2010 MF Wannabes

Needhelpsaving

Hi all,

I have just paid £375.00 off of the mortgage, making March's total OP £498.34.

Good luck everyone!

xxx

gratefulforhelp_2

Another £48 off, no great shakes but better than nowt! Keep it up, everyone!

violetblue

Another £500 paid off today! :j So my total for the year is now £1700, which is already 42.5% of my target.

I'm getting more and more impatient the closer I get to the finish line - can't stop dreaming of all the things I will do with the spare money when I no longer have to pay the mortgage!

NoobySaver

Well nothing out of the ordinary this month but will hope to up the amount next month. March total is £700.00. As violetblue said, I'm getting impatient too. Trouble is I have 10 times more to pay off! Oh well, keeps the motivation up I guess.

SalsaDanca

SalsaDanca wrote: »

Thanks for mentioning this, CurlyGirl. My mortgage protection policy was set up by my mortgage broker, and it was bought from an insurance company that isn't connected to the mortgage company.

My MPP policy will pay out a fixed amount per month if I suffer accident or sickness or am made redundant - the premium was calculated to give me £400 per month. However, the policy will only cover a certain amount (I think it's 125% of the standard monthly mortgage payment), even if I'm paying for more cover than that. My standard monthly mortgage payment has been reduced because of overpayments and a change in interest rate, but I haven't told the insurance company, so it's possible that I have been paying for more cover than I can claim.

I've finally got around to sorting this out. It turns out that I have been paying to insure 160% of my monthly mortgage repayment, but in the event of a claim the insurance company wouldn't pay out more than 120% of the monthly mortgage payment. I have reduced the amount of income covered by my policy, and reduced the premiums by £7 per month. That's another £7 per month that I can use for overpayments! :T

BARGAINHUNTER!

Paid another £414 overpayment this month! just switched from BT to primus for telephone so shoul be an extra £10 a month I recon and seriously considering reducing Sky package right down to cheapest to save a bit more (don't think we would even notice really). im also following weezels thread with earnest and can't wait to get started on the feed 4 for £100 a month!!!!

Creditcardkid

Just made another £300.00 overpayment which takes March's total to £3350. Going to have to be smaller payments from now on as every spare penny I had has now been thrown at the mortgage!

Steve

rumncoke

MFW 124 checking in for March. Total of £1412 overpaid this month. :j No Council Tax & DH has had some small amount of back pay from a pay rise that he wasn't expecting. Also had a bonus but that has been set aside for special holiday to celebrate our Silver Wedding in the summer.

Moniker

MFW 97 checking in for March. Have made the usual £500 OP and mortgage is now £16733.86. However, my other savings which I hope to use to pay off the final balance in July have been a bit depleted as I had to send money to DD1 who is studying abroad, and we have just had a quote for a repair to our conservatory roof which is going to make another big dent in the savings pot. Hm, might have to defer clearing mortgage to the end of the year - will have to see how things go.

Well done everyone. Keep up the good work

Moniker

Baby_steps_2

Hi cake,

Following encouragement from other members I have submitted my form to join the challenge. I will aim to overpay £1500, though hope to do better than this if I can reduce the mrtgage rate in July. Made the first overpayment this month of £100.

Baby steps