2008 MFW newbies

bellsbells

freaky-di wrote: »

Hi all,

This is my first post on the site, after reading these threads for months and being inspired by everybody and the great dedication and encouagement you all give each other. So, I've just plucked up enough courage to write my first message and if I'm doing this all the wrong way, please let me apologise straight away!

I would love to join this group if it's not too late - I think an overpayment target of £1500 for the remainder of the year would be a realistic target for us at the moment . If I could start for March with a £150 target per month, I've then got a weeks headstart for next month and hopefully will get a boost from my first month's sucess!!

Looking forward to it already

Di

Of course it is not too late to join - welcome freaky! You are added to the first post and are now an official 2008 MFW :beer:

bellsbells

broomstick27 wrote: »

We bought a house beginning of this year and are v keen to get overpaying whenever we can. Can overpay by a max of £500 a month for the first 3 years so am aiming to get as close to that as possible. Due to some technical difficulties (don't even get me started on Barclays :mad: ) we missed January's payment but paid £500 in feb :T .

Welcome to the gang broomstick - you are on the list:beer: Let me know what you would like me to put down as your target for the year and I will add that as well

bellsbells

Di-Dough wrote: »

:j :j Did anybody else notice we got a mention on Martin's newsletter :beer: :T

Yay for us!:j :beer:

hummingbird

Thanks Di-Dough for pointing out that we're on the newsletter - hope we get lots more folks joining us - and as a result I also went over to the MFW roll of honour board for the first time to read some inspiring success stories - just think, we'll be posting on there one of these days!!:beer:

howskint?

Thanks for the welcome! Think I'm going to go for overpaying by 3500. Don't know if this is over ambitious but would be fab if I can manage it!
howskint?

Squiggly_Diddly

Gosh, came to catch up after a couple of weeks & loads more newbies - so welcome!!

On another note, just came across a post on the Mortgage board from someone saying that C&G have sent his yearly statement & now charge £10 every time you make an overpayment!!!!!!!!!!!!!! Gotta try to find a way of figuring out if it's still worth making the payment monthly & being charged (but is that offset by the savings made?) or whether to save up & pay every few months?? (but interest is charged daily, so balance won't reduce while I save).
But that's a bit much to get my head round at just gone 7.30 in the morning... Am cross about that though

LouiseJ

Squiggly_Diddly wrote: »

Gosh, came to catch up after a couple of weeks & loads more newbies - so welcome!!

On another note, just came across a post on the Mortgage board from someone saying that C&G have sent his yearly statement & now charge £10 every time you make an overpayment!!!!!!!!!!!!!! Gotta try to find a way of figuring out if it's still worth making the payment monthly & being charged (but is that offset by the savings made?) or whether to save up & pay every few months?? (but interest is charged daily, so balance won't reduce while I save).
But that's a bit much to get my head round at just gone 7.30 in the morning... Am cross about that though

I would check first if this also applies to your mortgage as the other poster may be on a different product.

torbrex

Squiggly_Diddly wrote: »

Gosh, came to catch up after a couple of weeks & loads more newbies - so welcome!!

On another note, just came across a post on the Mortgage board from someone saying that C&G have sent his yearly statement & now charge £10 every time you make an overpayment!!!!!!!!!!!!!! Gotta try to find a way of figuring out if it's still worth making the payment monthly & being charged (but is that offset by the savings made?) or whether to save up & pay every few months?? (but interest is charged daily, so balance won't reduce while I save).
But that's a bit much to get my head round at just gone 7.30 in the morning... Am cross about that though

I think if I was being charged for making an over-payment I would be looking to switch lenders, on the other hand if you are tied to C&G for any reason then making as large a payment when you can would probably be best, it will be a difficult juggling act.

LouiseJ

I have just sent another £100 to A&L this morning making my total overpayments for February £490.

Yesterday I was also informed that my rate has been reduced to 5.49% which will save me £10.00 a month in interest. Just hope BOE don't put the rate back up next month!

Squiggly_Diddly

I had a quick glance at the T&C's online this morning & it does seem to imply that it's a £10 charge... however that was as of 1st Jan this year & my mortgage started in October last year, so maybe or maybe not... I shall give them a call & find out!

At the moment I'm on their 2 year tracker & don't think I am specifically tied in or have an ERC (that I can remember), & the rate has just gone down to 5.39% - but if the overpayment charge is the case, then when I look to change mortgage next year I'll be considering other options!