2010 MF Wannabes

cake21

121. vwchris - £14500 / £3100 / £7300
122. NellieB - £3000 / £600 / £1100
124. rumncoke - £12000 / £1412 / £3487
126. chelly78 - £1700 / £283.7 / £767.98
127. moggyr - £3000 / £1017 / £1737
128. froddington - £3000 / £471 / £1276
130. azza2007 - £5000 / £250 / £1000
131. belfastgirl - £7500 / £450 / £1525
133. BARGAINHUNTER! - £4800 / £414.39 / £1643.17
138. anthonini - £4500 / £250 / £750
139. curlygirl1971 - £2000 / £120 / £679
143. lfd706 - £14000 / £250 / £4500
144. HarveyGal - £10000 / £168 / £5104
145. Mellyd - £600 / £50 / £100
149. skaps - £700 / £60.11 / £120.33
150. mummyofonechild - mortgage-free by 2012! (£1200 OP) / £150 / £400
154. IHateDida - £4000 / £539.76 / £988.76
156. LittleMissKitty - £1200 / £100 / £100
159. fruitdogs - £8000 / £751.55 / £2345.68
161. DansMum - £2904 / £528.02 / £792.02
164. SimbaK2K - £2000 / £500 / £600
165. katiegizmo - £1500 / £120 / £360
166. hebawom - £6000 / £100 / £100
167. Baby steps - £1500 / £100 / £100
168. Leigh Anne 60 - £5000 / £400 / £400
171. albionsarah - £15000 / £9175 / £9175


TOTAL - £1,021,153 / £73,854 / £280,686
(£25,398 ahead of YTD target :j)

pammyj74

well done everyone on all your hard earned OPs

Barny1979

Reached 80% of my 2010 target!

nicf1

After at first thinking i am not as money saving obsessed as cha97michelle and thought i would not be making small over payments i have realised i am as bad and have found out how to make OP's direct from current acc and i now i know the payment has gone through i think i might be my banks most annoying customer!!

chirpchirp

Hey Barney, that's super progress.

Cake, I've put £750 into regular savings this month and £300 into an ISA! Making a total of £1050.

Everyone's making super progress. I know I'm really lucky to be able to make such big payments - remember though that my mortgage is IO so I'm sort of cheating as all my payment-interest is counting as an overpayment.

jacqhale

Hi, no 32 checking in for April. Usual £200 overpayment gone onto the mortgage and a few bits and bobs added to the savings account which now stands at just over £3,800.

Yay!

skaps

chirpchirp wrote: »

Hey Barney, that's super progress.

Cake, I've put £750 into regular savings this month and £300 into an ISA! Making a total of £1050.

Everyone's making super progress. I know I'm really lucky to be able to make such big payments - remember though that my mortgage is IO so I'm sort of cheating as all my payment-interest is counting as an overpayment.

Always wanted to know how overpaying on IO works, if u have time can u explain it to me?

chirpchirp

Hi Skaps

My mortgage is interest only. However, it's also a flexible mortgage. For the first two years it had a fixed rate and then it reverted to being a tracker. My particular mortgage has no penalties for overpayments but a £50 charge to swap to repayment mortgage. I treat my IO mortgage as though it's a repayment mortgage by calculating how much I need to pay by using a mortgage calculator. Due to the low interest rates I also pay a bit more and put some into savings.

From an MSE view I would be better putting all the money apart from the interest into a savings account and then paying it off the mortgage when interest rates increase but I like to see the balance come down and I have some personal reasons which outweight the moneysaving.

When I intitially took out an interest only mortgage the idea was that my ISA stocks and shares ( and those of my then partner) would perform so well that the mortgage would not be needed for the full amount of time and so when this matched or outstripped the mortgage it would be cashed in, to pay off the mortgage.

Basically an overpayment is an overpayment but I don't know if all IO mortgages allow you to make overpayments.

Kantankrus_Mare

I have £38,000 left to pay on my Nationwide Mortgage with 8 years left on the term.

I will be 52 by the time it is paid but have it in my head that I want it paid by the time Im 50.

Have just played around with some calculators and with the minimum of £50 overpayment.(I will probably be able to afford more in a couple of years) .....it only knocks the term down by just over a year.

Maybe its not worth me doing?

The other thing Im confused about is........do the calculators assume you carry on paying the usual monthly mortgage or the lesser interest payment..........(if that makes sense?)

Any help appreciated

Mare
x

curlygirl1971

Kantankrus_Mare wrote: »

I have £38,000 left to pay on my Nationwide Mortgage with 8 years left on the term.

I will be 52 by the time it is paid but have it in my head that I want it paid by the time Im 50.

Have just played around with some calculators and with the minimum of £50 overpayment.(I will probably be able to afford more in a couple of years) .....it only knocks the term down by just over a year.

Maybe its not worth me doing?

The other thing Im confused about is........do the calculators assume you carry on paying the usual monthly mortgage or the lesser interest payment..........(if that makes sense?)

Any help appreciated

Mare
x

I definitely think it's worth doing and think that most people on here would agree (providing you have emergency saving etc)

Not sure which calculator you are using - I use Locoblades - and that one doesn't change the Standard Monthly Repayment unless you over-ride it or change the interest rate