2008 MFW newbies

bellsbells

debjk wrote: »

Well my Dp and myself have decided to start overpaying our mortgage. We have £64,000 to pay with 20 years left. If we can manage to half the time we have on this we will both be ecstatic.

welcome to the thread debjk!

bellsbells

sky-blue_pink wrote: »

Hi, I'm new here and have already been mortgage free once. That was over ten years ago when we had two incomes and no kids.

Since a major extension on our property (was cheaper than moving) we took out a £42K mortgage and have been in a position to overpay by £150 per month only for the last year - so £1200 so far this year.

Trouble is though, I don't want to skint ourselves (did that before but can't face it now, especially with the children) but I need to be much more imaginative in where I can find extra funds. I'm fairly frugal already.

I need inspiration....and dosh...

welcome sky blue - I have added you to the first post!

bellsbells

Juli wrote: »

Hi bellsbells,

I'd like to join this thread. Having discovered MSE earlier this year, I'm gradually sorting out a few financial things, and would now like to start paying off some of my mortgage.

I'm aiming (perhaps a bit optimistically) at £9000 this year.

welcone Juli - nice to have you with us!

tootallulah

Hi All, have just paid my overpayment of £200, this month it is from my saved pound and £2 coins. As I have had to pay £3000 for a new boiler I only got underneath £160,000 for three days. Still onwards and upwards my new target is to be under £153k at Christmas..................

Snaggles

bellsbells wrote: »

78. Snaggles - Get mortgage to below 32k £1531.83

01/04/08 - mortgage & secured loan total = £37,285.48

15/05/08 - mortgage & secured loan total = £36,913.47

29/07/08 - mortgage and secured loan total = £35,753.65

16/08/08 - mortgage total (secured loan gone :j) = £31,975.63

Mortgage reduced by £5309.85.....woohoooo

zekepes

Snaggles wrote: »

01/04/08 - mortgage & secured loan total = £37,285.48

15/05/08 - mortgage & secured loan total = £36,913.47

29/07/08 - mortgage and secured loan total = £35,753.65

16/08/08 - mortgage total (secured loan gone :j) = £31,975.63

Mortgage reduced by £5309.85.....woohoooo

Well done Snaggles - you did it!!!:j

zekepes

We are just paying our regular overpayment of ~£591.

I was hoping that we could increase that by £300 next month as DH got a payrise amounting to that much but we still keep going slightly overdrawn :rolleyes: . I have been recording where all of our money goes since the end of June and I should be able to set a budget for September using that data. Hopefully that will help.

DH said yesterday he has never been this skint in the whole of his working life. He clearly has no idea what skint is, but still.

I posted a thread about selling our ISA's to pay a lump off the mortgage but it is still unclear what to do. I think, if we did, we would be looking at 2-2.5 years to clear the rest and in that timeframe it may be worth getting rid of them to do this. It is a difficult decision though.

Di-Dough

Have just received our one year mortgage statement - when we took the mortgage out we owed £95,475:eek: One year on we owe £91,233.64:j Have reduced it by £4,241.36. If it wasn't for bellsbells and all the support on here I think I would have given up after a couple of months but knowing that I "have" to report in makes it easier to stick to paying off the mortgage.

Thanks guys and keep up the good work

Di

LilacPixie

I have bit the bullet and made our first over payment to our mortgage. It was only £63 but it will be worth alot more than that in the long run.

Snaggles

zekepes wrote: »

Well done Snaggles - you did it!!!:j

Thanks!

I need to set a new target now, but we are awaiting plans from the architect for an extension, so our mortgage is about to leap massively in the wrong direction! :rolleyes: Once we have an idea how much the extension will cost, I will set a new target - until then, I will just keep trying to overpay as much as possible.