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Can I join the MFW Club....Please??
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limpy-jim
Posts: 59 Forumite
Hi I have been lurking for a while and been very inspired by everyones MFW Diaries... so much so I have started making overpayments to our mortgage and to help me along and for some moral support decided to start a diary to track my progress.
Hope you don't mind me coming along!
I have installed a spreadsheet on my desk top that lets me add different amounts every month when required adn have been updating as I go along.
My outstanding figure before overpayments was £65303. - with 18years and 9months to go!!!:eek:. On the plus side we are lucky in that we bought the house 12 years ago for £55,000 remortgaged in 2004 ( back to 25 years which was a big mistake) for £75,000 and it is now worth about £150,000. When we remortgaged we put in new heating, windows , kitchen bathroom etc as it was an exLA home and need a lot doing - we also added a 2 story ext - so will be our forever home!
So back to business - My Dh was made redundant in Dec of last year and has since picked up a casual job so the plan is to pay all his wages to making overpayments, as we were managing ok, while he was looking for work. I work and we have no childcare costs. We are not big spenders, have 2 young kids so dont really go out a lot. We have savings ( thats a first) in the bank ( what is left of the redundancy after clearing feet completely), so aim to use that to make overpayments too.
We are on a 3.95% fixed rate for the next 4 years and pay £412 pm ( capital and repayment)
We can pay up to £499 per month without penalty and once a year in January only can make an overpayment of 10% of the outstanding balance. He hasn't made £499 per month yet so plan to top up to 499 from savings( if necessary).
So far the overpayments have been
August £280 - balance now £65023
September £499 - balance now £64325
October £228 - balance now £63896
so far it has knocked 5 months off our term and really given me the encouragement to go on. I wish I had started it years ago now:cool:
I will keep you all posted on my journey!
Hope you don't mind me coming along!
I have installed a spreadsheet on my desk top that lets me add different amounts every month when required adn have been updating as I go along.
My outstanding figure before overpayments was £65303. - with 18years and 9months to go!!!:eek:. On the plus side we are lucky in that we bought the house 12 years ago for £55,000 remortgaged in 2004 ( back to 25 years which was a big mistake) for £75,000 and it is now worth about £150,000. When we remortgaged we put in new heating, windows , kitchen bathroom etc as it was an exLA home and need a lot doing - we also added a 2 story ext - so will be our forever home!
So back to business - My Dh was made redundant in Dec of last year and has since picked up a casual job so the plan is to pay all his wages to making overpayments, as we were managing ok, while he was looking for work. I work and we have no childcare costs. We are not big spenders, have 2 young kids so dont really go out a lot. We have savings ( thats a first) in the bank ( what is left of the redundancy after clearing feet completely), so aim to use that to make overpayments too.
We are on a 3.95% fixed rate for the next 4 years and pay £412 pm ( capital and repayment)
We can pay up to £499 per month without penalty and once a year in January only can make an overpayment of 10% of the outstanding balance. He hasn't made £499 per month yet so plan to top up to 499 from savings( if necessary).
So far the overpayments have been
August £280 - balance now £65023
September £499 - balance now £64325
October £228 - balance now £63896
so far it has knocked 5 months off our term and really given me the encouragement to go on. I wish I had started it years ago now:cool:
I will keep you all posted on my journey!
MFW start figures - August 2010 - 65,303 O/P Aug 280 Sept 499 Oct 499 Nov 499 Dec 499 Jan 6205 Feb 444 March 444 April 444 May444 June444 July444
Now July 2011 - 51,586 - reduced by 13717
Finish Date was April 2029 :eek::eek: before MFW Now January 2025 ( saved £9867 in interest already!!) :T Total Overpayments to date £11145
Now July 2011 - 51,586 - reduced by 13717
Finish Date was April 2029 :eek::eek: before MFW Now January 2025 ( saved £9867 in interest already!!) :T Total Overpayments to date £11145
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I have now updated my signature - hope it takes ok!MFW start figures - August 2010 - 65,303 O/P Aug 280 Sept 499 Oct 499 Nov 499 Dec 499 Jan 6205 Feb 444 March 444 April 444 May444 June444 July444
Now July 2011 - 51,586 - reduced by 13717
Finish Date was April 2029 :eek::eek: before MFW Now January 2025 ( saved £9867 in interest already!!) :T Total Overpayments to date £111450 -
Limpy-jim, nice to have you here,
It's amazing how little overpayments make all the difference isn't it
Even the few hundred a month here and there, suddenly in the big picture really do make all the difference.
Like you I haven't made many posts on here, but find just the daily habit of reading this and picking up good tips/things to avoid makes a BIG difference in repaying the mortgage.
As a Catholic once told me,
"Patience and perseverance will take a snail to the Vatican"Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
Thanks for your reply - I know it is amazing , I have been playing about with the spreadsheet and if I keep on target till January when I will make a 10% payment I will have knocked 39 months off my term!! Interest saved is a whopping £7570!!! Now that is an incentive to keep going if there ever was one!!MFW start figures - August 2010 - 65,303 O/P Aug 280 Sept 499 Oct 499 Nov 499 Dec 499 Jan 6205 Feb 444 March 444 April 444 May444 June444 July444
Now July 2011 - 51,586 - reduced by 13717
Finish Date was April 2029 :eek::eek: before MFW Now January 2025 ( saved £9867 in interest already!!) :T Total Overpayments to date £111450 -
Well done on the progress so far! Look forward to following your journey2019 fashion on a ration 0/66 coupons0
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Welcome to the addictive world of MFW!June 2025 - part 1 - £19,145 part 2 - £21,973 Total - £41,118 29 months to go!0
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Go limpy-jim, go!
The great thing about this site is the encouragement and the support - I'm sure everyone is glad you de-lurked and joined in!Emergency savings: 4600
0% Credit card: 1965.000 -
Well managed to make an other overpayment this morning of £48, got some interest paid and quidco.
In the past in would just have been swallowed up into the househouse spends without even noticing but I am more determined than ever that each wee extra payment will make all the difference.
Dh has also picked up a few shifts extra this week, so hopefully can meet the full overpayment of £499 this month without using savings to top it up! Anything over and above the £499 ( which I doubt, but he may get more shifts), I will hold over till November to get that month off to a good start too.
This MFW lark is very addictive isnt't it! I was wanting to get some new lights for our lounge, but decided to wait just now as would rather overpay than spend!!MFW start figures - August 2010 - 65,303 O/P Aug 280 Sept 499 Oct 499 Nov 499 Dec 499 Jan 6205 Feb 444 March 444 April 444 May444 June444 July444
Now July 2011 - 51,586 - reduced by 13717
Finish Date was April 2029 :eek::eek: before MFW Now January 2025 ( saved £9867 in interest already!!) :T Total Overpayments to date £111450 -
Once you make the realisation that every penny counts a lot, then it is totally addictive. Welcome aboard, good luck with it.0
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Not made any more overpayments - although doing well this fortnight so far with the extra payments I have managed to make over and above DH wages. His payday is this Friday coming so looking forward to seeing what he clears to pay over - it is so addictive isn't it! I wish we had started this years ago - but never seemed to have any spare money due to too many credit card bills. We cleared all them in December of last year when DH got made redundant and the cards all went - we kept one - but clear it every month . It really keeps spending in check if you know it is all coming off in one payment!! Did give in today though and bought some lights, but got them home and not keen , prefer the old ones ( have had them for 15 years right enough) so the new ones are being returned tomorrow!MFW start figures - August 2010 - 65,303 O/P Aug 280 Sept 499 Oct 499 Nov 499 Dec 499 Jan 6205 Feb 444 March 444 April 444 May444 June444 July444
Now July 2011 - 51,586 - reduced by 13717
Finish Date was April 2029 :eek::eek: before MFW Now January 2025 ( saved £9867 in interest already!!) :T Total Overpayments to date £111450 -
Welcome
What Michelle says is totally true. Plus when you slip under that 50k mark you then aim for 45k then 40k and before you know it your aiming for a balance of 0 within 3/5 years MF aim 10th December 2020 :j:eek:MFW 2012 no86 OP 0/2000
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