2009 MF Wannabe's

zavarony

gillian46 wrote: »

Please can I join this challenge. Current mortgage £78032, plan to overpay £3000 in 2009 (£250 a month). I have been lurking for a while and have done some overpayments in 2008 but I think it's time to get serious and get rid of the mortgage sooner rather than later. I am single which makes budgeting very important.

Good luck to everyone joining this challenge

I have put you on the list - GOOD LUCK - you find loads of inspirational chat on here so will def help you make some moves in the right direction:beer:

*jobags*

Hi Zav

Thanks for picking up the baton

I hit my 2008 target and exceeded it but have had to remortgage and remove the offset element

New mortgage from Dec/Jan will be around £270,000

Aim to overpay £2700 i.e. 1%

We're moving to Abbey so I think we have to pay off in £500 chunks

Good Luck everyone

Jo

2latenow

Hi Zav,

Thanks for taking this on. I'm going to change my target a bit from the 2008 one (reduce to X in 3 year) to make it more specific to just 2009.

"Re/Overpayments of at least 10000 in 2009"

With the OH's maternity payments due to end in Q1 and there being the chance she leaves soon after this is going to be a really stretched target for us - but what's a challenge without a stretch hey?

All the motivational ideas are great so I'm looking forward to everyones suggestions in 2009....

Overthetop

Hi Zav, number 77 checking in-thanks for adding me.

I have not decided on my monthly overpayment yet but am nearing the end of my 2008 challenge-one more payment to to-cool

I will make an extra payment in December off my mortgage after that I will be able to calculate how much and the amount I will over pay monthy for 2009 challenge but Im sure looking forward to it.

Hi all-OTT

Lynn11

Hiya - I would like to join in this. Dec 07 mortgage was £73905.17 and will have overpaid by £4100 this year and hope to continue to overpay mortgage by at least £200 - but depends of jobs situation (I am waiting for new job offer which is less money & less hours due to childcare and husbands job is in the housing industry which is not doing well. I am looking forward to receiving the statement in january to see what the figure is reduced to. We have to find another mortgage deal by the end of May.

tro127

Hi Zav,

Thanks for starting the 2009 challenge. I fell a little short on my 2008 challenge so am aiming to overpay by £1500 in 2009.

Good luck to everyone.

bumpybecky

I've been waiting to sign up too We took out a new remortgage on monday this week. We've reduced from our old interest only Nationwide mortgage of £95k to a HSBC tracker of £86k on repayment basis (paid off the difference with savings).

Between first enquiring about the mortgage and our first payment, the rate has dropped from 5.99% to 5.49% and then today to 3.99% we're going to be overpaying, not sure exactly how much each month, but I'm aiming to get it down to £80k by Christmas 2009

phizzimum

Hi zav

No, I didn't mean overpay by £10,000 :eek: (wish we could!) but reduce the total we owe by £10,000. ie if we owe £95 000 in January aim to owe only £85,000 by December.

I won't know exactly how much is still outstanding till we get our January mortgage statement, so I could give you the figures then.

Or could I just have my goal as "reduce mortgage by £10,000"? and each month I could update how much it's been reduced by?

just did a rough bit of working out - could you put me down to overpay by £6000

EssexHebridean

Hi - and thanks for starting the thread! As I never got myself aded on to the 2008 thread, I guess I should take the plunge on this one!

Aim for 2009 is to increase the amount we are OP'ing by each month to a minimum of 25% over the fixed payment level - we are currently paying off £750 per month which is 18% over the fixed. This will be alongside working to increase levels of savings with a view to making our planned car replacement in 2010 a cash purchase.

Our Mortgage currently stands at 93k - it's a fixed rate deal with Northern Rock fixed until 2011.

zavarony

EssexHebridean wrote: »

Hi - and thanks for starting the thread! As I never got myself aded on to the 2008 thread, I guess I should take the plunge on this one!

Aim for 2009 is to increase the amount we are OP'ing by each month to a minimum of 25% over the fixed payment level - we are currently paying off £750 per month which is 18% over the fixed. This will be alongside working to increase levels of savings with a view to making our planned car replacement in 2010 a cash purchase.

Our Mortgage currently stands at 93k - it's a fixed rate deal with Northern Rock fixed until 2011.

Hi - welcome to the thread - is there an amount you want to have as your target or would you prefer me to put something more general and if so what?
pm me and I will get you aded
Zav :j