2010 MF Wannabes

rumncoke

MFW 124 updating. Due to DH's current health problems, which look like being long term we have decided that at the moment we are only going to OP by £80 a month, which is the difference between the DD & the minimum payment.

While he is on full pay we are going to store up a bigger savings pot. I have done a rejig of my spreadsheet to take account of kids uni money & DD 18th, driving lessons etc. These were being added to on a monthly basis but due to the uncertainty I have put a sum of money aside from savings to account for these.

We are fully offset so at least there is no interest to pay, so it makes more sense to build up as much in savings as we can so should he have to give up work it will keep us going for longer while I look for a full time job, as opposed to my part time self employment.

Having put figures into the OP calc I was surprised to see that even £80 a month & being totally offset reduces term to under 10 years as opposed to 17.

SmileyG_2

MFW #48 reporting in

Tenth overpayment of 2010 made on the 15th October 2010
Overpayment target: £2760
October overpayment : £400 (increased from £250)
Overpayments to date: £2950 (Original target acheived :j)

My overall mortgage status is now:

Mortgage at 16/10/2010
Outstanding balance: £50,506
Estimated endowment value: £25,542 (a conservative re-estimate @01/10/2010, need to get it re-valued!)
Investments: £14,292 (up since beginning of year:), and have recovered well in the last two months:j)
Deficit: -£10,672 (heading towards £10,000.....)

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 £1,065 before my target MF date of September 2014.

My overpayment reserve is £5,950, well over 16 months regular mortgage payments :T.

Although I have hit my overpayment target, 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. The spreadsheet tells me that two more overpayments should do it, but I would then need to monitor endowment and investment progress carefully to acheive it: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

canne_2

MW #102 reporting:

I have reached my $13 000 AU target. I have overpaid $13 095.69 so far this year...I'll have to make the target a bit more ambitious next year!

chirpchirp

Cake, I've updated. Although I have dipped into the funds but I've used the funds to do moving expenses etc so overall it will contribute to mortgage reduction when equity from sale comes through. I must remember to make adjustments in December.

skaps

Have met my target of £700 worth of overpayments this year. :j Am going to continue though to make more payments. Am starting to already think of next years overpayments and the target i'm going to go for.

chirpchirp

canne wrote: »

MW #102 reporting:

I have reached my $13 000 AU target. I have overpaid $13 095.69 so far this year...I'll have to make the target a bit more ambitious next year!

:j:j:jWell done Canne:j:j:j

puddle96

No 66 reporting in after a long absence -sorry real life got in the way.
Still awaiting the impact of the planned work changes and of course the dreaded spending review,
I'll declare overpayments for August - October of £350 per month.
What I would have normally put towards overpaying has been diverted to winter proofing my pine and artex palace so
No more leaking chimney - demolished
No more ill fitting and insecure front door- replaced
Bodged boarded up back door - properly bricked up with new window insitu
Am going to fall short of my declared target but might be warmer and drier
Well done to all who managed to meet their targets, I'm in awe.
Puddle

gratefulforhelp_2

Another £48 paid off, totals in siggy. Slow but sure!!

LilacPixie

Still a MFW but offered on another house and accepted offer on mine so blah!! completion on course for 2nd week in December so I think my MF journey in 2010 is almost over but I will be back 2011

curlygirl1971

Hi

Just to let you know (because reporting it like this is a bit like a weigh-in.....you do it not because people need to know, but because you need to tell them as part of your own motivation plan) I OP'd £215 on the 1st.

This is a late post as I went on holiday at start of month and although I've been back since Friday it has taken me a ridiculous amount of time to sort myself out and get back into a routine.

The OP and regular payment took me to a mortgage balance of £40004.03 which is so chuffing annoying as I'd thought I'd go below £39999.99!

The £180 is made up of budgeted OP, a small amount of surplus money in my Bills & Spending account and then £15 of reward payments from Halifax. Next month is likely to be same - although I may have a little Quidco cashback by then. And at least then I will defo be in the £30,000's!

Finances are a little bit lean at the moment cause the holiday ended up costing more than I wanted to spend.....it was completely financed by savings but even so, the over-spend had a knock on effect. Ah well at least I got 4 Xmas presents at lower prices than I would in UK - so a saving there

Hope you are all well. I need to catch up with the thread. I still seem to have Jetlag and a raging lust for Buffalo Wings with a Celery & Blue Cheese Sauce side, but I have to keep focused on my other weekly weigh-in I guess!

ps - will update Googledocs. Cheers Cake