2012 mfw

originalmiscellany

All updated to this point. Good work team! I will update the front page in a bit but the spreadsheet is up to date up to here.

curlygirl1971

Just incase anyone else is lurking around here wondering 'should I OP/join the challenge?' then I'll share another benefit of OP'ing with you.

Because I've OP'd over the past couple of years (and also not had my Standard Repayment adjusted) then I am now in the position of knowing that IF the Bank of England Base rate went up to 3.5% tomorrow morning in one foul swoop then my Standard Repayment would not have to be increased to cope with the added interest. I can cope with a doubling in my interest rate. I certainly wouldn't like it - but my monthly budget could cope with it

I read elsewhere on the forum the other day how someone was dreading the end of their fixed deal (which was BOE -0.5%!!!) as they didn't know how they were going to make the repayments.

Whilst I love the interest rate being so low - I'm not 'frightened' of it going up. A great feeling to have and it's down to OP'ing.

Catslovelycats

Thanks curly. That's an encouraging post for us all.

unhappy_shopper

At the outset, thanks to OM for setting up this challenge.

Please put me down for a £24K overpayment during 2012.
Good luck to all the participants.

originalmiscellany

Done curly girl. And a great point you make. We are all going to get a mortgage increase in the next few years I would say - and by oversaving now means it simply makes the long term pain less painful as you're saving a little bit now which speeds up the MF date hugely. I have found the group on MFW 2011 a real incentive in supporting and encouraging savings - where every penny saved is a great result, and people are always full of good advice and support.

Everyone done up to here on the spreadsheet

BaillieRiley

Can I be added?? I'm going to aim for £3k overpayment

many thanks x

BR x

Spiggle

curlygirl1971 wrote: »

Nooooooooooh You've forgotten me!!! PANIC PANIC PANIC

Please count me in Please

originalmiscellany wrote: »

Done curly girl.

TWICE!!!!!!!:rotfl:

You hadn't been missed curlygirl, you were already listed at No.20. I think OM updated you yesterday so which number do you prefer 20 or 31 'cos otherwise your overall target would be £5520! :eek: :rotfl:

You're on BaillieRiley and you are No.35.

Done up to here.

All the best,
Spigs

LavenderBees

Hi,

Can I join in please - throughout 2011, I've been lurking and saving/overpaying as a result of being inspired by you all. I thought for 2012, it would be nice to take part!:)

My o/p year actually runs from Nov to Oct, and earlier this month, I've already overpaid the £3500 which is the maximum I can pay without penalties.

However, I don't intend to take my foot off the gas simply because I can't overpay again (max £3500 without penalties) until next November.

I intend to save up the £3500, and a further £8250 towards paying off the mortgage in its entirety (oh, YES!) as soon as I'm out of the fixed rate period in Nov 2013. I might pay it off earlier if it won't cost too much in penalties :T

So, my target next year is for a total amount to be saved of £11750 of which £3500 will definitely go into an overpayment in Nov 2012.

Hope that makes sense....:beer:

x

waughc01

Hi,
Can i join in as well please, can we have a target of £9,000, might change this later on,sorry. I am not bothered what number we are.
Waughc01

madeupname1

Welcome LavenderBees and waughc01:T You have been added as numbers 36 and 37 respectively. Look forward to seeing your updates next year !!!