2008 MFW newbies

lizziebell*80

I was inspired by this thread and want to be MF too!
Only thing is I have an offset tracker mortgage, does this count? I don't think I will be making overpayments exactly but will be making as large a donation into the offset account each month as I can afford (however may investigate ISAs too). Oh doesn't like my moneysaving way of thinking too much as always saying we can't afford things (not essentials) but I reckon if I can show him how much sooner we'd get this out the way then he might cheer up abit and stop moping about being skint!

I think I have sort of unknowingly been reducing my mortgage term by using the offset feature anyway

One thing more, I can't seem to find any calculator that will let me predict how I can shorten the term by adding extra to the offset and/or lump sum payments where you are able to say what interest rate you are paying. Found one on the YBS site (who I am with) but only based on their curent product, which are not suitable. Only others seem to be on providers websites with their products? (I did try some that were posted ages ago for other mortgages but couldn't work them to be specific enough).

Thanks

zavarony

Hi Lizzie,

I have a YB Offset Mortgage but am not able to overpay yet so am putting all my OP's into an ISA with the aim of paying it off in 18months when the redemption period ends. I havent been able to find a calculator which reflects exactly how much difference my OP's will make but used the one on the BBC website which lets you put a regular OP onto the calculator, dont know if that will help but a rough guide is still inspiring - other than that why not go back to your lender and ask them for a new illustration?

Good Luck anyway - all your OP's will make a difference in the long run.....

If you find a better calc anywhere please post t on here so I can have a nosey!!

Zav

belfastgirl23

Just popping in to declare my august total of my standard £280 making a total of £2115 for the year. I've been reading all your posts and am so envious though, if I make my overall target of £3500 (which frankly is looking a bit shaky) it amounts to 1.5% of our mortgage Still I guess this time 2 years ago I was spending that money on rubbish so every little helps as they say.

I can't seem to get a grip on my money at the minute, there's way too much month for too little money. And I'm off on hols next month (to the eurozone) which means a lot of spending...although hopefully will keep the regular payment up...

And welcome to the newbies...

jexysbird

Hi,

Hope everyone is enjoying the bank holiday!

I have been looking at all the DFW posts and threads and have found lots of inspiration, aswell as joining the sealed pot challenge, but our main goal is to pay off the mortgage within the next 3 years, 2 would be even better. Our current mortgage is offset against the money in the connected savings and current accounts. Since Aug 07 when it began, from offsetting and overpaying, we have saved £4,386.70 in interest.

Now we have it down to £75,420.93 and want to continue to overpay, but still try and keep some savings, as a just in case emergency fund, due to personal circumstances. Therefore, any money gained from the Sealed pot challenge, selling stuff on ebay/free ads/car boots, cashback sites etc will go towards paying it off. It gives me a buzz to know that we are knocking money off our debt!

We have compiled a SOA on Excel for ourselves so we know exaclty what we are spending and we should hopefully if we don't spend on the uncessary, overpay by about 600 each month - if we are careful. We have been in the spending more than we earn mode - and I don't really know why!

I am always looking to save money somewhere and have switched electric suppliers 3 times since Aug 07!

Anyway better be off to bed, as I could stay up most of the night reading through this site!

Nite nite:hello:

Samantha1985_2

Hi folks,

I would like you join you on your quest to be Mortgage free, my total mortgage is £99,500 and realistically I would like to be mortgage free by 2019(a long way I know *rolls eyes*) my target for overpayment's each month will be £410.00 making my total payment just over £1000.00 :eek:!

Reading these threads is such excellent motivation, congrats to you lot with such strong will power, maybe you can pass some wisdom onto me :A

I'll be hanging round
Sam

moominyak

Hi all, managed to scrape another £80 together so just been to pay that across, total Aug OP = £140 and total to date = £770. Will PM BB

Welcome to all the MFW newbies :hello:

bellsbells

lizziebell*80 wrote: »

I was inspired by this thread and want to be MF too!
Only thing is I have an offset tracker mortgage, does this count? I don't think I will be making overpayments exactly but will be making as large a donation into the offset account each month as I can afford (however may investigate ISAs too). Oh doesn't like my moneysaving way of thinking too much as always saying we can't afford things (not essentials) but I reckon if I can show him how much sooner we'd get this out the way then he might cheer up abit and stop moping about being skint!

I think I have sort of unknowingly been reducing my mortgage term by using the offset feature anyway

One thing more, I can't seem to find any calculator that will let me predict how I can shorten the term by adding extra to the offset and/or lump sum payments where you are able to say what interest rate you are paying. Found one on the YBS site (who I am with) but only based on their curent product, which are not suitable. Only others seem to be on providers websites with their products? (I did try some that were posted ages ago for other mortgages but couldn't work them to be specific enough).

Thanks

of course you can join! A few other people are doing similar things too! You are added to the first post:beer:

bellsbells

Samantha1985 wrote: »

Hi folks,

I would like you join you on your quest to be Mortgage free, my total mortgage is £99,500 and realistically I would like to be mortgage free by 2019(a long way I know *rolls eyes*) my target for overpayment's each month will be £410.00 making my total payment just over £1000.00 :eek:!

Reading these threads is such excellent motivation, congrats to you lot with such strong will power, maybe you can pass some wisdom onto me :A

I'll be hanging round
Sam

welcome to the thread Samantha!:j

bellsbells

jexysbird wrote: »

Hi,

Hope everyone is enjoying the bank holiday!

I have been looking at all the DFW posts and threads and have found lots of inspiration, aswell as joining the sealed pot challenge, but our main goal is to pay off the mortgage within the next 3 years, 2 would be even better. Our current mortgage is offset against the money in the connected savings and current accounts. Since Aug 07 when it began, from offsetting and overpaying, we have saved £4,386.70 in interest.

Now we have it down to £75,420.93 and want to continue to overpay, but still try and keep some savings, as a just in case emergency fund, due to personal circumstances. Therefore, any money gained from the Sealed pot challenge, selling stuff on ebay/free ads/car boots, cashback sites etc will go towards paying it off. It gives me a buzz to know that we are knocking money off our debt!

We have compiled a SOA on Excel for ourselves so we know exaclty what we are spending and we should hopefully if we don't spend on the uncessary, overpay by about 600 each month - if we are careful. We have been in the spending more than we earn mode - and I don't really know why!

I am always looking to save money somewhere and have switched electric suppliers 3 times since Aug 07!

Anyway better be off to bed, as I could stay up most of the night reading through this site!

Nite nite:hello:

thanks for the pm jexy and welcome!

bellsbells

hi guys - well I am back from part one of my MSE holiday (a few days with the in laws in Devon) and leave tomorrow for part two (camping in Wales) so I will not be around for a few days more - normal service will be resumed in September:rotfl: