2013 mfw

fluffysox

Marie27lol wrote: »

Evening All

I have been playing around with some sums to find out if my daily interest has improved ...

From £12.38 down to £11.85! WOOT :beer:

But my standard monthly OP starts at £100, which doesn't even pay for that month's interest on the mortgage.. ARGGHHHH :mad::mad::mad:

That bit of info is just sooo despairing, why do we bother ...

M

When we were applying for our first mortgage- a 100% mortgage which was 4 times our combined salary back then- the mortgage manager in the bank showed me a graph and a table of how much each standard payment would reduce the balance over 25 years. I had naively thought that 1/25th would be paid off each year when in truth in the first 10 years the balance was hardly dented. In the first year despite our monthly payments being over £800 less than £100 was reducing the balance. The rest was interest. So as soon as we were able, the aim was to OP by another £100- effectively getting a month ahead. Now we are 8 years into our mortgage and nearly half the mortgage is gone. Interest makes a small proportion of the regular payment now and I still aim to double the speed at which the balance reduces when I can.
Still there are sometimes other priorities and we've had major renovations done on the house, a baby in 2011, a wedding in 2012 and we're expecting another baby October 2013. However having accelerated the mortgage so to speak means we are better able to manage even when on maternity leave. And beforehand I still intend to try and reach our target for 2013.

Thrifty_Pixie

#114 signing in with a small o/p of £74.44

OS_QS

Hi,

Had lots of expense this month with an unexpected car repair coinciding with car tax so have just managed to keep to the standing order OP of £841.63 but doubt I'll manage much more in the way of additional OPs for April

Number 38 checking in.......hopefully will still be on target

VoucherMan

A busy start to the month again.


A couple of ops for February & March added for icontinuetodream.

A few more for March from ajmoney, slowlyfading, Jackies and jaywhoopee.


April ops well underway. So far toerag33 you target has been increased and both your toerag33 & toerag33btl ops added.

Others from lighthousescotland, Caeraugirl, darcyboo, froddington, Marie27lol, rockabelle, black taxi, kirstypark, fluffysox, elantan, mothershipton, Gadfium, pammyj74, Thrifty Pixie, OS QS, NellieB, ElusiveLucy, twistedhazel, Glitterball, AvidSaver and 2 from Barny1979.

NellieB you put March for your op but I've added it to April as your March op is already on. Please let me know if you'd prefer it adding to your March total.


Lastly welcome to tattycath added at number 12. All your ops have been added.


.

kirstypark

no 7 signing in with overpayment of £200 from son's rent this month.

Thank you so much for doing this voucherman, it's amazing the differance it makes to my motivation. :beer:

NellieB

Morning All

Thank you, Voucherman, you were right, the update was my April update. Apologies for my sausage fingers!
NellieB

toerag33

Hi VoucherMan

I don't seem to be able to add correctly! Can you change my target for No6 to £10,000.00 and another OP of £1500.00 as well.

No8 - toerag33btl: another OP £600.00

Next month is going to be very poor as lots of costs should be coming through.

Many thanks

toerag33

NPowerUser

Missed last month due to other commitments, however April will be a humdinger of an overpayment, just waiting for confirmation hopefully in the next 24 hours due to snail mail.

Good luck everyone, no matter how big or small your o/p is or if like me, you miss the odd month x

muddywhitechicken

No. 23 checking in with an OP of £562.75.

Thanks,
MWC

skaps

Hi Voucherman,

I have mixed up my ops so I have resent them on the google docs sheet. Sorry about the confusion, thought I had op more in February than I thought when the money ended up in the isa!

Thanks