2008 MFW newbies

elantan

yep newmoneysaver that is a very good one i also use the egg one just for fun ...
http://new.egg.com/visitor/0,2388,3_54988--View_1028,00.html

newmoneysaver_2

Oooh! Thats a good one!

moneysavingwannabe

Hmm,

I think I have just decided to go for the mortgage overpayments at the same time as paying debts off. Every penny will help reduce the mortgage and my debt is at 0%.

So instead of taking 18 yrs 7 mths and paying £90,000 + on a mortgage of £56,745.43 I am trying to pay off £239 extra a month which makes £650 in total. Halving the term and saving £18,291.24!!:D

Just hoping this is doable! I suppose at the worst I can always withdraw the overpayment.

moneysavingwannabe

Hi Newmoneysaver,

How do you know how much you have left on your mortgage after payments?
I know how much I am paying off but with interest added etc I'm a bit confused!!

I tend to wait for my yearly statement.:o

bellsbells

mitchg wrote: »

I think maybe time for me to post here too, Mortgage free wanna be is me ohh and so so nearly there, got my champers on ice for the summer bbq celebration...will be 8 years early the last 3 or 4 i have made great inroads and i spead the word on overpayments but not so many people listen.. why oh why dont they listen and look here instead of looking at what ever they look at???

wow - that would be a fantastic achievement! you have been added to the first post with a goal of mortgage free this summer!:beer:

bellsbells

shawtj2 wrote: »

Hi please add me on - going to start overpaying by £50 a month to my £46,000 mortgage at 6.13% over 19 years. If I get a good paid job I will be paying off more. So target is to pay £600 extra by march.

welcome to the gang shawtj2:j

bellsbells

bedhair wrote: »

Hi Bellsbells.

May I join you?
I have been overpaying my mortgage for a year now and have only just found this thread. Please may you set my yearly target at £1500 (just starting maternity leave) and record that I have already overpaid £300 this year (Jan - March.) I will be paying £150 on April 27th.

Thank you

of course you can join us bedhair - the more the merrier:rotfl:

bellsbells

REDMADCURLS wrote: »

Hi

Having spent the last few days reading this thread and then checking the mortgage calculator I was SHOCKED at how much I could save (or rather prevent paying the Halifax) by overpaying.

So today I set up SO for £50 a month - our mortgage is £161k x 23years - couldnt believe this would save £13,700 and knock 2 years off our mortgage!!

Now the stupid part - saving this money and paying off lumps doesnt seem to have the same impact - duh think I have just answers my own question (really is £50 x 12 months x 21years that is coming off not just £600)

Ok now I have worked that out (sorry for being so silly) Do you folks sometimes pay more than your monthly SO or just stick to that - thinking a 'mortgage pig' could yield an extra £100 or so every so often

Sorry for rambling!

RMC

Welcome red, well at the moment I am just paying a set amount off each month because I am getting some rainy day savings sorted. Once I have those sorted any extra monet will be thrown at the mortgage!

bellsbells

moneysavingwannabe wrote: »

Hi,

I'd really like to join you all too.

I have a slight barrier in that I still have to pay off building work debts and have a wedding to pay for....but we have been rounding our payments from £411 to £500 a month.

Last year we were paying £200 extra a month sp hope to start paying off more when we can!

welcome to the thread - every bit of overpayment helps so that rounding up you have been doing will still make a huge difference!

bellsbells

hi folks - sorry I am a bit slow answering posts at the moment - I am not logging on every day to check the thread due to crazy busy work stuff and general life happening. It is not personal, honest:rotfl: