2008 MFW newbies

bellsbells

Rabiddog wrote: »

I would like to be mortgage free..... Current mortgage 45k (finishes in 2023)
currently underpaying by £200 a month
secured loan 15k paying that off at £220 per month *that will finish in three years*
juggling options and lifestyle to make up the funding gap.

Just to second what the others have said - go and have a look at the debt free wannabe board. I am a graduate from that board and they will be able to give you lots of advice.

bellsbells

Daft_Pegasus wrote: »

I always just say that someone bought them as a duplicate present for me so gave me the receipt to return them.

Good idea....or if you are worried that the person that sold them to you will recognise you, say you bought them as a present for someone else, but he/she didn't like them, or they didn't go with her colour scheme etc

angel81uk

Hello MFW's, after lurking for a while I've decided it's time to join you all.

I've just had my first annual statement through and my current SOA is:

£194,000 remaining on an interest only tracker mortgage with 29 years remaining. At present I haven't saved anything to pay off the capital at the end of the term as we were waiting until beginning of this year to see where we stood financially. Now my income has increased it's time to start doing something! We've got 10 months left at our discounted rate then we're going to re-assess the situation and perhaps move to a larger house in a cheaper area (that will be anywhere outside London then!) and probably shave at least £50k off the mortgage in the process.

I'd love to start throwing every spare bit of cash at the mortgage but I'm having to save for my wedding at the moment. I've no idea how much we're going to need to save for it yet, my parents have said they want to contribute but we haven't talked numbers. We haven't even set a date yet though so we've got a long way to go!

In the meantime I'm planning on saving 50% of our spare income and putting the other 50% into the mortgage.

elantan

thanks daft pegasus and bells bells i am taking them back tomorrow will try my excuse out tomorrow and if all is successful will pay the 50 straight to the mortgage lol

Daft_Pegasus

elantan wrote: »

thanks daft pegasus and bells bells i am taking them back tomorrow will try my excuse out tomorrow and if all is successful will pay the 50 straight to the mortgage lol

:T:T:T:T:T:T:T:T

newmoneysaver_2

Yesterday I paid another £400 off the mortgage taking my figure for February to £500, the max I can overpay in any month. Any extra money this month will go into savings along with the money from my car. :beer:

bellsbells

angel81uk wrote: »

Hello MFW's, after lurking for a while I've decided it's time to join you all.

I've just had my first annual statement through and my current SOA is:

£194,000 remaining on an interest only tracker mortgage with 29 years remaining. At present I haven't saved anything to pay off the capital at the end of the term as we were waiting until beginning of this year to see where we stood financially. Now my income has increased it's time to start doing something! We've got 10 months left at our discounted rate then we're going to re-assess the situation and perhaps move to a larger house in a cheaper area (that will be anywhere outside London then!) and probably shave at least £50k off the mortgage in the process.

I'd love to start throwing every spare bit of cash at the mortgage but I'm having to save for my wedding at the moment. I've no idea how much we're going to need to save for it yet, my parents have said they want to contribute but we haven't talked numbers. We haven't even set a date yet though so we've got a long way to go!

In the meantime I'm planning on saving 50% of our spare income and putting the other 50% into the mortgage.

Welcome, angel81:T It is great to have you on board. Our band of MFWs is growing all the time! I have to admit that I got lost in the middle of your message as I cannot get my head round tracker only mortgages but you sound like you have a good plan worked out and that is the main thing:rotfl:

Whenever you have a target and/or a total for the first page please PM me with the info and I will happily update.

angel81uk

Thanks bellsbells. I know exactly what you mean, I've only just got my head around the interest only tracker too but I'm glad I have.

I think it will be a while before I have a target as such as that's dependent on so many other things right now but I'll definitely let you know what overpayments we do make so you can update the first page.

kezza12

ok i was aiming to put an extra £200 alonge with my overpayment standing order but the suspension coil om my car broke!!! so i have to have that fixed tomorrow :mad: hopefully it will leave some change out of the £200.

Steveswift

Hi all,

At last i have found some time.

Half term as of today so i have set it aside to put all my finances in order, the whole day is going to be scraping every penny form the back of the sofa, getting my junk on ebay and sourcing cheaper insurance. etc etc etc

I know i paid of 10k but that seems a little wrong from the theme of this thread as that took no effort as i had the money sitting there doing nothing. So i start properly tomorrow.

I will let you know how i get on.:D

Steve