2010 MF Wannabes

cha97michelle

sheslookinhot wrote: »

Hello MFW's, after another payment my mortgage balance is now just £1,657, hard to believe. Three years ago it was over £30k but a concerted drive, helped by all the contributors to this forum, has taken me to the brink of being MF, only 2 months to go.

:T

Very inspiring. I am hovering just above £30k now and i would love to have cleared it in 3 years. Do you have a diary on here? Or be willing to explain how you've done it? I'd love some tips.

I know i am probably looking at a pipe dream due to our circumstances at the moment but if i didn't dream it it wouldn't happen until 2029 so i am going to keep on dreaming.

sheslookinhot

cha97michelle wrote: »

Very inspiring. I am hovering just above £30k now and i would love to have cleared it in 3 years. Do you have a diary on here? Or be willing to explain how you've done it? I'd love some tips.

Didn't have a diary, in fact I started before I became aware of this forum. When my payments were lower, around £200/month, I realised that I could afford to pay more. It was about the time red/amber letters appeared. I changed the mortage to repayment, save the last £1000 and ramped monthly payments by reducing the term, Jan 2015 to 2010, to a level I could afford.

The one thing we have never had was a car loan of any description so instead of a £200/£300/£400 car loan that sum helped pay the mortgage, we both drove cars that were 10 years old. (Although, She who looks hot bought a wee red sporty Ibiza (08) last month using our savings)

Look for ways of paying more off your mortgage, every small amount helps. The best thing is to go repayment and reduce the term however slight, but do not scrimp. If you have big payments for Car etc consider if you need it. Do not sign up for anything you do not really need. I was always being asked by kids, when were we getting Sky or an LCD TV, don't need either was my response, maybe later.

cha97michelle

Thanks for that. I can't pinch any of those ideas i'm afraid. We don't have new cars. DH's is an x plate and mine a 51 plate. I think of it as fairly new as it only has about 17000 miles on the clock. We don't have sky either.

Looks like it is more hard slog from us then.

Looks like about £475 per month would be our target to overpay to get it cleared that quickly. I try my best but it will be more like £200 so i will have this beast a bit longer yet.

financialbliss

Hi all,
Trouble with having an automated overpayment that is collected on the 1st of each month is that I keep forgetting to post here.

Aim for 2010 is to overpay by £6k, ie £500 a month.

By some miraculous coincidence, I can overpay by a maximum of £500 while on my Nationwide fixed rate mortgage.

Overpayment of £500 was collected on 1st May and along with previous OPs in January to April, now gives me a year to date total of £2,500 or 41.67% of my objective.

Financial Bliss.

curlygirl1971

Due to the bank holiday my regular mortgage payment only left my account today and not on the 1st............which I find really annoying. The wonders of modern banking - and DD's aren't processed over the BH! So it means that I have to chew on my arm until I can log-on tomorrow and find out the real balance and update my lovely spreadsheet. Grrrrrr

Considering doing it at past midnight

boysma

Hi guys

Can i join please?

I will only be starting off very small with a min of 100.00 OP a month but have really been bitten by the bug reading all your posts and some of the MFW diaries. My target for the end of the year will be 1300.00 as my DH is expecting some back pay due to him end of Aug/early Sept and i can pay some extra then. I hope to pay my first OP end of May when i get online mortgage details sorted - ooh i am excited:D Thanks again Pammy for your help and Baby steps for the inspiration.

Barny1979

Reached my 2010 target of £10,000 this morning

Needhelpsaving

Hi all,

I am really going for it this month and have already paid £143.43 in overpayments. I get paid from my second job on the 12th, so hopefully will be able to top it up.

My 3 year aim is to get it under 100k (granted that's only 13k reduction), but this will put us in a much better position to look at other products when our FT is up.

Love reading all of your tips on how you have all managed to reduce your mortgage, so keep posting them please!!!

Good luck everyone!!!! The £1m will be a breeze!!!!!

pammyj74

My balance was updated today and it showed as £79555 but my SS shows as £79,999 so £444 difference. why would it be so far out, its never been that far out before, usually just a few pounds as I OP through the month and the daily interest changes.

I am with the Halifax, does anyone know?

curlygirl1971

I'm with the Halifax as well but my current bal is circa £42.2k. My DD usually leaves my CA on 1st. At the same time I notice the Halifax put the months interest on the balance. Then on the 2nd the Mortgage balance is adjusted to reflect that months payment.

This time my account wasn't updated until today (Mortgage payment left CA yesterday due to BH) and bizarrely the balance was £10 more than my SS said it would be. The balance is usually a couple of pounds under what the SS say's its going to be.

So sorry I don't have an explanation..........but mine isn't as it is usually either. And for the difference you are talking about I'd definitely ring them up!