2008 MFW newbies

Di-Dough

Di-Dough wrote: »

Anyway back on topic and have managed to save £164.23 this month which makes a total for June of £1,003.52:T

Happy Mortgage overpaying everyone.

Di

Should change that to £1,003.5 for the year not June:o

Di

moneysavingwannabe

LindsayO wrote: »

Hi MFWs, I'm new to this board, and to overpaying. I've got an offset mortgage so I'm going to be paying into the savings acount rather than overpaying. I just hope I'm disciplined enough to not dip into it.

I had £6k on a 0% credit card, from fixing up my old house, which I managed to pay off, woo hoo, before the interest started. so now I'm ready to start focusing on the mortgage Congrats on this! I'm trying to do the same at the moment!

I'm on my own for the first time ever at nearly 49, and facing possible medical retiral due to progressive medical condition. So my goal is to put every single penny possible into the mortgage, so as to make living on my medical pension a possibility rather than facing having to sell my flat Sorry to hear this, I suppose you have looked into the life insurance that you have?I know sometimes they will pay off your mortgage?I think??Not very knowledgable!

Good luck with the overpaying

Floxxie

Ok, after a very long time watching from afar I would like to join you please. My signature has my target for this year.

My plan is to pay the interest that is charged every month as my overpayment, so last month it was £395. This might seem quite high but we have been overpaying by £200 a month anyway so last month I had to find £195.

Apart from a credit stooze pot of £17,000, I don't have any savings in the offset....anything extra goes straight onto the mortgage as I don't like seeing the money sitting there (yes I know it is working for me to reduce the mortgage interest but I prefer seeing the total amount come down as soon as!). We did however borrow more than we required so there is a £30k overdraft if needed.

Looking forward to joining you all.
Floxxie

Lilmil

Hi
As with LindsayO and Floxxie I have been lurking for 3 months whilst at the same time DH and I have been thrashing the mortgage since January. Please, please can we join I find the mutual support here wonderful we cannot have this conversation or support from friends and people think you are crazy to pay off the mortgage early instead we should be out spending.
I will fill in sig later but please, please.please can we join?????
Thanks so much
Lilmil

LindsayO

moneysavingwannabe wrote: »

Good luck with the overpaying

thanks for the kind thoughts, i dont have life insurance so that's a no go

Di-Dough

Lilmil wrote: »

Hi
As with LindsayO and Floxxie I have been lurking for 3 months whilst at the same time DH and I have been thrashing the mortgage since January. Please, please can we join I find the mutual support here wonderful we cannot have this conversation or support from friends and people think you are crazy to pay off the mortgage early instead we should be out spending.
I will fill in sig later but please, please.please can we join?????
Thanks so much
Lilmil

I know exactly what you mean .... If I tell anyone that we are trying to pay of the mortgage early I get funny looks and the subject gets changed quickly :rotfl:

A women I work with always says "it would be nice to pay something extra into the mortgage BUT ......":rolleyes:

A big welcome to all the newbies ... the more the merrier in our little club.

Di

Sunny_Donny

Hi can I join in too

Will update signature soon, but here goes for Mortgage info

Interest only £7075.00 at 5.9% variable - time left 6 years 8 months
Repayment £11,693.69 at 6.09% variable - time left 5 years 11 months
Repayment £8994.18 at 5.90% variable - 5 years 11 months
(so already reduced this by 9 months) :T

Total £27,762.87

Want to repay £10 per month - so £120 per year and have set up DD with bank to do this. Will make additional overpayments where I can.
Target is to repay all mortgage in 5 years or less. Also have a loan to pay off first though.

ferguwat

I'm another long term lurker who has decided to take the plunge. Our mortgage is due to be repaid in 2025, currently around £42k, but we have a couple of endowments which should clear it in 2014, (despite the endowments being potentially worth half of the original quote). Since we got our mort we have been overpaying by the colossal sum of around £30/£40 per month!!!

kezza12

hi and welcome to all the newbies it's a great feeling to be working towards a morgage free future i just can't wait to be able to say "lets go on holiday next week we have the money":rolleyes: or something like that. well i have 5 bags of £1 coins sat on the side to put in the mortgage on friday so i feel slightly less guilty about buying my wii fit last month (yep and i still havent used it ) a fingers crossed from me bells about the morning sicknessand i,ll catch you all later

bellsbells

TurnaroundSue wrote: »

Thanks to everyone for your replies. :T I can see what you are saying about putting it into a high interest account and just paying off the minimum until the end and then paying it off, but to be honest I don't know how good my resolve is for that. I mean, I would not have a problem saving the money each month, but if something came along (and I dont have many savings at the moment!!) then I cannot be sure that I wouldn't use that money. So I think I will run with some of your advice, and pay off my cc at the lower amount and pay 5% off my mortgage as well!!

So Bells Bells - can you please add me to your list, starting next month. I can only pay 5% anyway, which equates to some £315 each month - so this year I am aiming for around £2200 by the end of this year.

PS: Can somebody confirm that the £315 per month overpayment is correct, as we pay £650 per month payments?

Many thanks

welcome to the gang!