2008 MFW newbies

torbrex

Courgette wrote: »

Yikes, that's even more complicated. Think I'll focus on overpaying as much as I possibly can and not worry too much what it specifically represents in terms of the mortgage duration. I know I'm knocking loads of time off just overpaying small amounts.

Thanks for your response

Courgette

I dont constantly do the sums, I did it at one time but once I had settled on the monthly payment that I could afford I just use Microsoft money to keep me updated on my progress at reducing my capital.
When I first started regularly overpaying about 5 years ago, I was only paying about £25-35 a month extra and struggling to keep that up but as my capital has come down and I have become more determined I am now up over £190 extra and it feels great.

fluffysox

bad news about the boiler tootalulah. We replaced our boiler last year as we wanted a combi- the old one only gave you hot water if the heating was on- not very efficient. The boiler cost about £900 but with other parts we needed (some new pipes) and the plumbers fees the total cost was about two thousand :eek: . However look into grants available from your local council. A friend of mine just got new boiler + new radiators + labour for free because she is in reciept of tax credits etc. You never know, you might be able to get some help. I wouldn't be entitled any freebie jobs, but we got loft insulation very cheap.

gfiford

things are looking tough for the next months overpayment, have car tax, mot, insurance and wifes citizenship application in june, totaling 1.4k. I resent giving more money to the home office, i pay about 1k a month in tax, grrr

might make a token payment of £50 just to try and keep some momentum.

Good luck every one

Alion

as i put in my diary today, I did my planned overpayment and was very pleased to see that we've now paid off £10k. Without overpaying we'd not be getting to that stage until April next year!

TurnaroundSue

Hi, we have been thinking about making overpayments to our mortgage for a while now, but had around £3500 on 0% credit card, which is due to expire in August. It now has a balance of £2500 on it and we have come to the realisation that this cannot be paid off in full before then. Have now applied for (and been accepted) for another 0% over 15 months and will plan to do a balance transfer.

My question is this: Would it be better to pay, say, £280 off the cc (instead of the £500 we have been paying) and pay the 5% extra we are allowed in overpayments (around £220) straight away or, pay the cc with the £500 and then start making overpayments once this card has been cleared?

It will mean that my dfd is further away, but at least we will have started making headway at reducing our mortgage alot sooner - what is the conscenous (sp?) of opinion?

Many thanks

tro127

Hi, can I join this one. Not done any over payments so far this year but would like to aim for £2008 as think that its a real challenge but not unachievable if I am sensible.

Welshlassie

TurnaroundSue wrote: »

Hi, we have been thinking about making overpayments to our mortgage for a while now, but had around £3500 on 0% credit card, which is due to expire in August. It now has a balance of £2500 on it and we have come to the realisation that this cannot be paid off in full before then. Have now applied for (and been accepted) for another 0% over 15 months and will plan to do a balance transfer.

My question is this: Would it be better to pay, say, £280 off the cc (instead of the £500 we have been paying) and pay the 5% extra we are allowed in overpayments (around £220) straight away or, pay the cc with the £500 and then start making overpayments once this card has been cleared?

It will mean that my dfd is further away, but at least we will have started making headway at reducing our mortgage alot sooner - what is the conscenous (sp?) of opinion?

Many thanks

If the CC is 0% I'd ensure I have the money available to pay it off in a high interest savings account and pay the minimum off until just before the 0% deal expires and then in the meantime Overpay on your mortgage.

Welcome to the MFW life.

moneysavingwannabe

TurnaroundSue wrote: »

Hi, we have been thinking about making overpayments to our mortgage for a while now, but had around £3500 on 0% credit card, which is due to expire in August. It now has a balance of £2500 on it and we have come to the realisation that this cannot be paid off in full before then. Have now applied for (and been accepted) for another 0% over 15 months and will plan to do a balance transfer.

My question is this: Would it be better to pay, say, £280 off the cc (instead of the £500 we have been paying) and pay the 5% extra we are allowed in overpayments (around £220) straight away or, pay the cc with the £500 and then start making overpayments once this card has been cleared?

It will mean that my dfd is further away, but at least we will have started making headway at reducing our mortgage alot sooner - what is the conscenous (sp?) of opinion?

Many thanks

Hi,

I would work out how much a month you need to put towards the cc and put this in a high interest savings account so that by the end of say 14 mths the money is there to pay off the cc b4 the end of the rate (check this carefully!!)

Then any extra money each month put into the mortgage then you are knocking months/years off your mortgage while not paying any interest on your debt! :T

bellsbells

mustafa_say_ving wrote: »

Well done everyone

May was a totally rubbish month here:(

No overpayments at all in May June can only be better

bellsbells......hope the pregnancy's going well.......you should just be seeing the other side of the morning sickness now

thanks for asking - I won't say this too loudly in case I jinx it but.....these last few days I have not been sick once:j

bellsbells

TurnaroundSue wrote: »

Hi, we have been thinking about making overpayments to our mortgage for a while now, but had around £3500 on 0% credit card, which is due to expire in August. It now has a balance of £2500 on it and we have come to the realisation that this cannot be paid off in full before then. Have now applied for (and been accepted) for another 0% over 15 months and will plan to do a balance transfer.

My question is this: Would it be better to pay, say, £280 off the cc (instead of the £500 we have been paying) and pay the 5% extra we are allowed in overpayments (around £220) straight away or, pay the cc with the £500 and then start making overpayments once this card has been cleared?

It will mean that my dfd is further away, but at least we will have started making headway at reducing our mortgage alot sooner - what is the conscenous (sp?) of opinion?

Many thanks

Personally I would want to pay off the credit card just because I like to finish off one thing before moving on to the next. Quite a bit of my debt was 0% interest bit I just wanted it gone! Once it was I started on the overpayments. However, you have a great 0% interest deal sorted so in terms of saving money overpaying the mortgage would save you interest so.....I am not sure. Sorry, that was not much help was it:rotfl: