2010 MF Wannabes

delmar39

No 190 checking in. Another £2 paid off today for this month, bringing my total to £52 for June so far. Trying to get up to £75 by the end of June, £25 above target, by shifting a few things around.

jacqhale

Number 32 checking in.

Another £200 paid off on the mortgage this month bringing the total YTD to £1,200.
£117 Quidco and £190 maternity grant means the savings pot for potential mortgage overpayments stands at £4,180

theonlywayisup

No191 checking in for the first time.

Just joined a couple of days ago. Sat down on Monday and read through the posts and decided to 'juggle' some money around, also had a small windfall to invest but decided it should start the OP pot off.

What resulted was what I think quite amazing, a total OP of £18,500.

So now the money is a bit tidier; not scattered and the windfall is 'invested' in the mortgage, I have set about working out that I want to be MF in 7 more years (half the term). So this year, I am going to reduce it by £24,000 (incl that 18k).

Just did an OP this morning of £2,600 which is what would have gone into Premium Bonds, but have decided this is now going off the big one.

I aim to pay £500 OP per month on average, but anything else I can muster without it affecting our standard of living will be put towards it. We have a huge outlay of £20k per year for school fees, but other than that, it is just what we spend day-today and the mortgage. No other debts. I am a director of a company and so salary can be somewhat bumped with dividends but normally we just spend it . Not now.

Will report back when there's any more news. Thanks to all who organise the various bits and pieces and the rest of you for giving me the kick up the !!!!!. :T

ElusiveLucy

Hello everyone, I've just joined as no. 192. I am going to use this challenge to keep me focussed on making £5000 of OPs this year. I'm slightly behind schedule at the moment, but hoping to make it up soon.

I have an ex-Portman tracker mortgage with Nationwide and they had told me that I could only OP by £500 a month without being charged a fee, so I decreased the term of my mortgage by 5 years recently (from 25 to 20) and am now hoping to OP £500 a month on top of that. I also have my mortgage set up to reduce the term automatically each time and OP of £500 or more is made in a single month so I am hoping to see the impact of the OPs regularly.

Last week, however, I spoke to a different person at Nationwide and she confirmed that I can in fact make unlimited OPs without a penalty, so now I am in a quandry as to whether to OP more or keep it in an easy access savings account. I have filled up all my ISA allowance this year (and most previous years) so I have a good pot of money I can access in an emergency. I know it makes sense to compare the interest rates on savings vs the mortgage rate and put the money into whatever is the best deal (savings marginally better ATM) but I know if I pay it off on the mortgage then I won't be tempted to spend it on anything else. Decisions decisions!!!

Di-Dough

Number 51 checking in. Have paid £131.67 for June's overpaymentKeep up the good work everyoneDi

NoobySaver

Morning all, number 95 checking in for June. Last month I declared that for the rest of the year my target was going to be £700. This has now all changed!

We sat down and worked out that if we paid £1,250 per month we could clear our mortgage for Christmas of 2012. So this is now our aim. The good news is that my wife starts a new part time job next month as out eldest will be starting school and I am back to ebaying and made an extra £400 this month! So, June's overpayment is £1,250 and we now have 30 months left to go on out mortgage (assuming we can manage this overpayment over that length of time!). The way I look at it is that if we fail we will still be a lot closer to clearing it than our previous target.

I continue to read this and all the diaries for inspiration and will be trying to implement more ideas from them to try and reach this new target.

wynnvegas

NoobySaver wrote: »

Morning all, number 95 checking in for June. Last month I declared that for the rest of the year my target was going to be £700. This has now all changed!

We sat down and worked out that if we paid £1,250 per month we could clear our mortgage for Christmas of 2012. So this is now our aim. The good news is that my wife starts a new part time job next month as out eldest will be starting school and I am back to ebaying and made an extra £400 this month! So, June's overpayment is £1,250 and we now have 30 months left to go on out mortgage (assuming we can manage this overpayment over that length of time!). The way I look at it is that if we fail we will still be a lot closer to clearing it than our previous target.

I continue to read this and all the diaries for inspiration and will be trying to implement more ideas from them to try and reach this new target.

Having kicked off a similar journey on the back of a strict financial analysis, I'd like to congratulate you on sorting out this type of target. In August 2008 we identified the possibility of moving our initial objective of clearing the mortgage before we were 35 to clearing it before we were 30. By tightening up even further in September 2009 we realised we could knock another 8 months off that target and get it cleared before the end of 2010 and now we're looking at the 1st of November 2010 as our mortgage free date. Counting down the months and then the days has been a massive incentive and has pushed us along - particularly as we've sacrificed almost all discretionary spending this year (Vegas being the only exception) and have needed geeing up on occasion. Watch our for the last six months though - the planning on how to spend all the spare money you'll have of a month gets extraordinarily frustrating!!

Cheers,

Billy

SmileyG_2

:)Update for June
MFW #48 reporting in

Sixth overpayment of 2010 made on the 15th June 2010
Overpayment target: £2760
March overpayment : £250
Overpayments to date: £1500

My overall mortgage status is now:

Mortgage at 15/05/2010
Outstanding balance: £52,481
Estimated endowment value: £24,378 (revalued @15/04/2010, but it could be somewhat less since; see my diary!)
Investments: £13,438 (up since beginning of year:), up a smidgin in the last month:undecided)
Deficit: -£14,665 (below £15,000.....)


My overpayments since Jan 09 will also save me an estimated £868 before my target MF date of September 2014.

My overpayment reserve is £4,500 well over 12 months regular mortgage payments :T.

Tricky period since last post. Car repair and MOT £469. Football season ticket £230. Had to use the credit card to ease the cashflow, but will be paying off the balance to avoid interest and then re-using it, reducing the outstanding amount each month without using savings or the overdraft (very MSE!)

Hope everyone else is on target. Going to spend the next hour or so catching up with everyone's successes.

Well done to Cake, for keeping us all on the straight and narrow

SmileyG

ElusiveLucy

Oooo, I'm now green rather than yellow...yippee! If I carry on at this rate there is a chance I might beat my target for the year (famous last words!)

delmar39

No 190 checking in. Hit my target for the month - £75 OP. It was originally £25, but I've done some shifting around and can afford to pay off a bit more each month. I've started biking to work, which according to a petrol calculator website saves me 73p each way (so £1.46 per day). This will be used to further fund my OPs (another £1.46 today!).