2009 MF Wannabe's

Sleepy_head_2

No. 280 stopping by to say hi!
Made an overpayment of £900 today, it should have been a Feb overpayment but due to it being a short month and the 28th falling on a Saturday, the standing order didn't go out until today.

cira9teen7tee

Hi all,

I'm very new to all this & don't have a very big income at the moment. I have some debts, which are frozen, which I am slowly paying off. I can't change banks, mortgage companies, I have no credit or debit cards and can't get credit.

I have been reading the post for a few weeks & have compared & changed insurances, I have pre-payment meters which I cannot change and what I would like to know is it still worth putting any extra cash into paying my mortgage off early. I feel trapped as I will be unable to get another mortgage.

I have made 2 small over payments this year which were the same amount as the interest.

All help would be greatly appreciated. (I am severly dyslexic and unable to fill-in forms, tables & calculators, I am able to read post but very slowly!)

Thank you for all your insiration so far.

cake21

cira9teen7tee wrote: »

Hi all,

I'm very new to all this & don't have a very big income at the moment. I have some debts, which are frozen, which I am slowly paying off. I can't change banks, mortgage companies, I have no credit or debit cards and can't get credit.

I have been reading the post for a few weeks & have compared & changed insurances, I have pre-payment meters which I cannot change and what I would like to know is it still worth putting any extra cash into paying my mortgage off early. I feel trapped as I will be unable to get another mortgage.

I have made 2 small over payments this year which were the same amount as the interest.

Hi cira9teen7tee and welcome,

I'm sure someone with more experience will be along soon, but in the meantime here are my thoughts:

Well done on the overpayments that you've already made :beer:

Very roughly my mortgage overpayments end up saving me twice that amount in interest. So if I can save £10 on the shopping, then that's another £20 in mortgage interest saved. :beer: Does help rein my spending in as I think "would I still want it if it was 3x the price?" (sometimes works anyway! :rotfl:) and I definitely think every little helps :j

phizzimum

cira9teen7tee wrote: »

I have made 2 small over payments this year which were the same amount as the interest.

that's a great acheivement! :j

don't be put off by any jargon or fancy calculations - most of that goes over my head too! the main thing is to remember that we CAN all gain control of our finances - the first and most important changes to make are in our attitude. All the practical changes will follow that.

keep posting!

Little_Mama

Been away but just looging in with February's total overpayments £2213.11! :j

It won't continue at that rate but hope to be under £100K by end of year.

LM

Louba

Hi - is it too late to join? I've been reading for ages but haven't got round to posting yet. I've recently accepted a new job with an increase in salary so I'm looking to put all of the increase into reducing my mortgage.
From May I'm aiming for monthly overpayments of £999 - this is the most I can make a month without charge. I'm also aiming for £18k in savings by April next year which I'll pay to the mortgage when my fixed term ends in April 2010 - this would take it from £160000 now to £120000 in April next year if I'm really good!
Thanks and good luck to everyone already signed up!

ch1ca

Hiya,

I have been away too and have only managed to OP £160 but I have more planned for next week so March OP will help me catch back:j

I have to say I think we are doing SOOOOO well considering we are only in Week 10 of 2009!

co123456

Bored and seem to have overestimated my fuel spend this month so overpayed £15.55 so that I could post here ;-)

Playing with numbers and realising that when I'm MF, the net result will be a 100% pay rise. Sweet.

tammy20

Hi All

Number 281 checking in - just made my first monthly overpayment of £250.00 bringing my total overpayment this year to £10250, including the £10000 overpayment made last month.

Keep up the good work everyone!!

gratefulforhelp_2

Wow, that is mega!