2008 MFW newbies

cake21

Sosh wrote: »

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.

I'm planning too, even though I've still got 17 years to go, *assuming* I carry on with my overpayments :rotfl:

AuntieH

I realise its nearly the end of the year but I'm new so am signing up for this anyway please. Target to over pay as much as possible, probably set a more accurate target from Jan 09. Hope to be MF in 10 years, got 19 to go so just plumped for half. Not sure how hard its going to be .

belfastgirl23

Hi guys

After all the misery at the start of the month, in the end I managed to overpay by more than usual - £599 which was an accident since I can only overpay by £500 a month but anyway this makes a total overpayment of £2994

I purposely paid more myself because hopefully dh will make an OP next month which could be quite substantial and I figured no point in paying the fee on the whole lot.

And if we keep overpaying and if interest rates come down we have a chance of paying off in 15 years ... not great but hey it would be 8 years early!

zavarony

AuntieH wrote: »

I realise its nearly the end of the year but I'm new so am signing up for this anyway please. Target to over pay as much as possible, probably set a more accurate target from Jan 09. Hope to be MF in 10 years, got 19 to go so just plumped for half. Not sure how hard its going to be .

Welcome to the MFW club, its a very inspirational place to be and even though were nearly at the end of 2008 anything extra that you pay makes a difference to the term and the interest you pay on your mortgage so GOOD LUCK:j
Zav

trudypretty

hi there...please can you add me to your list of newbies trying to make over payments on their mortgages!! i am aiming to pay at least £100 per month as overpayment, more if poss!!!

this forum is great to read and become inspired to pay every extra penny off...i even found 50p on the floor earlier at the cinema...1st thought that came into my head...put it in pot to overpay mortgage!! :rotfl:

zavarony

Hi Trudy
You just need to send Bellsbells a personal message and she will add you to the first post. Good Luck with your quest to overpay.
Zav

TurnaroundSue

belfastgirl23 wrote: »

Hi guys

After all the misery at the start of the month, in the end I managed to overpay by more than usual - £599 which was an accident since I can only overpay by £500 a month but anyway this makes a total overpayment of £2994

I purposely paid more myself because hopefully dh will make an OP next month which could be quite substantial and I figured no point in paying the fee on the whole lot.

And if we keep overpaying and if interest rates come down we have a chance of paying off in 15 years ... not great but hey it would be 8 years early!

Belfast girl - could you not reduce next month's payment in order that no fees are paid? On my arrangement so long as you don't pay more than the total for the YEAR then it doesn't matter how much you pay each month; could be £1 this month and £1000 next, just so long as it doesn't go over for the annual total?

Good luck

belfastgirl23

Thanks Sue - can I ask who you bank with? I'm with Nationwide and it does say a max of £500 a month but perhaps this is spread out over the year???

mortgageslayer

Newbie here!

I remortaged this May for £135800, and decided on The One Account. Because of the nature of the mortagage I am not making regular overpayments, but am throwing everything I have at the mortgage. I'm currently at £121000 (ish) and trying to be as tight as I can with my spending.

My target? Get the mortgage paid and then we can afford to start a family! We're hoping to do it in maybe 5 years, but this may be a tad optimistic...

Wish us luck!

uzubairu

belfastgirl23 wrote: »

Hi guys

After all the misery at the start of the month, in the end I managed to overpay by more than usual - £599 which was an accident since I can only overpay by £500 a month but anyway this makes a total overpayment of £2994

I purposely paid more myself because hopefully dh will make an OP next month which could be quite substantial and I figured no point in paying the fee on the whole lot.

And if we keep overpaying and if interest rates come down we have a chance of paying off in 15 years ... not great but hey it would be 8 years early!

Don't worry, I did the same a few months ago (September 2008).

We changed our bills account, but I still kept the other account open until all debits transferred over, but forgot to cancel the standing orders.
We ended up paying £700 instead of £500 because the standing order from the old account went through as well.

I was concerned and phoned the Nationwide, the lady on the phone couldn't see any charges applied because of it, and she said that the charges are usually applied immediately.
She told me that my payment hadn't triggered the fee, so I was lucky, and that possibly that even though they state £500+ triggers the fees, it is probably set a little bit higher, so I was OK.

No fees have been applied since the payment and the lady has assured me that I won't be charged.

I did however receive a letter this month reducing my mortgage payments by £46 because of my October overpayment of £500 (been overpaying for 2 years).
I've chosen to reduce the term and keep payments the same