2010 MF Wannabes

Kerry_Woman

Congratulations to those to reached their target for the year this month.

Barny1979

Thinking I will increase my 2010 target to £20,000!!! Should hopefuly be achieveable

SmileyG_2

MFW #48 reporting in

Eighth overpayment of 2010 made on the 16th August 2010
Overpayment target: £2760
August overpayment : £400 (increased from £250)
Overpayments to date: £2150

My overall mortgage status is now:

Mortgage at 16/08/2010
Outstanding balance: £51,565
Estimated endowment value: £24,970 (revalued @01/07/2010, a nice surprise; see my diary!)
Investments: £13,379 (up since beginning of year:), down a smidgin in the last month:undecided)
Deficit: -£13,216 (heading towards £13,000.....)

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

http://forums.moneysavingexpert.com/...1854517&page=2

My overpayments since Jan 09 will also save me an estimated £959 before my target MF date of September 2014.

My overpayment reserve is £5,150, well over 12 months regular mortgage payments :T.

I have upped 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 also considering. One of them is aiming for September 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

wynnvegas

Morning Folks,

Had a wee bit of a daft turn yesterday and, on the back of transferring a whole 2p to the mortgage by mistake, I decided that the current account was looking healthier than it needed to so took it down by another £999.98 so there's a wee bit of an unscheduled leap ahead for this month with £1,000 more going to the mortgage. That now brings it down to £8,000 remaining but the term will remain 77 days as of today as there's no way we'll be able to conjure up £8,000 before our October salaries go in. It would have been really nice to have lopped another 31 days off the running total but alas, it's not to be!

Total overpayment for the month now stands at £3,201.28 taking the annual overpayment to £17,294.72.

Cheers,

Billy (#17)

Needhelpsaving

Hi all,

OP of £16.85 paid today. Just to round it up to £1650.00.

xxxxx

gallygirl

wynnvegas wrote: »

Morning Folks,

Had a wee bit of a daft turn yesterday and, on the back of transferring a whole 2p to the mortgage by mistake, I decided that the current account was looking healthier than it needed to so took it down by another £999.98 so there's a wee bit of an unscheduled leap ahead for this month with £1,000 more going to the mortgage.

You see, that's where I'm going wrong. I have a daft turn and buy 4 pairs of boots

Well done Billy!!!!

greent

Definite final OP for August for no 173 of £50 - takes into account the tax credits to be received this week and the next 2 weeks.

Have worked out that I need to find an extra £515 in extra OPs to get below my £97500 target in Oct - tax credits will give me about £90, so I need to ebay in a major way for £425 (well, should have some cashback in of about £100, too - hopefully...., so £325ish) Wonder what I'll be doing with my free time when kids go back to school?:rotfl:

blizeH

Hey guys! New MFW here, bought a house a couple of months ago, just finishing off a few things and will be in soon, at which point I want to start overpaying on my £70k mortgage!

I'm with Lloyds/C&G who only allow you to overpay 10% for the first two years, and whilst I'm not sure I'll be able to do that much, it's a nice target to aim for anyway!

I'm wondering, when you overpay, do the monthly payment amounts come down, or does the mortgage length just shorten? Sorry if this is an inappropriate place to ask, but I don't really want to ask anyone IRL since it's a bit of a bad question :$ Ty!

As a target, I'm hoping to pay off £3k by the end of the year, fingers crossed!!!

gallygirl

blizeH wrote: »

I'm wondering, when you overpay, do the monthly payment amounts come down, or does the mortgage length just shorten? Sorry if this is an inappropriate place to ask, but I don't really want to ask anyone IRL since it's a bit of a bad question :$ Ty!

Each lender is different, you need to tell your company what you want them to do. Shortening the term reduces the amount of interest you will pay overall.

:wave: welcome :hello:

blizeH

Many thanks gally! I'm guessing shortening the term is the way forward then. Will it have a knock on effect and my monthly repayments will come down anyway, due to the lower interest I'm paying back?

Sorry for asking this, I should call my lender but they're hard work at the best of times! ^_^