2008 MFW newbies

kezza12

hi every body, well not much to report on the over payments line as still trying to recover from our holiday in september (perhaps we did spend a little too much) and christmas is comming up. standing order is still going out of the bank though so with those i will still be on to meet my original target because of all the extra overpayments we made earlier in the year:j it's just a case of how much over our target it will be. The mortgage pig is full of pound coins still waiting to be banked so i've asked the o/h to make an extra effort and we will bank it at the end of November, also what with work trying to put me in an early grave and asking me to "share my tallents" with other managers i don't have time to spend anything at the moment anyway so thats a good thing, we,ve also dicided not to go crazy on christmas as well this year so we're having a thrifty one so that will also help. I see that our little family is still growing so welcome to all the newbies and may your overpaying reap you rewards in the future. oh me and the other half have now got a new hobby, fantasizing about what we are going to do post mortgage:D

violetblue

kezza12 wrote: »

oh me and the other half have now got a new hobby, fantasizing about what we are going to do post mortgage:D

Me too kezza! :rotfl: I was only thinking the other day - what will I do with all that money when I'm mortgage free?

I think I will probably carry on being quite sensible, and will save or invest most of it. But the first month that I don't have to make the mortgage payment, I want to use the money for something frivolous just for me, something I wouldn't normally spend that much on. No idea what though... maybe a holiday, or a spa weekend or something?

It's still 5 years away, but it feels almost within touching distance so I'm having fun dreaming about it!

Does anyone else have plans for their first month of mortgage-free-ness?

Herewegoagain

violetblue wrote: »

Me too kezza! :rotfl: I was only thinking the other day - what will I do with all that money when I'm mortgage free?

I think I will probably carry on being quite sensible, and will save or invest most of it. But the first month that I don't have to make the mortgage payment, I want to use the money for something frivolous just for me, something I wouldn't normally spend that much on. No idea what though... maybe a holiday, or a spa weekend or something?

It's still 5 years away, but it feels almost within touching distance so I'm having fun dreaming about it!

Does anyone else have plans for their first month of mortgage-free-ness?

When I'm mortgage free I will use my payments to travel and see some places that are on my list of to do's,:j a round the world trip will be planned by then and as soon as I have saved the spends money post mortgage, I will be off:j

HWGA xx

belfastgirl23

We have been talking about buying a house abroad when we are mortgage free

Has anyone else been doing calculations to see what kind of overpayments they might manage to make should interest rates go down as low as is being suggested? I'm on 5.47% fixed until August but if the rate even dropped to 4.15% (which was my fixed rate with my first mortgage) and DH manages to make a bit of an overpayment, we could potentially drop to a 14 or 15 year term from what would otherwise be 21 years. Not to be sniffed at!

if you want to have a look yourself here's the site http://www.bbc.co.uk/homes/property/mortgagecalculator.shtml

It's nice to dream!

TurnaroundSue

Had my mortgage statement this weekend and we have paid off £8,462.03 in the last year - yippee!!! :j Our overpayments covered the interest charged, so if you look at it like that ALL our monthly payments paid off the capital.:D

Mortgage is now below £35k so this time next year will be under £30k:j . Bit annoyed that we opted for a 10 year fixed:mad: (never thought we could manage overpayments when taking the mortgage out) so we are restricted to only being able to overpay 5%. On our mortgage statement it did state that if we repaid early at this stage our fees would be £2405.81 so not really worth trying and repaying any earlier.

Good luck and keep up the good work everyone:T

LumpyCustard_2

My October overpayment of 1K went in today (as it's pay-day), which gives me a grand total of 9.2K for the year. Less than 17.5K left to go, and if I'm nice to my mother, that might all be gone in a couple of weeks

bellsbells

mortgageslayer wrote: »

Any room for a little'un? How do I get involved please?

welcome mortgageslayer! you are added to the first post. Just let me know via a private message when you have set a targer or want to add an overpayment to the first post and I will update for you!

bellsbells

Herewegoagain wrote: »

Hiya guys,
I've not been around for a while, just been feeling a bit low but have made my OP for Oct of £408.11 and if I go with what zavarony said,can I also count the +£3699.00 that I've put into an Isa ready to pay of my mortgage when I have enough to pay it off:D I will do this every year till I can pay it off:cool:

Well done to those who have shortened their terms significantly and massive congrats to torbrex,:T :T well done my friend, :j you really inspire me to get there asap

HWGA xx

count whatever you like herewegoagain - it's all going to the same place eventually:D

bellsbells

tootallulah wrote: »

I have emptied my pound coins and paid off £305 this month but that will be my last overpayment for at least five months. I have a small flat in London and a house in the North (my spiritual home but there are no jobs there in my line). I have just had a new boiler in London and today the boiler in my house has died a noisy death.............It's at least 25 years old so I know it will mean another boiler, add to that the washing machine door lock isn't working and the dishwasher's given up the ghost. I need to spend some money and sort out my life and I won't spend my savings so it means no overpaying for a while. Still I'll keep posting as without this thread it wouldn't have occurred to me to pay off my mortgage early. I will do a re-calculate for next year and see what is a possible pay off date, I won't make my target but with a bit of luck it won't be too far away.

I know the feeling! Ours was a dead computer, no water in the kitchen and a bathroom in need of replumbing!

Sosh

violetblue wrote: »

Me too kezza! :rotfl: I was only thinking the other day - what will I do with all that money when I'm mortgage free?

I think I will probably carry on being quite sensible, and will save or invest most of it. But the first month that I don't have to make the mortgage payment, I want to use the money for something frivolous just for me, something I wouldn't normally spend that much on. No idea what though... maybe a holiday, or a spa weekend or something?

It's still 5 years away, but it feels almost within touching distance so I'm having fun dreaming about it!

Does anyone else have plans for their first month of mortgage-free-ness?

Our MF days are still ten years away, but the thought of being mortgage free with 2 teenagers in the house is spurring us on to pay it off even early. We have already decided to spend the money from our first 2 months on a family safari. DH went to Keyna when he was 15 and has always wanted to go back.