2009 MF Wannabe's

co123456

phizzimum wrote: »

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.

I'm currently stoozing at the moment and transfering balances onto/via my Egg Money card. Once the money turns up, I'm straight onto the phone to Northern Rock overpayments mob and 'overpaying' my mortgage. I've accumulated 166 Pounds this year in cashback. Target is 200 Pounds which is factored into my March 2009 overpayment. I love Northern Rock me.

mortgageslayer

Wish I had the balls to Stooze... I don't think my nerves could take it!

FrankieM

zavarony could I please change my target....with my mortgage being a oneaccount I think its easier if I have my target as getting my mortgage down to £153000.
I'm number 177. Is that ok? Sorry to mess you around....

kizzie01

Hi Zavarony

Could I please be added to the MFW 2009 thread. I've been lurking for a while and as my first mortgage payment goes out of my account on 1 January 2009, now would be a good time to start.

I am aiming to overpay by £150 per month, so £1800 for the year.

I'm on a HSBC lifetime tracker at .74% above base rate and the reduction from first applying for the mortgage and starting in January is approx £109 at present, add a wee bit to it and up it to £150 and we'll see how I go. As I've just moved into a new property it will take some time to see how my budgeting goes.

My mortgage is £100,000 over 19 years, scheduled at present to finish when I am 65. How I envy those folk on here who will be mortgage free by the time they are 40! I'm off to tweak some numbers in the mortgage overpayment calculator to see how much I need to overpay to be mortgage free by 60.

eco_farmer

hi all thanks for the advice on using my cash back card for overpayments.turns out i would have been charged as if it was a cash advance so would have been well out if pocket!!Looks like i'm just going to have to pay the stupid fee. never mind Trying to look at it as small beer when compared with the interest we will be saving on the mortgage!!:j

eco farmer

mountainlioness

We're in!

Our mortgage went up when we remortgaged due to some exit fees, but we're now on a +0.38 tracker so hoping to recoup that soon through O/Ps.

Aiming for £4k in 2009 (seems so little relatve to a total of £251k :eek: ) or just over £300/month. All depends really on OH's job, which is partly commission-based. He's def seeing times gettig harder.

Will post an up to date mortgage total soon.

Cheers

ML

talana

MFW 2009? I'm on for this one as well.

Up till now I've been putting my cash into savings rather than the mortgage, but having got my fingers burnt with Icesave recently I've changed my tune. :rolleyes:

Rather than overpay a certain amount every month, my plan is to make lump sum overpayments of £2-3000 every so often as I save it up. Will start off though with a £6000 overpayment when my Icesave money is returned.

Mortgage currently £47900. £6000 will come off that next month hopefully, after that put me down for another £6000 in '09. If I can beat that so much the better.
I turn 40 in April 2011, so my target is to be mortgage free or as close as dammit by then.
:beer:

WestonDave

Well I was waiting to see what First Direct did to my mortgage rate before signing up but in the meantime we've been hit with a 10% cut in hours and pay at work so one will very much offset the other.

Anyway no harm in having a target - £131Kish to clear, 22 years 10 months on the original term - lets see what we can knock that down to by the end of the year. Given the cut in pay its going to be hard but I'm hoping the time off can be used to cut out some wastage. We had cleared our first mortgage by the time we moved 2 years ago, and have spent the last two years doing the major jobs that needed doing on the new house (rewire and replumb) as well as having our second child. Its not yet going to be an all out attack as we have some further house projects to do but it is time to start chipping chunks off the debt as well as the walls!

On an offset repayment mortgage so its a bit tricky to work out but in terms of a target lets say net effective borrowing across mortgage, savings and slush fund (sorry I understand what these mean - its just different savings pots!) of £125k.

Alion

Alion here reporting for duty

Very proud of hitting my £3000 target last year, but the spreadsheet says I need even more to get to my target of £125k by 2012

So £4000 is the target for this year

Good luck to everyone )

co123456

I’m paying the following credit card minimum payments out of my income this month which effectively reduce my existing mortgage debt. (All 0% deals)
Abbey £50.00
Halifax £74.78
Halifax £65.58
Ulster £108.00
Ulster £79.00
With a ‘proper’ mortgage payment of £56.40 and an overpayment of 518.32
Should take my outstanding debt down to £23K for which I’m paying £35.60 in interest monthly.

I’m not receiving a pay rise this year and might need to remove a couple of anticipated bonus payments next year so whilst I’m still on track to clear the mortgage in November next year, I’m being very cautious with money. I’ve removed any potential stoozing profits from next year and will consider any extra revenue as a bonus.