2011 mfw

fluffysox

September update, sorry its late:
2011 MFW #52 OP Target £1200/£2509.58/£415 September

Not sure how much more I'll overpay this year, so far managed twice as much as predicted but on statutory maternity pay now until after Christmas and may take a 10th month unpaid so I should really keep hold of the pennies we have.... but its so tempting to OP and so quick and easy to do .... hmmn.... maybe I'll just overpay extra income: Halifax rewards, quidco and ebay/ amazon sales to get my fix :rotfl:.:rotfl::rotfl::rotfl:. I keep telling myself any OP is good, many people take breaks from normal payments on the mortgage while on maternity- I know someone that rang the mortgage company to tell them they'd just had a baby and needed a break from payments when in reality there was no baby, they'd just spent too much that month and they ended up taking an 18 month payment holiday :eek:. Unbelievable isn't it?

Good luck to all the other members of Overpayers anonymous for the last quarter of the year.

wilsons

Bit behind on updating overpayments; £172 added for each month July - October bring OP to £1720

Monkeybrain

No 92 here.
I am very behind with my updates, sorry. I have paid a few lump sums so probably easiest to just add as my October update which is: £4,550

This now takes my total OPs this year to £5,350, yay so very excited. Don't think that I will quite reach my target but very pleased that I am close to it

kimbo26

october overpayment £499

Kerry_Woman

Made an £210 o/p this month.

glitterball

Another £639 op this month. Dont know about anyone else but I feel like the recession has really hit me over the last few months and Im now struggling to make my overpayments I might have to review and reduce them. My income and my lifestyle havnt changed any its just down to the increase in food and utility prices.

gallygirl

glitterball wrote: »

Another £639 op this month. Dont know about anyone else but I feel like the recession has really hit me over the last few months and Im now struggling to make my overpayments I might have to review and reduce them. My income and my lifestyle havnt changed any its just down to the increase in food and utility prices.

I'm with you on this. I've been lucky enough to get a +2k payrise this week, normally I'd be thinking about chucking it at the mortgage but it, plus the £25 I'm saving from a 10yr plan maturing, will be propping up my bank account for a while

Needhelpsaving

Hi all,

Sorry I haven't updated for a while, just been trying to get rid of the credit card. I am doing some sums (mainly to get back on track with MFW next year), but I wondered - how do you work out how much your mortgage term has reduced by due to OP's?

It is probably a really stupid question, but I would like to know that the little we have managed to pay over the last 2 years is having some effect.

I have turned the OH upside down and shook the money from his pockets to try to get 1 more OP in before the end of the year!

MrsEm

Really overdue updating OPs!

MFW 170. Bonkers 2011 target £6000 / £466 in Oct but I haven't posted for quite a few months! / YTD OP £3806

Will have to reassess new target for 2012 as this year's was a bit too ambitious...BUT our 1yr house-aversary was yesterday & our balance is now what is should be with 0 OP's by end of Yr2 - I'm proud of that!

Happy OP'ing everyone!

fluffysox

Needhelpsaving wrote: »

Hi all,

Sorry I haven't updated for a while, just been trying to get rid of the credit card. I am doing some sums (mainly to get back on track with MFW next year), but I wondered - how do you work out how much your mortgage term has reduced by due to OP's?

It is probably a really stupid question, but I would like to know that the little we have managed to pay over the last 2 years is having some effect.

I have turned the OH upside down and shook the money from his pockets to try to get 1 more OP in before the end of the year!

This depends on how your mortgage is set up, OPs may reduce monthly payments or remaining term. You can use a mortgage calculator to see how much OPs should reduce your mortgage term.
http://www.moneysavingexpert.com/mortgages/mortgage-rate-calculator

MrsEm wrote: »

Really overdue updating OPs!

MFW 170. Bonkers 2011 target £6000 / £466 in Oct but I haven't posted for quite a few months! / YTD OP £3806

Will have to reassess new target for 2012 as this year's was a bit too ambitious...BUT our 1yr house-aversary was yesterday & our balance is now what is should be with 0 OP's by end of Yr2 - I'm proud of that!

Happy OP'ing everyone!

:j
Congratulations- its amazing how much difference any OP makes at the start, normal payments are nearly entirely made up of interest- I couldn't believe that when we bought this house with a 100% mortgage, our payments were over £800 a month and we were only due to reduce the balance by around £1000 in the first year, doesn't take a mathematician to see any extra OPs will have a big impact