2016 mfw

newgirly

Hi, mfw 21 checking in with an op for June of £14,237.63, many thanks.

Lomcevak

Spreadsheet updated - £350k well and truly busted, next up ... £400k

A_Frayed_Knot

Lomcevak wrote: »

Spreadsheet updated - £350k well and truly busted, next up ... £400k

:A :j :dance::dance::dance: :j :A

lazer-zxr

Number 76 to report.
My total for July's OP = £1715
Making total OPs for 2016 = £3517

Thanks OP for updating.

phillw

A_Frayed_Knot wrote: »

If you want to finish paying your mortgage early, then I would keep the monthly payment the same and o/p within the limits allowed.
If you would rather pay less monthly, then reduce your monthly payments, and keep the same term time.

If you want to pay off as cheaply as possible and you have a cap on how much you can overpay then reducing the term is without doubt the option you want to go for.

i.e. if you can only overpay by £500 a month and your mortgage payment is £500 then every month you can pay £1000. If you keep the same term, then the next month you will not be able to pay £1000 as the monthly payment will have decreased.

However if you can overpay by as much as you want (i.e. if you have a life time tracker with nationwide and took out the mortgage more than five years ago) then reducing the payment gives you a bit more safety. You still can pay the same total amount, because you just increase the overpayment to compensate. If in the future you have financial problems then your monthly obligation is lower and your overpayment pot is larger (which you may be able to borrow back). Also if you find somewhere with a better return in the future, then you have more spare money each month.

Once you have no early repayment charges, it is better for you to have the term as long as possible. It makes you feel better to see the term decrease, but it may not turn out to be financially the best choice.

Maybe_its_because

£46 paid for #10

Closing in on that Nov £200k target

Thanks Lomcevak

MIB x

hiddenshadow

#56 posting a final figure for July of £2,151.99

becky170

#7 reporting an overpayment of £106 for July. Thanks Lomcevak!

Kerfuffle

Hi everyone,

Hi Lomcevak,

A very tight month this month so just enough has been paid to keep me on track.

# 137 July overpayment of GBP 695.75

Total for July GBP 695.75

Total for year so far GBP 7033.17

Thank you

User1489

Hello - 74 here - £1,214.76 Payday overpayment

Means I am YTD £9,566.94, so 77% of my years goal, and we are 58% through the year so I am still ahead of the game.

Never have to pay that cash off again

Man v Mortgage