MFW starting young.

Sdav

CathT wrote: »

Great news getting out of that mortgage deal, what a difference it's made to your overpayments. Well done!

Thanks CathT its going to be a massive help to us in the road to been MF

Sdav

Well today for me has been a very good day, I've logged back into my old ebay account and listed many items. and already receiving bids! so thats some more extra money for my old items that i no longer have a use for.

happy days.

Sdav

i get caught up and drift in and out of the forum, i suppose life can get in the way at times haha.

anyway this month we have managed to overpay by another £500.
so things are all moving along nicely.

Sdav

STARTING FRESH.

Well I'm declaring from this post on I'm starting fresh, I've been away from the forum for a while popping in from time to time to read other people's MFW paths to been MF and sort of forgot about my own , I can't lie I've had some fun with my partner and we have been on so cracking holidays and both had a few new cars and just been living the life if you will, but I need to now knuckle down and get back on track.

I don't know if anyone will read this but if you do I thank you. So here is a quick over view, my fixed 6.89% deal was due to end in September 2015 but thanks to some cracking advice I bought out in December 2014 to go on a new deal and saved myself some money good money even after paying the buy out fee. But I've kept paying the same payment and overpayments so we are overpaying more then before and are getting ourself back on track.

Quick overview
Mortgage at highest: £105,500
Mortgage currently: £92,725,27
Highest APR: 6.89%
Current APR: 3.74%
Can overpay 10% of balance each yeah while in fixed term.
I aim to try and meet the 10% or as close as financially possible each yeah.

Luckyinlife

Nothing wrong with having fun sdav least you got the over payment in the back of your mind unlike most :]

Great job buying out of the 6.80% rate i was on 6.4% myself you pay o much interest its crazy got myself a 2.45 now so much much better

How long did you fix at 3.7% ?

lippy1923

Keep up with the diary. It really helps keep you focused. Well done on the rate move. Much better

Sdav

Luckyinlife wrote: »

Nothing wrong with having fun sdav least you got the over payment in the back of your mind unlike most :]

Great job buying out of the 6.80% rate i was on 6.4% myself you pay o much interest its crazy got myself a 2.45 now so much much better

How long did you fix at 3.7% ?

Thank you , you are right the amount of interest is crazy at the higher % I've fixed , myself for 2 years this time, and we are almost a year in. The lower payments accompanied by my overpayments staying the same have some very pleasing affects on the term of my my mortgage, we will be paying off the mortgage 16 years and 10 months early!!

lippy1923 wrote: »

Keep up with the diary. It really helps keep you focused. Well done on the rate move. Much better

Thank you for taking the time to comment, i plan to update often to keep myself on track it also helps reading other people's diaries.

EDIT: I'm fixed for 2 years not 3 so we have just over a year left on this current deal .

Luckyinlife

Great deal personally i dont mind paying a bit of interest but some is crazy

amazing work sounds like your right on top of things :]

Sdav

I think with it coming up to Christmas with what's left of this month and next month I should have a clear out and lost some items on eBay, then with any cash we make it can go toward this years Christmas or any little luxury items we might want ourselves. I will also update this diary with any eBay goings on. I hope that's ok with all.

Regards Dav

Sdav

Just went to make a OP from my iPad to nothing I've not got natwest set up as a payee for my mortgage on my phone, so I will have to get that sorted out so I can pay any extra little bits I have spare to chip away at this mortgage even faster ,

What are people thoughts on sending extra overpayments even like £50 do you do it? Or do you think I should save that extra money and just overpay my regular amount of between £500-£600, I suppose if I save it st the end of each year I will have a little extra pot of money I didn't have.