2008 MFW newbies

moominyak

Hello everybody,

Just reporting in for September: £250 this month, £1020 to date so far. Hopefully should be sub-£120k by the end of the year even if I don't quite make the £2k

Well done LumpyCustard, I'm looking forward to being under £120k - £20k is a long way off yet! :rolleyes:

warrior_princess

hey everyone
jus posting an update for sept - offset -25k i.e 3k this month along with 200 OP
so essentially mortgage is now 133k ...........
going the rt direction i hope ................still a long way to go
esp with a lil one due in 6m ...........im thinking money may start going out more than coming in ...........
OH sorting some dues from his previous employers( they dont wanna pay up ........so may end up going the legal route) ..........if that comes in this yr ......another big contribution 2 d pot
holidays due in end of nov ........with d current enviroment ......hope 2 get a proper exchange rate for d dollar...........

zavarony

LumpyCustard wrote: »

70% of this month's overpayment made yesterday, the rest to be made on pay-day (Friday). That's 2000 this month, 8200 for the year so far, and brings me under 20K for the first time

WOW - Thats quite some OP LumpyCustard!!
Well done, I cant imagine a time that I will be under 20k - only 100k to go - lol

Zav

kevjarvisuni

Good morning all,

I have just got off the phone to Northern Rock and increased our overpayments per month to £508 - to bring the total to a nice round figure. It's a real stretch but I feel that it will force me to make more of an effort to save money in other areas - shopping and electric etc, my promise to myself to try to cut back hasn't proved fruitful as yet, so this will force me to do better! Plus I can always reduce it again at any time if we can't keep up.

Our mortgage payment comes out on Tuesday so I'll be updating my balance then!

Any money sving ideas anyone?

LumpyCustard_2

moominyak wrote: »

Well done LumpyCustard, I'm looking forward to being under £120k - £20k is a long way off yet! :rolleyes:

zavarony wrote: »

WOW - Thats quite some OP LumpyCustard!!
Well done, I cant imagine a time that I will be under 20k - only 100k to go - lol

Thanks to both of you - have to admit I raided my current account savings for that last one. Next month I'm planning on taking about a third off my ISA for the overpayment to get below 12K by the end of the year - worth it because my mortgage rate is still higher than the ISA rate.

You'll get down to 20K sooner than you think. My original mortgage was over 80K in 1998, but I've only been overpaying 2 years, so it doesn't take long.

Welshlassie

LumpyCustard wrote: »

Thanks to both of you - have to admit I raided my current account savings for that last one. Next month I'm planning on taking about a third off my ISA for the overpayment to get below 12K by the end of the year - worth it because my mortgage rate is still higher than the ISA rate.

You'll get down to 20K sooner than you think. My original mortgage was over 80K in 1998, but I've only been overpaying 2 years, so it doesn't take long.

Be careful raiding your ISA's remember you can't get back the tax free allowance from past years if you withdraw it.

Well done though on your achievements to date.

Welshlassie

Well I've sent £500 across so far this month, I'm still holding off putting the other £6,500 from part of my redundancy until we've had a full month on my new salary and we decide what we are going to do with the rest of it. I'd love to put it all on the mortgage, but there are things we need over the next year or so and I don't want to be stung not being able to get it back out.

LumpyCustard_2

Welshlassie wrote: »

Be careful raiding your ISA's remember you can't get back the tax free allowance from past years if you withdraw it.

Well done though on your achievements to date.

Yeah, I did consider leaving the ISA alone and getting extra money by stoozing or taking longer to pay it all off, but in the end but weighed it up and decided it worth the sacrifice in order to finish the mortgage next year.

shirlgirl2004

LumpyCustard wrote: »

Yeah, I did consider leaving the ISA alone and getting extra money by stoozing or taking longer to pay it all off, but in the end but weighed it up and decided it worth the sacrifice in order to finish the mortgage next year.

Must admit I'm tempted to take out my ISA money to make sure we get paid off by April. I'm not actually a tax payer at the mo but obviously having tax free savings in the future will be a bonus.

Decisions decisons

ferguwat

Hi there, that's another £50 overpayment made, £450 in total this year. Mortgage now less than £42k for the first time! Cheers