2008 MFW newbies

Steveswift

Welcome more newbies into the family:T

End of the month is not far away, looking forward to over paying


Keep up all the good work every one



Steve

loomacdon

Hi there

Another person lurking in the shadows......

Not sure if this is the right thread for me but planning an extension and want to keep mortgage within a budget, at the moment paying as much as possible to reduce the original amount before the work commences which should be in the next two months.

Wasn't even aware until we remortgaged that we could pay extra towards our mortgage but thanks to links through this site have a great flexible deal with A & L.

Good luck to everyone with their challenges.

Loo

BARGAINHUNTER!

Hi

Sorry im a bit late coming to this but I have just spotted the thread! Please can I join in? I am aiming to overpay by at least £200 a month this year and in January and February I managed to do this. I have set up an extra £200 direct debit into my mortgage account each month. Please let me know if you need any more info!

Thanks!

I,M_SAD

I would love to join too!

What else can I do to try and pay mortgage off?I feel such a long way off at moment.
I bought a house last year,have a subprime mortgage:rolleyes: then discovered this site,so already have changed it from interest only over 18 years to repayment over 15 years as they wouldnt allow overpayments.My deal with BMI ends in 2010 which is tracker BOE plus 25%,I know its a long way off to be worrying but I feel very typical of someone who does things without reading all the small print:rolleyes:My interest rate will then rise to 2% over BOE:eek:I am hoping that if I keep a clean payment record and have some savings as well then after the term ends I will be a better risk to get a better deal somewhere else.I have been reading about subprime mortgages,lending to high risk people and I feel I fall very much into that category.I am saving £150 PM for my mortgage fund as well but cant use it for overpayments.What is the best way to use this money?Put it into a savings account and just keep going till 2010,I am too scared to reduce term again on mortgage as I am single with 3 children and there is only me.My mortgage is £121,000, I put £50,000 as a deposit and house 3 doors away went up for sale 3 weeks ago,for £200,000 and they have sold for £195,000.I guess like everybody I would love to work part time in the future,I have a 17 yearold,16 yearold and 2 year old,its probably not feasible in reality,but I strive to one day be there for my kids!!:rolleyes:Any suggetions would be very much appreciated.thank you.

newmoneysaver_2

Welcome loomacdon, Bargain hunter & I,m Sad.

loomacdon

Thankyou

My aim is to reduce my mortgage as far as possible before having to take out the extra needed for the extension.

So far reduced this year to date £3,388.70 (used savings to offset mortgage)

tootallulah

It is great to see how well everyone is doing. I am pleased I made an overpayment early in the month as this week I have been like a woman with eight arms and all of them have been spending. Consequently I am left with £12.00 until 1 March- blessed pay day. So the moral for me is clearly never to wait for any money to be left at the end of the month I need to be an early doors payer as I have no will power. I have spent many happy hours working out how much interest a day I pay (£29.80 since you ask) how scary is that? Just the kick up the bum I need to keep focussed.

Gazella77

tootallulah, how did you work out your daily interest? I'd be interested to calculate mine, I bet it's also pretty scary...

newmoneysaver_2

loomacdon wrote: »

Thankyou

My aim is to reduce my mortgage as far as possible before having to take out the extra needed for the extension.

So far reduced this year to date £3,388.70 (used savings to offset mortgage)

I'm going to be doing the same. I have an appointment on Friday to make the application for our additional borrowing, with the extention starting in May (fingerscrossed!)

With the additional loan we will have two mortgage pots to overpay - both with a max of £500 per month. It means we will be able to overpay more than we are at the moments, because this month we have paid of the max we can but also saved £1000.

Good points for this month:
*Got our latest energy bills and I was £140 in credit on the gas bill, so I have requested that and it should be in my account in the next week or so. I have also changed suppliers and should get £70 from quidco.
*Paid off c/cards
*Sold car and saved £3500
*Saved £1000 from wages, cutting down and making extra money

Bad points:
*Hubbys bike went in for a service and came out needing new front and back brake pads, new chain and sprockets and two new tyres - total cost £450. (This is going on c/c to be paid next month!)

tootallulah

Hi Gazella,

All I do is take my monthly interest and divide it by the number of days in the month. In some ways it is equally frightening and heartening as every month it goes down a few pence in line with the reduction in the capital left on the mortgage. I have a First Direct off set mortgage so I can easily track the interest. I am terrible with my money and so I have found the thought that it costs me nearly £30 per day in interest a very good way of not buying shoes, bags etc.