Can I join the MFW Club....Please??

limpy-jim

Thanks Anna Beth - I am the same get drawn into a diary then before I know it, 2 hours have past and the kids are starving... But it does inspire me to keep pluggin away and knock the years off!!

limpy-jim

Well just made my final payment for November of £382 and had enough left over to pay £110 for December - DH had a tax refund in his wages, so straight to mortgage in stead of spending it on sweeties as we would have in the past!!! I have updated my signature - it is great isnt it and now dropped 9 months off the term!!! I am not sure how long we can maintain the overpayments at this level, but hopefully in to the middle of next year anyway, and that will make all the difference. It is so addictive when you see the months come tumbling down, last months o/p took us to 6 months early and now with an extra months payment it has jumped to 9!!

I will keep you all posted on my long journey.

SmlSave

Yay for the tax refund!

limpy-jim

Well Payday for DH today , so made an overpayment of £175 - bringing December's paymeeents so far to £285. I just love editing my signature ( and my spreadsheet!) This payment has reduce term now by 10 months, so hopefully by the end of the year we will have brought it down by a year! I promised myself I would start ebaying and gumtree but havent got around to it yet and a bit late to start that for XMas now. I am waiting on a few things for quidco to come through now - changed my utility supplier so due £80 for that and £50 for house insurance - will pay that over as soon as it is received.

We have had terrible snow for the last few weeks and today was the first day we have got our car out in a fortnight! So not spent very much at all - all helps with the overpayments! Had to rush out to the shops to finish the Christmas shopping though before the next lot of promised snow arrives! It has been a good couple of weeks - watching films and playing board games with the kids - they have only had 2 1/2 days at school in the last two weeks too - closed due to snow! I feel as though we have had our Christmas holidays already.

limpy-jim

Well Happy New year to all MFW and lurkers!

Been a while since I posted, so have just amended my signature and it is looking good! I managed to make the full 499 overpayment in December and have this month made a few payments, - DH wages and quidco, then I made it up to 10% off outstanding mortgage left from savings. This is the only month where I can make a large overpayment every year as well as up to £499 every month, so trying to take advantage ( wish I had started last January!) We are now downunder the £60,000 figure and almost under the £55,000 one too - a couple of months should do it I think.

We are more determined than ever to keep making the maximum overpayments we can, especially when looking at the spreadsheet and seeing what a difference it is making to our daily interest. If we keep going at this rate we could be mortgage free in 5 years instead of 19 - now that is scary!! Not sure if we will be able to maintain it though but will do our best and keep plugging away.

limpy-jim

Well everyone - it has been a while since I posted so thought i would bring you up to date with my diary! We made a capital payment in January of 10% the outstanding balance, but when the mortgage payment came off in February, they had reduced my monthly payment. Telephoned up A&L, they have put it back to the usual figure, but the maximum overpayment we can now make in a month has been dropped to £444. I must have misread the info as I thought you could do the 10% every year without it affecting your monthly payment, but it just doesnt affect your fixed deal. Anyway onwards and upwards! Have managed to meet the maximum o/p every month of the £444, from DH wages and holiday pay this month helped too. I presume now than in February every year the amount we can pay will drop if we make a capital repayment - but I am still hopefull that we can get this cleared in well under half the time that was outstanding on it.

Our fixed rate comes to an end in 3 years time , so we are determined to pay as much off it as possible before then in case rates start to rise steeply.

9 months on and we are as motivated as ever to clear our mortgage as soon as we can. Hubby is now totally on board too and is known to check the spreadsheet as much as me! I still havent got round to start ebaying /gumtree yet, but really need to get that started as kids outgrowing bikes/golf clubs /musiacl instruments so really need to get the outgrown stuff on to replace them. In the past we would probably have given them away but needs must - the money will go towards the new things.

Hubby is paid twice this month ( paid 4 weekly) but need a new oven so the 'extra' payment will pay for the oven. We are still managing to pay off credit card in full each month and think twice before spending on it for that reason. I was at the desk in the bank on Friday and the assistant was asking me all the usual questions ' mrs limpy jim do you have a mortgage at the moment? - Yes but it is fixed and we are MFW and hope to pay off as soon as possible' - 'Ok Mrs Limpy Jim do you have a credit card at the moment?' Would you consider ours?' ' No i have one for spending abroad with no charges whereas your charges every time we would use it and we have one for spending here that gives us nectar pouints and we pay it off in full each month'!! ' Oh well you sound as if you have it all sorted she said!! It felt great to be in control and sound in control too!! ( such a change from 2 years ago)

Well my signature has now been updated and we are now under the £55k mark interest has came down by over £30 a month too!

cha97michelle

Sounds like you are going great guns at the mortgage. Well done. Let us know how you get on selling your old stuff on ebay.

Sepa74

Hi Mrs Limpy-Jim, I'm so glad your mortgage is coming down so quickly! You should be really proud of yourself and your family for going at it with so much determination!

limpy-jim

Thanks Chas & Sepa! I am really proud, but still wish we had started it years ago! We would love to have it all paid off in 5 years time but not sure if that is entirely feasible - but will do what we can - would be ideal as DS1 would be ready to leave school so if University etc was on the cards wouldnt be such a worry and if not we can go for a big holiday!!

limpy-jim

We had a few big quidco payments through after Xmas , which again all went straight to the mortgage. £80 for changing Gas /Electricity supplier, £60 for house insurance plus about £10 from xmas spends too - over £150 off the mortgage woop woop!!! Dont have much outstanding on quidco at the moment but have managed to pick up a job at the next elections ( and got onto their lists which should mean more of these in the future too ).