2011 mfw

skintscotslass

#204 reporting in...£200 OP made for August, September and October.

Like curlygirl, I need to pull my socks up too and find out where I can make improvements

Spiggle

No.40 here to report £466 gone off the mortgage today. :T

There should be another £800 going on the 8th but I'll wait until then to update this bit on googledocs.

:hello: Thanks again Cake. :A We are missing you as MsWow said above and I hope you are ok.

All the best,
Spigs

fieldofdreams

Number 119 here

£400 overpayment for November made today. Just checked by balance which is now at £2300. Almost there!

jaywhoopee

blizeH wrote: »

I can't believe I'm saying this just after my post above, but pay day today and I've managed to overpay £1,000! (will hopefully not regret that when my mortgage comes out next month) - back on it! Really hate that my OCD keeps getting the better of me, and won't let me overpay in non-round figures - really bad reason for stretching myself, argh.

I know what you mean about round numbers

Our interest gets added on the 1st of the month, after our monthly payment (including a regular overpayment) has been taken, so I've taken to making an additional overpayment just to round the outstanding balance down to the nearest hundred.

greent

Morning all!

No 173 updating (will send Google docs update separately)

Haven't updated since beginning of Sept (oops) so:

Sep OPs total £568.57
Oct OPs total £708.57

Nov OP to date (hopefully more later in month) £543.57

Original target of £5000 reached in July. Revised target of £7500 reached yesterday, as OPs YTD now at £7872.12. Will hopefully get this to £8500 by year end...fingers crossed as our cashflow is really tight at the mo, as we're funding 2 bathroom total renovations, a cloakroom refit and new hall flooring all from cashflow... (and we're not doing any of the work, not even the painting)

Keep up the good work - not much of this year left!

curlygirl1971

On the 1st of every month my daily interest from the previous month gets added to my mortgage balance and at the same time my Standard mortgage payment and my Over-payment leave their respective accounts but don't hit the mortgage until 2nd.

So I've just looked at my balance this morning and its £30502.85. Can't wait to see it go down to the £29,999 mark which will be next month.

My interest is now around £90 per month and although I will be disappointed when the base rate rises I'm not bothered about whether I can cope with it or not - a great position to be in.

I've had the house/mortgage since July 2002. If I had never started OP'ing my Repayment date was going to be June 2027. If I make no further OP's and if I expect the interest rate to rise then my repayment date is now April 2022, so I've shaved off just over 5 years. If I continue to make OP's at my current rate (and I expect interest rate rises) then my repayment date is April 2019, shaving off 8 years......obviously I hope to get this repayment date down even further but you never know what's going to happen in life.........

If I assume the average Terraced House is made from 5000 bricks then based on the original mortgage value, I currently own 2286 of mine , nearly half way there. My LTV is about 29.5% based on Land Registry House prices for my area/house type.

Black Taxi has virtually the same mortgage balance as I do at the present, but is expecting to reach repayment a lot quicker (2014 I think) so is obviously ploughing a lot more money in which makes me question, just how much do I want this? How hard do I want to work at it?.......I do have quite a large amount sat in savings but mostly in ISA's and I feel as if that's where I want that money rather than using any of it as OP's.....it's like a security blanket, but not necessarily the right thing financially. I started OP'ing half-heartedly in July 2008 and was also ploughing money away ferociously into savings. If I'd not built up my savings but put everything into the Mortgage then I would be reaching repayment in late 2014. But still, knowing this tantalising figure, I just don't think I could cash in one of those ISA's.....yet. I've spent too many years worrying about not having anything to fall back on.

black_taxi_2

curlygirl --having savings is good---especialy in this economic time.dont stress yourself out about bigger o/p. an quick MF

my actual mortgage each month is £280 so i have plenty breathing space to o/p

2014 is best case scenario---my brother wants to take my dad to portugal feb---hes getting on---that will put me back but its ok because my dad sacrificed his pension to bring us up--- an car insurance jan will hurt.

not adding DEBT is the main thing an yearly balance not increasing

puddle96

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'll second this - it seems to be getting harder to make overpayments. No payrise here (NHS, top of scale and subject to savage cuts in an effort to balance the Trust's books) but can report £611 for October
Puddle

sheslookinhot

Second last payment of the year and another overpayment of £500.

My target for 2011, balance down to £6,000, has been well beaten with a month to go. Also one part of mortgage will finish next month.

As a reward, just back from Algarve on Monday, a great break and warm and sunny, excl 1 day, as well.

Will have 4-6months rest from overpayments instead ploughing my OP into paying off a 0% CC wich ends in April.


I would like to encourage everyone to keep at it, you know it makes sense. :T

fluffysox

curlygirl1971 wrote: »

I've made a couple of silly mistakes (ie. not spending enough on the right cards to get threshold rewards, forgetting to cancel a subscription before end of free trial) and am not planning meals as I should which is resulting in spending more than I need to on food.

So easy to do this- I stupidly let one of my Halifax reward accounts go overdrawn this month for a few days cancelling out our reward payments:eek:. Still we're only human

Then I went a bit crazy in a couple of shops on Saturday - I was going to a family halloween party and bought some stuff I knew my little nieces would get a kick out of - I'm such a softie! I can't help it. Grand total of £28 on costume items, decorations and spooky music.....we had a great party, the kids had a great time, I screamed myself hoarse; but I didn't need to spend all that money . (I did look particularly Wicked in my Green & Black stripey tights though, but think painting my face, chest and arms green was a mistake. It's day 2 after the party and I'm sat here in work looking like a sickly 'Fiona' from Shrek.)

......so if this was a school report it would probably say 'Could do better'. I need to pull my socks up and avoid going crazy at Xmas doing the same again just to see the pleasure on my nieces faces - they really are my week spot

the Mortgage isn't everything-its important to make happy memories with loved ones when you can.

curlygirl1971 wrote: »

Black Taxi has virtually the same mortgage balance as I do at the present, but is expecting to reach repayment a lot quicker (2014 I think) so is obviously ploughing a lot more money in which makes me question, just how much do I want this? How hard do I want to work at it?.......I do have quite a large amount sat in savings but mostly in ISA's and I feel as if that's where I want that money rather than using any of it as OP's.....it's like a security blanket, but not necessarily the right thing financially. I started OP'ing half-heartedly in July 2008 and was also ploughing money away ferociously into savings. If I'd not built up my savings but put everything into the Mortgage then I would be reaching repayment in late 2014. But still, knowing this tantalising figure, I just don't think I could cash in one of those ISA's.....yet. I've spent too many years worrying about not having anything to fall back on.

Why not think of your finances as a net figure: savings minus debts. Just make sure your ISAs are in the best earning account each year, if not transfer them to another ISA provider.