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MFW...sooner rather than later!!

After only signing up to MFW on Sunday the mortgage statement came today.......rather soul destroying to see that last years overpayments of £3000 didn't even cover the interest accrued. :(

Two years ago we moved house and to be able to afford it we went back to 25 years. I hate the thought that I'll be 66 if let mortgage run its course! Based on my yearly target of £5000 overpayment I'll be 58 instead. :j But least we're now heading in the right direction and any overpayment is a good thing! :D

Realised I'm about to get two months off the council tax - some of which will be going towards dd's school trip to Italy but should allow for £70 to be squirrelled into the OP bank account. Result!

Going to bingo with girls from work next week for fun but secretly hoping to win some £££ for the OP pot!!! This thread has got me hooked and can't wait till payday to make 1st OP and report back on here!
2018 MFW #60 £1200/£6000
2017 MFW #60. £3902.22/£2500
2016 MFW #60. £2175.51/£5000
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Replies

  • LuckyinlifeLuckyinlife Forumite
    1.6K Posts
    Forumite
    It can be indeed i guess with oping you have to really be doing it as often as you can daily/weekly/monthly ideally

    how long is left on the mortgage ? how much you ow ? whats your rate ?
    Mortgage--- [STRIKE]£67700 March 15[/STRIKE] [STRIKE]£65221 April 15[/STRIKE] [STRIKE]£64983 July 15[/STRIKE] [STRIKE]£64780 sept 15[/STRIKE] Remortgage [STRIKE]£67295 oct 15[/STRIKE] [STRIKE]£66599 Nov 15[/STRIKE] [STRIKE]£65878.73 Dec 15[/STRIKE][STRIKE] £64834 1st Jan 16[/STRIKE] [STRIKE]Feb 16 £64,511.89[/STRIKE][STRIKE] March 16 £64,056.40[/STRIKE] [STRIKE]April 16 £62550[/STRIKE] [STRIKE]May 16 £62,396.20[/STRIKE] Feb 17 £60.800
    Emergency fund 23k
  • Mortgage is 181k -started at 196k two years ago. :eek:

    Half way through a 4yr fixed of 2.59% with nationwide, which we're happy enough with. Besides redemption penalty is massive so really not worth changing.

    I worry that if we're still paying mortgage into our sixties how are we going to help our two girls through uni if they go or maximise our pensions before retirement???

    Bit of advice needed - should I wait till until end of month to make an OP? I have £50 nearly already this week from all the money challenges I've set myself. Rest will come from disposable income on payday. Is it better to pay daily or weekly? On my own with this a bit as DH happy with idea of OP but I do the legwork!:)
    2018 MFW #60 £1200/£6000
    2017 MFW #60. £3902.22/£2500
    2016 MFW #60. £2175.51/£5000
  • shangaijimmyshangaijimmy Forumite
    3.8K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    Forumite
    Welcome to the obsession. You've got a good rate and fix so be happy with that. My suggestion would be to set an LTV target for the end if the fix to open up the best rates when you remortgage.
    MFW: Was: £136,000.......Now: £61,892.24......
    Mortgage Neutral Deficit: £43,082.90... Mortgage Neutral Savings: £18,809.34
    MFiT-T6 #13 - £3,517 of £15,500 (22.69%)
    1% Mortgage Challenge 2022 - £157.59 of £650
  • turtlemooseturtlemoose Forumite
    1.6K Posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Forumite
    OP it straight away - the sooner you pay it off, the sooner those £££s aren't costing you in interest.
    MFW2021#27 - £364.88 / £1800
    1%MFW - £316.15 / £1070
    SIPP - £2264.40 / £3000
    (PAYE pension conts £107.56)
  • LuckyinlifeLuckyinlife Forumite
    1.6K Posts
    Forumite
    ya thats a ok rate and good fix mine was 2.44 fixed for 2 years they wouldnt fix it for any longer grrrr lol

    Op as soon as you can

    Find out how much you need to OP a month to hit your target and try your best to do what you can to hit the target :]
    Mortgage--- [STRIKE]£67700 March 15[/STRIKE] [STRIKE]£65221 April 15[/STRIKE] [STRIKE]£64983 July 15[/STRIKE] [STRIKE]£64780 sept 15[/STRIKE] Remortgage [STRIKE]£67295 oct 15[/STRIKE] [STRIKE]£66599 Nov 15[/STRIKE] [STRIKE]£65878.73 Dec 15[/STRIKE][STRIKE] £64834 1st Jan 16[/STRIKE] [STRIKE]Feb 16 £64,511.89[/STRIKE][STRIKE] March 16 £64,056.40[/STRIKE] [STRIKE]April 16 £62550[/STRIKE] [STRIKE]May 16 £62,396.20[/STRIKE] Feb 17 £60.800
    Emergency fund 23k
  • Thanks guys. Will get down bank tomorrow and pay in the £ in my 'in it all goes' jar! Added to the money already in the OP account it should be about £50.

    Aiming to put a few things on my local Facebook sellers page this weekend. And when I take the kids swimming we can check all the lockers for any left £1 coins - kids love checking!! Lol.
    2018 MFW #60 £1200/£6000
    2017 MFW #60. £3902.22/£2500
    2016 MFW #60. £2175.51/£5000
  • Yay! First OP made of £54.44.

    Going to properly plan next week's dinners to see if I can shave a few pounds off the shop - which of course will be diverted to the OP account.:D

    Looking toward to see what money I can save/find/acquire next week!
    2018 MFW #60 £1200/£6000
    2017 MFW #60. £3902.22/£2500
    2016 MFW #60. £2175.51/£5000
  • Well shopping didn't come out any cheaper as needed cleaning products and toiletries this week......

    But got £11.14 refund from Npower today as I've moved providers and there was £18 lurking in PayPal so both moved to OP account. Have decided I will make an OP from any weekly savings on a Friday. Found another small area to 'tidy' today - child benefit is £137.50 every 4 weeks so the £7.50 can go in the OP account. Shame its three weeks until next payment!

    Really wanted to get a few bits on eBay this weekend but time ran out and it needs to be daylight to take decent pics on my tablet. Will try again next weekend.:)
    2018 MFW #60 £1200/£6000
    2017 MFW #60. £3902.22/£2500
    2016 MFW #60. £2175.51/£5000
  • edited 18 January 2016 at 10:39PM
    Petal88Petal88 Forumite
    263 Posts
    Eighth Anniversary 100 Posts Combo Breaker
    Forumite
    edited 18 January 2016 at 10:39PM
    jb_lord wrote: »
    Well shopping didn't come out any cheaper as needed cleaning products and toiletries this week......

    But got £11.14 refund from Npower today as I've moved providers and there was £18 lurking in PayPal so both moved to OP account. Have decided I will make an OP from any weekly savings on a Friday. Found another small area to 'tidy' today - child benefit is £137.50 every 4 weeks so the £7.50 can go in the OP account. Shame its three weeks until next payment!

    Really wanted to get a few bits on eBay this weekend but time ran out and it needs to be daylight to take decent pics on my tablet. Will try again next weekend.:)

    If it helps, I still have another 11 days to go before I get my first payment since I got paid before xmas? :(
    What I actually came to say though (other than the well done on the OPing!!) is that regular Friday OPs would drive me nuts as you can't see it hit the mortgage until the Monday - are you sure you have that kind of patience in you?:D

    Edit: Just reread and saw that you're talking about about child benefits and not pay day, my bad!
    Mortgage Apr '15: £316,384
    Mortgage Oct '17: £305,399
    Daily interest at start: £38.23
    Daily interest Sep '17: £12.09
  • I hadnt thought of that......May need to revise!;)

    Also need to get internet banking set up with nationwide so I see the OPs making a difference - can't work from a paper statement once a year!!!!
    2018 MFW #60 £1200/£6000
    2017 MFW #60. £3902.22/£2500
    2016 MFW #60. £2175.51/£5000
This discussion has been closed.
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