so easy!!!!!!!! I am earning pennies in interest at the moment and just one lump payment of £13,000 plus the regular overpayments will save a massive £46K interest. Mortgage Free here I come .......
The hope is that we can get our capital right down and then move on to a fixed rate before interest rates go up cos I feel more comfortable on a fixed and they're not going to stay this low forever (wish they would!)
Thanks Guys.

Be careful - Nationwide usually stipulates that you can only make overpayments of £500 or less per month. If you go over this limit all sorts of penalties ensue. Check with them first before you chuck too much at it. I would also make the most of your ISA allowance if you can as it is a good idea to have at least three months worth of money for your bills and living expenses saved in case of emergencies - in an ideal world that is!
HTH
Moniker

RosieTiger

Right, OP for september goes off tomorrow of £1,200, which takes our yearly figure to £19,291.76:j


Spreadsheet tells me we are around £120,400 at present - next big target is beginning of October which should be in the £118's. We have £120 then £100 as our next big aims so here's hoping !

jacqhale

Moniker wrote: »

Be careful - Nationwide usually stipulates that you can only make overpayments of £500 or less per month. If you go over this limit all sorts of penalties ensue. Check with them first before you chuck too much at it. I would also make the most of your ISA allowance if you can as it is a good idea to have at least three months worth of money for your bills and living expenses saved in case of emergencies - in an ideal world that is!
HTH
Moniker

Thanks, I checked with Nationwide and they said if we had a variable rate (Which we will after coming off a fixed rate) then we could make unlimited overpayments and take it all out whenever we wanted. I've assumed they've told me the truth? If I can take it out whenever I want then I will count that as emergencies on top of what I have saved in my ISA?
Thanks!

Frugal_Moose

192 checking in, £500 OP now cleared for this month. Offsetting only making a small difference at the moment but it does keep on shrinking.

August was/is a tough month as we had a fortnight in the tin tent to pay for.

Happy OPing to everyone else.