An £80438 yoke around my neck - it's got to go!

PiggyBankShaker

Hello fellow-MFWannabes!

DH and I took our current mortgage out in December 2007 with a 25 year term. It capital repayment. We were fixed at 6.5% for the first two years.

Today we owe £80438.38 at 2.5% (linked to the base rate) Our regular payment is £452.21 a month.

I started making small overpayments in 2012, not much really as we were quite skint. We managed to overpay only £219.22.

This year we were still skint, I was out of work for 7 months, but we managed to overpay £1287.67.

2014 is when we really start to kick this mortgage in the butt!

Now I'm back in work and we have learnt how to be 'good with money' after 3 year on the DFW boards, we have spare cash to play with!

For the first seven months of 2014 we plan to overpay a minimum of £248, supplemented by any extra cash we make from mystery shopping, freelance work etc.

Then we will review our finances as a whole and will increase overpayments to somewhere between £500 and £1000 a month.

My plan is to overpay by a minimum of £4000 in total in 2014.

Advice, support, tips, all needed and welcome.

Oh, and Happy New Year!

tjp70

Happy New Year.

Good luck with your overpayments.

tootoo

welcome and good luck

pavlovs_dog

welcome aboard from a felly Welshy

I'm jealous of your daily interest, mine is more than double what you pay :eek:

PiggyBankShaker

Hi all! Thanks for dropping by. Oh, and Happy New Year!!!!

The regular mortgage payment went out today and even though the balance hasn't updated yet it means that our mortgage now starts with a 7 instead of an 8! It'll only be for a few days, until the interest pushes it up again, but come the 20th (when I get paid) it'll be in the 7's for good.

A nice little psychological kick-start to the year. In an ideal world I'd like to go into next year with the balance starting with a 6, but I don't think we can manage that.

Checked all the mystery shopping and survey sites I'm registered with and nothing doing. Got a few bits to list on ebay, but I'm waiting until the Christmas lull has passed.

FacelessNumber

Hi PiggyBankShaker

I have a similar mortgage size to you (£84k) so will be following your journey Good luck, sounds like you've done pretty well on a limited budget so far, hope it continues for you

yukkibear

Welcome and good luck on your journey.