2008 MFW newbies

Optimisticpair

Just found this site and forum today. We haven't got our house and mortgage yet but we don't intend wasting any money before we start .

I'm taking up the challenge to live well for less and channel the savings into reducing the mortgage.
Here's to you all :beer: good luck.

Optimisticpair

Daft_Pegasus wrote: »

when I tell them my dream of buying myself a holiday home once my mortgage is paid off then they're already inviting themselves out for a free holiday:D

Good Luck to everyone taking up this challenge.

Thanks. We have also found friends and family keen to come for a holiday in our planned new house - and they are welcome - but what they don't know yet is that I will arm them with a paint brush or something

kezza12

:rolleyes: i too am a little worried about the time when my fixed rate comes to an end and i've also been looking into moving to a slightly bigger house and not increasing the mortgage any (i've come to the conclusion that i should stop looking as it's an impossibility) i,m just hoping that there will be other good fixed rate deals out there in 7 months and that that the economy will be a little better at that time

2latenow

belfastgirl23 wrote: »

I don't know about anyone else but I'm uncomfortably aware that I've only got a year to run on my fixed rate deal (5.47%) and on a mortgage of around £225k, a rates hike will affect me pretty heavily. At least the good thing about overpaying is that I could absorb a rise within my overpayments but it is a really good incentive to keep going!

I'm in a similar-ish situation with 48% of my mortgage (@ 5.09) coming up on 31/10. Already that's likely to be +150/m extra, so trying despirately to get into an O/P habit now to ease the pain later. (My other 52% is @ 4.49 and lasts till 31/05/09... ... Time yet to worry about that one :-) )

Meanwhile I would really like to get into an O/P habit that is more than the likely November interest rise, so that at least we continue a little O/P afterwards. Also, as our loan is interest only, we could proportionally reduce payments into one of our repayment "vehicles" ... giving a little extra O/P.

torbrex

My latest overpayment went through today £192.50 taking my balance below £10,000 for the first time.
I am well on target to clear my mortgage by Feb next year and am still undecided whether to bring my date forward, it would mean leaving me with little in the way of savings but I am wondering if the satisfaction of a zero mortgage would make up for that.

poppyoscar_3

torbrex wrote: »

My latest overpayment went through today £192.50 taking my balance below £10,000 for the first time.
I am well on target to clear my mortgage by Feb next year and am still undecided whether to bring my date forward, it would mean leaving me with little in the way of savings but I am wondering if the satisfaction of a zero mortgage would make up for that.

Well done torbrex :beer:

I think it will rpobably be another year before I manage to get sub £10k, it must feel great!

You could soon make the savings back up again if you decided to take that route - I have a feeling it will be very difficult to get back into spend, spend, spend mentality after it's over - not that i've ever really been spend, spend, spend!

Keep going!

PO xx

torbrex

poppyoscar wrote: »

Well done torbrex :beer:

I think it will rpobably be another year before I manage to get sub £10k, it must feel great!

You could soon make the savings back up again if you decided to take that route - I have a feeling it will be very difficult to get back into spend, spend, spend mentality after it's over - not that i've ever really been spend, spend, spend!

Keep going!

PO xx

It is all about small targets for me, I find it easier that way, but now that I have equal amounts of savings and remaining mortgage it is very tempting to take that final step.
I am going to hold off until next month and get a settlement figure from my lender at around the time my payment is due then decide from there.

kezza12

torbrex wrote: »

My latest overpayment went through today £192.50 taking my balance below £10,000 for the first time.
I am well on target to clear my mortgage by Feb next year and am still undecided whether to bring my date forward, it would mean leaving me with little in the way of savings but I am wondering if the satisfaction of a zero mortgage would make up for that.

i can't wait to get below £50,000:rolleyes: another 2 months i think

laurar3

Today I have paid off another £135 to my mortgage making my overpayments this year £625 not including what I must be saving from offsetting.

I have been saving £250 a month into my offset savings account for rainy day money, so that has got to be saving some interest.

Really looking forward to the mortgage being below £110k not sure if I will quite do it this month...

Keep up the good work everyone.. I look at some of these tiny mortgages on here and wish that mine was that size .........one day......

Shineyhappy

Wow some of these mortgages are tiny! Well done you must have all worked hard to get them so low!

Mine is 157.5k so I am just looking forward to being under 150k!

On an aside note, as I live in a flat, we have management meetings and this week I went to mine and have been appointed as a director so although its not saving money in the strictest sense, it does mean I have some clout to yell at the management company to get them to sort out a few things which should keep the flats in better condition and hopefully that will make them more saleable.