Ex-DFW - now for the MFW challenge!

addyboy1982

Hi all

As a DFW who is now debt-free, well unsecured anyway, it's time for the MFW challenge.

I currently have 20yrs 11 months to go on my mortgage and am going to start overpaying by £200 next month - this should drop the term by 8yrs 10 months.

Here goes! :cool:

edinburgher

As a former DFW, welcome aboard

skint_spice

I'm another former DFW and it's great seeing folk moving across, we're finally getting the hang of this money thing

Good luck addyboy.

addyboy1982

Thank you both! It takes a while to get the hang of things but it's such a relief to have no unsecured debt.

Going to be more difficult to be a MFW as quickly as there's only me working at the moment (mortgage is all mine ), but I will get there!

addyboy1982

Well I've started - checked my mortgage T&Cs and with Santander the minimum overpayment is £500.

I had banked on paying £200 a month but after juggling things around, and deciding not to add to my savings for the next few months I'm going with the £500 a month.

S/O is set up to debit on 8th Feb - here goes! :eek:

sweetdaisy

Just wanted to wish you well on your MFW journey. £500 monthly overpayment - what a great start .

katsu

Another ex DFW santander mortgage holder checking in to welcome you. Good luck with your OPs.

Kodagirl

Goodluck,Addyboy1982!!!!
Im like you,paying it all on my own,ive got just over 3 years left on a loan,which i am aiming to get paid of by April 14,its currently costing me £157 per month,if i do it,it will be paid 2 years early,then that will be going straight over to my mortgage o/p,which im already o/p,for the last year £112,which ive just upped to £162 a month,after saving a couple of monthly payments,so roll on Apr 14,when i can i can make that over £300 p/m o/p!!!:j
God this DF and MF is the best additction ever!!! Keep it up,luv,youve cracked one,and you will crack this one too!!!:A

addyboy1982

First overpayment done, what a great feeling! Just waiting for the confirmation letter to drop through the door.

Having a tight month to afford next month's £500!

addyboy1982

Kodagirl wrote: »

Goodluck,Addyboy1982!!!!
Im like you,paying it all on my own,ive got just over 3 years left on a loan,which i am aiming to get paid of by April 14,its currently costing me £157 per month,if i do it,it will be paid 2 years early,then that will be going straight over to my mortgage o/p,which im already o/p,for the last year £112,which ive just upped to £162 a month,after saving a couple of monthly payments,so roll on Apr 14,when i can i can make that over £300 p/m o/p!!!:j
God this DF and MF is the best additction ever!!! Keep it up,luv,youve cracked one,and you will crack this one too!!!:A

Nice one you'll soon have it coming down at an o/p of £300pm, best of luck!! :T

addyboy1982

katsu wrote: »

Another ex DFW santander mortgage holder checking in to welcome you. Good luck with your OPs.

Thank you and good luck to you too. Ended up with Santander by accident for my mortgage and they seem pretty good, except for the £500 minimum o/p which is annoying.