2009 MF Wannabe's

loue79

I would love to join as a new MFW. I am currently on maternity leave so we are hoping to make overpayments with my part time job I have.

Could you add me please and let me know what I have to do now - other than make overpaymens?

rumncoke

rumncoke wrote: »

Happy New year to everyone.
Made 1st overpayment today of £102. Did not change DD when rate went down last month. OP may be more if rate went down on 1/1. Not had letter yet. I will update in a few days.

Just to update, minimum monthly repayment went down by a further £82 following rate cut, so OP so far now £184. Will be making next OP about 18th once DH expenses for last month have been paid.

SPL

hi guys

happy new year to you all

we are with the nationwide too - fixed rate (so i just avoid looking at the decreases and keep reminding myself that throughout the term (10 years) we will win sometimes and lose others!)

i have decreased the term of the mortgage so that we are automatically overpaying against the original term and have just paid the maximum we are allowed also for each month of £499 so an optimistic start to the year for us with an overpayment in January of £972.65!!

i just got really excited by realising that if we could keep this up every month we would pay off the mortgage in 5 years 11 months!!!! wow that would be just fantastic, though doubtful that we can achieve this is it great to know that we could be free real soon - so all spare money will go to the mortgage fund - thanks for continuing to keep me inspired !!!

emma_nottingham

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. 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!

Im addicted also! I have transferred some savings into my mortgage account and every £1 I save from my monthly budget im paying straight in. Thats the beauty of being on a SVR. I seem to be on the phone to the bank everyday but since my last update have paid an extra £661.69 off my mortgage. It feels great. My life is now being run by my overpayment speadsheet. At first glance it seems that I may be MF in ten years. Keep up the good work. Ive also got my fingers crossed for another rate cut.

Zav I will PM you at the end of the month will all the extras.

SmileyG_2

Hiya Zav

Having reminded myself of the figure for OPs in 2008 (over £461,000!), do we have a potential target for the 2009 tribe, if we all hit our targets?

(don't bother if it needs lots of work....;) )

SmileyG

gallygirl

emma_nottingham wrote: »

It feels great. My life is now being run by my overpayment speadsheet.

:T That's the spirit :rotfl:

zavarony

loue79 wrote: »

I would love to join as a new MFW. I am currently on maternity leave so we are hoping to make overpayments with my part time job I have.

Could you add me please and let me know what I have to do now - other than make overpaymens?

Hi Loue - I have added you - Welcome to the thread

Zav:beer:

zavarony

SmileyG wrote: »

Hiya Zav

Having reminded myself of the figure for OPs in 2008 (over £461,000!), do we have a potential target for the 2009 tribe, if we all hit our targets?

(don't bother if it needs lots of work....;) )

SmileyG

Leave it with me SMileyG - will get back to you - what a great idea - and I hadn't seen that figure yet - WOW - didnt we do well!!!!:T

zavarony

Our target at the moment is in excess of £820,000

a bit difficult to be more accurate as some targets are 'to get mortgage below...' or 'reduce mortgage by...' rather than a particular amount to OP but that is a fantastic target to have. Definately something to aspire to!!!

uzubairu

zavarony wrote: »

Our target at the moment is in excess of £820,000

a bit difficult to be more accurate as some targets are 'to get mortgage below...' or 'reduce mortgage by...' rather than a particular amount to OP

I'm one of the 'reduce mortgage to' brigade.

I've worked out that with the reduction in term plus overpayments we plan to overpay by £8,500.