2008 MFW newbies

bellsbells

Maximumtime wrote: »

Hey all

Im totally new to MFM. It is my honest intention to pay off £4,000 off my mortgage this year and ive got my self a brand spanking piggy bank to start off today.

Now I have a query and was hoping to get some advice. My mortgage is a repayment one. I have been fixed for two years and that is due to expire in a few months. I think I will change when it comes time to a more preferable rate. The question being should I pay my saved cash off against my existing mortgage or save it and put it against the new deal?

Any info, suggestions or even experiences would be greatly appreciated.

Hi Maximumtime, welcome to the thread - you have been added to the first post

bellsbells

angel81uk wrote: »

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.

I think that is a fantastic reason to not overpay - congratulations :j

bellsbells

elantan wrote: »

ok a wee quick question ...what's people's opinion (for this challenge) on having money for the mortgage as an offsetting idea? or are we just counting the money actually paid off the mortgage?....would the money in an offset account purely have to be intended for the mortgage or could it be for say something else (pension,savings etc) ..was thinking about this last night

Personally I would not include it. I am only including money that has physically gone off my mortgage. However, that is only me and if others do include this money I don't have a problem with it!

Daft_Pegasus

elantan wrote: »

sorry i think i may have not made myself clear daft pegasus...

i was meaning money in an isa for eg as offsetting
i already pay money every month into the mortgage account (nationwide) but i have the isa as well i am trying to save money just now so that i have a buffer incase some unexpected bill comes up ...just now i am not counting that as any money towards my mortgage as i need a buffer ...but was wondering if say in 6 months time when i had enough emergency savings but still paid some money into my isa could i class this as paying money off the mortgage(as i could effectively use it to pay some more off my mortgage if i chose to) or does it count as something different ...did i make any sense that time?

I get you now.

Like the others I think it's what you feel comfortable with counting towards your mortgage. If you're 99% certain that the ISA money will be used to pay off the mortgage then I'd count it personally

Hawksmuir

Hello another Newbie here.

Mortgage standing at £96K, looking to overpay £1,000.00 in 2008 (£100.00 already overpaid in Feb)

It would be more but my 12 week old son, has put paid to that.

elantan

have given this some more thought and have decided for me persoanlly i am not going to count it as off my mortgage until it comes off my mortgage...but today i found out that a good friend of mine might be losing her house as her hubby lost his job in september and they cant afford it ..they have worked their back sides off for years and give so much to the community ...the thought of them losing their house is heart breaking, it made me think alot more about this challenge and why i am doing it ...i dont ever want to be in her position i dont want to owe anybody money or be scared of what may happen to me and my family so i am more on board than before ...good luck everyone

kezza12

ok just paid off another £200 in 1pound and 2pound coins. As i was walking up to the counter the "can i help" lady came up to me and said i can only pay in upto 5 bags of coins.....into my own account..... well lots of people in the que thought that this was silly and started to swop my money for me for kids lunches and stuff:rolleyes: my husband was mortified for some strange reason but i was very greatful. so that takes my total for febuary upto £400 and £600 for the year:D

elantan

well done community spirit still exists ...nice customers at your bank ...not so sure about the bank itself though lol

Courgette

Hi all,

Can I join in? I'm training to be a teacher at the moment so super busy and pretty skint but I think £2000 should be managable

Thanks

Courgette

torbrex

Hi elantan
I set up a 2 year regular saver with LTSB in Jan 2007 and I am putting the max of £250 in it every month not as a buffer but with the intention of using the maturing fund to put towards my final payment on my mortgage.
The overpayments that I am making combined with that fund will still leave me short but I am very determined and I will find the extra from somewhere even if I have to raid my long term savings.
I dont know if you have looked at any of the regular saving plans that are available, there is a thread on the savings board, one of them might suit you to use as a buffer and also, if you are allowed to, as a one off lump sum against your morgage in addition to the overpayments that you are making.