2008 MFW newbies

bellsbells

Di-Dough wrote: »

Not having a great time at the moment ..... so far this month I have had my mobile stolen from my bag either getting on a train or getting off ... I had it on the station and used it but when I got off it had gone:mad: The next thing to happen was last might I forgot to lock my car (on the drive):o and this morning got up to find driver's door open, glove box open and my little purse with car parking change in it gone:mad: Just waiting for the third thing to happen now:rolleyes:

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

hugs coming your way.....I hope no 3 passes you by!

bellsbells

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

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

welcome LindsayO - I have added you to the list. You sound like you have a really clear plan in mind and a great incentive to get that mortgage paid off. The relief of knowing your house was safe if you do have to retire would be a huge weight off your shoulders. Let me know if/when you have a specific goal in mind

bellsbells

Floxxie wrote: »

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

welcome floxxie:j

bellsbells

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

of course you can! welcome to the gang lilmil:beer:

bellsbells

Floxxie wrote: »

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

welcome floxxie!:j

bellsbells

Sunny_Donny wrote: »

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.

hello sunny and welcome!

bellsbells

ferguwat wrote: »

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!!!

welcome ferguwat - let me know what your goal for the year is (if you have one decided that is!)

Courgette

Have just paid in another £275.00 - woo hoo! :j That makes total overpayment since starting this at the end of March £1320.75. I am absolutely amazed at how quickly that has built up. I'm not on a particularly high income and don't feel as though I've been without. I've just been really careful not to waste money on things like lunches at school (I'm a trainee teacher) and looked to make cutbacks where possible (which to be honest is most areas). For example one night we really fancied a takeaway but thought better of spending £20 so popped to Morrisons and bought a lovely pizza, dough balls and a bottle of wine for less than a tenner.

Will shut up now but does anyone else get a real proper high when they make an overpayment? Do you think I need to get out more?:rotfl:

Lilmil

Well done Courgette. Thanks Bellsbells. Our goal is to overpay £2,500 in 2008 we have already overpaid £560 since April.
Lilmil

tro127

Woohoo, just made my first ever overpayment!! Had a little extra in my account so was able to do £308 so have £1700 to go to hit my target of £2008 this year. Hoping to chuck as much as possible at the mortgage during the second half of this year with the aim of being sub £100,000 by April 2011.