2010 MF Wannabes

froddington

No 128 - pay day today so made a £300 overpayment Total OP for Feb = £440

chirpchirp

Hi Cake

Today's overpayment has been made - £1109.78 has been made ( Feb overpayment)

A further £750 will be made on Monday into regular savings.

Keep up the good work everyone.

chirpchirp

Change to the above post. My mortgage company have placed a credit of £20 on my account due to a dispute I am having with them. I'm counting this as an overpayment of £10.69 making my total for the month £1120.47.:j

ljd706

No. 143 checking in. Just the basic OP of £250 this month as still paying for a new kitchen (nearly finished!). Looking forward to 1st April 2010 when fixed rate ends and drop to 2.5% SVR and have paid for this year's holiday. Can then increase regular OP to £600 month!
Current mortgage £59k and 15 yr term, down from £76k/20 year term 2 years ago.

Needhelpsaving

Hi,

Number 96 checking in - I have just made my March overpayment (before I spend it! lol.) of £97.58.

Thanks Cake21 for keeping track of us all!

crushedkitten

Number 82 checking in... my February £40 overpayment has just gone.

Lo-Lo

Hi everyone,
Just done my online form for Feb - made the £500 overpayment and will be sticking a bit more in the savings in the next few days. I was hoping someone could help me to decipher my current end date, as I've been puzzling over the statement for a month now!!

I took out a 25 year mortgage in 2007 so am nearly 3 years in. I borrowed 100,800 and paid a 10% deposit. My 2009 statement said my current balance was £90 031.30, which has already taken off my overpayment reserve of £4290. However, the remaining mortgage term on the statement was still 22 years, 2 months, which is the full term.

I've tried to use a mortgage overpayment calculator to see what my MF date will be if I manage to continue paying off the full £500 per month (ignoring that I am saving a lump sum to throw in at a later time) - this suggested that this overpayment would equal a mortgage free date in 9 years! 2019!! I'm not sure if I've checked this right, can anyone confirm with my current figures. Since the statement came out I have made Jan and Feb's £500 overpayments.

Also, it appears that they are adding £90 for Redemption Admin Fee - is this only if I were to try to pay off the balance immediately? If not, I'm not sure what I'm being charged for?

Thanks all - if the numbers are right, I think I'll be joining the MF by 40 gang!!! I'll be turning 36 in 2019, so perhaps I should aim for MF by 35... but I'm getting ahead of myself - have I got the sums wrong, 2019 is a lot LOT sooner than Feb 2032!!!

Edit - Forgot to put current interest rate is 2.5% with payments of £448.46 per month if that helps?

pollys

March overpayment is now on its way over to the mortgage. We are hoping to up this a bit more before the end of the month but at the moment it stands at £1000.

Pollys x

:jThis will take us below £20,000 what a fantastic feeling.:j

black_taxi_2

30. reporting in

£667 o/p march

wynnvegas

It's that time again! No. 17 reporting 25% progress for this year - bang on target thus far:

Overpayment in March, including interest - £1853.92
Overpayments in 2010, including interest - £5,592.96
Total Mortgage Payments in 2010 - £8,074..14

Just the 9 mortgage payments to go now until mortgage freedom! Roll on the next 273 days.

Cheers,

Billy