2009 MF Wannabe's

Moniker

Hi everyone

Will be making my normal OP on Thursday but it doesn't look likely that I will be putting anything into the pot for paying off the balance next July as DD1 who is a student in Germany needed a sub last week (£500 worth) and DD2 is getting married soon and we have offered to help with the costs. But they are worth it! I would rather help them now than let them wait till we are pushing up daisies to get the benefit of our savings!

Will update at the end of the wek with my totals.

Good luck everyone.

Moniker

zebedy

Hi All,

I made my OP of £630 the other day (I've PM'd zav), so am still on track for meeting my target this year.
I'm starting to think about moving next year as I'd love a garden (currently in a flat) but i hate the idea of gettinga bigger mortgage - will need to weigh up pros and cons over the next few months

Everyone seems to be doing really well - can't wait to see what the grand total is at the end of this month

SHOULDI

Hi Everyone,

#227 signing in.

Our target this year was to reduce our mortgage down by £21,240.

The way we got this figure was to pay against the capital part by £1770 per month, and the interest on top to make a monthly payment of over £2000 per month.
This coincided with our bigger aim of getting our net debt under 200k which we have managed to do this month! :j (See signature below)

As it shows, the Mortgage was 233k in Jan 09 and now it is 225,400. A decrease of £7600. You may be thinking way off! But this has been because we are on a favourable tracker and have put more money into ISA's and savings accounts as they have a better rate of interest than our mortgage rate.

So I am happy to say that we have acheived our target of paying £21,240 off this year! 3 months early!

(Although not technically off the mortgage but increasing our savings pot to still produce over £21,240 less debt and/or more money than we had in Jan 09). (Whichever way you want to look at it if that makes sense).

Thank you all so much for your encouragement. Although I have not been updating my figures monthly, I have been coming here for glimpses of encouragement to remind myself of our goal!

A special mention to my OH for believing in this challenge and understanding why this was such an important moment in our lives to make a better future. For those weekends we have sacrificed when doing overtime or doing a focus group in the evenings and all that time I spend in looking for the best accounts to stash our hard earned cash into. :rotfl:
(We have even managed to book two holidays all paid for in the process) and are looking forward to these 'rewards' in December for my 30th to Singapore & Bali and our big holiday to Australia in March 2010.

Now to re-evaluate the figure and maybe see how much we can beat it by???

Cheers MFW's... :beer: Also to Zavarony for all the hard work!!!

CountingPenniesClaire

Hi

No. 17, CountingPenniesClaire checking in. Long time no see everyone - sorry - but have been keeping up my targets, regardless.

Yr Target - £22200 / Month to date - £2150 / Yr to date - £17000

Will try to keep getting the reports in monthly from now on!

CPC

SusanneCape

Hi everyone,

So far, so good. I made an error in my original post. The mortgage amount of £167,725 was actually at the end of July (and not August). End of August statement has just arrived and the amount outstanding is £166,442. I was one of the lucky ones, I had a tracker mortgage of 0.24% above the base rate, so the interest each month is in the region of £106. I left my instalment at £1,160, thus reducing the mortgage by over £1000 per month. Unfortunately I have to remortgage next February, groannnnn!

Overpayment with savings so far this month = £50.

To get the mortgage down to £150k by end February would be optimal, as then I could qualify for a 60% mortgage and thus get a better deal. Who knows? Hope springeth eternal!


Target: Mortgage free by Sept 2015
Mortgage @ end August 09 - £166,442 :j
Overpayment so far in September £50 :eek:

SusanneCape

Me again,

I've just read some more posts and had a good chuckle.

It looks like 2015 will be a bad year for the mortgage lenders - many of us here plan to have our mortgage paid off my then/during that year.

Way to go! Hopefully that will leave those who still have a mortgage with great deals!!

Susanne (grin, grin ...)

RosieTiger

SusanneCape wrote: »

It looks like 2015 will be a bad year for the mortgage lenders - many of us here plan to have our mortgage paid off my then/during that year.
.)

Hopefully !:T:T:T

co123456

One sweet day. Company earnings out today. All good news. Stock up 6% = Mortgage free on paper IF the price stays the same for another week. Potentially, it could go up (or down!). Full on freaking stoked!

Kind of offsets the £350 I'm just about to spend on a skateboard deck. Nope... not a complete skateboard... just the wooden bit. Woooooop!

RosieTiger

cheeryoleary wrote: »

Kind of offsets the £350 I'm just about to spend on a skateboard deck. Nope... not a complete skateboard... just the wooden bit. Woooooop!

Please tell me that's more than just a plank of wood.

waves117

Hi everyone........I have just overpayed £1020 this month and I am so so so chuffed with myself. .....my total is really coming down now. I hoped to be mortgage free by sept 2010 but if i carry on like this - overpaying- i think it wil be by febuary.

I am trying so hard for my sister to start overpaying on her mortgage but she isnts.........with the reduction in her mortgage of over £200 a month due to falling interest rates........i am trying so hard for her to overpay her mortgage by this amount each month (she wont miss it as she was use to paying this before she came of a fixed term).....but to no avail

Ah well it wouldnt do for us all to be the same!

Good luck to everyone overpaying....... KEEP IT GOING and remember EVERY PENNY HELPS

:T:T :beer: :T:T