2010 MF Wannabes

pencekeeper

Moniker wrote: »

My OH thinks we should keep £1 on the mortgage in case we want to borrow again, but at our age I think that would be stupid and psychologically the house would still not be all ours! What do other people feel about this? I am for paying the whole damn thing off and be done with it!

Obviously one of things one decides for oneself, but this happened to me 14 days ago when I deliberately made the balance £1 instead of £0.

Especially as you get older, in the (hopefully unlikely) need to get back capital quickly, if your product allows it you can get back money without remortgaging - which may be a problem if your circumstances don't look good to a lender in the future.

I keep a £1 coin on my mantelpiece as a little psychological symbol, even though in actual fact my lender wouldn't require any money from me to close the mortgage anyway. And leaving £1 on the sheet didn't take the shine of the experience of becoming MF for me.

COOLTRIKERCHICK

After having a lovely pm from cake21..

I am the proud owner of no 215:D

I am aiming to overpay 2k by the end of the year..

so only £1600 to go......

curlygirl1971

COOLTRIKERCHICK wrote: »

After having a lovely pm from cake21..

I am the proud owner of no 215:D

I am aiming to overpay 2k by the end of the year..

so only £1600 to go......

Welcome!:beer: you've come to the right place for support and you will find the motivation (if you ever need it) with our little team ofsuccessful MFW graduates.

I've seen your post on the MFiT-T2 thread and some of our figures are similar. I too am on 3.5%, just broke through £40k mark and would have had 17 years left on the mortgage life if it wasn't for the fact I've been overpaying and have subsequently knocked the life of my mortgage down to 15 :cool:

You said you're not too good with spreadsheets (on the other thread). Find one that you like and take time to find your way around it. Mess around with it. You dont need to understand all the calculations. Spreadsheet calculators aren't usually accurate to the £ as they normally only calculate your interest on a monthly basis whereas in real life your mortgage probably has daily interest applied. So at the end of everymonth I normally over-write the calculated balance with the actual one.

COOLTRIKERCHICK

curlygirl1971 wrote: »

Welcome!:beer: you've come to the right place for support and you will find the motivation (if you ever need it) with our little team ofsuccessful MFW graduates.

I've seen your post on the MFiT-T2 thread and some of our figures are similar. I too am on 3.5%, just broke through £40k mark and would have had 17 years left on the mortgage life if it wasn't for the fact I've been overpaying and have subsequently knocked the life of my mortgage down to 15 :cool:

You said you're not too good with spreadsheets (on the other thread). Find one that you like and take time to find your way around it. Mess around with it. You dont need to understand all the calculations. Spreadsheet calculators aren't usually accurate to the £ as they normally only calculate your interest on a monthly basis whereas in real life your mortgage probably has daily interest applied. So at the end of everymonth I normally over-write the calculated balance with the actual one.

thank you curlygirl for the welcome:T

for now I am just writing my over payments into a book..

we registered on-line with the halifax so we could see our mortgage statement, but its only giving us the balance, not showing us the day to day/monthly statements, as i thought this will show me when my op start making a difference to the interest charge...

on the mortage calculater i need to over pay approx £600 per month to clear my mortgage in 3 - 4 years, I am not committing to that though, i am just committed to throw any surplus money at it,

think i will count the change jars this weekend, and the loose change scattered around the house.... there should be quite a few squids there......especially down the side of hte sofa where hubby slouches.....:rotfl:

waughc01

morning, this has been a great thread to keep us focussed during 2010, thanks:beer: I remember seeing a discussion about 2011 last month but haven't seen any challenge to sign up yet.

Does anyone know what the procedure is or will the 2010 challenge roll over?

Thanks.

cake21

waughc01 wrote: »

Does anyone know what the procedure is or will the 2010 challenge roll over?

I'm assuming (hoping?) that if anyone starts up a 2011 challenge they'll pop a link in here

Otherwise...I guess I'll be rolling this one over!

Spiggle

cake21 wrote: »

I'm assuming (hoping?) that if anyone starts up a 2011 challenge they'll pop a link in here

Otherwise...I guess I'll be rolling this one over!

Thanks for that cake21! :T

I had just popped on here to ask the same question as waughc01. I've only (re)started oping the mortgage this year and was hoping there may be something new for 2011. So I'll subscribe and keep my eyes open.

Thanks and all the best,
Spigs

cha97michelle

It would be great if you were willing to do it again Cake. Normally a new thread starts round December time, which we are nearly upon again aren't we.

I really appreciate all you have done this year, i just wish i had more to overpay to match the target i set myself.

pammyj74

COOLTRIKERCHICK wrote: »

thank you curlygirl for the welcome:T

for now I am just writing my over payments into a book..

we registered on-line with the halifax so we could see our mortgage statement, but its only giving us the balance, not showing us the day to day/monthly statements, as i thought this will show me when my op start making a difference to the interest charge...

on the mortage calculater i need to over pay approx £600 per month to clear my mortgage in 3 - 4 years, I am not committing to that though, i am just committed to throw any surplus money at it,

think i will count the change jars this weekend, and the loose change scattered around the house.... there should be quite a few squids there......especially down the side of hte sofa where hubby slouches.....:rotfl:

I'm with halifax too, and I wish they would update the figure every couple of days and not just once a month. I also wish you could see a statement. would be chuffed to see it there in black and white when you need to.
I opened a rewards ac but you cant even OP from there online which is stupid!! :mad:

cake21 wrote: »

I'm assuming (hoping?) that if anyone starts up a 2011 challenge they'll pop a link in here

Otherwise...I guess I'll be rolling this one over!

Would you be willing to do the thread again cake21?
It has been great to see how everyone is getting on and to ALL those that have completed their challenges - well done :T
Even better congrats to the MF champions :beer:, you inspire us all that we will be there one day


I have OP'd another £100 this month to add to my total please

sheslookinhot

Folks,

This is a hard one. Please be understanding. I had £64 left on my mortgage, due on the 1st December. However, I need to raise some cash for medical treatment and I will not take it from our savings (locked into FR ISA's) or a small S&S ISA (£7k). I am also saving to pay off some 0% CC's due April/June.

Rather than personal loans, the best option has been to "borrow back" my overpayments and add another small amount.

So my mortgage free adventure starts again.