Completed on Friday 22nd Oct 2010 - now a MFW!

I want to belong to the MFW club - but got a verrry loong way to go :(

Completed on Friday 22nd October 2010
Mortgage £217,750 over 25 years
FD tracker @1.99% + BOE = 2.49%

Interest only £452.13
Repayment £976.96

My Monthly payment £1,500 an overpayment of £523.04
First mortgage payment seems to kick in from December.

Does anyone have any tips on what else I should be doing?

Thanks!
C*F

Replies

  • originalmiscellanyoriginalmiscellany Forumite
    1.7K Posts
    Part of the Furniture 1,000 Posts Combo Breaker Mortgage-free Glee!
    Forumite
    Offset is great I think ;)

    a) It seems a daunting amount but over time you can make inroads - small steps will make a massive difference - £30 here and there, and before you know it, you have knocked off £500.

    b) Keeping posting and reading on this is the best, keeps me focussed and when you realise how much you will be paying the banks in a normal (sayy 25 year mortgage) is just criminal/terrible.

    Not a lot of use, but some pointers to get you started.

    And well done on recognising you're a MFW
    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 - 2037
  • Offset is great I think ;)

    If there is a spare £30 Is it ok to offset in a linked savings account or would you throw it directly into the mortgage pot?


    a) It seems a daunting amount but over time you can make inroads - small steps will make a massive difference - £30 here and there, and before you know it, you have knocked off £500.

    Say that again! I had a quick look on here and couldn't find anyone with a mortgage amount so big :eek:

    b) Keeping posting and reading on this is the best, keeps me focussed and when you realise how much you will be paying the banks in a normal (sayy 25 year mortgage) is just criminal/terrible.

    Not a lot of use, but some pointers to get you started.

    And well done on recognising you're a MFW

    Thanks - reading how everyone is progressing on here is absolutely my motivation!

    C*F
  • C*F quite a few kicking about with 250k ish mortgage. Gratefulforhelp started her diary in the last day or two ad she owes more than you I think so your definatly not alone.

    My Tip would be check your deal, ceiling on over payments? penalties etc. Secondly look at your offset saving account. flinging the cash into offset so you can still access it if needed is great and then maybe agree to maybe have 3k or something in savings and then pop the rest in the mortgage pop.

    Other thing would be if your paying 2.49% on your mortgage would you be better saving elsewhere and getting a better return on your cash? No idea if you are a taxpayer basic or higher rate but a few regular saver are paying 5-6% gross last time i looked so could be worth a look depending on your circumstances. If you have a partner who is not a tax payer savingins in his/her name could be of benefit kids as well if you have them.

    What i would say is enjoy your new house, watch the spends because its really really easy to get carried away buying bits.
    MF aim 10th December 2020 :j:eek:
    MFW 2012 no86 OP 0/2000 :D
  • LilacPixie wrote: »
    C*F quite a few kicking about with 250k ish mortgage. Gratefulforhelp started her diary in the last day or two ad she owes more than you I think so your definatly not alone.

    Blind as a bat I am! Will go take another gander!!!

    My Tip would be check your deal, ceiling on over payments? penalties etc. Secondly look at your offset saving account. flinging the cash into offset so you can still access it if needed is great and then maybe agree to maybe have 3k or something in savings and then pop the rest in the mortgage pop.

    No ceiling on overpayments on FD

    Other thing would be if your paying 2.49% on your mortgage would you be better saving elsewhere and getting a better return on your cash? No idea if you are a taxpayer basic or higher rate but a few regular saver are paying 5-6% gross last time i looked so could be worth a look depending on your circumstances. If you have a partner who is not a tax payer savingins in his/her name could be of benefit kids as well if you have them.

    No partner / kids and a higher rate tax payer. Will have a look at savings -although to be honest by the time I have furnished doubt there will be much but a few pennies in the pot!

    What i would say is enjoy your new house, watch the spends because its really really easy to get carried away buying bits.

    Oh I know!! Have been fantasy virtual shopping this weekend :eek:

    C*F
  • I know C*F We had an offer accepted during the week and i'm already mentally spending money we dont have on stuff we don't need. sofa's rug and new fridge freexer top of the list :) I have no need for any as the ones we have are perfectly servicable. Oh plus the little question of still need to get our official mortgage offer :(
    MF aim 10th December 2020 :j:eek:
    MFW 2012 no86 OP 0/2000 :D
  • nellis10nellis10 Forumite
    1.3K Posts
    Part of the Furniture Photogenic Combo Breaker Debt-free and Proud!
    Forumite
    Hi C*F!!

    I've just restarted my MFW Diary after a 4 yr lapse and we have £183500 to get rid off!! We're currently I/O @ .79 + BOE.

    We're aiming for minimum of £500/month from january 2011 and need to clear 90,000 with DH's business hopefully going to clear the remainder when he retires in 10-12 years (which is a remortgage we took out to buy DH's partner out of the business).

    Good Luck in your journey!!
  • Ferrety_2Ferrety_2 Forumite
    99 Posts
    Part of the Furniture 10 Posts Combo Breaker
    Forumite
    Well done on getting straight into overpaying the moment you completed - I did the same and it's a really good feeling to know that your overpayments now are having a massive impact further down the line - good luck!
  • getmore4lessgetmore4less Forumite
    46.8K Posts
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Forumite
    Pay the minimum on the mortgage and build up the offset pot with the overpayments to start with.

    AS a 40% tax payer unlikely you will find a better place for the money for now.

    Long term you need to consider not just the mortgage but other savings/investments and ISA's are the way to go for that as you pay HRT.
    You need to start these well before the mortgage is paid off because the tax benifits last a lot longer that the mortgage. If you have pension lump sums coming that may make starting the ISA earlier and keeping the mortgage longer a reasonable option to consider.
    Mortgage £217,750 over 25 years
    FD tracker @1.99% + BOE = 2.49%

    Interest only £452.13
    Repayment £976.96

    My Monthly payment £1,500 an overpayment of £523.04
    http://www.whatsthecost.com/mortgage.aspx
    gives slightly different numbers but close enough,
    Interest only £445
    Repayment £972
    £1,500pm so paid off in 173months, 14y 5months so with this initial schedule thats 10year earlier allready.
  • CathTCathT Forumite
    7.1K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    Forumite
    C*F well done on being so focussed from day one! Good luck with the overpayments.
    Feb 2023 - part 1 - £40,464 part 2 - £27,583 Total - £68,047 57 months to go!
  • SmlSaveSmlSave Forumite
    4.9K Posts
    Part of the Furniture Combo Breaker
    Welcome to MFW C*F :)

    Are you a fan of Ben & Jerry's? yummmmmm phish food..........
    Currently studying for a Diploma - wish me luck :)

    Phase 1 - Emergency Fund - Complete :j
    Phase 2 - £20,000 Mortgage Fund - Underway
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