2009 MF Wannabe's

Welshlassie

Hi Zav - An update as I've not actually given you one for several months. We've had a change of circumstances in the last few months as we've bought out of our previous mortgage deal (6.39% fixed until Feb 2013) and taken a new tracker at 1.89% above BOE for 3 years. This has saved us almost £700 per month. We have also reduced the outstanding amount by consolidating all our savings and now owe £178,500 a reduction of around £13,200 so I think we can say we have beaten our target. Have a few Credit card bills to pay off before the end the year, and rebuild our savings so highly unlikely we will be OPing anymore this year. Getting ready for the MFiT-T2 challenge starting in Dec.

Thanks for keeping this challenge going.

Hurdler

Hi there... I'd like to join.
When I bought my house last April - I found out apart from an annual recalculation that Woolwich/Barclays do, all interest rate reductions had been applied to my account, but my DD had stayed the same, so I was overpaying naturally.

I have recently been told that I will have around £469 reduction in my mortgage come November, so... my plan is... to set my mortgage to the price of £1000 a month (about £375 overpayment a month) as I need to try and finish the house off (kitchen and conservatory to go!)...

My statement is due any time now, so I can update my posts with the details then if that's OK.

I think for the time being I'm going to be a bit of a mortgage nibbler... but hope I can still join here/stick around for next year!

black_taxi_2

can you overpay anytime using a bank transfer payment online?---i bank with lloyds but mortgage is with HSBC.are there charges?

ironman it is a useful question---the timing of a payment can make a diff

black_taxi_2

2009-£800/£0/£800

I will try £400 o/p a month starting end of november

£40000-16 [EMAIL="years@5.75=£61150-£320"]years@5.75=£61150-£320[/EMAIL] a month
£400 o/p-5.4 years=£46640

xmas coming up so payments might reduce--ballpark figure

ironman1

We've hit our target of £2000, thanks Zav and now we'd like to change it to £2500 by December, which will be quite hard what with the Christmas money piling OUT!

Cheers

pollys

Thanks for updating the first page zavarony:beer:, Can't believe we managed to reach our target,:j:j:j at the time we set it we thought we might struggle a bit, an increase in working hours has helped. we are going to continue the challenge for as long as we can DD starts uni next year so need to pay off as much as we can before then. Looking forward to next month when hopefully the amount outstanding will be under £25000.

Well done Everyone.:D

jacqhale

Hi Guys, MFW number 312 here.
This month another £200 overpayment has just gone out with our regular payments making the total overpaid this year £12500 - not bad! We now owe £126,943.30.
Hoping to make another overpayment of a few hundred at the end of the month if I have anything left over but also planning a big trip next year so we will have to see.
Thanks for the motivation guys I feel much better now we have started down this road and can't wait to see the mortgage under 100K but that seems quite a way off ..... hopefully mortgage rates will stay low for a while! You've got to love Nationwide at 2.5%!!!!

black_taxi_2

is it better making overpayment 2nd week of month instead of lumping overpayment together with end of month payment?

ironman1

I'd like to know that also...

This overpaying lark is so addictive. With a mortgage, rent and maintenance and a £35,000 JOINT income I can't believe we have managed to pay £500 a month on top of the normal payments. I am so glad we found this site and realised how important it is

Louba

I've just had a quick scroll through the figures too find my original target and realised lots of people have met theirs - that's amazing! No more OP's for me this month but I've jsut done my sums and realised I should only be one month's OP behind my target as I started a bit later than I'd hoped. I should come in around £6700 against an original target of £7990. I'd have loved to hit the target but for my first year as a mortgage free wannabe I'm quite chuffed

best of luck to everyone on their own challenges!