2010 MF Wannabes

black_taxi_2

spent weekend budgeting and working out o/p

im extending MF by 3 years/but balance will always be going down

this will help me not being forced to a new bank loan

less pressure and a bit of leisure time

froddington

No. 128 - OP of £200 made today

fieldofdreams

No 119 here - I know Im a day early but thought Id post while Ive got a chance. Monthly overpayment of £400 plus capital repayment of £3000 so total overpayment for September will be £3400. Balance is now around 10k, which is a nice landmark to reach. Im a little behind schedule if I want to reach my target of being mortgage free by the end of the year, still think its possible though!

Good luck everyone!

Baby_steps_2

Hi,

Number 167 here. Sorry no update for a while from me. I made another £100 in july taking me to £500 for the year. This will be the last OP from me. My circumstances have changed and will be saving as transferred the mortgage to interest only due to splitting with OH. So not sure what to measure as Op's.

Good luck to everyone else xx

pencekeeper

Number 180 checking in.

The nearer you get, the longer between each payday (it seems). It's now not years and months, but days and hours (<1400).

£2000 overpayment + £600 savings + £24 mortgage payment (£13.17 of which is interest):

Old Mortgage balance: £6,300
New Mortgage balance: £3,675 (£23,325 paid off since start of 2010) - 41.5% payment this month

Milestone achieved: <60 days to go
Milestone achieved: <£0.30 interest a day (was 43p, now 25p)
Milestone achieved: <£100 interest a year & <£10 interest a month

New Target: 29th October 2010 (59 days)

wynnvegas

Morning All,

Pencekeeper, I completely agree! The frustration has been growing since the 120 day mark but it's really beginning to get real now. Every day seems to bring a new landmark of sorts and I like how you've organised your milestones.

As for us, we're perfectly on course to hit our 01/11/10 goal (and depending on what HSBC say about paying the thing off, we may be able to amend that to 29/10/10 as well). The tale of the tape for September (and 2010 as a whole) is as follows:

Normal Mortgage Payment: £827.06 (£7,443.54)
Interest Accrued: £10.13 (£215.73)
Overpayments: £2,183.07 (£19,487.92)
Total Payments: £3,020.26 (£26,931.46)
Mortgage Outstanding: £5,000

Cheers,

Billy (#17)

curlygirl1971

Hi Guys

Standard payment plus an OP of £180 left my account this morning but hasn't hit my mortgage yet (Yawn). Am also going to go into the bank on Saturday and pay another £131-ish over the counter. I find it HIGHLY irritating that I can't know my true balance for another couple of days and have to make do with a poxy Spreadsheet estimate.

OP's this month are made up from:-
-Budgeted OP
-Shaved off surplus account balances
-Small Cashback payment
-Halifax Rewards!
-Piggy Bank courtesy of my BF giving me £1.20 in 20p's to make a bag of £10! What a guy
- Amazon CC £15 incentive payment .

This means that this year I will have OP'd by £2137 so far and have therefore now met my (retrospectively easy peasy) target for the year. Fear not MFW'ers....I shall continue with this gallant challenge to the last. Maybe I should stretch myself a bit more next year but am a naturally cautious planner so not sure....

Cake, I will update via googledocs after Saturday - promise

Congrats to all with good news.

Black Taxi - I like your plan.

pencekeeper

wynnvegas wrote: »

Morning All,

Pencekeeper, I completely agree! The frustration has been growing since the 120 day mark but it's really beginning to get real now. Every day seems to bring a new landmark of sorts and I like how you've organised your milestones.

As for us, we're perfectly on course to hit our 01/11/10 goal (and depending on what HSBC say about paying the thing off, we may be able to amend that to 29/10/10 as well). The tale of the tape for September (and 2010 as a whole) is as follows:

Normal Mortgage Payment: £827.06 (£7,443.54)
Interest Accrued: £10.13 (£215.73)
Overpayments: £2,183.07 (£19,487.92)
Total Payments: £3,020.26 (£26,931.46)
Mortgage Outstanding: £5,000

Cheers,

Billy (#17)

I recognised I was obsessed with becoming MF some time ago (last year), and milestones make me feel like I'm making progress. It's also probably a sign of my obsession. As you say, the nearer you get to the end, the more targets get achieved as they come thick and fast. I'm kind of looking forward to the 0p per year interest milestone

I spend a lot of time playing with spreadsheets and graphs etc, planning my future mortgage payments, though there's not so much scope for planning now the end is in sight.

Is your target date the day you make the last payment, the date the bank recognises it to be paid or both? My last payment is scheduled to be 27/10/10 but it won't hit the mortgage until 29/10/10. Either way, it is funny how our MF dates are so close. You've paid off a huge amount this year and for me having a mortgage of balance £91000 last year it didn't seem realistic to pay it off in 2010 but the summit of the journey is in sight and I'm looking forward to a sit down:)

wynnvegas

pencekeeper wrote: »

I recognised I was obsessed with becoming MF some time ago (last year), and milestones make me feel like I'm making progress. It's also probably a sign of my obsession. As you say, the nearer you get to the end, the more targets get achieved as they come thick and fast. I'm kind of looking forward to the 0p per year interest milestone

I spend a lot of time playing with spreadsheets and graphs etc, planning my future mortgage payments, though there's not so much scope for planning now the end is in sight.

Is your target date the day you make the last payment, the date the bank recognises it to be paid or both? My last payment is scheduled to be 27/10/10 but it won't hit the mortgage until 29/10/10. Either way, it is funny how our MF dates are so close. You've paid off a huge amount this year and for me having a mortgage of balance £91000 last year it didn't seem realistic to pay it off in 2010 but the summit of the journey is in sight and I'm looking forward to a sit down:)

I recognise all of that - the spreadsheet obsession has gotten seriously out of hand in the last twelve months! A few people have managed to ditch their mortgages this month and it's great to see a few others so close to finishing up as well.

Depending on what the bank say to it, we'll be paid on the 28th and 29th of October and can theoretically pay it off then. If the bank say we need to wait until the November payment comes off as normal then lop the remainder off on the first of November. Either way, a day or two isn't going to make a massive difference but, as you've noted, the difference of being over or under 60 days to go is at stake here!!

Very well done on hammering down the mortgage as much as you've done. We've pretty much accepted the frugal living aspect of things (Vegas notwithstanding) and have found it relatively easy.

Cheers,

Billy

black_taxi_2

30. reporting in £540 sept