2008 MFW newbies

zavarony

Welcome Binsky and zebedy - its great to have you along for the journey - its a very motivational place to be.
If you pm bellsbells with your target amount for the year she will add you on to the list on the first post...

hummingbird

Hello everyone, it's ages since I last posted - I overpaid £50 again in March (late updating again!). Not as much as I wouldhave liked but once again better than nothing.

Very excited though because I did sell my car and get a smaller one that's cheaper to run. Hopefully that will make way for more overpayments in the future. Congratulations to everyone who's making progress towards their targets!:T :T :T

mustafa_say_ving

Hi everyone, wow everyone's doing so well.

I hope nobody minds me joining , as I now am in a position to start overpaying my mortgage. ( I'll PM bellsbells with my target amount ).

My Mortgage is £53338.62 and I'm hoping to pay £5K off this callender year.

I started my overpayments today (woohoo....it feels really good doesn't it )

I paid off £468.58 bringing my mortgage down to £51870.04.


Well done everyone, it's so inspirational to see other people doing so well

Courgette

I checked my mortgage balance in Feb and it was £35,659.17. I've just checked it again now and it's £34,846.23. That means it's £812.94 lower than it was which is obviously great. However, £800 of that is overpayment. I pay £243 per month towards the mortgage and have only made one scheduled repayment since I checked it in Feb but I just can't believe that of a repayment of £243 only £12.94 has actually gone to paying off the capital and the rest of it is interest. I knew most of what we pay back is interest but that's ridiculous. Does this sound about right or is something going really wrong somewhere? I've got 23 years (according to them) left if that's relevant.

Courgette

gallygirl

Courgette wrote: »

I checked my mortgage balance in Feb and it was £35,659.17. I've just checked it again now and it's £34,846.23. That means it's £812.94 lower than it was which is obviously great. However, £800 of that is overpayment. I pay £243 per month towards the mortgage and have only made one scheduled repayment since I checked it in Feb but I just can't believe that of a repayment of £243 only £12.94 has actually gone to paying off the capital and the rest of it is interest. I knew most of what we pay back is interest but that's ridiculous. Does this sound about right or is something going really wrong somewhere? I've got 23 years (according to them) left if that's relevant.

Courgette

No, it doesn't sound right, even although with a new mortgage most of the payment is interest. However, it may be right if you looking at a 'live' balance. Depending on when you checked in Feb you could have accumulated almost 2 months worth of interest charges, against which is offset only one payment. Check again at the same time as you did in Feb, e.g. if 3 days after Feb payment check 3 days after April payment. That will give you a truer picture.

Not sure if anyone has mentioned whatsthecost on here - a site where you can calculate your mortgage free date - link HERE. On the left of the home page is a mortgage calculator, or try the snowballing one if you're paying off other debts & intend to swap the payments over to the mortgage when they are cleared. Great to see the effect that will have :T . If you join the site you can save your calcs.

It's great to see you all full of enthusiasm - as someone on the MFIT challenge, 1 year in, I can tell you it doesn't wane, if anything the enthusiasm is growing :j .

Good luck all!

Courgette

Thanks ali007,

I will keep an eye on things and see if I can work it out. I think if anything it'll just make me more determined to pay it off as quickly as I possibly can. It seems that just overpaying by a few pounds each month will knock months off the other end

Thanks for your help

Courgette

mischiefmaker

Hi to you all, I have decided to change my target for overpayment this year. Firstly my job is not that secure at the moment (estate agency!:rolleyes: ) secondly my mortgage is due for renewal next March, and due to the uncertainty of the mortgage rates I have decided to put the majority of money into savings (don't worry I do have some emergency savings). My thinking is that due to the size of the mortgage not a huge amount is paying off the capital therefore if I put the money into savings then if the rates are ok when I come to renewal then I can pay a lump sum off then, if they are really high then it can be used to keep a roof over our heads! Sorry to ramble on. Therefore my revised target is £400 and in April it will be another £50.

bellsbells

Welcome to all our new joiners:beer:

abouttimetoo

Hi bellsbells

Sorry if I missed it somewhere in the thread but could you let me know which date in the month you need the update for; do you have a preference that makes it easier for you?

Many thanks
abouttimetoo

tootallulah

Hi All

I've just made this months overpayment of £130. This is a mix of a £50 premium bond win and £80 from my money box of £1 & £2 coins. I am really finding this thread motivating, long may it continue. See you next week.

Toots