2009 MF Wannabe's

gallygirl

:beer: :j :rotfl: :T Bank rate another 0.5% down :snow_laug :snow_grin _party_ :dance: :grouphug:

I'm a little chuffed

2latenow

No 126 checking in for the first time in 2009!

After a miserable January (from an overpayment perspective) we've finally made our first o/p of the year - another £1000, brining our mortgage borrowing down below £230k for the first time - from 238k the day our twins were born in June '08.

Spurred on by the inability to go out anywhere (due to the babies) and the lack of any meaningful savings accounts. And being prudent borrowers we're on a long fix so paying what is currently a comparatively high 5% (I say 'comparatively' because I'd rather be on that than a BoE + 2 tracker as rates wont stay this low forever).

But with the wife's statutory maternity payments due to dry up soon we'll be losing effectively half our O/P fund. At least the O/P regime has meant we've resized our expenditure reasonably below what our income will be at that time.

Our target now is to manage another £1k next month...

And given the naff ISA rates I don't see the point in putting my "icesave" ISA money back into an ISA (getting, what, tax free 2% if I'm lucky, gee great). Instead it is likely to be another £4k off the mortgage (saving ~£16.80/month) for a much better 'return' (and just as 'tax free').

This MFW is behaviour altering -- I'm looking forward to getting my annual mortgage statement so I can adjust my balance tracking spreadsheet to take into account the small "overpayment snowball" (all of probably about £150!!) gained by making overpayments & keeping the same monthly payment. Sad or what!

want2bmortgage3

i am not doing very well its already a month into the year and i've not made an overpayment. my target of £6000 looks impossible but i will stick with it because things can change quickly, if i can find a lodger that will give me around £300 a month extra. on the plus side i just realised i've paid my council tax in full as unknowingly i was on a 10 month plan and i get 2 months free now so can put this money to the mortgage. i will keep my signature updated and post back when i make a feb OP.

co123456

Overthetop wrote: »

Just made my Fab overpayment

...............

LouiseJ

February overpayment made £540 :j with the new mortgage rate drop I could potentially be Mortgage free in 52 months...............doubt the rate will stay so low for long but its a nice thought anyway:rolleyes:

ShelleyC_2

No. 188 reporting my Fab February Figure :j

A total of £4000 into savings, unfortunately only £500 of it which goes into regular savers is earning any real interest but my house deposit keeps on climbing.

Still keeping a close eye on the property market. Have seen a lovely barn conversion but it needs to drop about 15% to be affordable :rolleyes: (ideally 20%!!)

rumncoke

1st OP for Feb made of £209, courtesey of int rate drops. & keeping DD the same. Have updated my sig.

Not sure how much more I will be able to pay this month, will have to wait until OH gets paid on 26th & credit card bill is in,

Have had DS 18th last week plus my sister is getting married in 2 weeks, so Feb is going to be an expensive month on the credit card.

elantan

i have paid an extra £250 this month should i email this info? sorry not been on mse much this last wee while

kizzie01

My first mortgage overpayment of £174 has left my account - yippee!

I've never overpaid on a mortgage before and it feels good! Helped of course by the low interest rates and keeping my payment as it was when I took the mortgage out in October 2008.

jackiegibbo

another £75 for me today:D