2008 MFW newbies

aliportico

I'd rather pay it now kezza - think of the interest you'd be saving! Do you have the facility with your mortgage (like we have) of getting back overpayments? Seems like a good way of making some "rainy day" money make itself useful!

Anyway, am all excited as I've just made my very first overpayment :j Did it online, very easy And my goodness, I can see how this becomes addictive!

kezza12

thanks ali i didn't think about it that way i'll put it in the bank at the end of the month and congrats on your first overpayment:beer: heres to more to come. i'm going to ask about the getting it back facility but i think i'd rather not have one cos it would be too tempting, i have my first year of isa full for this year though so i have my cushion for unexpected problems if they appear then i should never need to get back my over payments hopefully...but then i never say never:rolleyes:

hummingbird

:money: Hi kezza and aliportico, yes I agree pay it off now cos interest gets charged daily! I was so thrilled with the overpayment I made in January because I hadn't even made my first regular payment! (That was on Feb 1st) I have to say though that my total so far for Feb overpayment is nil!! Never mind, time to go yet, and I'll definitely get something paid in, even if it's only a little bit.:money:

SALTY69

hummingbird wrote: »

:money: Hi kezza and aliportico, yes I agree pay it off now cos interest gets charged daily! I was so thrilled with the overpayment I made in January because I hadn't even made my first regular payment! (That was on Feb 1st) I have to say though that my total so far for Feb overpayment is nil!! Never mind, time to go yet, and I'll definitely get something paid in, even if it's only a little bit.:money:

Yea i know how you feel Hummingbird, I don,t get paid until the end of the month but as soon as i do OP will be in. Sort of addictive this now.

newmoneysaver_2

Congratulations! :T Everyone is doing really well, and I agree with the post above, I seem to be wishing my life away, wanting to get to payday so I can make more calculations and more overpayments.

I'm going to try and use this thread as a kind of diary, to write down my progress each month. (I hope nobody minds & I apologise in advance if I'm boring!)

This month seems to hae gone really well, but I have been fustrastated by the limits on my OPs. :rolleyes: We have managed to cut right back on outgoings, saved c/tax payment, hubby had a good overtime payment this month, we made £115 on amazon and £180 on ebay. I completed loads of mystery shopping last month and the start of this month so i have a good amount coming in and lots of these hae been for meals out so I have saved on food costs. My car did break down, which cost £174 to repair but I have just sold it .

As things stand at the moment:
500 overpayment made for feb (max amount)
3000 into isa (from sale of car)
400 (from rest of car) + 600 from xtra income (o/time, ebay, amazon, MS & reduced outgoings) - waiting to go into hubbys isa - when he opens one:rolleyes:

I am also looking into moving the mortgage over to an offset - we want to extend this property and are looking to take on more borrowing, but we are hoping that by moving to offset we can benifit from overpayments and our small savings and also from the use of a cashback creditcard.

All the above is thanks to this thread. We have had the intention to overpay since we took out the mortgage in Sept 06 - but have only just done anything about it since signing up to this thread, so:

THANKYOU - EVERYONE! :beer:

Steveswift

Hi Bells,

Been really busy getting my bits in order, been to see Mortgage advisor, sorting all my outgoings and income out, all the money owed to me from my kids.

Been on Qudico and have £140 in the system, joined two of the gambling links and made £40, getting new quotes on motor insurance and B and C.

Current Mortgage £114500, am going to pay off £10000 this week and want to over pay by £300 a month so say a target of £4000 to push me by the end of the year.


Cheers and Gl to all


Steve

tootallulah

OK I've been lurking for weeks but I must be hooked-today I made my first overpayment of £650, so it's started and it's exciting!

I am fifty years old and my mortgage is stopping me having the choice of retiring at 55 so I need to get it down as fast as I can. As of today I have £167,297 to go which looks like being 8 years eight months completing in October 2016. I have just paid off my personal loan so from 1 March my payments go up by £150 per month. I will work through what difference that will make after 1 March. Thanks for the inspiration, I hope this works.

Steveswift

Hi Toot i am new too gl to you.


Steve

torbrex

Welcome on board guys, we are all of a like mind around here in fact you could say that we are addicts and the only cure will come when the mortgage is cleared.

kezza12

:beer: heres to us new guys and being morgage free just that little bit sooner!!(and saving lots of money on interest!!!)