2011 mfw

someday_soon

Happy New Year Everyone

Have just made my first OP of the year.
As my overpayment is taken automatically, I am challenging myself to find/earn the 'round up' money in the remainder of the month. So £21.02 to find. I might look to EBAY some bits?? Cue scurrying of children to hide once treasured possesions!

Someday Soon

ironman1

Happy New Year to you all...

First Overpayment of £458 today, a decent start for me but with the Baby not far away I am trying to get the OP's in while I can!

Good luck to everyone

wonderbee

Hi Cake
No 153 here. Op'd £100 today. just starting off for the new year!!

Wonderbee

curlygirl1971

And a very happy New Year to you all and most esp our Cake.

On the MFW2010 challenge I declared a final OP / Balance before Xmas.

I was paid a bonus just before Xmas and it hit my current account on 30th. Using £1500 from the bonus and £1500 from my savings I sent an OP of £3000 on 30th but it didn't hit my mortgage until 2011. Honest Guv. I also made a 'regular' OP of £180 on 1st. Fabulous seeing that balance go down My bal is just above £36k and without OP's it would have been £44+

I'm in two minds whether or not to use more savings to OP........

Reasons why not:-
*I love my snuggly Savings-Security-Blanket that I've worked so hard to build up.
*I will be moving in with my BF in the future (no date set...it will happen when it happens) and so we may want to buy new place / things together which will mean I need some cash.
*If I keep hold of the house I own now then I will need to spend some money on maintenance.
*If I spend my ISA then I will loose the tax free status on that chunk forever.

Reasons why:-
*I've got 'Reducing Balance' fever at the moment
*No set-in-concrete plans for the money.
*I currently pay 3.5% interest on my mortgage and this will only go up (I only get 2.8% on the savings pot I'm thinking of using)
*I will still have some savings left
*I have Redundancy cover

So really not sure, I guess I need to stew on this a good while longer until I feel strongly one way or another.

What's other peoples take on Savings vs OP?

PS Have updated Google docs Cake

someday_soon

Hi Curlygirl

I switched to an offset mortgage this year. I borrowed the balance of my mortgage and when it came through, I transfered in my savings blanket money straight away. That way I can see just one figure, my mortgage balance. If circumstances change it is reasuring that I can transfer out again up to my original borrowing. I have to be honest, I do move the money into the savings pot within the facility every now and again just to reassure myself that my blanket is still there to keep me warm should I need it.:o

Someday Soon

curlygirl1971

Hmmm yes I did think of an offset a little while ago, but one of the options on the horizon (when I move in with BF) is to approach my bank for Consent to Let. If I went onto Offset and then wanted to let my property then I would have to go onto a Buy to Let mortgage. Also, when I was considering it, much of my savings was with different providers and most of it was in some kind of fixed product........so I decided to stick. Not sure if this was/is the best thing......maybe I need to review this or wait another 6 months whilst I decide on a moving down/in date and what to do with house. Houses along my road are neither being bought or being let at the moment

cake21

curlygirl (still see green curls and smile when I see you ) that is great work OPing in all your bonus :beer: and you are more than half way to your stretch target already! :money:

On the savings front, I enjoy the snuggly savings feeling far more than I would enjoy the interest differential, but then again I don't have other savings or redundancy cover. Can you associate the two balances in your own spreadsheet for that reducing balance feeling..?

Spiggle Blwyddyn Newydd Dda! Ydych chi'n siarad Cymraeg?

Everyone Happy New Year! Can you believe 15% of challengers (before we even remove the non-participants) have reported an overpayment already? And we've pledged over £900k? :j

BeauBelle

Wow! Over £900k! Thats a fantastic amount!

DH is paid on Friday so will be in touch with my 1st overpayment of 2011!!

Happy New Year everyone!!

Spiggle

Hi Cake and everyone. :hello:

First the apology. I am officially dumb. I have mixed up the total mortgage payment figures with the OP figures which is why my target was all muddled up last week. :doh: I'm really sorry Cake but please would you amend my target to £5700? :embarasse I promise I won't change it again! :silenced: (Where's the begging smilie when you need it?)

So on to the reporting, the first OP of 2011 went out today with £124 going to the main mortgage and £300 going to the second one. So a total OP (yes, I do mean OP!) of £424.

(In effect, this is actually a payment against capital of around £800 but I'm not going to muddle these up again. )

I'm ever so disappointed as having amended my mortgage analyser to allow for my mistake, I won't be paying the second mortgage off until June/July 2012 so I've added a couple of months on which is not the way I was hoping to go.

Just a quick question on google docs please. Can I actually put my OP into it/amend my target or is it just for looking at? Never used them before so completely clueless ... again!

Thanks and take care,
Spigs

Spiggle

cake21 wrote: »

... Spiggle Blwyddyn Newydd Dda! Ydych chi'n siarad Cymraeg? ...

Ydw, tipyn bach Cake, dim ond dysgwyr ydw i! Wi'n siarad 'da rhai bobl yn yr gweith ond dwi'n 'sgrifennu ddim y dyddiau hyn. Felly, bod yn caredig i mi, os gwelwch yn dda.

Cofion gorau,
Spigs