2010 MF Wannabes

pencekeeper

wynnvegas wrote: »

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

Cheers Billy.

Living frugally is something I've always done, in much the same way as I've always disliked debt

You're right in that a few days doesn't make much difference, though in my case if I pay it off before November starts it will mean I've cleared the £127,000 mortgage in under 4 years which has been added incentive to shave a few months off.

Mr_Pickwick

wynnvegas wrote: »

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

Hi Billy / Pencekeeper,

I have followed your progress with interest as your monthly payments and MF dates are almost identical to ours.

I too have noticed how the months seem to drag a bit longer the closer you get to completing and you look at your spreadsheets every day eventhough it's not going to change much now as you're so close to the end.

For the record.

September Payment made today of £2,500 (£2,120.84 OP).
Payments in 2010 £22,500 (£19,087.56 OP)
September Interest £4.40, (£89.07 in 2010)
Mortgage Balance £5,239.20
End Date 01/11/2010

Cheers,

Mr Pickwick

ajmoney

I have just met my first OP target of £1200 so am going to reset it for £1650. It will be interesting to see where I am at the end of the year

sheslookinhot

Well Hello MFW's, almost there. After September payment I am now left with a mortgage balance of just £193. It will be gone by Christmas. Three years ago it was over £30k but a concerted drive, helped by all the contributors to this forum, has taken me to the brink of being MF.

Keep up the good work everyone, you'll get there in the end :T

What happens regards title deeds ? Do I get them or pay to have them kept somewhere ?

Also, should I get my endowment reassigned to me when the mortgage is paid ?

froddington

No 128 - Just realised I've met my original target of £3000 OP this year

cake - can I please up it to £4000? Thanks

Kerry_Woman

sheslookinhot - Congratulations on your achievement.

Little_Mama

Number 20 reporting in.

Still in the unpaid/spendalot school holiday period but managed to overpay by £392.73 (grand total £3846.52/£5K)......insurance season (all of them, vehicles, building & contents) starts and goes on for about every 6 weeks until April :eek: which will hamper things a wee bit (lots of cashback checking to be done!) but I'm already over 3/4 of the way to target....just hope to keep it up.

Good luck to everyone!

LM

blizeH

Is it generally best to overpay right after a mortgage payment, or right before one? Or does it (as I'm thinking is probably the case) make no difference?

Also, my repayment hasn't dropped a single penny since overpaying £2k last month - is that right, and just the overall term length has come down? Thanks!!

gallygirl

blizeH wrote: »

Is it generally best to overpay right after a mortgage payment, or right before one? Or does it (as I'm thinking is probably the case) make no difference?

Also, my repayment hasn't dropped a single penny since overpaying £2k last month - is that right, and just the overall term length has come down? Thanks!!

If your interest is calcualted daily then the sooner you pay it the better (but check your mortgage T&C's - sometimes they charge interest daily but only apply credits once a month). If you told them to shorten length then that is correct, the payment will stay the same each month, but the extra goes towards the capital

wynnvegas

blizeH wrote: »

Is it generally best to overpay right after a mortgage payment, or right before one? Or does it (as I'm thinking is probably the case) make no difference?

Also, my repayment hasn't dropped a single penny since overpaying £2k last month - is that right, and just the overall term length has come down? Thanks!!

I wouldn't think it would make all that much of a difference - probably the saving of whatever your daily interest accrual is. I normally wait until the mortgage payment has come off to keep things nice and even as our monthly interest tends to add a few pennies onto the total which doesn't sit well with my planning!!

sheslookinhot wrote: »

Well Hello MFW's, almost there. After September payment I am now left with a mortgage balance of just £193. It will be gone by Christmas. Three years ago it was over £30k but a concerted drive, helped by all the contributors to this forum, has taken me to the brink of being MF.

Keep up the good work everyone, you'll get there in the end :T

What happens regards title deeds ? Do I get them or pay to have them kept somewhere ?

Also, should I get my endowment reassigned to me when the mortgage is paid ?

It's a question I've been wondering about. All advice received to date has been to leave the mortgage at £1 or something similar so the bank retains the deeds but someone posted a wee while back that deeds are now all electronically held so there's no reason to pay a solicitor or bank to hold them anymore - either way, I seen it as well worth the £50 or so a year that it would have cost to officially not have a mortgage. I'm booking an appointment with the bank early next month to get the facts of the situation but if anyone comes across the truth as it relates to HSBC before then, I'd appreciate knowing.

Mr_Pickwick wrote: »

Hi Billy / Pencekeeper,

I have followed your progress with interest as your monthly payments and MF dates are almost identical to ours.

I too have noticed how the months seem to drag a bit longer the closer you get to completing and you look at your spreadsheets every day eventhough it's not going to change much now as you're so close to the end.

For the record.

September Payment made today of £2,500 (£2,120.84 OP).
Payments in 2010 £22,500 (£19,087.56 OP)
September Interest £4.40, (£89.07 in 2010)
Mortgage Balance £5,239.20
End Date 01/11/2010

Cheers,

Mr Pickwick

Hi Mr Pickwick,

Excellent name for a start. Your "papers" is still my all time favourite book! It seems there's a small merry band aiming for the end of October / start of November. Have you got any specific plans with your mountains of spare cash every month? We're attacking the house, taking a couple of family members with us to Vegas in the summer and the girlfriend has decided that a new car is in order for her which will pretty much take up all 2011 spare money so mortgage freedom, I'm finding, won't come cheap!

Cheers all,

Billy