2009 MF Wannabe's

SmileyG_2

MFW #203 checking in!
My April overpayment has left my account, another £250!

Numbers are:

Target £3000
April overpayment £250
Overpayment to date £1000

This is a milestone for me now. Despite the fact that my mortgage is fixed rate (5.18% .... go on everybody ........BOOOOOOO!), my overpayments are now covering my monthly interest, whch means my regular payments are clearing down the capital (HOORAY!!!).

SmileyG

Coming soon, my nominations for the Jan to March MFW 2009 awards ......

phizzimum

took my girls to the cinema today - was kicking myself that I hadn't been organised enough to use Tesco vouchers - then to my surprise the tickets only cost a fiver for the three of us! I'd mentally put aside £20 for the trip so that's another £15 to transfer over to the mortgage :j

Slopalongplacidly

Useless though the CSA have sometimes been, the Liability Order and threat of Committal Proceedings that they have taken out on my ex are suddenly bearing fruit, and a letter from his solicitor suggests that he may drop the previous ten years of shenanigans and settle fairly - before he is locked up. This will leave me with just a few thousand of mortgage outstanding, and I imagine it will be cheaper and more efficient to have an overdraft or loan to cover briefly.

As I only have a few years to retirement and no private pension plan I will have to salt away as much in ISA's as I can.. I also imagine that due to all the borrowing by the government and the general economic slowdown that we will all be paying much more in tax over the next few years. What do you all think the personal taxation rates might be in five or ten years time to compensate for the extravagence recently?

Gazella77

Could you not reduce your term to up your 'normal' payments, and thus getting around the 10% OP rule??

determined1 I must be daft as I don't understand what you mean by that.

I overpaid £5 000 a few months ago and got my term reduced by 2 years 2 months I think and I kept the monthly payments the same. Is that what you mean? Unfortunately with C&G there is £10 fee for capital repayment and with normal overpayments I can't get the term reduced until the end of the year which is also end of my fix term.

Hopefully the interests stay low and I can benefit from further overpayments, fingers crossed.

I've just looked at my accounts and I think I will be sending more money into my mortgage soon:j

Gazella77

Slopalongplacidly, wow, that's great news, for once CSA have done sth correctly.

I've been waiting for any maintenance for my girl 11 months now due to countless mistakes on the CSA's side and am soooo fed up.

But anyway very proud of myself - single mum with no help and quite a big mortgage budgeting very well and overpaying (OK substantial amount of it was to do with cashing my ISA as the interest was ridiculous as compared to my mortgage one but still to me it's an achievement!):j

zavarony

Evening All,

Well April is underway and the totals are adding up nicely!!!

A Special mention to RosieTiger - Way to go - youve hit and passed your target!! what an achievement and an inspiration to the rest of us - what more do we need to keep the momentum rolling.... :j

CAKE21 - how nice would it be to see the back of the student loan??? I was so glad when mine had been paid up - a weight off my shoulders since it seemed to take an age to pay back!!

LOVINSAVIN - Well done for making your first OP!

OVERTHETOP - What a fantastic start to the year!

TWINKLIE & LMS - hows the remortgage going??? Im going to be in the boat with you soon, and am hoping I'll still be able to keep the momentum up - at least its all through and you can start planning how to pay it off sooner!! :rotfl: it is frustrating tho how long it all takes tho its the solicitors that holding me up not the bank!

COURGETTE - Get your whole body into the room and stop sneaking around!! Welcome back - where have you been???? Anyway well done for OP'ing £40 is so much better than nothin at all

RUMNCOKE - Sorry to hear your news, hope your OH is ok? I think that saving the OP money is definately a good plan and as you say you can always pay it off when things start looking up and OH can start thinking about going back to work

GAZELLA - theres no stopping you now is there - what a roll your on - can i please be swept away with you :rotfl:

JACKIEGIBBO - hows the new Standing Order, do you find that you miss the extra £15 per month - more than £60 extra going into your mortgage a month

SMILEYG - Thanks for your message - I have been kept busy with the mortgage etc but its the Uni study that Im doing at the mo thats taking up the most time, assignments and exams are looming fast so I seem to have taken my eye of the MSE ball somewhat lately! although my increase to working full time has had a massive impact too - I dont know how people do the working full time thing :rotfl: its a killer

To all those I haven't mentioned - Well Done - I have updated en masse tonight, about 30 emails plus postings on the thread, we are making a huge dent in the mortgages that we have and have exceeded £300k now - definately on track for the million we are aiming for.

Speak to y'all soon :wave:

Zav
x

Overthetop

Thank you kindly Zav, your message above was so encouraging to me, but I am also sure to many others.
You put your time in and believe me Zav it does make a difference certainly to me.

A big thank you to you

frazzmunch

No op's to report for march or april...already know that i can't make any more inroads until may

however, lots of things going on which mean that i should be able to get back on the wagon big time by the end of may....all is not lost!!:rotfl:

RosieTiger

Hey Zav, thanks for your words and the hard work - it's appreciated.
We are not planing on putting in a different target for the year but with signing up for the MFi3T2 we are already aiming far higher !
Good luck to everyone !

co123456

cheeryoleary wrote: »

Excellent! Overpay your mortgage day.

Let's go for May the 9th (Mr. Lewis' birthday) which this year falls on a Saturday. Plenty of time to plan the details. Points awarded for style and effort (not monetary value).

3 weeks this Saturday if anyone is up for this. I'm going to start thinking of a creative way of raising some extra cash.