DFW graduate reporting for next mission!

bellsbells

Hi folks,

Well as of yesterday I became debt free :j :j so I am focusing my attentions on the mortgage. I plan on using half of the money I was using to pay off debts on a rainy day/savings fund and the other half on a regular mortgage overpayment. I have got myself a mortgage pig (well acutally a dragon:rotfl: ) for extras that I can throw at the mortgage. I have been looking forward to joining this board for a while now and am chuffed to be finally be an oficcial member instead of a lurker!

bellsbells

financialbliss

Hi Bellsbells,

That's excellent news - welcome aboard.

FB.

setmefree2

Hi

Looking forward to hearing how you get on. Good Luck.:T:T:T:T:T:money:

David_B_2

financialbliss wrote: »

Hi Bellsbells,

That's excellent news - welcome aboard.

FB.

I second that!

cupid_s

Congratulations on becoming debt free! And welcome to the MFW board

JonnyBravo

bellsbells wrote: »

Hi folks,

Well as of yesterday I became debt free :j :j so I am focusing my attentions on the mortgage. I plan on using half of the money I was using to pay off debts on a rainy day/savings fund and the other half on a regular mortgage overpayment. I have got myself a mortgage pig (well acutally a dragon:rotfl: ) for extras that I can throw at the mortgage. I have been looking forward to joining this board for a while now and am chuffed to be finally be an oficcial member instead of a lurker!

bellsbells

Well done. Over £5k debt paid in a year? You've done very well.:T :T

Get ready cos this one will be a bit of a longer haul I expect..... but we're all in it together!

mountainlioness

Welcome from me too!! That's a great achievement on the debt and am sure that motivation and commitment will see you do some serious damage to your mortgage!

bellsbells

Thanks for the welcome folks! My first task is to get in touch with my mortgage (co operative bank) to find out the exact details of how I go about overpaying. I am now reading through your posts to get a feel for how everyone is going about this. Once a have a clearer picture I will post some details and add a few bits to my sig.

Kaz2904

Just make sure that you take advantage of your ISA allowance if it is a higher interest rate than your mortgage.
Don't get charged by your provider for any payments.

bellsbells

I have been touch with the bank and none of the restrictions I was expecting apply. As it stands I have 15 years and 9 months left on my mortgage. I can overpay as much as I want - there are no restrictions at all which is fantastic. I have set up a regular overpayment of £150 each month starting from January and I can also pay off odd bits here and there when I have any extra money - ie a full mortgage pig or in my case mortgage dragon:rotfl: At any point I can move the money from my overpayment fund off the balance so reducing the term of the mortgage. My poor brain cannot cope with trying to work out interest saved so I am going to stick with recording how much I have overpayed in total, and how much the term of the mortgage has reduced by. These are two very easy sets of numbers to get my head round. My first overpayment will happen at the beginning of Jan 2008. Just doing 12 regular repayments of £150 a month comes to £1800 a year. I am therefore going to set myself a target for 2008 of overpaying £2500 on my mortgage. This looks realistic and would be a fantastic achievement. Writing it all out like this has helped me get the plan straight in my head and I am fired up for the challenge. :beer:

benbenandme

Welome to the board hun !!! :beer: Have a look at some of the mortgage calculators (see sticky) and they will work out the interest saved for you ... it is very motivating to see how much even a small payment will knock off your mortgage total Good luck and keep posting