2008 MFW newbies

bellsbells

Lister wrote: »

Hi guys, can I join the happy band?

Goals are to clear £6k of debt then clear / offset mortgage as much as humanly possible!

welcome Lister - you are added to the first post:j

bellsbells

LICAPICA wrote: »

Newbie to all this but make first overpayment this month of £1050. I intend to pay the same OP each month until the end which should be about 5 years.
If we can afford it then we will make further OP as and when possible hopefully.

I am so excited and nervous at the same time. Cannot wait to be MF!:j

welcome to the gang Licapica:beer:

bellsbells

ema_o wrote: »

Hello
I know it is really late in the year but me & OH would love to join you all! We have just bought a house and taken out our first mortgage :eek:

First payment is due 1st November and we have already paid £100 off the mortgage :j obviously only a small amount, but at least we have gotten started!!

Goal for this year is really just to get started, probably by paying £100 per month so £300 in 2008. We have a huge amount of work to do to our house so most of what we can put aside will go on that for now, but I want to make sure we do focus on paying the mortgage off early as well!

I have a vague idea of being mortgage free in 10 years time, I think I will have to assess this once I have a clearer idea what we will be spending on the house, this averages out at overpaying £11,000 per year :eek: :eek: :eek:

We have an offset mortgage so fortunately all the money saved for work on the house is reducing our interest payments nicely :T but I have a feeling it will soon all be spent (and we will have a nice warm house - priority is getting heating and insulation sorted!)

it's not too late ema - welcome to the thread!:j

bellsbells

Well I know I am a bit late hearing the wonderful news about Torbrex but I just wanted to add my congratulations - this is fantastic news and has been a real boost to me and I am sure many others. It is so nice to hear that one of us had made it - what an inspiration! In fact, I am dusting down my mortgage pig (well actually mortgage dragon:rotfl: ) who has not seen much action recently and I am going to start filling him up again and keep chipping away at that pesky mortgage as many ways as I can!

Well done Torbrex:beer:

uzubairu

Great news Torbrex! :T

Your good news is a great motivator.

Just declaring my October overpayment of £500 by standing order.
Total for the year so far is £3,900.

Next month, we'll start paying an extra £150 per month into another savings account for paying off the mortgage when the fixed rate ends.

2latenow

Unfortunately I'm likely to end October with only a tiny £5 O/P. Due to our fixed rate ending next month we opted to take another fixed product (*) so this months O/P of £1000 has gone against to repay the fee so that they lender doesn't "generously" add it to the loan, leaving just a fiver :-( .

Still a few days left this month and I'm determined to rattle a few quid out of somewhere to improve on the net £5.

(*) we have 2 rates - 2nd one expires next year, so we hope to benefit then from falling rates

frazzmunch

rats!!!....not the furry kind, just the annoyed ones!! mortgage will not become repayment until my november payment :mad: ...so no op's for october for me....i have put the money i was intending to op into my isa...should i list that as my october op or just wait till november?

zavarony

frazzmunch wrote: »

rats!!!....not the furry kind, just the annoyed ones!! mortgage will not become repayment until my november payment :mad: ...so no op's for october for me....i have put the money i was intending to op into my isa...should i list that as my october op or just wait till november?

Hi Frazzmunch,
I dont directly OP off my mortgage but put money aside each month into an ISA, this is what I call my OP as it is intended to pay off my mortgage once my redemption period is over in Jan 2010, so if I was you and you are going to pay the money off the mortgage eventually then yes why not class it as your Oct OP:rotfl:
Hope that helps
Zav

violetblue

Must add my congratulations to Torbrex - very well done to you, can't wait to join you in the mortgage free club!

Payday for me, my favourite day of the month and don't you just love it when it falls on a Friday too!:T

Have been working my little bottom off doing lots of overtime this month and last, so it was very nice to see the extra cash in my wages. I'll be keeping some of the extra to spend on Christmas :xmassmile but I have phoned the bank to pay an extra £200 off the mortgage today. Together with my regular monthly overpayment of £38, that brings my total for the month to £238. :cool:

I checked the balance when I phoned too, and this month's overpayment brings it down to £23,135.21. Meaning that my next regular payment on 1st November will bring it to under £23k, my target for the year! I really never thought I would be able to get there by the end of the year, so to do it two months early is flipping brilliant, I'm so pleased!

And it's all thanks to this thread! :beer:

frazzmunch

thanks zavarony (i do love your name!!!)...i shall take your advice...makes me feel like i have acheived something....:D op for october is £300....half way to my target!!:T

Well done violetblue...what a wonderful acheivement..:j you have done brilliantly...i shall have a beer to celebrate for you tonight!! :beer: