2011 mfw

pammyj74

No 6 signing in with my first Feb OP £100

Monkeybrain

Just paid my first Feb overpayment too - £100 whoop whoop whoop.
Hoping to pay another lump sum this month as OH has been working OT - yay

DansMum_2

Thanks Cake21 xxx

161 updating for Feb just done the first OP of £59.39 for Feb - which tidies ther mortgage nicely to £50900 :j

Rose_Crow

Hi everyone!

I've skulked over here from the savings board as my OH as I received our first annual mortgage statement yesterday. To give you a bit of background information - we bought our first house in July last year. Things are going ok, and when we received our first statement, I was a tad surprised to find that of our £890 / month payments, only £200 odd was going towards the capital. For some reason I didn't think about how the repayments were broken down! £200 a month! We'll never pay that capital off (well, yeah, in 25 years!) So we've started a little target to get that looming 25 year term down as much as possible!

We've talked about trying for £100 extra a month, so if possible can I join with a target of £1200 for 2011. We're with Santander, who seem so only allow you pay overpayments in £500 chunks. So we'll probably put £100 a month away, but still update the spreadsheet monthly (even if we haven't reached £500).

Rose_Crow

OMG! :eek: Just found the mortgage overpayment calculator - what a gadget! Didn't realise there were such savings to be had, never mind paying off 5 years early. Obviously it theoretical as we'll probably move to a bigger house in a couple of years time, but still! :T

RTNI

grn.w.nv wrote: »

OMG! :eek: Just found the mortgage overpayment calculator - what a gadget! Didn't realise there were such savings to be had, never mind paying off 5 years early. Obviously it theoretical as we'll probably move to a bigger house in a couple of years time, but still! :T

Welcome to the MFW 2011 club!

If you want to start a diary thread then we can all see how you are progressing!

galadriel

grn.w.nv wrote: »

OMG! :eek: Just found the mortgage overpayment calculator - what a gadget! Didn't realise there were such savings to be had, never mind paying off 5 years early. Obviously it theoretical as we'll probably move to a bigger house in a couple of years time, but still! :T

The mortgage calculator is great isn't it!! I can lose hours playing about with it. Welcome to the world of mortgage freedom.

black_taxi_2

its a calculator no mortgage provider will show you

fillyfop

Wow, just looked at the overpayment calculator after reading about it above, what a kick up the bum it's given me!!
Thank you to grn.w.nv for mentioning it!!

If I manage the £500 overpay per month I'm aiming for I'll be saving just over £84,000 .... that's a whole house in some areas!! :eek:
And I'd be paid up in 13 years rather than my current 39.

I've been putting lots of money into my account this month but had a large cc bill come out from last month (before I started this challenge) so I'm hoping for a good figure on my statement in a couple of weeks and then fingers crossed for an amazing March!

Rose_Crow

Fillyfop - what an eye opener! I'm hooked already, and now looking for the next £50 to chuck at the mortgage