2012 mfw

Lomcevak

Can I join too please - back in 2006 a ten-year fixed mortgage of £229k at 4.9% seemed a good idea although to be fair it was the right choice at the time, just things have turned out different. I've had a couple of half-hearted attempts at overpayment, but only £2,898 so far, and as of today it stands at £195,685.

This year i'd like to really get cracking on overpayment, we can only do a maximum of £499 per month but that's a target to aim at. So in 2012 i'd like to make as many overpayments as I can to reduce the balance by £12k overall, compared to £6117 in 2011 (no overpayments).

Spiggle

Happy New Year everyone!

Welcome jmf76, I hope 2012 is less of a struggle for you. You're on the list at No.113.

You're on the list Lomcevak at No.114. Please would you clarify what your target OP is for the year. Using the £499 figure I made it £5,988 but I could be being dim!

Your OP from the update sheet is done CathT.

See you all later,
Spigs

Lomcevak

You're on the list Lomcevak at No.114. Please would you clarify what your target OP is for the year. Using the £499 figure I made it £5,988 but I could be being dim!

Sorry - £5,988 is the best possible overpayment case, we can't overpay more than that directly, but to hit my target in '12 just needs overpayments of £5,570.41 so that rather precise number is my target

Normal repayment gets rid of the other £6,429.59 to add up to £12k in '12, so overpayment of anything more than my target is a bonus, but at the moment i'm factoring in at least one month where we can't overpay the full amount

jmf76

Cheers for that. I like FinancialBliss' chart for recording OPs so I hope you don't mind it being poached!!

Month: Ideal Pay / Ideal Total / Ideal % / Actual Pay / Actual Total (Diff) / Actual %

Spiggle

Thanks Lomcevak,

I've put your target in the spreadsheet now. Good luck.

Take care,
Spigs

ETA: Skaps I've put your OP on the spreadsheet, brilliant OP to kick off the year!

financialbliss

Lets get started in this 2012 challenge then...

For anyone who hasn't spotted any posts by me before, I'm aiming to be mortgage free by 12/12/12 and this is the big year for me.

In order to be anywhere close to clearing my remaining £20k mortgage by the end of the year, I'll need to overpay somewhere in the region of £10,400 or about £866 a month. This is on top of a regular mortgage payment of £887, so that's around £1,750 a month to the mortgage alone. :eek:

So, in short, aim is to overpay by £10,400 in 2012.

I've made a mortgage overpayment this morning of £12.59 and two savings transfers of £425 each, so that's £862.59 already. Following the format I've used previously, it's looking like this for January:

#29 - Overpay by £10,400.00

Month: Ideal Pay / Ideal Total / Ideal % / Actual Pay / Actual Total (Diff) / Actual %

January: 866.67 / 866.67 / 8.33% / 862.59 / 862.59 (4.08) / 8.29%

Total overpaid: £862.59

Ok, I'm £4.08 behind schedule and this deficit will grow slightly - hoping to keep payments at 862.59 for now to see how I manage.

Wish me luck - I'm going to need it.

Financial Bliss.

Catslovelycats

Good luck FB!

Spiggle

Good luck FB, your target and OP are updated.

All the best,
Spigs

Tabbitha

Can I join please, I want to clear our 2nd Mortgage (secured loan) by the end of the year
My diary is here https://forums.moneysavingexpert.com/discussion/1987775 didn't have a great year MSE wise in 2011, so really want to soley focus on removing this 10%+ interest beast of a loan.

Currently £14456 I'm aiming to pay £1000+ per month if poss :eek:
Terms of the mortgage are I can only overpay more than £1000 for each overpayment I also have to pay an admin fee of £75:eek:, but just need to bite the bullet an get on with clearing it.

Please add me to 2012 list, good luck everyone in your MFW adventures

Tilly_MFW_in_6_YRS

Hi Tabbitha, welcome. You are MFW no. 115. Good luck on your journey and I'll hop over and see your diary.

Best wishes Tilly