2010 MF Wannabes

skaps

Just have remotivated myself and the OH - my overpayments of £60.11 mean that I will reduce my mortgage term by 3 years and 1 month and I will save £49000! Hoping to increase overpayments after the wedding is over to £100.11 which would reduce the mortgage term by 4 years and 8 months & £73,835.12. Thanks firsttimesaver for reminding me about the mortgage calculator.

pigtails_21

It's reassuring to read of others in similar situations - we've got 38 years remaining on our mortgage (75-ish k left) and it's shared ownership :eek:

But every little penny helps and we will all get there and be MF before we know it (well a lot sooner than the original date anyway)..

My plan is once we've got married (maybe 18 months) to aim at overpaying by 600 + a month. I'm already thinking when I've paid off my student loan (still five years) I'll pay the £110 straight as an overpayment. Ultimately I'd love to clear this mortgage in just over 10 years (by the time I'm 40) and then think about buying the other half of the house..

Baby_steps_2

FirstTimeSaver wrote: »

Thank you for your words of encouragement :beer: It really helps to hear from other people and how they do it. Hearing people say they have got around £20,000 on their mortgage really inspires me. I currently have £168,000 which seems like such a depressingly large balance but I guess I've got to start somewhere.

My OH thinks I've gone a bit crazy as I have set up a lovely excel spreadsheet totalling the rest of our mortgage payments until the mortgage is paid off........in October 2042!!!!!

Hi,
I don't know if this makes u feel any better but we are in a similar situation. Our balance is about 162k and the estimated end date is 2043!!!! Have also only just started overpaying. I will reduce that term:D

FirstTimeSaver_2

Hiya Everyone and thanks for your words of encouragement! :T

Black taxi - don't worry you didn't scare me just made me realise how much I would have been paying back. I know what you mean about interests rates being at an all time low. Not sure how I'd cope if they went up too high.

LittleMissKitty - Yeh you're right, our little overpayments will add up overtime and at least we're making a start!! It does make me feel better taking control of my mortgage payments and deciding how much I'm gonna pay back. At the start of the year I didn't even know how much we owed on our mortgage! (How bad is that?!)

Hi Baby Steps - Yay, we can be like overpayment buddies! It's reasurring to hear someone else in the same boat. Seeing all the targets of 10 or 12 years till people are mortgage free seems like an impossible dream at the moment. How much are you planning to overpay each month!!

Sleepy_head_2

No. 25 able to post again at long last! Halifax have now worked out where I'm up to with my over payments, it seems their system doesn't cope very well with regular overpayments. I received a letter yesterday stating I could overpay during April by £2861, so that's exactly what I did this morning. I finally feel like I'm back on track, well done to everyone else on their overpayments

Sleepy head x

Baby_steps_2

FirstTimeSaver wrote: »

Hi Baby Steps - Yay, we can be like overpayment buddies! It's reasurring to hear someone else in the same boat. Seeing all the targets of 10 or 12 years till people are mortgage free seems like an impossible dream at the moment. How much are you planning to overpay each month!!

Yay, overpayment buddies sounds fun:beer:, at the minute we are on a fixed rate and overpaying by £100 a month. Our fixed rate ends in July and think we are going to try and really overpay for 6months to get our LTV down, we will alos have cleared our credit card debts so hopefully about £500 a month. (With our fingers crossed the interests rates stay low:eek:)

How about you? Sounds like you have already made a good start.

IHateDida

Does anyone else's mortgage provider send a letter acknowledging any overpayments made?

Even if I OP an extra £1 - they send me a letter - EACH time!!!! What a waste of money!!!! (this is Woolwich or I guess Barclays as they became!).

Just wondered if anyone else received these unnecessary confirmation letters?:o

Kerry_Woman

IHateDida wrote: »

Does anyone else's mortgage provider send a letter acknowledging any overpayments made?

Even if I OP an extra £1 - they send me a letter - EACH time!!!! What a waste of money!!!! (this is Woolwich or I guess Barclays as they became!).

Just wondered if anyone else received these unnecessary confirmation letters?:o

I have not received any letters from Nationwide for any of my overpayments under £500. Am waiting to receive a letter for my current o/p, which was for £500.

elliemoo

This is a very slow month for me. Have only managed £100 and don't know if I will make any more this month. Also next month will be tight but will keep trying. It just feels so good to see those figures go down.

Good luck all.

SmileyG_2

LittleMissKitty wrote: »

You are not alone Firsttimer! I've got a 36yr mortgage for £134199 with 33 years left to run and I can only afford £100-£200 OP a month. When I see people paying off thousands I want to cry! But our little OP's will soon add up and seeing the interest savings alone makes it worthwhile! Our MF day will be here before we know it

Kitty x

It's reassuring to read of others in similar situations - we've got 38 years remaining on our mortgage (75-ish k left) and it's shared ownership :eek:

Mortgages over 25 years.... That's scary!

Good luck with those overpayments. I would suggest getting that term reduced as sson as possible. It's gonna cost you a fortune. The first 5-10 years is like rent!

SmileyG