2008 MFW newbies

Sunny_Donny

Hi bells bells
Have paid overpayment for October £10.00 This goes up to $17 per month from November as adjusted DD.
Can now pay extra via online banking - just got the info today and can pay max of 10% per annum which is £2900 for 2008 - somehow don't think I'm going to be able to manage that much, but will make a little, but significant dint in it.
Will update signature later as forgot when signed in.

Floxxie

bellsbells wrote: »

Hi guys, I haven't forgotten you but the whole family has come down with a bug. We are all feeling pretty rough so the first post update for October might take a couple of days for me to do. I will do it as soon as I am feeling a bit more human!

Bellsbells

Hope you all feel better soon. A cold bug has hit here and the children aren't sleeping through the night so I am exhausted!

Anyway have PM'd you BellsBells. Mortgage currently stands at £91175, so another £1175 to go before I hit this years target.
Next year I am planning to offset £40k - a completely stretched target as I don't have £40k and that is more than the family earn in a year but anything is possible if you set your mind to it??!

Well done everybody. Even if you have only made one small overpayment you are closer to clearing your mortgage than if you had just carried on without the overpayment.

Floxxie

uzubairu

Please can I join this thread and get a number.

We (me and OH) took out a 10 Year 4.79% Fixed Rate mortgage of £113,000 with the Nationwide in July 2006.
We agreed on a fix so that we knew exactly what was coming out each month.

Given that our previous mortgage was for £38,000, our new monthly payments of £646.84 are more than double.

I was adamant that I wanted to be rid of this burden as soon as possible, so insisted that we try to overpay as soon as we had sorted ourselves out after the move (new furniture, etc).
We would like to be Mortgage Free by July 2016 when the Fixed Rate Deal ends.

We also use Cashback sites, eBay junk/unwanted items and collect Clubcard points to maximise income.

We can overpay £500 per month without penalty, and we both use our Cash ISA allowances (to pay balance at end of the fixed rate period).

This year we want to overpay £5000 instead of £6000 (because we had new worktops fitted in the kitchen). We had initially wanted to end the year at £100K, but we decided to try a bit harder.

Here are the numbers so far:-

July 1st 2006 = £113,000.00
January 1st 2007 = £111,807.00
January 1st 2008 = £105607.02
October 1st 2008 = £100,103.78 (it was sub £100K until interest was added, hopefully this month's OP will keep it under £100K)

We've overpayed £3,400.00 so far this year.

Umu

bellsbells

bellsbells wrote: »

Welcome to the thread for everyone starting their MFW journey in 2008. Please feel free to join at any time and your name will be added to the list along with any specific overpayment goals you have for the year. I will do an update each month on our progress so we can see how we are all doing and offer each other support, ideas and encouragement!

There is no cut off point for joining the thread and the challenge (except the 31st December:rotfl: ) so if at any point this year you are ready to start working on becoming mortgage free please join us! Your target can be as specific or general as you like.

Good luck to all!

Goal for 2008/general aims Total so for the year Total for September
1. Martinslovechild - MFW Graduate
2. Poppyosaur - £2000 overpayment £1656 £
3. SPL - £5000 overpayment £7146.88 £
4. Elantan - £2000 overpayment £1146 £
5. Newmoneysaver - £1500 overpayment £1800 £
6. Lumpy Custard - Reduce mortgage to £20K £5200 £
7. Wheelies - £343.20 overpayment £117.20 £
8. Daft Pegasus - Reduce mortgage by £12000 £7010£
9. Ms Cat - £2000 overpayment by end Nov £700 £
10 MF2015 - £8900 overpayment £3750 £
11. Hummingbird - £4685 overpayment £600 £50
12. TEENY -
13. Bellsbells - £2500 overpayment £1690 £150
14. Atypicalblonde - £2500 overpayment £0 £
15. Frugalfreda - Overpay as much as possible £3000 £
16. Di-Dough - £3000 overpayment £1411.26 £149.28
17. Torbrex - £2000 overpayment £5297.97 £216.67
18. Violet Blue - Reduce mortgage to £23000 £14849.83 £1000
19. Belfastgirl23 - £2500 overpayment £2395 £280
20. LouiseJ - £3720 overpayment £2908 £40
21. Thriftyget - Sub 30K by end of year
22. Jay1 - Overpay as much as possible
23. Squiggly Diddly - Overpay something each month £500 £
24. Kazzieg - Clear £35k mortgage
25. Zavarony - £3000 overpayment £2300 £300
26. Stripey Cheese Skirt - £3000 overpayment
27. SALTY69 - £3600 overpayment £700 £
28. Emma_Nottingham - £1600 overpayment by 2/11 £361.35 £
29. Macka0 - Pay off £5000 by October £1500 £
30. Kezza12 - £3000 overpayment £2470 £300
31. Lifebegins - £6000 overpayment
32. George_jetson - MFW Graduate - became MF July '08
33. Chrisbee - £600 overpayment £50 £
34. Sheslookinhot - Reduce mortgage to £13000 £3060 £337
35. Intheblackfinally -
36. DrGUID -
37. Lauren565 - £5000 overpayment £1,132 £
38. Cazzdevil -
39. Twinklie - £
40. Alion - £3000 overpayment £2000 £
41. Aliportico - £2000 overpayment £800 £
42. Steveswift - £4000 overpayment £1680 £
43. Tootallulah - £4500 overpayment £2670 £
44. Angel81uk -
45. Howskint? - £3500 £ £
46. Freaky-di - £1500 overpayment
47. Broomstick27 - £500 £
48. Gazella77 - £2000 overpayment £490 £
49. Alli_baba2 - £4500 overpayment £3126.28 £
50. Loomacdon - overpay as much as possible £4427.48 £
51. Bargainhunter - £2400 overpayment£1436.30 £
52. I,m Sad - £ £ £
53. Clockwatcher - £500 overpayment £600 £
54. Maximumtime - £4000 overpayment £ £
55. Hawksmuir - £1000 overpayment £800 £
56. Courgette - £2000 overpayment £245.75 £
57. Sofasurfer - £5000 overpayment £50 £
58. Teasel26 - £1000 overpayment £ £
59. 49clare - £ £800.44 £
60. ShakyStoozer - £ £ £
61. ShreksBodyDouble - £1000 overpayment £690 £
62. IDN101 - £ £ £
63. Sosh - £4000 overpayment £3795.72 £794.38
64. Oggieinglos -
65. Steve-o - £7200 overpayment
66. Daisydog - £
67. Skint2008 - £
68. Mischiefmaker - £1000 overpayment £40 £
69. Courgette - £1355.81 overpayment £310.06 £
70. Gillybean - £2000 overpayment £100 £
71. Birdstill - Reduce mortgage by 20k £15K £
72. Bigadd - Overpay by £3564 £ £
73. Bubblette - Offset as much as possible
74. Gustavlebon -
75. Pollys - £2400 overpayment £4185 £1325
76. Savvymummy - £1000 overpayment £197 £
77. Overthetop - £5130 overpayment £3420 £570
78. Snaggles - Get mortgage to below 32k £1531.83
79. Oompahloompah - £ £ £
80. Dingling68 - £1500 overpayment
81. Abouttimetoo - £2700 overpayment £1950 £400
82. Sreppaw -
83. Aliwal - £1000 overpayment
84. Zebedy - £5000 overpayment £5670.77 £300
85. Mustafa Say Ving - £5000 overpayment £585 £
86. Mrs Binsky - £6000 overpayment £3000 £
87. Mitchg - Mortgage free this summer
88. Shawtj2 - £600 overpayment by March '09
89. Bedhair - £1500 overpayment £300 £
90. Redmadcurls -
91. Moneysavingwannabe - £2250 overpayment £595 £
92. Ilovecookies - Overpay as much as possible
93. Warrior Princess - £22000
94. Fuzzipeg - Reduce mortgage by 9K £4000 £
95. Shirlgirl - Overpay £22500 £5050.69 £927
96. SuiDreams - £500 overpayment £380.85 £
97. Welshlassie - £240 overpayment £632.03 £500
98. Jobags - Overpay 40K £33586 £600
99. Laurar3 - £1500 0verpayment £1347 £
100. Cookie334 - Overpay £600 £334 £
101. Petscomer176 - Overpay £500 £152 £
102. Hels50 - Reduce mortgage to sub 60K
103. Vespa Rider - £3000 overpayment
104. Fluffysox - £2000 overpayment £2783 £496
105. AJ1982 - £5000 overpayment
106. Noodles42 - £2000 overpayment £2057.50 £200
107. Gifford - £10000 overpayment £5000 £
108. Sportyjd - £1250 overpayment
109. Tro127 - £2008 overpayment £855 £
110. TurnaroundSue - £2000 overpayment £2135.70 TARGET REACHED!!!!!
111. LindsayO -
112. Floxxie - Mortgage down to 90K (target - £16433.79) August = £91666
113. Lilmil - £2500 overpayment £1160 £
114. Sunny Donny - £120 overpayment £60.71 £10
115. Ferguwat - £500 overpayment £400 £
116. Nic283 -
117. Want2beMF -
118. Shineyhappy - £5000 overpayment £1000 £
119. Herewegoagain -
120. Llydaw - £2500 0verpayment £1192 £
121. SnaxO -
122. PsychoPrincess - £5952.60 overpayment £180 £
123. Zekepes - £12500 overpayment £3000 £
124. Newbird -
125. Lunar Eclipse -Reduce mortgage by £100K £97K £2500
126. 2latenow - Reduce mortgage to £200k in 3 yrs £3031 £
127 Gladriel - £300 overpayment £1500 £650
128. Optimisticpair -
129. Nellis10 - Overpay by £3000
130. Moominyak - Overpay by £2000 £1020 £250
131. Bernlyn -
132. Lilac Pixie -
133. Moniker - £6000 overpayment £4500 £500
134. Polesana -
135. Little Orange - Overpay by £1500 £282.41 £
136. Montillababe -
137. Leokiss -
137. LA83 - £130
138. Fivefifty - Pay off mortgage in 3 years
139. Topov - Overpay by £3000 £1000 £1000
140. Debjk -
141. Sky-blue pink - £1350 £150
142. Julie - Overpay by £9000 £3950 £950
143. I, Brian - Overpay by £6000
144. Jexybird -
145. Lizziebell*80 -
146. Samantha1985 -
147. Earthgirl - Overpay by £6000 £4000 £
148. Gaz2202
149. J4m35 - £2874 £486
150. Maslowe - £750 £750
151. Kevjarvisuni - £2000 overpayment £600 £300
152. Kazzys51 -
153. Longway2go -
154. Cake21 - £6000 overpayment £4815 £1305
155. Frazzmunch - £600 overpayment
156. TraceyJ -

Well sorry it is a few days late but here are Septembers totals. A special mention must go to Turnaroundsue who has achieved her target for the year!
October here we come!

Optimisticpair

Hi Bellsbells,

Hope everyone is better quickly.

Hello Umu Welcome to the clan. Will try to emulate.

Update - we are held up waiting for documents from our seller.

Plan A source furniture and furnishings prior to completion date Achieved.

Target for remainder of 2008 is 1) offset 2) undertake essential repairs with savings, and 3) begin renovation using savings.

Well done everyone you are an inspiration.

SALTY69

Hi Bellsbells and all the great people who helped me out. I was a member on this board last year and you might remember i was moving to a bungalow (council) and selling up. Well here is the update, House sold for £15000 less than i wonted but it is know sold to a young couple and the contracts have been exchanged and the completion date is on Wednesday. Luckily only had a small mortgage and will totally dept free. I hope you all our lucky enough to pay off your mortgages asap. It is such a difficult time but i am sure we will all get through it. Good luck to you all.

Salty

Herewegoagain

Hiya guys,
I have an interest only mortgage and when using overpayment calculaters, find the term doesn't go down unless I put massive amounts in. I have been paying £370.00 over payment but don't see a great dif. Is this because it's an interest only and if so how do I get it down and still eat. Most calculators seem to be only on repayment, and the egg one, tells me depressing news

HWGA xx

torbrex

Herewegoagain wrote: »

Hiya guys,
I have an interest only mortgage and when using overpayment calculaters, find the term doesn't go down unless I put massive amounts in. I have been paying £340.00 over payment but don't see a great dif. Is this because it's an interest only and if so how do I get it down and still eat. Most calculators seem to be only on repayment, and the egg one, tells me depressing news

HWGA xx

Have you agreed with your lender that the overpayments will reduce your capital each month? It could be that the term will not reduce automatically, you may need to re-mortgage at a later stage to get a term reduction. If there is no early redemption clause, just carry on with the payments until the capital is of a size that you can pay the balance in full.

I have a flexible mortgage and am able to pay as much extra as I like and as often as I want to, my term is still the same as it was originally but the capital has been reduced to a point that I am actually paying it off next week. I could continue paying £30/month for the next 9 years and have gone the full term but I am glad to be shot of it.

I found that the calculators are a bit general, I actually use the one within Microsoft Money and can change the set-up to suit my kind of arrangement.

Herewegoagain

torbrex wrote: »

Have you agreed with your lender that the overpayments will reduce your capital each month? It could be that the term will not reduce automatically, you may need to re-mortgage at a later stage to get a term reduction. If there is no early redemption clause, just carry on with the payments until the capital is of a size that you can pay the balance in full.

I have a flexible mortgage and am able to pay as much extra as I like and as often as I want to, my term is still the same as it was originally but the capital has been reduced to a point that I am actually paying it off next week. I could continue paying £30/month for the next 9 years and have gone the full term but I am glad to be shot of it.

I found that the calculators are a bit general, I actually use the one within Microsoft Money and can change the set-up to suit my kind of arrangement.

Thanks Torbrex,
So nice of you to reply:beer: I haven't asked them that as probably foolishly persumed that was what would happen(Always had a repayment/endowment mortgage before)

I will ring them on Mon and see how the land lies,

Thanks again

I am still OP by £370.00 every month so hope it is making a dif:cool:

HWGA xx

nokiauk

Well my plan is to make a lump sum payment at the end of this month of £35,000 therefore reducing my mortgage to £30,000, make over payments for the next 24 months, as I would otherwise suffer a penalty for ending the mortgage early, then whatever the balance remains at say £20,000 pay that off when my deal ends. So mortgage free by November 2010. :T