2008 MFW newbies

torbrex

tootallulah wrote: »

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.

I had never looked at my interest at the daily level before but did my sums after reading your post. I am close to paying off my mortgage so my daily figures are not as big others will have or close to what they once were, my figure for the month to March 15th is £2.21.

loomacdon

Have calculated my daily interest at £3.93
Paying interest on mortgage at £12.90
Daily overpay £8.87

If only I could keep this up!

I wish we had done this years ago now that I know how I could have been reducing our interest payments, I thought, that because we had an interest only mortage we were stuck with it till the endowment ended!

Clockwatcher

hey there guys
I def want to try and over pay on my mortgage, my parents did it in the 80's and because of that I managed to buy my first flat at 18 with a guarantor mortgage. Four years on from that I'm still a student doing a second degree in a different city with a second flat. Managed to do a pretty canny buy on the first one, so I've now got a £38k mortgage on a £115k property- not bad eh? almost makes working 100 hr wks in my summer holidays work it!

So I'm going to try and over pay by £500 this year, not much I know but then I am a student, and I'm sure anything in at this stage will be worth it in the long run.

twinklie

Blimey Clockwatcher...you are a clever sausage! I'm a student still too...I'm lucky though I married into a house! Ha ha.

My hubby has a house he bought, gutted then was ment to do up. However, he damaged his knee and ended up having a reconstruction...so that stopped that. Then when he eventually got back to a good standard of mobility he had no money to do the house up...so he saved along with me to get the money to put into the house. We had new doors and windows, roof and outer skins of the house done about 18 months ago after re-mortgaging to pay for it.

We also dug up all the floors downstairs and relayed em....however, unfortunatley, we also ran out of money. Now we saved up the money....we have no time to do the work! Its so frustrating. Been living in our bedroom for 18mths. ARGH!

Still, our time will come for a beautiful house! I tell thee!

wheelies_3

Just written my February cheque for £28.60 to go into tomorrows post.

Not been on here for a few weeks as just come back from holiday so I have some reading to do while I'm jet lagged during the night!

bellsbells

alli_baba2 wrote: »

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!!!

welcome alli - you are added to the list!:j

bellsbells

loomacdon wrote: »

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

welcome loomacdon and of coures this is the right thread for you - it sounds like you have a really clear plan for reducing your mortgage so that the extension costs have a lot less of an impact on your mortgage due to serious overpayments!:beer:

let us know what your target is, or it could be kept general like overpay as much as possible

bellsbells

BARGAINHUNTER! wrote: »

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!

welcome to the gang! What would you like me to put down as your target for the year? If you want I can do £2200 which you will get to no problem if you do £200 a month, or do you want to push yourself for a bit more?? Let me know.....

bellsbells

I,M_SAD wrote: »

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.

Welcome I,m Sad - you are on the first post - let me know if/when you have a target in mind. In response to your question I am afraid I cannot advise you as it all went over my head:rotfl: If you haven't already done so it might be worth creating a thread of your own to ask your questions, that way you will hopefully get some knowledgeable people to help!

bellsbells

Clockwatcher wrote: »

hey there guys
I def want to try and over pay on my mortgage, my parents did it in the 80's and because of that I managed to buy my first flat at 18 with a guarantor mortgage. Four years on from that I'm still a student doing a second degree in a different city with a second flat. Managed to do a pretty canny buy on the first one, so I've now got a £38k mortgage on a £115k property- not bad eh? almost makes working 100 hr wks in my summer holidays work it!

So I'm going to try and over pay by £500 this year, not much I know but then I am a student, and I'm sure anything in at this stage will be worth it in the long run.

Nice one clockwatcher - every little helps and well done for being in a brilliant position at this stage in your life:j You are added to the first post!