2009 MF Wannabe's

twinklie

We are going to see the mortgage man on Wednesday to sort out raising our mortgage (boo) for the new house. Then we can sort out how we are going to go about paying it off (yey).

RosieTiger

Hi, thiose nice people at C & G have just advised me that they want about £40 per month less from me today from march.
I have decided to help them out further by increasing my OP by £50 !

tammy20

Hi Zavarony/Everyone.

I too would like to join the 2009 MF Wannabe's. Just made my first overpayment this week of £10,000.00 (wasn't getting a very good deal on my savings so have taken the plunge and paid extra off my mortgage instead) and am now aiming to pay an additional £250 per month. Total paid by end of 2009 should therefore be £12500.

prudence41

tammy20 wrote: »

Hi Zavarony/Everyone.

I too would like to join the 2009 MF Wannabe's. Just made my first overpayment this week of £10,000.00 (wasn't getting a very good deal on my savings so have taken the plunge and paid extra off my mortgage instead) and am now aiming to pay an additional £250 per month. Total paid by end of 2009 should therefore be £12500.

Welcome tammy20. And what a way to start your overpayments for 2009!! Good luck with your target for the year.

shirlgirl2004

I don't think I'll be making an additional OP this month (have a standard £185 set up). The OH is getting a much smaller bonus than anticipated so I'm going to have to save as hard as poss to be mortgage free in April. Rather than pay the money off the mortgage any extra is going into our Egg account that pays 4% (mortgage is 1.49%). Come April I am going to have one mega OP. I will still leave about £1k owing as we have a reserve facility on our mortgage which may be useful in the future. The cost of having the very easily accessible funds will be minimal at 1.49% so whilst interest rates remain low this is what we will do.

deaks_2

Hi All, I am currently OPing £999 a month with a C and G tracker at +.49% above baserate. Thing is I was told by them that these OP's (as long as they didn't exceed £999.99) would "sit" in a sub account and could be used for payment holidays etc (in effect giving us an emergency fund) hmm, like RosieTiger we have also had a very nice letter today from C and G telling us our monthly payment has gone down - but on the back of the 1st page of the letter it says "With a C and G mortgage you can pay up to twice your normal monthly payment" - as our normal monthly payment has just gone down to £833 I am now worried our OP's (as they are more than twice our normal payment) are going to cost us (as in a charge) and that we won't be able to use this money for emergency payment holidays (as in they show as "proper captial repayments") - didn't spot it until after they shut today, so can't now call til Monday <sigh> Anyone else know anything about this?
thanks in anticipation

RosieTiger

I am currently OPing £999 a month with a C and G tracker at +.49% above baserate. Thing is I was told by them that these OP's (as long as they didn't exceed £999.99) would "sit" in a sub account and could be used for payment holidays etc (in effect giving us an emergency fund) hmm, like RosieTiger we have also had a very nice letter today from C and G telling us our monthly payment has gone down - but on the back of the 1st page of the letter it says "With a C and G mortgage you can pay up to twice your normal monthly payment" - as our normal monthly payment has just gone down to £833

We have the same letter, but not sure i am following your numbers here - doesn't twice your normal payment mean you can pay £1666 as an overpayment each month which is well above your £999 ??
We are already have an OP which is far higher than the expected payment and have had no issues - I would just keep banging the money in by standing order until they say you can't !
Our letter also does not show the additional OP's being held in a sub account, if I phone C and G and request a balance they give me the absolute balance which certainly reflects the OP's.
Should they wish to hold it in a sub account which allows me to go back and take a payment holiday they can do. I have no intention of doing so, it may at some point be of use - but essentially it makes no difference.

Just keep going until they say stop !

RosieTiger

[

quote=tammy20;18785001]Hi Zavarony/Everyone.
 
I too would like to join the 2009 MF Wannabe's. Just made my first overpayment this week of £10,000.00 (wasn't getting a very good deal on my savings so have taken the plunge and paid extra off my mortgage instead) and am now aiming to pay an additional £250 per month. Total paid by end of 2009 should therefore be £12500.[/quote]

Good for you !

russppt

Hi
I have subscribed to MFW. This a great thread with loads of support and encourgaement and is inspiring.
Current mortgage £165K
Target monthley overpay £500
Year End Target - £159K

llydaw

My 1st offical post of the challenge, no. 120 signing in. We've managed £174.79 in Jan and £701.13 in Feb so we're off to a good start. Let's just hope I can keep it up. I'm aiming for £6000 for the year.

We're on a Co-op variable until end of Feb/March 10 which then reverts to standard rate. Our o/p goes into an offset pot so that we can use if we want to (I don't think so).

Well done on everyones overpayments. I get so encouraged when were all working towards the same goal.