2008 MFW newbies

llydaw

I have lurked for so long I've got to do something. We've finished the main house renovations at last (2.5yrs:eek: ) and I now have some spare cash that I want to throw at the mortgage. I'd love to my MF in 10yrs but if I manage to do it sooner it would be a bonus.

My mortgage is £115,000 with 22yrs to go. I've had some advice on here and it was suggested I'd be better putting my OP into an Isa and then paying it off in a lump sum after 12mnths. My mortgage interest rate is 5.09 fixed for 2yrs. The isa is 6.25% and I'm a basic tax payer. My OP this month is £692 and I'm aiming for £2800 between now and December 08 (including the £692).
Just one question are we going until December 08 only or is it like MFi3 and we keep going for the 3yrs. Sorry if it's in the earlier posts.

Thanks, fingers crossed you'll let me join and I love reading everyones OP's it's like everyone's cheering each other on. Keep it up, it's gr*:T

kezza12

hi llydaw welcolme to the thread. Some of us started at the beginning of the year but some have joined throughout the year, so i don't think it matters when you start it's all about setting a target for yourself and the support that you will get in order to achieve that target. I can't see this thread just stopping at the end of the year,:rolleyes: i suppose it will just roll over into the next and we will just continue to just over pay

ferguwat

Managed another small overpayment of £45 this month. Takes year to date to £250. We'll never manage to make huge overpayments but it still feels good to see how the small amounts add up!

loomacdon

Dilemma.......

Started this year overpaying mortgage till we started extension to house, now need money to start to pay for extension costs (cement, blocks etc.), not sure whether to draw back from mortgage or use ISA first, any ideas would be appreciated

Hope the sickness has passed bellsbells, you are doing a great job here keeping us up to date.

belfastgirl23

So for those of us doing the year's challenge we have reached the halfway point!

I'm pleased to report that I'm more than halfway to my target - £1,500 paid towards a target of £2,500. I don't know about anyone else but even on a mortgage as ginormous as mine I can see the difference by paying off relatively small amounts.

Just my standard £250 overpayment to report this month ...

tootallulah

Can it really be half way already? This hasn't been a good month on the paying off as I haven't done any. I have saved £300 but that and much more will disappear in the annoyance of paying for a new boiler. So as not to get down hearted I am about to stooze a couple of thousand and get right back on the overpaying. I am putting my repayment up to cover an extra £48 from the tax changes and a pay rise of about £40 so that will all help. Welcome to the newbies and many congrats to the overpayers, and much thanks to Bellbells.
People on this thread are lovely!

zekepes

Hello!
Can I join please?
We started making overpayments in October of approximately £500/month. The plan is to up that to an overpayment of £1000/month in october 08 (currently working on cutting back on the grocery spend to make that a reality and son starts school no childcare fees) and make an annual lump sum in July (whatever we can resist spending from the annual bonus my DH gets).
Aim this year: £12500
June: £500
Total so far this year: £3000
Thanks

moneysavingwannabe

loomacdon wrote: »

Dilemma.......

Started this year overpaying mortgage till we started extension to house, now need money to start to pay for extension costs (cement, blocks etc.), not sure whether to draw back from mortgage or use ISA first, any ideas would be appreciated

Hope the sickness has passed bellsbells, you are doing a great job here keeping us up to date.

Hi,

We saved enough for the extension in ISAs and then put as much of the costs as we could on a 0% cc so we were earning interest on the money for as long as possible but knew we had the money to pay it off if we needed to. I personally wouldn't take money back from the mortgage cos you end up paying so much more interest.

We had to pay cash to some of the builders but new kitchen, sofas etc went on the cc. Hope this helps. Everyone will have a different opinion-it is what you feel comfortable with.

newmoneysaver_2

My overpaying is going to have to be put on hold for the time being. My fixed rates end at the end of July and I have just secured a new 5yr fixed rate at 6.29% with HSBC. This will wipe out the £100 I usually overpay each month. I have cancelled the standing order for this month, as I have to find the £800 booking fee :eek:

I will only be able to pay 20% of the monthly payment with the new mortgage - that works out at about £170 a month. Some months I have mamnaged to overpay more than this - but in future I will have to only pay the max amount and save the rest to overpay on months when I can't pay as much IYSWIM.

I am also still saving for a new bathroom - the kitchen is just abount finished and the next task will be the garden and a new garage.

llydaw

llydaw wrote: »

I have lurked for so long I've got to do something. We've finished the main house renovations at last (2.5yrs:eek: ) and I now have some spare cash that I want to throw at the mortgage. I'd love to my MF in 10yrs but if I manage to do it sooner it would be a bonus.

My mortgage is £115,000 with 22yrs to go. I've had some advice on here and it was suggested I'd be better putting my OP into an Isa and then paying it off in a lump sum after 12mnths. My mortgage interest rate is 5.09 fixed for 2yrs. The isa is 6.25% and I'm a basic tax payer. My OP this month is £692 and I'm aiming for £2800 between now and December 08 (including the £692).
Just one question are we going until December 08 only or is it like MFi3 and we keep going for the 3yrs. Sorry if it's in the earlier posts.

Thanks, fingers crossed you'll let me join and I love reading everyones OP's it's like everyone's cheering each other on. Keep it up, it's gr*:T

sorry, forgot to ask do I need to pm this to anyone so that I can be added to the list? tx