2010 MF Wannabes

knithappens

£80.86 for me this month, which i just changed to £100 as of next month, my cc debt is coming down so as that does I am increasing this payment - getting there slowly but steady:)

Congrats to those that made it mortgage free this month, and those almost there, cant wait to be in this position.

It will be a good while until I am there but every penny paid off is a penny int he right direction.

ekroys17

No.93 reporting in.
We have made an overpayment of £362 on our residential mortgage with a further £300 to be overpaid on our BTL mortgage.
The residential mortgage now stands at £105672.79.

Great work everyone

Moniker

Hi everyone

I have just checked and my regular payment of £740 has just gone out of my account joining the Sept OP of £500 so balance is now an amazing £8885.41 as of today. I have £4k in savings which I am adding to each month so that by December I should have enough to pay it all off! (Baring accidents, car breakdowns, burst pipes, educational expenses etc, etc!). I am going to be cautious and aim to pay off by Dec 24th. Might manage it by the beginning of the month but let's not tempt fate eh?

Well done all those who are MF or soon to be - and keep at it the rest of you - it really makes a difference how ever little you can do.

Moniker

albionsarah

Hi MFW people

Well done to all of you on your progress so far this year.

Can I just remind everyone to make sure you have some emergency money available just incase? Don't throw every last penny at the mortgage, as you never know what's around the corner.

Due to problems at home I am unfortunately bowing out of my MFW quest and moving into rented accommodation, but I will be back one day

Best of luck everyone! xx

fieldofdreams

Hi All

Number 119 reporting a £400 overpayment for October

Balance of mortgage is now around £9000 - my goal at the start of the year was to be mortgage free by the end of the year. I could actually clear the mortgage now by using all of my savings. Been wrestling with this over the last few weeks and I have decided to leave my savings in tact and just use any spare cash coming in as well as keeping up with the regular overpayments to clear the rest of the mortgage. Im lucky to bee on a very low interest rate tracker too. Ive reduced the balance from 23k since Jan so Im very pleased with where Ive got too at this point

Great to see some people reaching mortage free status, I cant wait!

Mr_Pickwick

Hi All,

Just a quick update following October payment.

October Payment made of £2,500 (£2,120.84 OP).
Payments in 2010 £25,000 (£21,208.40 OP)
October Interest £2.98 (£92.05 in 2010)
Mortgage Balance £2,742.19
End Date 01/11/2010

Well done to everyone on their progress.

ElusiveLucy

Wow, there seem to be quite a few people out there who are really close to becomig MF. Congratulations to you all! :beer:

I only really started my MFW earlier this year and am getting pretty hooked on it, although I am still adding to my savings rather than pouring everything into the mortgage as my interest rate is low at the moment (1.25%) and my savings after tax are still earning slightly higher interest (1.89% after tax).

I have a SO set up to OP the mortgage by £500 a month and if I have anything left at the end of a month I am splitting it between mortgage and savings. I know it makes more sense to save it at the higher rate, but I like to see the mortgage coming down!

My OP for October is £500, but I am hoping to add to it when I get some money back from HMRC I will update via the form when I know my total for the month.

Keep up the good work everyone.

uzubairu

October OPs of £1200 have been made.

Although it takes my OPs over my target (£10,000), the mortgage balance still isn't £65,000 or less.
This is in part due to our re-mortgage and having to pay an ERC with our previous lender.

Next month, the balance will be under £65,000 and we will have a meal out to celebrate.

fluffysox

October Update:

OP: direct debit OP of £160 will be only OP. Takes total to £10320

0% CC: still got nearly £1000 to pay off by Nov, payday isn't til 18th- I won't be able to clear it completely, there'll be about £500 left. So might draw down from mortgage OP reserve, or might transfer the balance, will see if Santander still has fee free offer.

OH is still out of work, had a couple of interviews but no joy! So I am paying all the bills at the moment, hence reduced OPs and CC balance not quite cleared.

Me: Got my performance management related payrise-Yay!
And.....I'm pregnant- about 9 weeks, was hoping OH would have a job before I have to tell the world so its still a secret in the real world. But will be biting the bullet soon and telling my parents :eek:.

SalsaDanca

Hi all,

When I started the 2010 MFW challenge, I set myself an overpayment target of £8,500. I didn't say this at the time, but I chose this target because I was aiming to have enough money in savings and shares to pay off the mortgage in full. I had already been working towards this target for a while, and wanted to reach it this year. £8,500 was the difference between the value of my savings and shares at the start of 2010 and my forecast mortgage balance at the end of 2010.

I received a small inheritance in April, which was slightly more than the value of my shares, so I decided to remove the shares from the equation. My new target was to have enough cash to pay off the mortgage.

Somehow, I hit the new target in July. :j

It didn't really sink in at the time - we've been going through some interesting times at work recently - but it's now calmed down a bit and I've had a chance to take stock. The monthly mortgage payment is now mine to spend on whatever I want! However, I've realised that there are lots of things I've been ignoring because I've been focussing so hard on finding the next mortgage overpayment. There are some home improvements I've been putting off, and once they have been done I'm going to redecorate, I could do with some new clothes, and the car will need replacing in the next year or two... Paying off the mortgage this early has definitely put me in a good position for the future, but it's not quite as liberating or exciting as I thought it would be. Maybe I'm getting old.

Thanks to Cake21 for all the work that's gone into this challenge, and to everyone else for the motivation throughout the year.