2009 MF Wannabe's

violetblue

Just paid another £100 off the mortgage - I admit it, I'm totally addicted! I keep checking my accounts to see if I can shuffle things round and magically create more overpaying money from somewhere...

I feel for those on fixed rates at the moment, it must be galling to see the interest rates going so low. But things could so easily go the other way, so you may be the ones laughing in a few months time! I'm lucky in that my tracker doesn't have a collar or floor, so I'm keeping my fingers crossed for another rate cut later this week.

Zav, I'm likely to pay small random amounts throughout the month, so I'll PM you with my total at the end of the month so as not to bother you with PMs every five minutes!

uzubairu

sky-blue_pink wrote: »

Anyone else on a fixed rate? I'm not going to do the maths to see what I could be saving - argghhh. I'll just keep chugging away at the OP.

And me too.

7.5 years to go at 4.79%.

We overpay £500 per month and have twice reduced the term ourselves to increase the mortgage payment.
The term remaining is now 12 years without overpayments (originally a 25 year term taken out in 2006).

With continued monthly overpayments at the current rate of £500 we should be mortgage free when the fixed rate ends in 2016.

See signature.

violetblue

ShelleyC wrote: »

Amazing start for me!

188 ShelleyC - £7000 / £7000 / £7000

Wow Shelley, that must be a record - you've reached your goal for the whole year within six days! :beer: Congratulations, that's brilliant!

uzubairu

violetblue wrote: »

Just paid another £100 off the mortgage - I admit it, I'm totally addicted! I keep checking my accounts to see if I can shuffle things round and magically create more overpaying money from somewhere...

I feel for those on fixed rates at the moment, it must be galling to see the interest rates going so low.

Me too. So I am currently eBaying anything I can lay my hands on around the home that has seen limited or no use over the last 6 months and already have £800.

We went for a fixed rate because we wanted the security of knowing we could comfortably afford our mortgage and not need to keep looking at what the interest rates were and if we could afford to pay from month to month.
We went for 10 years instead of 5 so that in that time we would have substantially reduced the mortgage by the time we needed to remortgage.

We have been able to budget more accurately and overpay over the last 2.5 years and that is very re-assuring in this current climate.

AvidSaver

Gazella77 wrote: »

Hi,

I have done my first o/p this year £450!:j

Unfortunately I didn't have any replies when it comes to C&G overpayment rules and really didn't know what to do. I emptied my 3.5% ISA (over £3000)and wanted to pay into my mortgage at the end of December but was told it'd be treated as a capital repayment. The staff at C&G have no idea how much I can overpay to avoid £10 charge and all this really annoys me.
I could withdraw only £450 today so that's what I paid in.
But should I pay in more this month or wait till Feb? No idea:mad:

I too have a C&G mortgage (tracker) - my understanding is that I can make regular monthly overpayments but if I make a "lump sum" payment into my mortgage account it is a capital overpayment and I have to pay £10 admin charge. My local branch manager was very helpful and explained this to me. Hence am busy saving an additional lump sum to make it worthwhile paying £10 charge. Must be a nice little earner for C&G

martynh99

Looks like we'll be mortgage free sooner than expected but for the wrong reasons.
The house we were going to buy has fallen through , we'll still complete on the sale of ours and move into rented for 6 months and see how the market is then.

SmileyG_2

martynh99 wrote: »

Looks like we'll be mortgage free sooner than expected but for the wrong reasons.
The house we were going to buy has fallen through , we'll still complete on the sale of ours and move into rented for 6 months and see how the market is then.

Nationwide reckon that house prices have further to fall in 2009. As long as you've got enough equity to get an attractive mortgage, this could seriously work in your favour.:think:

Good luck!!!

SmileyG

martynh99

SmileyG wrote: »

Nationwide reckon that house prices have further to fall in 2009. As long as you've got enough equity to get an attractive mortgage, this could seriously work in your favour.:think:

Good luck!!!

SmileyG

Hoping it works in our favour. Luckily we made £100k on our first house (bought in 2000 sold in 2006) but have lost £55k on the current house.

zavarony

ShelleyC wrote: »

Amazing start for me!

Got lovely bonus at work, my planned monthly savers plus some leftovers in the current account making a princely total into savings. My future LTV ratio is dropping fast.

188 ShelleyC - £7000 / £7000 / £7000

Think I need to change my yearly total :rotfl:
Will PM you Zav!

WOW Shelly - thats fab - to achieve your target already - i have ammended your target on the first post......:T

Zav

zavarony

martynh99 wrote: »

Looks like we'll be mortgage free sooner than expected but for the wrong reasons.
The house we were going to buy has fallen through , we'll still complete on the sale of ours and move into rented for 6 months and see how the market is then.

Sorry to hear that martynh99, hopefully you may be able to benefit from the reduction in house values tho....

Zav