2008 MFW newbies

kezza12

well I'm going to declare my 2008 mortgage overpayment challenge as officially over, my target of £3000 has been reached and exceeded by £200:jand there's pounds in the piggy pot rattling around already for January's overpayment, you might have noticed by my signature that the rainy day savings have turned into Disney holiday spending's, i,m so excited we're booking it in the new year:rolleyes: but we're not going to let it affect our overpayment challenge for 2009 the target is going to be set at £3200:D thanks bells for all your help and encouragement throughout the last year and i look forward to overpaying in the new year:T.

SPL

Hi All

Hope everyone is well

Bellsbells I have pm'd you too - I have not posted on the thread for ages although I do read it -p each time I get to sit down one of my two boys interrupts me getting the chance to reply - yes the new baby arrived , three weeks early surprising us all but he is just wonderful (apart from the sleeping at night thing - he has not mastered this at all !!!:o )

I have jsut managed to add up my total and for the year I have paid off an extra £11,652.24 :j I am so thrilled and will be signing up again for the challenge next year as this thread has kept me sooo motivated

Bellsbells - thanks again for the great idea and for administering throughout the year
To all have a great Christmas and a very Happy , Healthy 2009

SPL

warrior_princess

hey ppl
we strated our journey from Jun 2008, with an offset mortagage of 158k
we put all the spare cash into the offset and started with a healthy 22k in the acc.
we have bn overpaying by 250 evry month along with chucking al spare money in the offset
as of Dec 08 our motrage looks like this
Balance 154k repaid 4k
offset - 35 k
total : 119 k

we are extremely happy with this yr outcome and hope next yr looks the same.

abouttimetoo

Hi all

I've now made my final 2008 overpayment of £804.17 (couldn't resist rounding it up - I know we all like that:D )

I started OPing in April and since then have made a total of £4900 against my original target of £2700.

Thanks to bellsbells for her great work this year and to the rest of you for motivation

Wishing you all a great Christmas and New Year
Regards

Gazella77

Just to sum up the year.

I thought that being a single mum to a newborn angel I won't be able to overpay at all so I somewhat abandoned this forum.
However, I am very very pleased with myself, I've saved where I could and overpaid a total of £2680!!!:j :j :j

And yes I'm thinking of a challenge of £3000 for the next year (previous year I managed over 8000 but then I didn't have a child and was in full time employment).

ANd what to do with the ISAs I have? I even don't know if my rates stayed as they were or went down as I had no time to check what's happening. I have 3600 in this year's and 3000 in the prevous one. SHuld I chuck it into my mortgage now? The mortgage is on 5.5% fixed till the end of the next year
Or shall I wait and think of an offset one?

Hope you'll give me some ideas.

Thanks a lot

uzubairu

Gazella77 wrote: »

Just to sum up the year.

I thought that being a single mum to a newborn angel I won't be able to overpay at all so I somewhat abandoned this forum.
However, I am very very pleased with myself, I've saved where I could and overpaid a total of £2680!!!:j :j :j

Well done! :T

Sosh

Merry Christmas everyone.

DH and I had a serious chat this Month. As savings rates are so low at the moment, we've decided that as we've already got a decent emergency pot, we're going to throw everything we can at the mortgage.

We both also got an unexpected, but very welcome bonus from work, which has also been added to our op total.

This has meant that this month, we've managed to op by £2588.16 which brings my total up to £7807.79.

Thanks to bellsbells for starting this thread. This year alone, we've managed to cut 10 years off our mortgage.

shirlgirl2004

10 years is fantastic. Good luck for 2009.

torbrex

I have not posted much on this thread since I became mortgage free but I have been keeping an eye on you all and glad to see that so many of you are reaching or even exceding your targets.

Without the inspiration of this thread I dont think I would have come as far as I did, so it is a big UP to all of you and especially for Bellsbells and her sterling work behind the scenes keeping us all updated.

I wish you all a good New Year and good hunting for new and better ways to reduce your mortgages, it is hard but rewarding work and the end result, while not exactly life-changing, certainly in my case has had the effect of making me more relaxed about the future.

Gazella77

Sosh, this is just fab!!! 10 years ohg!:-)

Can someone pls suggest what shall I do? I have altoghether around 8600 on my ISAs and savings account, I know I need some emergency funds just in case but what to do with the rest keep it in ISAs or put into my mortgage?

Thanks