2009 MF Wannabe's

LouiseJ

OK I have worked out that in order to pay off my mortgage in 5 years (60 months sound shorter:D ) I need to overpay by £540 a month.

So I am setting my overpayment target for 2009 at £6480 for the year :eek:

Fingers crossed that the rate doesnt go back up;)

TurnaroundSue

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 would save in a high interest account and pay off in one lump sum - make sure you know whether your interest is charged daily, monthly or annually though as this would also be a deciding factor on when the payment is made.

Good luck and welcome.

oojakapipi

Hi, I'm new (but always lurking) to this board!

I have cleared my debts and would now like to pay off the mortgage. Please put me down for £1200 for the year. Mortgage is approx £57,000 term is 33 yrs :eek:

I really need some advice about OP/length of term but will post a new thread when i get my figures correct.

Good luck everyone, can't wait! :T

eco_farmer

TurnaroundSue wrote: »

I would save in a high interest account and pay off in one lump sum - make sure you know whether your interest is charged daily, monthly or annually though as this would also be a deciding factor on when the payment is made.


i think the interest is charged daily though i will check.
have had an idea though your thoughts would be appreciated. i was thinking of using my cash back credit card(1%) to pay off a lump say£5500 which would cover the £55 pound charge then move this debt to my overdraft.the interest rate on my loan is 2% over base myoverdraft is 1.5over base so i will be saving money on the loan and reducing the interest charged over any one month on my overdraft by paying in all my wages (kind of off setting) and over a period of 5 months or so reduce the balance back down to 0 and start the process again.My job is secure.
what do u think?!!!!

eco

shell1000

I just made my first overpayment!!:j

150! im made up with my new mortgage, its costing me more per month because of the higher interest rate but im actually paying 500 off a month if i overpay 150, my last mortgage i was paying off just 133 a month off the capital, i was gutted when i worked it out

but with my offset mortgage i can see exactly what i owe every time i log on, i would really recommend this approach for those who need motivation!

This section of the forum is amazing too, thanks for all the people who put loads of effort in to it! you know who you are :T

phizzimum

eco_farmer wrote: »

have had an idea though your thoughts would be appreciated. i was thinking of using my cash back credit card(1%) to pay off a lump

eco

you need to check the terms and conditions of your credit card. Some will view a mortgage payment as a cash advance (as if you'd used it at a ATM) and charge a higher (and daily)rate of interest for this.

TurnaroundSue

eco_farmer wrote: »

TurnaroundSue wrote: »

I would save in a high interest account and pay off in one lump sum - make sure you know whether your interest is charged daily, monthly or annually though as this would also be a deciding factor on when the payment is made.


i think the interest is charged daily though i will check.
have had an idea though your thoughts would be appreciated. i was thinking of using my cash back credit card(1%) to pay off a lump say£5500 which would cover the £55 pound charge then move this debt to my overdraft.the interest rate on my loan is 2% over base myoverdraft is 1.5over base so i will be saving money on the loan and reducing the interest charged over any one month on my overdraft by paying in all my wages (kind of off setting) and over a period of 5 months or so reduce the balance back down to 0 and start the process again.My job is secure.
what do u think?!!!!

eco

Be careful as from what I think you are saying this could be interpreted as a balance transfer and you may have to pay a % on this amount which would cost you quite a bit on £5500.

thrifty2009

In 2009 my target is £10000

Have 65k mortgage

jackie_w

Hi everyone,

i would like to join in too if thats okay. I have sent Zavaroney at PM asking to join.

I will set my target to £3000 for 2009, any more than that will be a bonus.

I dont know what my current mortgage balance is at the moment. Im due a statement towards the end of December, but, I think, and its a big think that it will be around the £186,000 mark :eek: :eek: .

ive just started my own diary about paying my mortgage, and I look forward to reading how everyone else is getting on, and hopefully it will keep me inspired, and really really determined.

Thank you


Jackie xx

kazvinny

Hi all,

I'm a newbie & just joined the MFW. Have just sent my PM to Zavaroney to join for 2009. With a target of £1000 for 2009. Not much I know but have just reduced my term from 28 yrs to 15 yrs so my payments have jumped up!! and I know this will inspire me more to save that bit extra. My current mortgage is £168,000 & would love to be able to pay this off in 10yrs!!!