2010 MF Wannabes

sheslookinhot

blizeH wrote: »

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? QUOTE]

Generally, any increase in monthly payments should shorten the term. If you instruct your provider that your desire is to shorten the term rather than see a decrease in monthly payments.

financialbliss

Yikes. Substantial way through August and just getting around to reporting that we overpaid by our maximum £500 allowed for August (on the first of the month).

Overpayment aim for 2010 is £6,000 - at 8 months into 2010 paying £500 per month gives £4,000 and we're on schedule - just.

Major wobble in so much as we've had a short term cash flow crisis and I've had to dip into savings. Doesn't help when the savings are being transferred to the mortgage account due to the £500 overpayments.

September - intending to pay £500 too. We're away on the first of September, but I've an automated overpayment anyway, so I'll update the on-line form now for August and September.

FB.

abouttimetoo

Hi all

Number 81 reporting in. I've made an Op of £500 this month which takes me to 45% of this years target so I'm a little bit behind but I'm still pleased with progress so far.

Kerry_Woman

Paid £500 o/p today. Nationwide should be sending out letter hopefully this week with new monthly payment.

froddington

No 128 - £100 OP made today

uzubairu

Update from No:19

Due to the completion of our re-mortgage later on this month, I've stopped making overpayments into the mortgage and the overpayments have gone into 5 Regular Savers (2x 4% nett and 3x 3.2% nett).

Total for August is £1,200.

cha97michelle

I've just reported in an overpayment of £113.30 for August. I'm only at 53.4% for the year, which is a bit disheartening to be honest but i am still trying and 4 months in the game left to play.

mummyofonechild

cha97michelle wrote: »

I've just reported in an overpayment of £113.30 for August. I'm only at 53.4% for the year, which is a bit disheartening to be honest but i am still trying and 4 months in the game left to play.

But its still 53.4% more than the building society want you to pay and less interest for them to make profits on. Imagine where we would be if everyine paid 50% more on their mortgages. No more fat cat bonuses

Well Done
You have done really well and you have a young family
:T:T:T:T:T:T:T

cha97michelle

Thanks mummy. I know i should feel good. Me and DH have just had a really nice mini-break without kids although spent a bit doing it, but it never feels i'm ovrepaying enough. I'm ready to knuckle down for the rest of the year though and get on with it.

In reality, £113 is nearly a £183 that we need to pay per month, so we are doing better than i think.

emma_nottingham

Hi everyone,
Im new to MFW 2010 no 206. I did take part last year and achieved my reduction target. Its been a difficult year so far financially but now im ready to knuckle down and attempt to shave a few pounds off the mortgage before xmas. Im with hsbc on a SVR so have the ability to OP as much as I want when I want so hope this will help me redirect any money that I manage to save else where. Also am expecting baby number 2, and am terrified at the thought of the nursery bills again! For now I will set a realistic target of £1200 by the end of the year and look to increase this if I do well.