2010 MF Wannabes

ElusiveLucy

#192 here with a £500 overpayment for July.

Won't be overpaying any more this month as have just had to lay out for summer holiday and am desperately trying to find money for spending money. Been a very expensive month buying stuff for holiday, vets bills etc.

Hoping to retain monthly OP of £500 next month, but might struggle.

Much like FinancialBliss I have set up a standing order to make my OP of £500 into my Nationwide mortgage and last month was the first month when it started to automatically reduce the term of the mortgage, so have one less payment to make now :j. Already shortened the term of the mortgage from 25 to 20 years in May, so feel like I am making progress. Can't wait to be MF (although it is going to be a long wait!)....

pencekeeper

Parnott wrote: »

Car Savings 4k
Premium Bonds 1k
Bonus 1k
Net Pay 30k ish

OP 64K???

You really need to explain this one please?

Sure - firstly I'm counting the capital amounts paid off rather than OPs. I'd changed my repayment term to be very agressive so there's a question of what counts as OP and what as capital paid off from monthly repayment in my eyes.

Secondly the numbers above refer to £19K paid off in 2010 so far. It was 2009 I got the balance down by £64K.

That year I had some savings that had built up in 2007 and 2008 which I couldn't put into the mortgage due to overpayment penalty. My fixed term ended Dec 2008, meaning £20K got paid off in the first month of 2009 alone. Add to that £19K of ISA money that I finally decided to release, a bit more savings later in the year and monthly payments of £1900 or so and the balance fell from £91K to £27K in 12 months. That beat the £10.5K capital repayment I'd managed in 2008

It should be noted my savings are now minimal (maybe 3 months worth) and when my job goes (within a year) I won't have the use of a car. I'm very focused on getting rid of the mortgage due to health problems affecting my employability so my example may be nearer the extreme end of the scale than most.

Hope that makes things clear

SmileyG_2

Update for July

MFW #48 reporting in

Sixth overpayment of 2010 made on the 15th July 2010
Overpayment target: £2760
March overpayment : £250
Overpayments to date: £1750

My overall mortgage status is now:

Mortgage at 15/07/2010
Outstanding balance: £52,091
Estimated endowment value: £24,970 (revalued @01/07/2010, a nice surprise; see my diary!)
Investments: £13,418 (up since beginning of year:), down a smidgin in the last month:undecided)
Deficit: -£13,731 (below £14,000.....)

For my information on the damage I'm doing to the mortgage, here's the link to my diary...

https://forums.moneysavingexpert.com/discussion/1854517

My overpayments since Jan 09 will also save me an estimated £903 before my target MF date of September 2014.

My overpayment reserve is £4,750 well over 12 months regular mortgage payments :T.

Used the credit card to ease the cashflow, but payed off the balance to avoid interest and am re-using it, reducing the outstanding amount each month without using savings or the overdraft (very MSE!).

Was going to consider upping my overpayments from savings for the next three months to get to the target early, but there are one or two other things that I am considering first. One of them is aiming for Setptember 2012 as a possible date for mortgage freedom.:shhh:

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

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

SmileyG

Cortinaa_GTR

pencekeeper wrote: »

Sure - firstly I'm counting the capital amounts paid off rather than OPs. I'd changed my repayment term to be very agressive so there's a question of what counts as OP and what as capital paid off from monthly repayment in my eyes.

Secondly the numbers above refer to £19K paid off in 2010 so far. It was 2009 I got the balance down by £64K.

That year I had some savings that had built up in 2007 and 2008 which I couldn't put into the mortgage due to overpayment penalty. My fixed term ended Dec 2008, meaning £20K got paid off in the first month of 2009 alone. Add to that £19K of ISA money that I finally decided to release, a bit more savings later in the year and monthly payments of £1900 or so and the balance fell from £91K to £27K in 12 months. That beat the £10.5K capital repayment I'd managed in 2008

It should be noted my savings are now minimal (maybe 3 months worth) and when my job goes (within a year) I won't have the use of a car. I'm very focused on getting rid of the mortgage due to health problems affecting my employability so my example may be nearer the extreme end of the scale than most.

Hope that makes things clear

Thanks - can I ask how old you are and roughly what you do for a living? To have 20k in savings is pretty impressive imo!

pencekeeper

Parnott wrote: »

Thanks - can I ask how old you are and roughly what you do for a living? To have 20k in savings is pretty impressive imo!

I'm 34 and work in IT. I just don't spend much of what I earn :P Without mortgage, I probably only spend about £600 per month, £200 of which is bills.

jennihen

Morning everyone!
Just wanted to say 'Hi' and ask if I could join you.
I just got my mortgage offer yesterday - FTB! As my repayments are 2/3 of my rent I'm hoping to make OP's. I didn't go for a more aggressive mortgage because I am concerned that interest rates will go up and also for the first time in 18 months I will have no savings to fall back on.
I'm going to settle in and read the whole thread now.
Can't wait to actually move in and start paying my own mortgage instead of my L/Ls
Jenni

cake21

Good morning everyone! Well, we're halfway there and thanks very much to everyone for the inspiration - I definitely would have flagged on my own.

So far:

1 person (jennihen) signed up before their mortgage has even started :money:
2 people (sheslookinhot, violetblue) tantalisingly close to being mortgage-free :dance:
3 people (waughc01, Barny1979, Needhelpsaving) have set and met two targets already :j
nearly 1/3 of sign-ups have OP'd every month so far! :starmod:
nearly 80% of sign-ups have managed at least one OP in 2010 :beer:
200 people have signed up...so far
over £500k OP to date :cool:
over £1m declared target :A

The more eagle-eyed amoungst you will have seen that whilst as a group as a whole we started out ahead of target, we've been 'falling back' of late. This is because we're still inspiring lots of people to join us - the new joiners have a lot less time in 2010 and so will be 'behind' against target. More the merrier _party_

And finally, if anyone notices an error in the thread or the spreadsheet, please let me know :T

HarveyGal

No.144: extra OP for July of £1500

Thanks to everyone, especially to Cake

pammyj74

No 6 signing in a bit late

at the beginning of the month I OP'd £200 + norm £100 OP
am 99% of my target already :j

and will be OPing £100 today as well so total £400 this month

uzubairu

Mortgage overpayments so far this month are:- £800.

Since we are in the process of re-mortgaging, we have recently opened a few Regular Savings account with net interest rates of between 3.2% - 4.0%.

The Regular Savings accounts (3 so far) have total of £1610.
We will be aiming to make the maximum payments into each of them every month.
The year end totals will be added to the total overpayments at the end of the year.