2009 MF Wannabe's

happilass

Hi,
number226 here,

paid £609 off the morgage, this month, no extra yet as have some big expenses this month. Now have 25 payments left.

JayZed

I've been paying off £500/month (maximum allowed) since May, and will continue to do so for the first five months of this year. Then I drop onto the lender's SVR, so will increase overpayments to at least £600/month, hopefully more.

So, OP target for this year is at least £6,700. To date it's £1,000. Mortgage balance was £192,700 at the start of the year; should be no higher than £180,400 at the end of the year.

fluffysox

Hi,

Always looking to review the way I overpay. Currently, any money over £2500 in my current account gets shifted across to our Nationwide mortgage. On Base Mortgage Rate (SVR) so can overpay as much as we like.
However- considering keeping less money in current account and transferring more across to save interest. My concern is, if I need some of the money back to pay for our ongoing house modernisation etc- how easy is it to get the money back?
Has anybody used this facility, what do you need to do to reborrow the money- and how long does it take?

By the way- just made an overpayment which has brought my mortgage below £100,000 for the first time- totally addicted to overpaying now!!!!!!!!!

Little_Mama

kizzie01 wrote: »

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.

Well done! :T That'll be you bitten by the bug now.

LM

Little_Mama

No 241 here - won a tenner on last night's lottery so have just transferred that across off the mortgage.....every little helps!

Also now had a chance to look at the figures inolved inthe remortgage. Final redemption was more than we were borrowing so we took the difference from savings (does that count as an OP as it was from original mortgage?...I've counted it as one), then they added on the arrangement fee which we paid off straight away, again from savings (again I've counted that as an OP as it was a condition that it got added to the mortgage).

What with some other bits and pieces that I've shuffled about this week our grand total stands at £878.76 paid off so far....don't think I'll keep up this weekly amount....more's the pity...we'd be all paid up in about 3 years!

Oh, still waiting for a refund from BT and money from Topcashback, both due this week....gosh this is addictive!

LM

Sunny_Donny

Hi All
Overpayment of £27 this month. Didn't think I'd be able to do it, as I thought I'd run out of money, but have.
thanks

budget_budd

Hi All

MFW 272 - first check in of the year!

Well done everyone on your overpayments! I am still feeling low about my small ones! Even paying just £50 per month cuts off around 4 years though.

Anyways time for my first overpayment drum roll £150 paid today! :j
(Is more than I thought)

AND I have set up DD to automatically be £50 OP a month (starts next month!) :j

violetblue

Oh my lord, I am obsessed... can't seem to go a week without finding another OP from somewhere, if only so that I can update my spreadsheets! :rotfl:

I was paid back some cash that I was owed today, and my first thought was "yay! :j more mortgage money!!" So I've just rung up and made another cheeky £100 OP

In a way, it's a good job my bank won't allow overpayments of under £100, otherwise I'd be OPing random amounts almost every day!

gallygirl

violetblue wrote: »

Oh my lord, I am obsessed... can't seem to go a week without finding another OP from somewhere, if only so that I can update my spreadsheets! :rotfl:

In a way, it's a good job my bank won't allow overpayments of under £100, otherwise I'd be OPing random amounts almost every day!

You need to get yourself an offset mortgage with online access my girl, then you could feed your addiction 24 7 :rotfl:

violetblue

gallygirl wrote: »

You need to get yourself an offset mortgage with online access my girl, then you could feed your addiction 24 7 :rotfl:

:rotfl: Not sure if that would be a good idea or not... I'm already constantly checking spreadsheets and forecasts - "what would happen if I OP'ed another £100 here", or "what would happen if the interest rate went down again" :rolleyes:

Alas, I used to have an online mortgage, but was offered a better deal elsewhere. It was fun checking the balance every day though (or is that just me )

Now I have to be content with dripping all my little extra loose pennies into savings, and only when I have a whole £100 saved do I have the excitement of making an OP! And that always brightens my day!