2009 MF Wannabe's

cake21

violetblue wrote: »

I've just had an exciting letter from the Co-op bank <snip> I could pay off £8000, which would pretty much halve my outstanding mortgage! :T <snip> I reckon that by doing this I could pay off the mortgage in 2010 without having to pay the pesky early repayment charge! :j

Fantastic news! :j:j:j
(I had the same letter and worked out that with my rather smaller OP fund and rather larger mortgage I could save £4 :rotfl::rotfl::rotfl::rotfl:)

violetblue wrote: »

Is there any other downside to this?! Can you tell I'm excited!! :D

The only downside I thought of for me was that the extra would have to be a capital repayment i.e. I couldn't get the money back later. If I was in your position with less than a year to go anyway I would go for it!! :beer::dance:

Herewegoagain

Not been on for ages guys, got a bit caught up with life iykwim, cash flow changed as I moved the goalposts. I've decided to take a yr out but will still be paying an extra £100 off my mortgage a month and this yr have managed to pay just over £10,000 off so am well pleased.
I'm of to oz to visit my sister and get my head together re where my futures going.
Hope things have been going well for you guys, I will read back and see.

Just remember, every little help, that's what got me debt free and always pay extra, a tip my dad taught me.
Please never think I'm bragging, but each of our stories inspire someone else.
I'll let you know what my final total is this year as soon as I work it out
good luck everyone

HWGA xx

violetblue

cake21 wrote: »

The only downside I thought of for me was that the extra would have to be a capital repayment i.e. I couldn't get the money back later. If I was in your position with less than a year to go anyway I would go for it!! :beer::dance:

Thanks Cake! I think I'm going to go for it, I'm not too worried about not being able to get the money back later - as I understand it I can still get at the original overpayment fund if necessary, and I do have other "emergency" savings in place as well.

I think the peace of mind of having the mortgage completely paid off outweighs any other little doubts right now!

gratefulforhelp_2

Another £185 quid this month. We are remortgaging come the end of jan, so will be another lump paid off. Will pm you, zav.

Herewegoagain

gallygirl wrote: »

The best thing o do rather than pay off the BTL mortgages (assuming they are around the same interest rate as your own mortgage) would be to pay the extra off your own mortgage - you get tax relief on BTL interest.

It's up to you what you do with your income - most folk on here strike a balance as it's a marathon, not a sprint, you can't eat Tesco value noodles for ever :eek:. What rate are your savings & ISA at - higher than mortgage? Check with your mortgage provider if you can get OP's back - if your interest rate after tax is lower than mortgage rate you may be better paying your savings off your mortgage. I'd be less inclined to do this with your ISA as you'd lose the ISA status forever. Also, we will 'allow you' (very magnanimous of us ) to count your savings against your mortgage - I have 11k in a savings account which I knock off my balance - it's all about being ABLE to pay off your mortgage but it may be more sensible to keep it going & save at a higher rate.

Good luck

I didn't know we did this, does that mean I can count my £12,000ish isa/savings/yr out money off the mortgage total as well, that would be great, added to the £10,000 op this year that would bring it down by £22,000 OMG that would b fantastic and show me why I've been working 24/7 for the last 3 years. Please say yes, that's right:money::beer::j wow
That all makes up for never going out and spending next to nothing really worth it

HWGA xx

Courgette

afternoon

Another £350 OP made taking my total for the year so far to £1370, not too bad considering I've also had a wedding to pay for!

Have joined the MFiT-2 challenge with the aim of being at 0, as in to have savings of the same amount or more as is outstanding on the mortgage - wish me luck! :beer:

LouiseJ

Another £500 cheque sent off to A&L as I have had some back pay come through:j

financialbliss

I've made an unplanned £200 overpayment today (instead of towards the end of next month), taking November overpayments to £401.97 and year to date to £2,521.67.

FB.

pammyj74

Have set up an OP for £400 on 1st so my grand total for the year is 'to me' a whopping £3500 :beer:

taking 18 months off the end date but when the fixed rate ends i am going to reduce it another 5 years :eek: was going to try 14 maybe 13 but think its best to be safe in case the rate goes up too high for me to afford

chirpchirp

Number 307

Overpayment for November £1105.66 making a total for the year so far: £5054.30