2010 MF Wannabes

pammyj74

mummyofonechild wrote: »

Firstly,Thank You Cake21 for accepting my late application. Until the end of 2008 I worked for Woolworths. As you are now doubt aware all employees went through an emotional and financial rollercoaster. 6 weeks later things were looking brighter as I was employed again, strangely enough back in the same office in the same building but for a different company. A year further on I would like to have my mortgage paid off as soon as possible. As it is £21000 I want to cash in my endowment worth £11000 and pay that off leaving a debt of £10000. If I keep my original repayment as it is, overpay by £100 a month and put the endowment payment of £43.32 towards the debt I should be mortgage free by the end of 2012. I will be contacting Standard Life this week to start the ball rolling.

Good luck with that x

k2tog

Have just done another OP of £60. £10 from scratchies and £50 before it gets eaten by anything else - like car tax which is due:(.
On my way :j
Total Jan OP £220

Lady1981

Thought I would check in to say well done to everyone who has OP'd this month (especially after that horribly expensive time that is xmas!). :j

I'm still on the hunt for a job thanks Cake21, will be back on the OPing as soon as I have found something (hopefully in the not too distant future!)

Keep up the good work everyone :T

Lady xx

skaps

One thing that puts me off overpaying is that the first few years of a mortgage you end up paying the interest and the total basically remains the same. Does anyone know how to work out when i will start seeing big differences or where i can do this?

Will still overpay but want to work out when i will see it making a big difference to help me stay motivated.

cake21

skaps wrote: »

One thing that puts me off overpaying is that the first few years of a mortgage you end up paying the interest and the total basically remains the same. Does anyone know how to work out when i will start seeing big differences or where i can do this?

Will still overpay but want to work out when i will see it making a big difference to help me stay motivated.

I found that individual OPs didn't seem to make that much of a dent, but when I put in a standing order of £10/month into the spreadsheet it showed a saving of thousands over the course of the mortgage :j that is one advantage to starting the OPs at the beginning:j:j

(I downloaded the spreadsheet from one of the threads on MSE, but can't for the life of me remember which one if you can't find one I can email it to you if you PM me)

curlygirl1971

The spreadsheet I use (and swear by) is by a guy who goes by the user name of Locoblade, so try searching for him - his calculator seems very popular on the forum. It shows me how much interest / capital I've paid off every month and gives a forecast for future months

bnoc

I paid off the last of my other debts today, so now all that is left are the mortgage accounts; all he says, as though it isn't a huge figure! I'd like to join in, a little late in the month perhaps but I'll target £9,000 as it is both my wife and I that will be raising the money for the OP; large enough to be a challenge but not so large as to make it impossible (I hope).

So, that leaves me 6 days to raise £750; eek, perhaps I should lower the target. Sod it, I'll keep it at £9,000 and make up January's OP across the year.

Long meandering post over, please put me on the list and wish us luck

gallygirl

bnoc wrote: »

Long meandering post over

Oh boy. If you think that's a long meandering post you're in for a shock when you read some of the drivel I come out with .

Welcome & good luck :T

Barny1979

MFW Challenge 2010 (No 73) - £1963.42/£10,000

zavarony

curlygirl1971 wrote: »

The spreadsheet I use (and swear by) is by a guy who goes by the user name of Locoblade, so try searching for him - his calculator seems very popular on the forum. It shows me how much interest / capital I've paid off every month and gives a forecast for future months

Hi Curly - Thanks, that will be very useful for me too..... toddles off to find Locoblade!...... here's the link to the spreadsheet and a whole host of other information about it.

http://forums.moneysavingexpert.com/showthread.html?t=1157173&highlight=locoblade

Hope it helps someone else?

Zav