Jim and B are gonna be mortgage Free!

Tilly_MFW_in_6_YRS

JimLad, I think the dipping in and out of each others diaries is hugely helpful on a number of fronts. It's motivating, no question about that, but you pick up so many tips. If you have a question and no answer you can guarantee someone else will be able to help. Plus people are genuinely supportive. Your income, the size of your mortgage don't matter, it's the journey we are on which matters.

Good luck, Tilly:T:T

JimLad

Tilly_MFW_in_6_YRS wrote: »

JimLad, I think the dipping in and out of each others diaries is hugely helpful on a number of fronts. It's motivating, no question about that, but you pick up so many tips. If you have a question and no answer you can guarantee someone else will be able to help. Plus people are genuinely supportive. Your income, the size of your mortgage don't matter, it's the journey we are on which matters.

Good luck, Tilly:T:T

I was reading through loads of diarys last night. Its really interesting and before i knew it, it was midnight!!

JimLad

Quick update from me!

Just had a letter through confirming our latest overpayment. We overpayed £1000 so we now owe £149800.

The recalculated completion date is Auguat 2039 (27 Years and 9 Months). That means we have saved over 2 years already!

Its quite a tedious procedure to overpay with santander. We have to send the payment, phone them so they know its coming and take it off the capital. Then they send a receipt of the payment, and finally a letter telling us the new term etc.

Tilly_MFW_in_6_YRS

Morning JimLad, excellent news and how marvellous to have cut 2 years.

Onwards and upwards Tilly

SAMMYE_2

The more you pay off, the more money you have, which in turn means you can pay more off and so on and so on.

This (theoretically) is as hard as it gets so if you overpay should get easier and easier over time.

Good luck

JimLad

Tilly_MFW_in_6_YRS wrote: »

Morning JimLad, excellent news and how marvellous to have cut 2 years.

Onwards and upwards Tilly

It really is amazing how quickly overpayments reduce the term! I think we have saved something like £6k in interest already!

SAMMYE wrote: »

The more you pay off, the more money you have, which in turn means you can pay more off and so on and so on.

This (theoretically) is as hard as it gets so if you overpay should get easier and easier over time.

Good luck

Sammy, do you do yours so the monthly payments are reduced? I always take ours off the capital and keep payments the same.

Tilly_MFW_in_6_YRS

My advice is always to keep payment the same but overpay. It was this that caused the issue with the Spanish bank. As our mortgage is a biggy they wanted me to overpay an entire month, and whatever I did failed. However, only 3 more payments to go, then we switch.

Good luck.

Tilly

JimLad

Tilly_MFW_in_6_YRS wrote: »

My advice is always to keep payment the same but overpay. It was this that caused the issue with the Spanish bank. As our mortgage is a biggy they wanted me to overpay an entire month, and whatever I did failed. However, only 3 more payments to go, then we switch.

Good luck.

Tilly

Thats what we thought was the best thing and what we have been doing.

Dont think were going to be able to overpay in december though, christmas presents and stuff for the new house is mounting up!

kitjos

I wish you all the luck with your mf goal!

Were simular in age and we have the same hopes as you, we also get the 'why on earth overpay - how stupid!' from people at work but i just ignore them. Its what i want to do with my hard earned cash so let them mouth off .

We havent tried to OP yet but will be laying down £14k in January. It would be nice to see the capital balance go down! Bet you must love to recieve your statements :rotfl:

Will be following your posts - good luck in 2012! x

JimLad

kitjos wrote: »

I wish you all the luck with your mf goal!

Were simular in age and we have the same hopes as you, we also get the 'why on earth overpay - how stupid!' from people at work but i just ignore them. Its what i want to do with my hard earned cash so let them mouth off .

We havent tried to OP yet but will be laying down £14k in January. It would be nice to see the capital balance go down! Bet you must love to recieve your statements :rotfl:

Will be following your posts - good luck in 2012! x

When we are mortgage free and they still have years to go we will have the last laugh!

14k is a massive overpayment! Thats really going to knock the time off your mortgage!

I see your a new user! Welcome to the forums! Do you have a MFW diary on here yet? I will be sure to follow it!