2008 MFW newbies

bellsbells

CountingPenniesClaire wrote: »

Hello Bellsbells

I'd like to join the MFW challenge too please. Started off with as first time buyers with a mortgage of around £149400 in Nov 2001 on a 7 year fix of 5.69% . Since then we have managed to overpay by about £28,000 and now owe £98,000 (under the £100k mark hurrah!). We move to a new mortgage on 1 Feb (offset, tracking BOE plus 0.74% for term, no fees or ERC). Our objective is to have paid off the mortgage by 1 Feb 2012, so in just over 3 years time. Let me know if you need anymore information from me. How often do you want updates?

CPC

what you need to do is let me know how you would like the information displayed on the first post - ie what your goal is for the remainder of the year. Zavarony is running the 2009 thread so if you let her know next years target as well. Don't worry if you havent got a specific target in mind - it can be as general as you like! Welcome to the gang!

violetblue

Just checking in to report that I have officially reached my 2008 goal! :j :beer: :j

This month's regular payment has taken the mortgage to £22,824.94 - well under my target of £23k, woooooooo!

I'm so pleased - and now I have big plans to continue overpaying and saving, and will hopefully have the whole lot paid off in three years time.

Have already signed up to the 2009 thread - there's no stopping me now!

bellsbells

violetblue wrote: »

Just checking in to report that I have officially reached my 2008 goal! :j :beer: :j

This month's regular payment has taken the mortgage to £22,824.94 - well under my target of £23k, woooooooo!

I'm so pleased - and now I have big plans to continue overpaying and saving, and will hopefully have the whole lot paid off in three years time.

Have already signed up to the 2009 thread - there's no stopping me now!

excellent news Violetblue - congratulations:beer:

2latenow

bellsbells, good luck! & thanks for keeping this thread going.

It'll be really great to see the final annual total over repayments / overpayments made by the whole list. Tee hee... then work out how much mortgage interest we have collectively deprived the banks of !!!

Overthetop

Thank you for adding me to the 2009 MFW thread-Im looking forward to 2009 being the year I meet my target of getting my mortgage below 10K

Number 77 checking in :j

tro127

Hi Everyone,

Not checked in for a while. Well done on all the overpayments!

With the failing economy I've been a little more cautious about putting large amounts into the mortgage and instead being trying to save more. So far I have managed to overpay by £910.02 and next month I should be paying another £104.81 (strange payment but rounds up my normal payment!) so will have overpaid by £1000 for the year and got my mortgage below £118k.

Have set up a standing order to pay £104.81 each month for next year so will be on the 2009 thread and hoping to pay more here and there when I can.

Also listed a few things on ebay last night which will hopefully pay for a majority of the xmas presents.

Take care everyone.

violetblue

Ooh, BOE base rate has been cut to 3% :T Brilliant news for those of us with tracker mortgages! :j

Is it wrong that I'm really excited about going home to update my spreadsheets and play with the numbers? :rotfl:

fluffysox

Good Luck bellsbells :T .

Well just made my November overpayment of £500. We have a lodger now and the extra income will wherever possible go towards overpayment.

Nationwide allows £500 maximum per month so I'll try to keep to this figure- not sure if it is possible all the time though. I've managed for the past few months to pay £496 as an overpayment. But as of December my minimum payment increases due to a huge rise in our interest rates- our LTV (loan to value) is too high to access the best rates that exist now, so we've arranged a 2 year fix no fees at 6.23%. So £500 a month may be a bit over-ambitious.
Still next two years we'll do our best to keep bringing the LTV down- while hopefully falling house prices don't undo all our hard work:eek: .

Here's my motivation:
Mortgage Feb 05: £118500 over 25 years
Mortgage Dec 08: £104500 over 17 years (so term has already reduced by nearly five years)
With £500 a month overpayment: mortgage will be paid off in 8 years!

wabbits

Is it wrong that I'm really excited about going home to update my spreadsheets and play with the numbers?

Not at all Violetblue...i'm very new to this site....and i'm chomping at the bit to work out what my OPs can increase to!!! Things are starting off really well.

Great isn't it?

fluffysox

This overpaying thing is so addictive. So anyway i said to my sometimes reluctant to be MS OH that I'd worked out if we keep overpaying at our current level the mortgage will be paid off in 8.5 years and he says "That's not quick enough" Eh...? My addiction must be catching!:j
So I simply had to look harder. Anyway, subject to credit checks and valuation I've organised a First Direct remortgage which not only is a lower interest rate but it is totally flexible for overpayments and offsets our current accounts.
Nationwide will allow me to cancel the booked fixed rate with them- thank God! With the interest rate drops I've been kicking myself for booking a fix! Anyway- fingers crossed my house is worth as much as it was 3 years ago especially since we've spent money improving it.:eek: