2008 MFW newbies

LouiseJ

Managed to make my March overpayment today of £381. I think that will be it for the month though as OH needs a new passport and cats booster injection is due also. But I am happy with £381 xx

Well done to all and keep up the good work!!

loomacdon

wheelies wrote: »

I'm sat here feeling rather fed up

Our fixed rate finishes at the end of the month (I know we've left it a bit late to sort it out but we recently went away and all of a sudden it is about here!), anyway we have 2 parts to our mortgage and it is the main part that is on the fixed rate, I have been overpaying the second part which is on a variable. The letter we have received from Lender stating we will be going onto the variable reads as though our two parts of the mortgage will now be one and the minimum repayment will be much more than what I can afford overpay now. I will ring C&G on Monday to find out if they have any better fixed rates than what is showing on website. In the meantime does anyone know if we will be able to put the whole lot of the mortgage onto a fixed rate or if it will have to be split again? If it has to be split again we will be struggling as the difference in rates compared to what we've been on is quite a lot. I daren't overpay this month as I might need it as of next month but will let bellsbells know either way by the end of the month.

I hope I haven't confused anyone with my waffling on

I contacted L & C through a link on this site and got fantastic service, they took my details and came back with a quote from A & L which combined both my interest only and repayment mortgage (we are building an extension), we run our mortgage over a longer term which makes payments cheaper but are overpaying as much as possible at the moment which actually means we are eating into our interest only part and reducing that as well. (Unfortunately we will need to start drawing money out of this overpayment pot so it wil look as if our mortgage is going up but hoping to make as much saving as possible before this happens ) Will mail you the telephone number in case you want to call them, its worth a go as there was no pressure but best of all there was no hastle and he explained everything in a way that I could understand.

Hope this helps

49clare

Hi
I'd love to join this board.

We've just swapped our mortgage to save us nearly £40 per month. As well as doing that, we want to bring our £55,000 mortgage down asap.
Hope to pay £400 p month to finish our mortgage in 6 years.
First overpayment to start in April

Here goes!!!!!!!!!

ShakyStoozer

I'm in the process of switching to an offset mortgage so would love to join you MFWs!

Got a 20 year term and looking to pay off in 9 years!!

ShreksBodyDouble

Hi all,

I've been lurking on this board for a while and have decided to take the plunge and ask to be added to the stats please? I've been saving up and had a few hundred pounds put by - several times over the last few weeks I've 'almost' bought us a new LCD TV with it, which we do not need and something kept stopping me, I knew there was something more useful I could do with our pennies. After reading many of the posts here and having a good think about it, I've taken £500 of that money today and made an overpayment on our £61,000 mortgage!! :T I know it's only a tiny dint in it but I feel better thinking about the interest it's saved us. I now hope to save another £500 by the end of they year, making a total overpayment of £1000. Wish me luck, and well done to all of you, you've been a bit of an inspiration to me lately.

elantan

well done you you will have more pleasure with paying the mortgage off early than anything you would get with a lcd tv ..welcome to the happy lot

MF2015

Sorry guys, I have been out of the country so could not update my Feb overpayment due to the lack of net access.

I've paid another £2000 off and hopefully, if my expenses come in on time should be able to make another overpayment in March. Not sure how much it will be though as I have my engagement party to pay for, YAYYY!!!

IDN101

I just want to start by saying "what an amzing thread" and "more power" to all the fantastic people on here showing so much drive, determination and motication in order to get their mortgages paid off.

Hopefully there's a little room left for me to join you on the journey?

So here's the challenge I am setting myself:-

I took out a £150K mortage 2 years ago. I am now aiming to pay the whole lot off in 3 years time.

A little about me and how I aim to do this:-
I am a 38 year old architect, with a partner and young son. In the middle of last year I started a website- focusing on a small, specific niche- the use of a particular peice of industry-standard software. So far the visitor numbers have gone from strenght to strenght- about 20-30% increase month on month. Access to all areas of the site is free, but I generate income from the Google Adsense programme.

My plan is to keep developing thewebsite on a daily basis- thus increasing traffic ( and income). I also plan to start doing part-time consultancy work this year- ie conduct in-house training on the piece of software that my site is about. So my site will act as an advert for the consultancy business- hence building up a potential client-list now. I have checked the prices that other consultants charge in this field of expertise and it's about £500 per day. I think I'll be able to fit in 2 days of consultancy a month- as I'll obviously be keeping my 40K full time job the whole time.

All the income from this "side line" will go towards paying my mortgage off.
The only outgoing costs for the "side line" are £90 annual web hosting fee and £60 annual domain name registration fees. Obviously I'll have travelling expenses when I start travelling to do the consultancy work.

Sorry to whittle on, but I'm excited about the whole thing!!!!!! To be mortgage free by the age of 42 will be fantastic!!!:A It will mean that I can make dreams come true for my family and I.

All the very best to everyone on the journey to financial freedom.

Regards,
Ian

newmoneysaver_2

Just posting to see what stars/medals I have!!

And to keep it on topic..

I think it will only be a £100 overpayment this month

setmefree2

Good luck Ian:T:T:T:T:T:T