2013 mfw

kirstypark

hello no 7 and an OP of £100 today please?:j

lighthousescotland

Definitiely Option A. Goal is to repay off entire mortgage asap and reduce the amount of interest paid out in the process. Occassionally the Halifax write and tell me they are reducing the monthly payments and I just phone them up and tell them to keep them the same and so far at least there has been no problem with this. I am still a little confused though because although the OPs are all going in to the mortgage account and reducing the interest etc they are counting them as future payments meaning that as long as I don;t say before the fixed rate is up that it is towards that mortgage product I seem to be able to pay more than the 10% allowed without penalty. When I spoke to the man from the Halifax I asked if that meant that if I requested these 'future payments' to be put towards my mortgage debt in a oner the day after the fixed rate runs out would that be OK he said yes. Not entirely convinced but he seemed to think that was OK.

Marie27lol

No 127 reporting in.

Paid my SO of £100 off the mortgage
M

NPowerUser

toerag33 wrote: »

Outside of this forum there seems to be be little encouragement or enthusiasm shown by others to rid this 'debt'. I feel quite consumed by it!!!!!toerag33

Same here, although Mrs NPU loves the idea of being MF.

When I first went into my local Santander branch it was like the blind leading the blind. The cashier had to be shown how to process a Capital Repayment on her screen, unfortunately not the only cashier at this particular branch to look perplexed.

I started to wonder "surely I could not be the only customer to wander into branch with some cash to pay off their mortgage"?

I am so keen to be MF again before I get to 51 years old next year, that I am tempted to reduce some of my emergency cash fund, keep 6 months regular mortgage payments as my revised emergency and whack down another £500 on Wednesday.

Keep up the good work everyone :beer:

Lomcevak

I started to wonder "surely I could not be the only customer to wander into branch with some cash to pay off their mortgage"?

I get greeted with "oh, you're the customer who is overpaying their mortgage" at my bank, so maybe :eek:

VoucherMan

A quick update with all these ops being added.

A few more January ops from Retire at 50, Dot Common, evi3000 and Jackies.

On to February with ops from Barny1979, foxblade, NPowerUser, house_help, OS QS, uzubairu, kirstypark, Marie27lol, bownyboy, ElusiveLucy, Poppycat1 and twistedhazel.


In reply to NPowerUser's question I'm definitely in the a)keep payments same camp.

Ignore the signature (2022) or the diary (2020). I hope to have mine cleared by 2018

bownyboy

NPowerUser wrote: »

Just out of interest fellow MFW, when making your over payments, are you subsequently

A) Keeping existing mortgage payments the same, therefore reducing the mortgage term

or

Choosing to have your existing monthly payments reduced

Mine is A, is everyone else doing the same?

Definitely A. Although in January every year despite me calling alliance & Leicester before I make my capital overpayment to confirm I want to keep my existing mortgage payments the same, they STILL send me a letter saying payments have been reduced! Then have to call up and reason us that the system automatically sends out that letter as it assumes you want payments reduced (yeah, right).

Matt_The_Chippy

Is it a bit late to be included in this listing? If not, I'll update my details for Jan in a bit.

gc_bus

I want to be MF by age of 55 (currently 51 - eeek!).
Mortgage: 3.79% one year into fixed five years - balance outstanding £62500 - allowed 10% per year overpayments; currently paying £885 per month capital and interest repayment.
Car loan: £13800 outstanding - 4.59% - 2.5 years left and then lump sum of £6500 due to buy car totally. Currently paying £318 per month.
No other debt (use 1% cashback card and pay off balance each month)
Savings: £4000 in ISA - getting 2.5%; £525 in Premium Bonds
I'm a higher rate tax payer - earnings £45,500 PA plus on-call (variable can be up to £12,000 extra PA). Take home around £3200 per month.
Have company final salary pension. Can exercise flexible-retirement at age 55. Also have £9000 in money purchase cash AVC - have stopped any more payments into this due to future pension tax uncertainty.
I shop around for best energy/insurance deals etc.
Any comments on how to pay off mortgage earlier'?

VoucherMan

Matt_The_Chippy wrote: »

Is it a bit late to be included in this listing? If not, I'll update my details for Jan in a bit.

Just post your target, either here or using the update form (see post #1)