2008 MFW newbies

Alion

wow this thread is fantastic - i've just read the whole thing and you guys are amazing.

We have just entered year 2 of the five year plan. Almost exactly a year ago we took on a £200,700 mortgage with Nationwide and the plan is to reduce this to £125,000 in five years. We overpaid £2000 last year and aim to overpay £3000 this year. Then we're going to drop in £20,000(!!!) when our fixed term is up (which we're well on the way to saving) and overpay £6000 a year from that point on.

It's going to be tough, but we can do it!

I'll PM as well, but so far this year we've overpaid £500.

emma_nottingham

Hi, Just made my February overpayment. Can only pay 20% of the monthly repayment so it is £96.95. Thats £169.40 so far.

bellsbells

aliportico wrote: »

We've been thinking about this for a couple of months, and have now made a plan I've started working part-time (very part-time!) so we've got some money to spare now.

We've got 13y6m until our mortgage is paid off. I'm aiming for a minimum of £200 a month, which will pay it off about 3 years early. But my oldest (we've got 4 kids) turns 18 in 7 years, so the earlier the better so we can think about university/whatever

So this year I want to overpay our mortgage by £2000. There, I've said it now! :eek:

Welcome Aliportico - you are now on the official list!

bellsbells

Alion wrote: »

wow this thread is fantastic - i've just read the whole thing and you guys are amazing.

We have just entered year 2 of the five year plan. Almost exactly a year ago we took on a £200,700 mortgage with Nationwide and the plan is to reduce this to £125,000 in five years. We overpaid £2000 last year and aim to overpay £3000 this year. Then we're going to drop in £20,000(!!!) when our fixed term is up (which we're well on the way to saving) and overpay £6000 a year from that point on.

It's going to be tough, but we can do it!

I'll PM as well, but so far this year we've overpaid £500.

Welcome to the thread Alion - I am very impressed with your 5 year plan - you sound very organised and determined:T

bellsbells

Great work folks - the Feb totals are coming in thick and fast! So far this Feb we have paid off £2953.65:j

Just think of all that interest we are not giving to the banks:rotfl:

Keep up the good work people

elantan

bells bells if it wasnt for you and this thread i wouldnt be as optimistic as i am thanks for keeping it up for us all

Steveswift

:T Hi all,

Registered yesterday and i have read all the posts i really have got to get involved, i need to get specific figures for you but please ad me to the list.

Regards and gl to all



Steve:D

kezza12

welcome to the thread steve i'm sure bells will be in contact soon, think i'm possibly the official latest or earliest poster depending on how you look at it cos of my crazy hours of work.
Ok guys i think i'm getting a pay rise tomorrow (please please please:dance: ) so i will up the standing order to £250 (cos as louise says i havn't got it yet so i won't miss it) and then overpay whats left at the end of the month in the account. so we'll see. Theres £10 in the morgage pig from tips and a pound i found under the settee and the OH is getting a new taxi and selling the old one so the money from sale will go back on to morgage as we got it from there in the first place....yes i know it was stupid but that was before i understood the total meaning of interest rates!!!

bellsbells

Elantan - my pleasure!

Steveswift - welcome, you are now added to the first post. Just PM me when you have a target in mind or you can keep it general

Kezza12 - I will keep fingers crossed for your pay rise as well!

Di-Dough

Di-Dough wrote: »

Im soooo annoyed with the mortgage company:mad: We took out a mortgage in August 2007 on a 2 year fixed rate - in September we upped our direct debit an extra £75.00 (from £575 to £650). Got a letter from mortgage company last week to say rate had gone down and normal mortgage payment was going down to £568.39:T ) Found out today that they did not take the £650 but only took £568.39:mad:) We have the money to pay the extra but this now means sending a cheque and paying for a stamp:rolleyes:
quote]

Think ive finally figured out why my fixed rate is going down.... I think its because my interest is calculated daily and everytime I make an overpayment off the capital it reduces the amount we borrowed so less interest ..... does this make sense ?

Di