2008 MFW newbies

bellsbells

Just a quick reminder for all new joiners and old hands - although I do read every post and try to update things as I find them, please can you PM (private message) me if you want to update you totals or goals for the year. It makes my life a lot easier and means I can be sure I haven't missed anyones totals in amongst the chat that goes on. That was not a dig at the chat btw, I trhink it is great and it makes this thread what it is - long may the chat continue:rotfl: :T

kezza12

ok i counted up the piggy and theres £78 coins in there, hopefully there will be £200 left in my account next week (should be according to my calculations) so if i put £100 towards my holiday money for the week after and 100 towards the morgage, i'll raid the hubbys pockets hopefully that will turn out £30 (if not i'll raid his money box) and empty the piggy then that will add another £200 for febuarys total:D was aiming to take £400 on holiday but only have £340, however i do get paid 2 days before i go so if i'm carefull next month (and my **** car:mad: does not break down again then i'll be fine. :eek: a tv advert just reminded me that £24 will be comming out of my bank from play.com for enchanted and 101 dalmations!! damnit!! i'll have to go recalculate.
btw i calculated my daily interest and it's £7.20 if i pay a basic overpayment of £250 per month then i'm payingoff £8.62 (based on febuarys 29 days) so therefore all of my morgage payment is actually going on paying off the morgage?? is this right?:j bells i'll message you wednesday when i bank:D

wheelies_3

I'm now up to date with this thread. Everyone is doing really well :j

It was mentioned about getting a second job to help pay off the mortgage, I did this last year and then a couple of months later my husband was made redundant :eek:, though is now working again but doesn't get overtime anymore so my 2nd income makes up for that.

It was also mentioned that C&G are now charging £10 for every overpayment. I have checked our paperwork including the statement and it doesn't say anything specific regarding our mortgage so I will ring C&G tomorrow before I post my cheque.

I will update tomorrow.

Squiggly_Diddly

Well phoned C&G this morning - and no, I haven't got to pay £10 every time I make an overpayment. It's only if it's over £1000 - when it's classed as a capital repayment - so I can just keep adding my little bits

And definitely no ERC, checked that on my paperwork - and when the tracker ends (Dec 09) so noted that in the diary clearly now, to remember to start looking around a few months before.

twinklie

Awww....I wish we were joining in these overpayments.....I need to hurry up and get a job. Would help if they advertised some like!

I'm so excited about joining in, it's quite sad. Still, I reckon by September's pay packet (assuming I have a job) we'll be able to join in for the last few months. Even if we just pay an extra £500 for the year I'd be happy, especially considering hubby will still be a student then.

Right, time to crack on with my assignment so that I actually get the qualification that allows me to be a teacher...ha ha.

Squiggly_Diddly

You'll get there Twinklie (money & qualifications!). Know how you feel - I am trying to write an essay for my degree (in social work...) but keep getting distracted by better things to do!

wheelies_3

Finally managed to get through to C&G, their phone lines have been very busy today for some reason. Anyway I was told that there is no £10 fee for my monthly overpayments. Come on here for a quick read and to update and I see Squiggly Diddly managed to get through earlier today and was told the same thing, good that we now know where we stand for sure . My overpayment is now on its way.

Bellsbells I've sent you a private message.

Soon be March for the next payment. Those who say this is addictive are spot on

belfastgirl23

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.

Just to say it sounds to me like you're doing everything right. And if you've got a house worth £195k and a mortgage of £121k this is bound to count in your favour. I'd say put your £150 a month into the best paying interest account you can find and then pay off a chunk if you can when your fixed rate deal ends. There are some good regular saver deals around (check Martin's articles for this).

Good luck

violetblue

Wow, loads more newbies joining in, fab! :beer: Welcome everyone, soon you'll be as addicted as the rest of us!

Payday today, but as overpaying is out for me until July, I have transferred £500 into savings instead. I've also decided to record my savings pot in my signature, so I can see how dramatically the mortgage will be reduced when I pay off that big chunk. I'm not sure whether it will be exciting or just a little bit scary paying off that much money all at once!

angel81uk

Whoops, looks like I've fallen at the first hurdle! I was hoping to make my first overpayment this month but don't have any spare cash left anymore. I don't mind though, it was spent on my engagement ring! I think that's a good enough excuse.

Next month though I'm going to increase my monthly payment to what is was before the interest rate dropped and start a mortgage pig.