2014 mfw

fluffysox

catshark88 wrote: »

Don't you just love Capital One cash back month! ;-)

Won't be much for us this year, but at least it's something.

AND, no council tax for February and March. Hurrah! :rotfl:

I forgot about the break from Council Tax :T Feb and March are MOTs and car tax x 2 for us so it will ease the pressure

Anna_Glypta wrote: »

Number 67 reporting that

I'M DONE!!!

Please put me down for £4,200 which completes my challenge this year and I am officially mortgage free.

So Excited !± :beer::j:beer::j

HUGE CONGRATULATIONS!!!:beer:

mortgage_destroyer wrote: »

Thanks Becky for the reply, I've been overpaying by £500 then paying my usual monthly payment of £465 so when I've been asking them to reduce my monthly payment it goes down by a couple of £'s each month so I thought this would give me more money to overpay by, didn't realise it wasn't having any effect on my mortgage.

It will be having an effect on your mortgage. Some people have a maximum OP they can make each month. If your mortgage doesn't restrict OPs then it makes no difference which option you choose.

fluffysox

kirstypark wrote: »

morning, paid another £225 to no 7 please (feb total 1016.99)

Congratulations Anna :j:j:j :T:T:beer: Gives us all hope that one day we will all get there.

Just to throw my opinion into reducing term or payments, it doesn't make much differance but i reduce payments (then overpay the differance). By doing that it makes the same impact on the interest paid, but we have then have flexibilty to pay smaller payments over a longer time if we ever needed to. I worry if we had to go down to one wage that we would be commited to continuing larger monthly payments. Also we can borrow back our overpayments at a current rate that is much cheaper than any loan if we needed to. Hope we won't and manage to continue paying then the mortgage will end quicker anyway.

Snap- I feel more secure knowing our minimum payment is lots more manageable than it used to be

Kerfuffle

Happy to declare the first overpayment of the year.

# 137 - February overpayment of 1000.00

kirstypark

Hello, i paid another £30 to no 7 today. :A

SuperSecretSquirrel

#30 Another £407.93 OP'd today

Running total for February = £907.92
Running total for 2014 = £1842.00

Very good start to the challenge

mortgage_destroyer

Thanks for the helpful messages everyone regarding reducing your monthly payments or reducing your term, am loving all the advice on here its really keeping me motivated in the fact that one day we will all be mortgage free much quicker & save us a whole load of £ in interest:)

MustKnuckleDown

Hi

February's OP sent & interest now under £5 a day!

MFW #43 £600

Thanks

MKD

Tony_R

February's OP has been made. £830.

Flower_of_scotland

#34 with a February overpayment of £400. Bit behind in overall target but hopefully will make up for this throughout the year.

JCL

easylife73 wrote: »

#112 Another tiny OP of £5.70 today. Would it be easier as mine are so tiny if I just post a monthly total?

Hi easylife73 - yes, that would be a lot easier for updating thank you. Same if people can include their MFW number and overall monthly OP total if they are making more than one.

Spreadsheet updated - apologies for it being later in the week than planned.