2008 MFW newbies

Moniker

isabelle1903 wrote: »

This is my first post so please bear with me.

We currently have around £36k outstanding on our mortgage. £20k of that is an endowment and £16k is repayment. I can't do much about the 20k (think we have 11 years left) but I can overpay on the 16k. Do you think say £50 per month is worth doing. I'm not working at the moment as recently had a baby so not much spare cash.

Thanks for reading.

Isabelle, we had an endowment mortgage and I pretty soon realised that it wasn't going to pay off, so we gradually changed the proportion of the mortgage that was on endowment until it was all repayment. Our lender the Nationwide allowed us to do this so it might be worth talking to your lender to see if you can adjust it. (We were also able to keep the endowment policies going as we had had them a long time and didn't want to lose the benefit of all those premiums we had paid over the years - so when they do mature we will be able to invest the proceeds for our old age!) If you make the transition gradually it will be less painful and every little bit you can pay off will make a difference. I think it's called a part and part mortgage - part endowment and part repayment. As far as I am aware the Nationwide were happy for us to have any split we felt we were comfortable with in paying - but I don't know how other lenders treat this situation. It must be worth asking though - I haven't regretted it.

HTH

Moniker

P.S. Congratulations bellsbells!

zavarony

moonflower wrote: »

Hi everyone,I am a newbie,so I sory if this posted in the wrong place.

Do you know when the recent mortgage interest cut will be introduced?
I want to make an OP ,and think that I should wait until then,what do you think?

Hi Moonflower, I had my letter confirming that my rate was going down with effect from 22/11 if that helps and I am with Yorkshire Bank;)

Zav

lifebegins

Hi BellsBells , Zavarony and All,
Although I have not posted for a long time (I'm no. 31), I am still very much a MFW and have overpaid £2000 off my target of £6000 for the year : hopefully it will be £2500 by 31/12/08. Not as good as I hoped but determined to do better next year.
Well done to everyone else on the thread, there are some very impressive figures on here.

lifebegins

And almost forgot to say "congratulations!" to Bellsbells on the safe arrival of Baby BB.

Overthetop

bellsbells wrote: »

Baby news! I had a boy on Monday weighing 8lbs 7oz. I ended up having a c section so just got home last night. All is well - I am tired but very happy. My boy is perfect! I already have another son so I am now well and truly outnumbered in the house. I will catch up on totals and PM's in the next few days when some of my brain cells return:rotfl:

Congratulations on the birth of your son:j

moonflower_2

Hi Zararony
Does this mean that the best time to op is just after the new date for the interest rate. I wonder when I will hear as I spoke to BOS and they thought it maybe Jan/Feb?

Has anyone else heard from their Bsc or bank?

zavarony

I dont really know moonflower tbh. I would pay before the rate goes down tho so there was less to pay interest on
Zav

ShelleyC_2

I've signed up for the 2009 group but thought I might as well start early!

So £250 going into reg saver this month & next. Plus I've put £500 into an instant access savings account. Looking into opening another regular saver too :j

All going towards increasing the deposist I'll have when I finally get back into the property market.

MF2015

God, I have done so bad this year!!!

Only paid off £3750 when I wanted to pay around £8000, in fairness I have bought 2 new cars, one for my self for work and one for my girlfriend so we should not need to buy new ones for another few years.

I'm going to try and put another £3000 off before the end of the year, just need to stop buying stuff on impulse such a Breitling watches and holidays to Mexico :mad:

Now, I'm off to put what I have spent on cr*p into the calculator to give me some more motivation!!!

moonflower_2

Hi Zavorony

I have just recieved my letter re: cut in interest . Mine comes into effect on the 1st December.

I have been advised to OP as much as possible after that date as my interest is charged daily.

The mortgage is with BOS.
Has anyone else heard from their bank/Bsc?

I am going to try pay £220 op each month I can !!