We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
It's a marathon not a sprint.....
Comments
-
Well done, keep it up!Saving money for everything and everyone.0
-
-
Wow, so where did those 22 mths go?! Still been reading other MFW threads but kept forgetting to update mine!
So since I last posted, we've have made 3 OPs to the tune of £1600. Not as much as we had originally planned but that was due to a few valid reasons (I became s/e July 2011 and so have been directing the funds planned for OP into more accesible ISA's etc, OH also left her v well paid job in NHS in April 2013 and started her own business so again had to play it a bit cautious with where any spare cash goes, we also had to replace the family bus at the drop of a hat which was painful but at least the funds were there....)
But now with over 2 yrs 'experience' of me being s/employed, I am now getting back in the OP saddle. OH had a 20k inheritance recently so we are planning to do up the house, stick some in kids savings, and OH has agreed to use half of it as an OP. Luckily we have no OP limit (just the min. £500 per OP) so I should be able to do it all in one hit. I have calculated this should knock off 19mths off our term - previously we have OP'd and just lowered the mthly payments as we would be charged £30 each time to reduce the term (does anyone else have their mortgage with Nottingham and have the same issue??!!)
Plus it will save us over 6k in interest - yay!!!
So for next year, we plan to OP £500 every 4 mths. Hopefully now I have re-started my thread it will keep me focused!!Start Date 28/04/2007
Original amount outstanding = 152,500 Current amount outstanding = 103,000
Original LTV = 61.86% Current LTV = 33.22%
Original Pay Off Date = Apr 32 New Pay Off date = July 2024
Total OP = £15980 since Feb 20120 -
Quick update....
I made a £10500 OP just after Chrsitmas as planned. With previous OPs I have left the term the same (lender's rules dont allow me to reduce term unless I pay a £30 admin fee) but had my monthly payments reduce, and then the savings from that go back into my OP 'pot'
This time round, becaue of the large amount, I decided to stump up the £30 and reduce the term and keep my monthlys the same.
The impact of this OP was to reduce my total balance to £113,801, and to reduce the term by 26mths. So I will now be MF by Jan 2030 rather than Mar 2032! Now that feels good!!
My next goal is to pay £1500 of this year, so £500 every third.Start Date 28/04/2007
Original amount outstanding = 152,500 Current amount outstanding = 103,000
Original LTV = 61.86% Current LTV = 33.22%
Original Pay Off Date = Apr 32 New Pay Off date = July 2024
Total OP = £15980 since Feb 20120
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.1K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.1K Work, Benefits & Business
- 603.8K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards