2008 MFW newbies

tootallulah

I have just made my May overpayment of £130, if I make it early in the month it stops me spending it. Money is tight this month and I need to reign in non-essential spending. I am aiming for £60 on food and £140 on the rest including travel and transport. I do have a fridge full of "stuff" so maybe it won't be too difficult. I am going to do an on-line spending diary to find out where my money really goes.

fuzzipeg

Can I join in please?

£194k outstanding on an interest only. Want to reduce it by £9k by the New Year...

Managed our first overpayment last month, and the letter from the mortgage people telling me how much my payments had reduced spurred me on to clear this blooming thing!

aliwali

Hi all
No overpayments for me yet!!! We are currently remortgaing and it is taking ages. Don't want to overpay in case we are stuck on 7% variable rate for a couple of months. Will need to find extra £130 per month.

Also still waiting for Barclays to open my ISA but that is a whole other story!!

Hopefully starting to overpay soon.
Alison

shirlgirl2004

Hi we have a mortgage of £59,300 and are overpaying by about £500 a month because we have made a few large payments off our mortgage recently and they don't reduce our payments until our annual review date(October). Obviously we don't want the payments reduced anyway. We hope to pay the balance off in about 2 years.

Having been guilty of just spending without thought we are at the moment just getting to grips with thinking about what we're buying and learning how to budget again. Then once we have some idea of our outgoings we'll be able to make regular additional overpayments.

Overthetop

Just made my May overpayment of £570 which is the second of nine planned for 2008 :j

torbrex

My May overpayment of £190.31 goes through next week whilst I am away on holiday so I am posting early.

My June payment will depend on how much I spend on my trip as I intend to use anything that is left in my holiday savings fund to put towards paying a lump sum off my capital.
The fund stands at about £2450 with just any daily expenses, gifts, motels and excurtions to pay for. I have already got my spending cash so anything else will go on my Nationwide card (no charges) and that will get cleared on my return.

See you all next month.

bellsbells

ilovecookies wrote: »

hello
please could you add me to this thread
not sure how much i will be able to do
£180 000 mortgage
need to start knocking some years off

welcome to the thread Ilovecookies! You are added to the first post. I have put your target down as 'overpay as much as possible' but let me know if you have a more specific goal in mind

bellsbells

warrior_princess wrote: »

hey everyone
im just completing remortgaging my home for a massive 157k.............new to this fourm .im really motivated to try and be mf by 7 yr earlier the better (23 yrs left on current).........my first step was to look for an offset mortgage coz Hubbie n me r both high tax payers n are looking 2 save as much as possible .................................
looking fwd to d challenge
thanks

welcome warrior! you are added to the first post:j

bellsbells

fuzzipeg wrote: »

Can I join in please?

£194k outstanding on an interest only. Want to reduce it by £9k by the New Year...

Managed our first overpayment last month, and the letter from the mortgage people telling me how much my payments had reduced spurred me on to clear this blooming thing!

of course you can join fuzzi! The more the merrier! You are added to the first post

bellsbells

shirlgirl2004 wrote: »

Hi we have a mortgage of £59,300 and are overpaying by about £500 a month because we have made a few large payments off our mortgage recently and they don't reduce our payments until our annual review date(October). Obviously we don't want the payments reduced anyway. We hope to pay the balance off in about 2 years.

Having been guilty of just spending without thought we are at the moment just getting to grips with thinking about what we're buying and learning how to budget again. Then once we have some idea of our outgoings we'll be able to make regular additional overpayments.

hi shirlgirl and welcome to the gang! You are added to the first post