2013 mfw

Calfuray

kitjos wrote: »

My, there is some impressive OP's going on recently! Keep it up :T

Pawlala - WOW, only 7 payments left till your MF, well done! .
Are/have you been taking the OP's and using them to reduce your monthly payments or to reduce your term? Just interested as we may stop doing the term and switch to reducing it off monthly payments as its that side of the mortgage that hammers us (Were only 3yrs in so high payments with interest). If we keep going like we are then in 5yrs our monthly payments will be lowered from £626 to £433, then maybe we could lower our working hours!
Anyway, interested to see your reply. Well done again! x

To everyone else, your doing so well! If your starting out, half way through, or nearly there.... don't ever give up.

x

I think if I remember correctly there was somebody who used OPs to lower the monthly amount until it was down at £300 or something like that, then used future OPs against the term, that way he figured if anything happened the low monthly amount would be like a sort of security?

kitjos

^^ Thank you

I'm glad that you posted that info, its exactly what I was thinking about doing, get it down to £350ish then start hammering away at the term. Think that's the best option for me and hubby as circumstances have changed (have a new-born and I've taken lower hours at work).

Cheers again

black_taxi_2

£1600 june

CathT

Hi, No 76 reporting in with poor progress! We did a lot a home improvements at the end of last year and I'm still trying to clear the 0% card so unfortunately mortgage OP's have taken a back seat. It's all relative though as home improvements have stopped us moving and borrowing an extra 50k plus!

However, OP's year to date are £262 (including June) Hopefully things will pick up in the second half of the year. I will still try to reach target!

Going to catch up on this thread for some extra motivation.

Jo4nne

Hi ......... thanks for adding me VM (no OPs for before May).

Time to report my first OP for May £212.00 (no. 134).

Thanks
Jo

darcyboo

Hi, reporting in with my usual £500 OP for June, :j

pawlala

kitjos wrote: »

Pawlala - WOW, only 7 payments left till your MF, well done! .
Are/have you been taking the OP's and using them to reduce your monthly payments or to reduce your term? Just interested as we may stop doing the term and switch to reducing it off monthly payments as its that side of the mortgage that hammers us (Were only 3yrs in so high payments with interest). If we keep going like we are then in 5yrs our monthly payments will be lowered from £626 to £433, then maybe we could lower our working hours!
Anyway, interested to see your reply. Well done again! x

I reduced the monthly payments rather than the term, as with less savings if there was an emergency the reduced payments would help out with cashflow. As it is, at the end of each month I just ploughed the difference back into OPing anyway, but its always good to be in control of lowering those compulsory payments. As I intend to be MF by the end of 2013 anyway the length of term doesn't interest me

Mortgagefreeby50

Just made an update via the form- £224 for May.

kitjos

Thanks for replying Pawlala . The other thing I was meant to ask was how did you manage your OP's? Did you wait till you had a good lump sum (5-10k for example) or did you do it in smaller, regular op's (500-1k).

Marie27lol

Can I Add another £0 OP so far this month ??