2011 mfw

Peonie

goobergirl wrote: »

Re-mortgage now complete. New mortgage balance is now £240,000 so effectively a £3856.00 OP for July.

OH is now totally onboard to be MF and we are planning a radical repayment schedule with an aim to be MF by August 2017.

We can OP 10% this coming 12 months so that is our 1st target, £2000 a month:eek: Maybe i'll need to start my own diary.

Yipee, the bank's are making £679.00 less a month out of us than they were before. Woo hoo!

Wow. Before the remortgage what was your agreed repayment date and what is it now?
Good luck with your target.

goobergirl

Peonie, our original mortgage end date was December 2023. We are on an interest only mortgage and bank had taken our pension lump sums as the repayment vehicle at the time. When we took the mortgage out in Dec 2008 they wouldn't lend us the amount we needed on a repayment basis for whatever reason. Anyway neither of us want to use our lump sums to pay off the mortgage when we can OP and clear it long before then. We have kept the same term so we have flexibility in the event life throws a few wobblies our way, which it will inevitably do!

Mean time we have paid off all other consumer debt and want to OP as much as we can on a regular basis. We have no plans for new cars, we are going to holiday in the UK etc for the next few years and really try and get it paid off by 2017. even if we miss our target by a bit it will still be a lot earlier than intended and a whole heap of interest saved. That's the plan anyway.

Malski

Another £408 paid off, MOrtgage now down to £33,252.00

miss_corerupted

i'm sitting here wishing away the rest of this months so I can make an overpayment with whats left in my bank accounts!!

come on end of month

evi3000

Another OP. This time, £6003.66 for July.
Bringing the grand total to exactly £100,000 :j(I like a nice round number but will prefer the roundest number of all - a big fat 0)

At current estimates we've got 2 years left!!!!! :beer:

tina01904

I've decided to increase my regular mortgage payment which will give a regular monthly overpayment of £28.50. I know this isn't an enormous amount but I'm also thinking I won't really miss the additional payment and can continue saving up for holidays and larger overpayments - besides it is over £300 per year and every little helps!

skaps

tina01904 wrote: »

I've decided to increase my regular mortgage payment which will give a regular monthly overpayment of £28.50. I know this isn't an enormous amount but I'm also thinking I won't really miss the additional payment and can continue saving up for holidays and larger overpayments - besides it is over £300 per year and every little helps!

I do that, that way its gone and I don't think about it. I started with 0.11p overpayment due to rounding up to the nearest £. Then £60.11 and now £160.11

gratefulforhelp_2

Reporting a £24,000 overpayment.

New totals in siggy.

*Jellie*

Wow Grateful- that is a huge OP. Well done!

gratefulforhelp_2

Thanks, jellie. Not through our cleverness with money I'm afraid.