So now I have a plan! Reduce £10,000 in 18 months?

teabody

Ok so I have previously posted under the thread ....Ending 2013 with 336 payments to go.

However, I have started a new thread as I have changed goals. I have made a plan to reduce my mortgage by £10,000 by the end of Dec 2015!

My mortgage is currently around £87500 and by overpaying approx £6000:eek: it could be around the £77,500 mark by my target date. The aim is to get the LTV down to approx 55-60%. My current rate is fine but I am planning ahead as finances might not be great in 2016 and with the apprehension that rates will eventually increase I am getting ahead!

Before i was making over payments as and when but have now rearranged finances in order to be more aggressive while we can.

With this in mind I have today made an over payment of £500! Yayy!

teabody

Revised plan:

June 14 - £500 - paid

Sept 14 - £25 - paid
Oct -£25+£35 - paid
Nov - £35 - paid
Dec - £35 - paid


May 2015 - £35
June - £35
July - £500
August - £500
Sept - £500
Oct - £500
Nov - £500

Goldiegirl

Hoorah, a new plan :j


I think it's a good idea to have shorter term goals, rather concentrating solely on the big picture. If you can work towards something in the near future, it seems much more achievable.


Also, I like that you are having some time off too - it can be difficult to stick to a plan if it's very intensive


good luck!

teabody

Thank you!

I love the fact that we get so much out of a new goal....it's like fresh bed sheets! (ok so am a little weird)

Fingers crossed that I can do it as this is really aggressive for us and will be a massive effort, but should be worth it.

The break will let us save some holiday funds too

teabody

Just had a letter off S@nt@nder, they are now letting me set up my preference of either lower monthly payments or shorten the term when i overpay. Thank goodness as I normally have to call them.

Ermmm shorten the term of course.....easy decision!

teabody

Todays letter off S@nt@nder tells me that I have knocked another 3 months off my term! :j

So far so good! Also, the mortgage has now hit below £87,000 although I guess the interest will take it back above slightly.....but not for long!

teabody

Bank account looking a little bare:eek:

Was really hoping to start looking a hols for 2015 but I am going to have to wait for now:(
Not to worry as I think the prices will be nicer in November time when there is more competition.;)

Have been putting of an assignment at college which really needs to be done soon and my tutor is now chasing me so I will be spend the next month trying to get it completed.Then I will be college-free:T

Boomdocker

Hi Teabody, I am with Sant..... too and looking at your payments we may have similar products. I can overpay a minimum of £500 at a time upto a maximum of 10% of balance each year. I am thinking of joining the MFW board and wanted to ask if you over pay by cheque and if so have you found it to be ok? I am hoping to pay a cheque in branch and I understand I have to state that it is for a capital repayment. Have you found it to be that straightforward? Hope you don't mind me asking? Will follow your journey too.

Boom. :beer:

teabody

Hi Boomdocker,
I pay via online banking as I am not very near a branch and initially I had to call each time to say I wanted it to come off the term and not reduce my monthly payment. Since my June Payment I have been sent a preference form so that I no longer have to call each time. I have never done it by cheque over the counter so I am not sure in that instance. I do get a letter each time I overpay within a few days. Hope that helps....

Boomdocker

Lovely, I will ask when I make my first payment. Many thanks.

teabody

Hi all,
Spending time reading the other threads on here. I feel really motivated when I do. Hoping to be as inspirational myself one day.
Mf vibes and best wishes to you all x