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Sillgal's Crusade to beat the bankers!!

edited 10 April 2016 at 4:32PM in Mortgage-Free Wannabe
7 replies 986 views
SillygalSillygal Forumite
23 Posts
Debt-free and Proud!
edited 10 April 2016 at 4:32PM in Mortgage-Free Wannabe
So...

I joined the MFW forum about a month ago and have been lurking and reading other diaries, so I thought I would start my own..

My mortgage is now standing at £84100. My aim is to try and pay it off within 8 years, by the time I'm 54...

So far I've made one overpayment of £170. Will be able to OP probably £250 for April and May and then crank it up from the June payment when my 10 year fixed rate falls off and my monthly mortgage payment falls from £512 to £407.

It's going to be an interesting journey.. I never, EVER thought I would be able to OP anything as I was so bad with money. After being a regular on DFW I have learnt such a lot and am now really proud of myself :beer:
Debt Free March 28th 2016
Mortgage OP Target for April 2016 to April 2017 £6000
OP so far £670/£6000

Replies

  • SillygalSillygal Forumite
    23 Posts
    Debt-free and Proud!
    Trying to get my signature to work ��
    Debt Free March 28th 2016
    Mortgage OP Target for April 2016 to April 2017 £6000
    OP so far £670/£6000
  • bexster1975bexster1975 Forumite
    1.6K Posts
    Part of the Furniture 1,000 Posts Photogenic Bake Off Boss!
    ✭✭✭
    Welcome and good luck!

    Don't just fall onto the SVR when your ten year fixed ends. There are still some very good fixed rates around depending on your LTV so you could maybe make the minimum payments even less ( so adding more yo your OP).

    Bexster :)
  • SillygalSillygal Forumite
    23 Posts
    Debt-free and Proud!
    Thanks Bexter.. It falls onto the Nationwide BMR so 2.5% .. Happy with that for now..

    I can't sign up to anything else as my ex husband is still on the mortgage. As I dont earn enough, he is still on it but doesnt pay anything. He is off the deeds but the Nationwide wont release him from the mortgage.

    He is awkward and wont sign any paperwork to sign up for any new deal. So my hands are tied for now..

    Another reason to overpay so I can be rid of him once and for all!!!
    Debt Free March 28th 2016
    Mortgage OP Target for April 2016 to April 2017 £6000
    OP so far £670/£6000
  • newgirlynewgirly Forumite
    7.9K Posts
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    ✭✭✭✭
    Welcome and good luck sillygal :)
    MFW 67

    2021 £5,829.42/£16,400
  • So... Gearing up for my second overpayment.. I can't believe how excited I am doing this lol.

    I have just signed up for internet banking with Nationwide, so I can log in whenever I like to see what's going on with my mortgage. Logged on for the first time, and there was the evidence that my OP had got to the account ok by bank transfer. Isn't technology great when it works?? :rotfl:

    I'm hoping to OP £290 the end of this month.. Not enough to reduce any of the mortgage term but it will reduce the capital and therefore the overall interest paid so I will be happy with that for now.. Rome wasn't built in a day and all that!!:T

    I would have been able to pay more if I hadn't got my passport to renew and a creative writing course payment to make.. Still got to live and life is a marathon, not a sprint. I'm expecting a little pay rise this month as I work for the NHS and we get 1% ... Also a change to my tax code means I should get about an extra £60 in my take home pay... Every little helps!!

    Just looking forward to later in the year when mortgage changes, pay increment, finishing gym contract and other bits and bobs should allow me to reach the magic over £500 a month overpayment and let me start working on reducing the term!

    Bring it on Nationwide!!!!! :dance::dance:
    Debt Free March 28th 2016
    Mortgage OP Target for April 2016 to April 2017 £6000
    OP so far £670/£6000
  • gallygirlgallygirl Forumite
    17.2K Posts
    Part of the Furniture 10,000 Posts Name Dropper Mortgage-free Glee!
    ✭✭✭✭✭
    Well done on your great start :T. I'm sure you'll find it much more fun paying off the mortgage than paying off other debts :j.
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
  • Hi

    So, just made second overpayment. Managed £500 this month for the first time, with a little help from my Mum .. Can't wait for it to hit Nationwide, as it should knock a little bit off the term this time..

    Rock on!!! :beer:
    Debt Free March 28th 2016
    Mortgage OP Target for April 2016 to April 2017 £6000
    OP so far £670/£6000
This discussion has been closed.