2008 MFW newbies

Di-Dough

Haven't had to pay Council Tax this month and managed to put another £100 towards my mortgage:T

Di

Gazella77

Hello,

I haven't posted here yet (though I put everything in my diary) so just wanted to mention that I am on £2 000 challenge this year (last year I managed to put £5 600+ but my life circumstances have changed and I'll need much more money to live on now).

Up to date I've overpaid £460:T

gosh, need to check my statement, hope C&G are not charging me £10 every time I overpay:mad: I am on 3 year stepped mortgage.

SPL

spl can i just ask is your mortgage with nationwide a fixed rate? i have a fixed rate with them and would like to decrease my term but dont know if i can with a fixed rate

Elantan so sorry to have not answered before I had not sen the listing and have not been around for a while

Yes our nationwide mortgage is on a 10 year fixed rate and we can increase or decrease the term at anytime without any charges or penalties

hope this helps

aliportico

Oh, I was GOOD today!

Well, it's probably a case of better late than never, but I've just been on the phone to the Gas and Electricity people. We're with Southern Electric for both - have no idea of relative cheapness, although they say they're cheapest for dual fuel, but I'm sure that's only under certain narrow conditions!

Anyway, our credit with them both has been steadily increasing, and I just got new bills last week - pay them both by DD already, and they have gone to bills only every 6 months. From last summer, our electricity credit had increased from £175 to £215! So have arranged to have £200 paid straight back to me, and to reduce our monthly payment by £12

Then called the gas dept - credit there had increased from £36 to £93 since August. Have left the £93 there as a buffer, and reduced our monthly payment by £16

The extra £28 a month won't be missed by anyone so that can just go straight to the mortgage - but must not be an excuse to make less of an overpayment from elsewhere! Wondering what to do with the £200 - it came out of my current account in the first place, so I think the sensible thing to do with it is to use it to reduce the overdraft (that's my other challenge to myself for this year - it has been static for years but I've finally decided to get rid of it) - but it's tempting to stick it on the mortgage! (I might deserve a *little* treat too ) Very pleased :money:

torbrex

Well done Ali but shame on you for leaving it so long before claiming your money back, an overpayment to a utilities company will just add to their profits.
I never let my buffer get above £30, as soon as it does I am straight on the phone and it is back in my account wothin 3 working days.

elantan

thanks spl i might just be giving them a wee phone on monday and asking to reduce ours then ...i would like to aim for 10 years i think it is possible for us not too hard but not too easy either(would love it to be less but i think that would be too uncomfortable for us) ..it would work out 25 years from when we first took out an endowment ....not 25 years of mortgage however as we took the endowment out first and had a wee break from paying a mortgage a few years ago ..hmmmm my mind is thinking again ...bad sign lol

elantan

oooo just noticed we have loads more family members welcome everyone and all the best for your mfw journey ...remember to keep posting it all helps

bellsbells

Gazella77 wrote: »

Hello,

I haven't posted here yet (though I put everything in my diary) so just wanted to mention that I am on £2 000 challenge this year (last year I managed to put £5 600+ but my life circumstances have changed and I'll need much more money to live on now).

Up to date I've overpaid £460:T

gosh, need to check my statement, hope C&G are not charging me £10 every time I overpay:mad: I am on 3 year stepped mortgage.

welcome Gazella77 - you are on the first post:j

belfastgirl23

Hi guys and welcome to everyone new.

I was just reviewing my mortgage info today. I realised that although we've paid out just over £16,000 PA in each of the 2 full years we've had the mortgage, only £5,000 PA has come off my actual debt. The other £11,000 went on interest!!

So if I stick to my £2500 in 2008 challenge I will pay off half as much again against the amount borrowed. Makes you think. Wish I could up it to more but this month is tight-ish as it is.

Just thought I'd say since every little helps in terms of motivation

alli_baba2

Bit late I know, but I've only been looking at the 3yr challenge and missed this one.

We have a mortgage which is currently £189,506 with the Halifax and although we would love to pay this quickly we've just spent the last 2 years getting out of debt, couple more to go and then we are debt free other than the mortgage - yayy and a pat on the back for us!!!

So to be realistic and knowing that I need to change my job this year which will reduce our monthly income, I would hope to have reduced the mortgage to 185000 by the end of the year = £4500 off.

Thanks everyone - these posts are truly inspiring!!!