2008 MFW newbies

kezza12

abouttimetoo wrote: »

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

hi abouttimetoo i think we all tell everyone in the posts when we put more money in and then pm bells at the end of the month with the total for that month so she can update the first thread.:D hope that helps

abouttimetoo

thanks kezza 12, I'll do that, hope I can work out how to do a Pm :rolleyes:

kezza12

well i got my mortgage statement yesterday (late) and it shows all my overpayments for the year as i started overpaying a year and a month ago but it still says that i have 14 years to pay which is when my mortgage term that i originally took out is supposed to end, surely it should drop a little?:o

kezza12

abouttimetoo wrote: »

thanks kezza 12, I'll do that, hope I can work out how to do a Pm :rolleyes:

just click on bells's name and then pick send private message:D

Squiggly_Diddly

Not managed to make it back for a look at this thread since I added last month's overpayment...! The weeks are hurtling past - can't believe it's mid April already?! Anyhow, just paid another £100, so that's £400 this year now (i'll pm you BB).

I could have put £3-£5k towards the overpayments from my student loans, but having bought last Oct, I'm now working my way through sorting out all the bodge jobs done by the council..... It's starting to look lovely - hopefully the bathroom will get done in the next few months too, and finally my bedrooom Then I can really focus on chucking extra at overpaying - but I feel I'll have somewhere I'm proud of while I do it (and won't feel the urge to move... lol!)

Well done everyone else - keep motivated & think of what you can spend the savings on!!!

gallygirl

kezza12 wrote: »

well i got my mortgage statement yesterday (late) and it shows all my overpayments for the year as i started overpaying a year and a month ago but it still says that i have 14 years to pay which is when my mortgage term that i originally took out is supposed to end, surely it should drop a little?:o

I assume this is your annual statement? Check they have not reduced your monthly payment instead of shortening the term, you may need to write to them to confirm this is what you want (unless your OP's are 20p a month...;) )

kezza12

yep it's my annual statement, i phoned them about a month ago because my payments were lowering at the rate of £3 per month but they said that it was just because the more i pay off the less i pay in interest and that my payments are all going towards lowering the term.:o

Snaggles

Right, okay - ready to set my target. My total secured borrowing (mortgage and secured loan) is currently £37k. So my 3 year target is going to be to get under the £25k mark....gulp!!

Might have to re-adjust my target if we move house, but that's what I'm aiming for at the moment.

gillian46

I'm new to the forum but I am trying to pay of my mortgage as soon as I can (still likely to be a long time away, haven't worked it out yet). I have a question , I had to take out a second mortgage on the house to buy my exOH off in 2004. Both my mortgages are on the same deal with Nationwide on a tracker morgage. Will it make any difference to my Morgage Free date if I do the same overpayments to each mortage or should I pay off the smaller one first?

torbrex

My regular monthly payment goes through tomorrow and will include my overpayment this month of £189.23, it increases every month as my capital comes down. I could probably pay more but I have savings targets that I want to meet as well with 3 seperate funds for my different aspirations.
I have used my full ISA allowance this year and I am going to do a bit of recalculating after my holiday in May, depending on how much I spend I am going to use what is left of my holiday savings to pay another lump off my mortgage to ensure that I will meet my target of 'paid in full' by Feb next year.