2008 MFW newbies

LilacPixie

not alot happening here. As i am limited to 5% over payments per year plus the large amount of unsecured debt that is runnig at 10.2% I have been concentrating on clearing that and then looking at the mortgage. I did my tax return and they are actually due me about £800 based on payments made in advance. I'm on the look out for a nice savings rate as in a few months we should only have car HP left and cannot overpay that without penalty so the cash is going into savings once my 5% Mortgage overpayment has been paid.

I have been offered another freelance contract that i can do alongside my usual work without too much effort and that should be worth 400-600 per month net. If it does happen then my df/mf date will change from may 2027 based on basic payments to September 2011!!!!!!

Now if that isn't enough to give anyone a boot up the bum i dunno what is.

2latenow

4 days into august means last months money has come in & the biggies (mortgage & friends) have gone out. So we've done a quick total-up and we were going to pay into my ISA ... but I found the interest rate's no longer any good so I'll move it... But that'll take a few weeks and I dont want the money lingering where Captain Calamity Darling can grab 40% of the interest while my ISA gets sorted.

Long story short... That's another £1000 off to the mortgage company for this months overpayment (it's interest only so has the same interest-saving affect as capital repayment).

Oh, and we buckled & had a take away on Friday, so again I've "fined" our food account by the same amount and added that to the cheque!

So... Total for August for #126 = £1016 .

Just need to do that another 230 times.... If only we could keep this up... but I dont think it will last.. .Over'arf is just about to drop onto lower maternity payments... :-(

tootallulah

Hi All

I've just got back from holiday - lovely thanks.

However I'm just about to pay out £3500 for my new boiler which nearly wipes out my over payments for this year. So it's back on the bandwagon in September. I need to pay off £1200 per month until Christmas to meet my target................

Hawksmuir

I paid £400 into the wrong account this week, so the mortgage is down £400 and my 0% visa isn't.:mad:

Ah well 80% of the way to my £1000 target.:j

Moniker

Hi everyone. My regular mortgage payment went out of our current account on 2nd Aug so we are down to £38532.15. I usually pay the overpayment as close to the end of the month as I can so that if our salaries haven't cleared we are overdrawn for as short a time as possible (this hasn't happened yet!). I also take a hand written cheque to my building society for the overpayment as it will credit the mortgage on the day I take it in even if the cheque takes a day or two to clear - meanwhile the money is still in my current account earning interest for me! I can see all this happening from my online banking facility, and although I could make the transfers on line I decided that this was the most cost effective way to do things from my point of view.

Anyway, hope everyone is in good heart.

Love Moniker

fivefifty

Hi all,
Hope this message gets onto the forum. First timer.
Aiming to pay off £22,000 morgtgage in three years with the help of :
1) Overpayments -£140 pm.
2) Assurance plan maturing soon.
3) Being really, really frugal
Started by spending my nectar points -13,400 - on wine -these will be Christmas presents. (No, I won't drink the 12 bottles- Only 3 allowed for myself))
Good luck to everyone. Feels like a big family.

torbrex

Took the bull by the horns today and transferred £3600 from one of my savings pots to pay off a lump of my mortgage, fingers crossed that nothing crops up for a couple of months. I have other pots that I can dip into but would incurr penalties so I am holding them in reserve.

I will update my sig when my normal monthly payment goes in at the end of next week.

The overpaying habit is very addictive, I am well ahead of the shedule that I had set myself.

violetblue

Hi Guys, #18 reporting here with a mini-update! :hello:

Still waiting for my remortgage to go through, hopefully should all happen this month. My current mortgage is just a little under £37,000, and the new one will be just £25,000 - the solicitors will contact me when it's all ready to go so that I can pay the shortfall. Can't wait!! It's a little bit scary but exciting at the same time! :cool:

I'm so thrilled to think that even if I don't make any more overpayments at all, the mortgage will be gone in just 6 more years... But of course I've caught the overpayment bug now, so I reckon I'll be rid of it in 4 years at the most!!

And without this forum, it would never have occured to me to really work on overpaying the mortgage, so thanks everyone! :beer:


PS - Topov your sig made me smile, Hartley Hare really was the stuff of nightmares...

kezza12

well i put a hundred pounds worth of mortgage pig money in today bringing my august total up to £300 which is great, this site is a great motivator:beer:

bellsbells

fivefifty wrote: »

Hi all,
Hope this message gets onto the forum. First timer.
Aiming to pay off £22,000 morgtgage in three years with the help of :
1) Overpayments -£140 pm.
2) Assurance plan maturing soon.
3) Being really, really frugal
Started by spending my nectar points -13,400 - on wine -these will be Christmas presents. (No, I won't drink the 12 bottles- Only 3 allowed for myself))
Good luck to everyone. Feels like a big family.

welcome fivefifty!