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New MF wannabee
Alison72_2
Posts: 6 Forumite
:hello: Hi everyone been a secret reader of the MF forum for ages and am finally able to start seriously overpaying on my mortgage.
Bought my house in Feb 2008 and needed a mortgage of £53750. Bit of info repayment mortgage, tracker for 2 years then move to svr. overpayed a little each month but then turned my attention to clearing a personal loan. Have now payed this off well ahead of target, astounding myself and realised if I could achieve this what could I do to my mortgage debt. So with my mortgage now standing at £51455 my aim is to get under £50000 by the end of Feb 2009. I am lucky my mortgage repayments have nosedived as I am on a tracker at the mo, but next March I will move to my banks variable rate but this has helped me pay off my loan quickly so it all helps. I can't overpay huge amount as it's just me and my kids but if I set myself targets and post on here hopefully it will keep me motivated and I can share my happiness at overpaying, kids glaze over when I talk about it
A bit about me. I am a student nurse in my final year and I have 3 girls of 19, 15 and 13 one soppy dog and a cat called Romeo ( I didn't name him)
Bought my house in Feb 2008 and needed a mortgage of £53750. Bit of info repayment mortgage, tracker for 2 years then move to svr. overpayed a little each month but then turned my attention to clearing a personal loan. Have now payed this off well ahead of target, astounding myself and realised if I could achieve this what could I do to my mortgage debt. So with my mortgage now standing at £51455 my aim is to get under £50000 by the end of Feb 2009. I am lucky my mortgage repayments have nosedived as I am on a tracker at the mo, but next March I will move to my banks variable rate but this has helped me pay off my loan quickly so it all helps. I can't overpay huge amount as it's just me and my kids but if I set myself targets and post on here hopefully it will keep me motivated and I can share my happiness at overpaying, kids glaze over when I talk about it
A bit about me. I am a student nurse in my final year and I have 3 girls of 19, 15 and 13 one soppy dog and a cat called Romeo ( I didn't name him) 0
Comments
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good luck alison
kas xxbr no 188
AD 17th apr 09:D
mortgage free 22/5/09:D
debt free 11/8/09:D
:j#18 £2 saver = £ :T sealed pot #333silent member of mikes mobi will lose weight :rolleyes: i will sort my house
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Thank you Kas I'm so chuffed to be finally keeping my own MF diary, hopefully it will keep me motivated:rolleyes:0
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goodluck! Hope you get there.Mortgage Start jun 2007 £88500 Outstanding Balance £51000
Overpayments 2007 Nil 2008 £1040 2009 £7853 2010 £10000 2011 aiming for £18000 (6k so far)
The Early Bird Gets the Worm, but the Second Mouse Gets the Cheese!!0 -
Hello and welcome Alison!Currently studying for a Diploma - wish me luck
Phase 1 - Emergency Fund - Complete :j
Phase 2 - £20,000 Mortgage Fund - Underway0 -
to the MF board and 
with your MF journey.
Have you got some emergency savings stashed away before your start OPing (overpaying) ?0 -
Hi thanks to everyone for being so welcoming.
No Unfortunately I haven't got any savings at the mo due to paying my personal loan off last month, but it shouldn't take me long to build some up as I don't have a loan to pay anymore. The reason I can make overpayments is that my mortgage has fallen by a £130 since last October, so I intend to overpay by a £100 of this every month. Getting rid of the loan has been a huge deal for me, I had sleepless nights over having a loan and a mortgage lol.0
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