2013 mfw

pawlala

kitjos wrote: »

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).

All of the above, so far my smallest OP is £1.04 (I'm not counting the test online 1p payment!), largest being £50000 (from 4 years ago though). It would depend on whether the money is tied up and diarise when it matures and can be thrown at the mortgage.

kitjos

Lol, dont we love our 'test' op's on mfw :rotfl:. My mort is a fair amount (sig below) so if I make an op of say; £400, I doubt it will change our monthly payments as it harly makes a dent in £134k. If I op a large amount of 10k, then my repayments drop by £60. All fun and games hay!

Thanks for all your help!

ajmoney

kitjos, our larger mortgage is £132k and OPs of £500 take a month off the term each time. Not sure of the difference in monthly payments but maybe saving up to the £500 mark each time may work better for you too. I would love to do that but am too impatient to wait, I like my smaller OPs and watching the daily interest drop.

kitjos

^^ I have prev been working on the term and I LOVE it when I receive my letter from C&G with my new balance and how much term ive knocked off. Guess im going to miss getting healthy letters like that when I switch from term to lower monthly costs . Must just keep thinking that whatever option I take, it will always lead to the same end.

ElusiveLucy

#50 reporting in with June's OP of £500.

I reduced the term of my 12 year old mortgage from 25 to 20 years a few years ago and am using my OPs to reduce the term further. Nationwide send me a recalculation of the end date each time I OP £500 or more, so I get an update every month. I also find a spreadsheet I maintain helps to reinforce the progress I have made since I started larger regular OPs about 4 years ago.

fluffysox

kitjos wrote: »

^^ I have prev been working on the term and I LOVE it when I receive my letter from C&G with my new balance and how much term ive knocked off. Guess im going to miss getting healthy letters like that when I switch from term to lower monthly costs . Must just keep thinking that whatever option I take, it will always lead to the same end.

We have our OPs set up to reduce monthly payment rather than term as I like the security of lower minimum bills. When we started our mortgage in 2005 it was £120000 and monthly payments were over £850 (interest about 5.5%) Now having reduced the term when we changed providers and despite having borrowed back at least £12000 for home renovations, a car and a wedding our monthly payments are under £450 and as of today our mortgage is at the halfway point My view is we OP as much as we can but having smaller bills means I can go on maternity leave for the second time in 3 years without panicing. We get letters from Nationwide advising of the new payment at least once a month
Voucherman could you add our first June OP of £1400.22 thanks :beer:

iquit

I've been looking at the groups google doc and wow. I so want to be one of those ahead of schedule. That extra 50.00 I saved in May will probably make its way into my June OP. Thanks for the inspiration and motivation guys, I appreciate it.

Thrifty_Pixie

#114 here with an o/p of £300 please!

we're a little behind schedule i think (i still can't see the spreadsheet but am working on my own figures) but should be able to get back to regular o/ps again from now on. here's hoping anyway...

great going everyone, and thanks VM

uzubairu

No: 19 update

I've been using the update form to register my monthly overpayments, but they don't appear to be showing up.
April = £850
May = £950
June = £850

Kerfuffle

Hi Voucherman et al,:hello:

Please can I join your challenge.

I recently became debt free with the intention that once that was achieved I would start tackling the mortgage.

Hoping to keep the momentum of a frugal-ish lifestyle and become mortgage free 02.02.2020

If you could put me down to repay 6000.00gbp to the mortgage for 2013 please.