2008 MFW newbies

fluffysox

October extra overpayment of £336 made yesterday. Regular overpayment of £160 will come out as part of direct debit later in the month.
October total = £496.
This takes overpayment total for the year to £3279. Trying to pay off as much as possible before remortgage in December- so far the term has been reduced to 17 years (was 25 yrs in 2005) and I'll keep working on it.

waves117

Hi Bellsbells

I would like to join this thread.

I currently have a £24,896.97 mortgage with 6 years remaining. My fixed term interest rate has just finished, so i can start to overpay my mortgage, savings to be used to pay off lump sum in october = £4,897. Total overpayments until end of year (hopefully) = £6500. I want to reduce terms of mortgage down to 2 years so mortgage free sept 2010.

:beer:

shirlgirl2004

Hi I've paid off £3,680 as an OP so far this month. I don't think I'll be able to pay much more. It is a bit of a cheat though as I now owe £2,900 on my 0% CC but that doesn't expire 'til June 09 and we "should" be mortgage free by then.

Herewegoagain

Hiya Bellsbells,

Just realized that I didn't say what my aim was for this year, nor have I been declaring monthly OP totals so

OP Aim for 2008 = £4440.00 at least

OP for Sept = £370.00

OP's so far this year = £3330

HWGA xx

Herewegoagain

torbrex wrote: »

Got my settlement figure through today, £5925.36, it will be paid 13 October so 3 days earlier again than the date I set just a couple of weeks ago, it just seems to get earlier every move I make. My lender asked for the change of date so that it would not clash with my regular monthly payment, they did suggest a week later but I had my heart on finishing 9 years early so I brought the date forward instead.

I still cant believe that I have done it, I just wish that I had got serious about overpaying sooner, who knows how much I would have saved in time and interest.

Thanks torbrex,
This has been an inspiration to me:T

I have always OP'd on mortgage and always planned to be mortgage free young, but circumstances intervened (too boring to listen to) and now find myself at 55 next month with the biggest mortgage I have ever had.(Still owing as of sept 08 £81,785.30:eek: but have OP'd quite well this year:cool: )

I felt I was doing OK but after listening to you have realized I have to get my finger out and get on with it.
I want to be MF BEFORE I retire and as the length of mortgage and retirement age are nearly the same, I will have to up my game somewhat.
Long term I don't think it will be poss to pay it off in less than 5yrs but am going to aim to do it in 3 making it Oct 2011

Someone who owes me alot of money has started to pay me back on SO, so will put as much of that against mortgage as poss on top of my regular OP which is paid with my normal payment IYKWIM

So a much more motivaded me:j :T :j :money:

HWGA xx

Shineyhappy

Hi everyone,

Sorry for the lack of postings, but its been tough and stressful the last few weeks as I have been made redundant. I am hoping to get confirmation of getting another job on Wednesday so fingers crossed!

I am still at my old job till Friday so if I get this job I should be more than ok for money as I get a months notice paid but not worked and another 990 pounds and my holiday pay and hopefully I should start the new job on Monday and so should be quids in. Role on pay day!!

I have also sold something for 150 pounds on Ebay which has been paid and a big pile of text books for 72 pounds although those have not been paid for as yet

I also requested 30 pounds of Debenhams vouchers from Consumer Pulse for some more smart work clothes as currently I wear jeans to work and so will have to buy some new gear although I have some already and I will keep this to a minimum for now.

On payday on the 23rd I shall work through some figures but for now I am just trying to be as frugal as I can. Every little helps.

Nuzzie

I'd love to join! I have just bought a house with a mortgage of £103,500 and £10,000 worth of student loans. I am looking at spending less on intangible luxuries. All your advice would be greatly appreciated

belfastgirl23

Oh dear well I don't think I'll be overpaying anything this month. I was on holiday last month and just did the sums for how much it cost - MEGA expensive - with the way the euro is, everything cost 20% more than last year. I won't say how much it cost in total because it's embarassing but it puts my OP for the year in the shade. And this month is DH's birthday (and it's a big one) so that is also costing me.

DH had also thought he might manage to make a biggish overpayment but it's looking less and less likely.

Anyway hope everyone else is feeling more positive about their MFW journies than I am at the moment.

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 again torbrex,

I contacted mortgage peeps yesterday and yes the OP does come off the capitol, but 1st they take the money off the sum that I had drawn down to le
nd to oh to start his business,(which went bust owing me loads and loads:mad: :mad: )but that is now paid:j so the rest will go off the remaining mortgage now:T

My mortgage is a tracker (1.25 above base rate interest only)which I can pay off/ lend from, when ever I like and that flexibility has always been good for me as I feel in control. I can see that a repayment would mean that it would go down in term, but the way I pay it means I treat it as one anyway IYKWIM.

I have been paying £800.00 including interest payment monthly and from Nov have upped that to £1100.00 which means an OP of £671.55 which sounds good to me:T

They are sending me an up to date statement as well so I can see where I now stand:j

:eek: :eek: :eek: :eek: :eek: :eek: But am paying £14.00 daily interest:eek: :eek: :eek: :eek: :eek: :eek:

HWGA xx

I,_Brian

I had tried investing in the stock market but managed to retreat in time to keep my shirt on, and banks no longer feel safe, especially as I have over £50k in the business bank account. Am looking very seriously at taking an extra £40k dividend from my company and paying £30k off my mortgage with it - reducing from £160k to £130.

My Advantage mortgage has just come off discount and can overpay up to 25% in a year, and about to complete a remortgage with Nationwide where there are overpayment charges.

Suddenly investing in my own debt seems the most sensible option of managing my finances at present.