2016 mfw

A_Frayed_Knot

[FONT=&quot][FONT=&quot][FONT=&quot][FONT=&quot][FONT=&quot][FONT=&quot][FONT=&quot][FONT=&quot][FONT=&quot]#27 . . . . o/p made of £100 making total now £133.36 for August[/FONT][/FONT][/FONT][/FONT][/FONT][/FONT][/FONT][/FONT][/FONT]

When I set my target at the beginning of the year, I had no idea of what I would be able to o/p, but thought this target would stretch me. However pleased to say - I was wrong -

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purplevamp

A_Frayed_Knot wrote: »

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Well, if you have some spare money you can pay mine :rotfl: I'm falling behind badly. I have a payment ready to go but can't pay until after 25th ~ can't pay 10 days or less before scheduled payment is due :cool:

But well done on reaching your target. Are you going to still carry on or have you reached you providers limit?

A_Frayed_Knot

Nothing spare - sorry. Looks to me, your doing just fine on your own :T

Need to find out the exact mortgage figure at 1st Jan, but so close to providers limit, I daren't o/p any more.

Will now be putting my monthly o/p into a bank account, (as need to keep same payments to reach my target of 29.2.2020:D - 8 yrs to the day my mortgage started), ready to o/p after 1st Jan next year. Seems strange, but feel a little disappointed to reach target as quick as I did, cause to me when I remortgaged last year I brought my years down from 14 & half years to 8 years by upping payments based on what I thought I could afford. Bad planning on my part as I could have reduced it to maybe 7 years - 6 yrs at a push.

hiddenshadow

A_Frayed_Knot wrote: »

Seems strange, but feel a little disappointed to reach target as quick as I did, cause to me when I remortgaged last year I brought my years down from 14 & half years to 8 years by upping payments based on what I thought I could afford. Bad planning on my part as I could have reduced it to maybe 7 years - 6 yrs at a push.

As long as you don't squander the extra that you can't OP right now, it's irrelevant except for cash flow purposes. Paying £500/mo as a regular mortgage payment and saving £500/mo as a DIY offset is essentially the same as paying £1,000/mo as a regular mortgage payment. If your savings can earn more than your mortgage it's even better.

We're having the opposite regret - we took our term from 23 years down to just under 12 and can easily afford it (it was what we'd been paying as an OP anyway), but now we'd rather have the extra cash flow/flexibility to be able to pay a lot less (about half) if we wanted to when we rent out our house.

skaps

Sorry have been really bad at updating.
No 68.

FEB £859.56
MAR £835.51
APR £0
MAY £70.81
June £35.41
July £339.54

Thanks

Lomcevak

Spreadsheet updated - £400k been and gone, so very well done everyone

Well done A Frayed Knot and sarahevie1 for hitting your targets, and good luck to everyone (like me!) who feels it is still a long way off, target or not target we're all still putting a decent dent in the mortgage

A_Frayed_Knot

sarahevie1 wrote: »

Number 18 - I made the max overpayment my mortgage will allow. £5600 - so I won't be able to overpay again before December grrr to 10% caps on overpayments.

That's the same for me :mad: played it too safe when I remortgaged last Oct, so I will now be paying o/p's into an allocated bank account.


Made a new target to reach by 1.1.17 (my new o/p allowance date), when all monies in bank account will be o/p to mortgage

pavlovs_dog

whizzing towards September... where has the year gone?!

£510.03 for August (#22). Thank you please

girl_afraid

No 82 with an August overpayment of £100, thanks Lomcevak

PrincessLou

Apologies, Lomcevak, for not updating since January. :eek:

Please can you put £2000 for July and then I will be up to date.

Thank you :j