2010 MF Wannabes

Di-Dough

No 51 checking in for the last payment of 2010 - total for December £134.92:)

Well done everyone and hope to see all those who have not graduated on the 2011 thread

Di

Poppycat1

I will be in for next year please. I hope to do much better. Hoping for around £6000 but will confirm at the end of this year. Thanks cake.

mummyofonechild

cake21 wrote: »

I've rolled forward the active participants to a new challenge 2011 MFW; please confirm that you want to carry on (even if you're not sure yet what your target is) :beer:

Still open to someone else taking over though if anyone fancies it :rotfl:

I will like to carry on this challenge into next year too.

Count me in.

ljd706

Have just updated after 4 months, and see that I have made my target + £100 so very happy with that. Won't be OP'ing much next year as now have a wedding to pay for
Instead I have re-mortgaged to a lower rate and shorter term so that I pay the mortgage off in less time, but will do my best to keep going in 2011

Now down to £53000 from £76000 two years ago so very happy with that!

ElusiveLucy

I would love to stay in the challenge for 2011, it is so motivational to come on here and see how others are doing. :beer:

My target will be to OP £6,500 in the year, which should take my outstanding mortgage to just below £57,000 and could help me on my way to clearing my mortgage by a birthday with a rather large number in it (a dream that I am not telling any of my family or friends about)! :cool:

jaywhoopee

After the final overpayment we're almost £60 over our revised (increased) target of £4,000 with £4,059.39 overpaid in 2010. :j

Including the regular payments we've knocked £12,700 off the outstanding balance of the mortgage during the year.

This has mainly been achieved by making a monthly payment slightly above what we would need to if our rate went up from 2.99% to its five year cap of 5.99%, which equates to over £300 overpayment each month.

We have also made additional payments to round the outstanding amount down to the nearest £50 every month (this probably has more psychological effect than financial! ).

Thanks for organising this cake21. We're really fired up for next year now - bring it on!

fluffysox

Wow just noticed the 2011 MFW thread- thanks Cake!!!!:T:T:T

And its two pages long already!

Well count me in although I haven't the foggiest what our target will be yet as I don't know yet how long I'll take for maternity leave, or exactly how much income I'll have while I'm at home. Also OH contract not permanent- but we're hoping he'll get one later on- fingers crossed.

(Any other teachers recently had little ones please pm me if you have a link to the maternity pay and conditions- I can't find recent version of this:o.)

Leaving December's OP until after Christmas- we've got to buy a car :eek:....

Merry Christmas everyone!!!!!!

delmar39

Back on track with an overpayment of £50 this month and then up to £75 from December 2010.

SmileyG_2

MFW #48 reporting in

Last overpayment of 2010 made on the 15th December 2010
Overpayment target: £2760
December overpayment : £400 (increased from £250)
Overpayments to date: £3750 (Original target beaten.. :j)

My overall mortgage status is now:

Mortgage at 15/12/2010
Outstanding balance: £49,436
Estimated endowment value: £25,542 (a conservative re-estimate @01/10/2010, will be revalued at the end of the year)
Investments: £14,532 (up since beginning of year:).)
Deficit: -£9,363 (finally below £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 £1,163 before my target MF date of September 2014.

My overpayment reserve is £6,750, well over 19 months regular mortgage payments :T.

This final overpayment makes September 2012 the new target date for clearing the mortgage. My diary identifies the numbers involved, but given that the main reason for overpaying was to clear the mortgage by Sept 2014, this loooks like a potentially good outcome.

My 2011 target is less ambitious, but the overpayments are designed to build up a contingency against a rise in interest rates or a fall in investment values.

Well done to Cake, for keeping us all on the straight and narrow and big thanks for electing to run the 2011 challenge....

https://forums.moneysavingexpert.com/discussion/2918316

Well done to everyone for sticking with it. Hopefully, your outcomes were all positive.

SmileyG

belfastgirl23

Hi everyone, sorry haven't been here in forever, every time I see this thread come up on my usercp I feel a bit guilty because it hasn't been a great OP year for me Loads of extra expenses, my boiler went bang, needed a new car and had 2 very close family weddings to contend with as well, so a lot available cash has ended up diverted towards this. That said, before things started to go up the left, I managed to pay a total of £3870, so just over half of my £7500 goal. Including regular payments, that's £13,500 paid off this year, meaning we're down to £183,000. Hoping to do better in 2011....

Do I need to do anything else to report this? I know there's a form but figured that's for monthly payments...

and sorry again for disappearing, hope you're all doing ok!

ps should have said I'm no 131