2009 MF Wannabe's

uzubairu

Topaz7 wrote: »

Hi - No 167 Reporting in for OCTOBER
I have had to change my user name from TOPAZ to Topaz7 as for some reason the system has lost me.

Here is my October Status
Mortgage reduction in month £1,178
Mortgage reduction YTD £17925
New Mortgage amount £151,975

I should reach my target next month - 1 month early. Going to set myself a tougher target for next year

Thanks
Topaz7

Shame about your username getting lost, but 'Well Done' on the excellent YTD reduction. :beer:

Topaz7

Thanks uzubairu

I cant quantify how helpful reading everyones posts have been. I couldnt have done it without this thread and all the motivating stories, and ups and downs everyone is going through.

on the bad days its great to know your not the only one having problems, and on the good days, I hope I can help motivate others.

Topaz7

Lynn11

No 215 reporting in - made £200 overpayment towards the mortgage today. The normal payment has already left my bank account and will pay another small overpayment after our holidays and raid the mortgage piggy bank for another small amount.

kizzie01

No: 210 checking in for October.

Overpayment of £221.82
Total for 2009: £1,925

Having a pay cut means I can't make extra overpayments, but still chuffed I have managed to carry on with my regular payment.

Cazzdevil

Well I made my first official overpayment on the mortgage last week, it's only £130 but it's better than nothing I figure.

I'm not sure whether to class it as an overpayment or not though, I asked my mortgage company to increase the direct debit amount but as well as doing that they recalculated the term, reducing it by 5 years (so if I revert it back to what it was before then it'll look like I'm increasing the term). Can I still class this as an overpayment or do you think I should just deem that my standard amount now and anything extra I pay is an overpayment...?

uzubairu

Cazzdevil wrote: »

Well I made my first official overpayment on the mortgage last week, it's only £130 but it's better than nothing I figure.

I'm not sure whether to class it as an overpayment or not though, I asked my mortgage company to increase the direct debit amount but as well as doing that they recalculated the term, reducing it by 5 years (so if I revert it back to what it was before then it'll look like I'm increasing the term). Can I still class this as an overpayment or do you think I should just deem that my standard amount now and anything extra I pay is an overpayment...?

I've reduced the term of my mortgage twice this year increasing the standard payment (in January) from £765 to £937.
The standard payment was £646 last year.

I will work out what this increase equates to over the year and add this to my year end total because I still class it as an overpayment.

ajmoney

I have just made another OP of £35, with the standing order set up for £100 a month I only have to make another extra payment of £35 to get to my new 2009 target of £1000.

If I suggest extra ones on top then shoot me, it will just get addictive!

gallygirl

ajmoney wrote: »

If I suggest extra ones on top then shoot me, it will just get addictive!

Didn't Sir Steve Redgrave say something similar after winning his 4th gold? I seem to remember he went on to get a 5th....... Face it AJ, you're doomed

sheslookinhot

uzubairu wrote: »

I've reduced the term of my mortgage twice this year increasing the standard payment (in January) from £765 to £937.
The standard payment was £646 last year.

I will work out what this increase equates to over the year and add this to my year end total because I still class it as an overpayment.

Shortening your term is certainly equivalent of an overpayment. In fact, it can sometimes feel better.

I have shortened mine by 5 years, but with 5K left on interest-only it may be a little longer to clear to enable the purchase of a new kitchen.

Thirfty_Jules

Well done everyone.

No 315 checking in

Managed to increase my OP slightly and have paid off £540 for October. This takes my total since starting to £1040 which means I should exceed my target by the end of the year.

I think I have caught the bug!!:D