2008 MFW newbies

torbrex

My June payment went through yesterday, it included an overpayment of £191.41.
I had hoped to put in more before the end of the month, using up what was left from my holiday fund but I broke my wrist whilst on holiday and as I do not get full pay when off, I have had to use my surplus for day to day stuff. I am slightly ahead of my target so as long as I get back to work soon I should not have to dip into any of my other savings pots.

Welcome to all the newcomers and well done to all of those that are keeping up or even ahead of your targets.

Shineyhappy

Hi all!

Well done with all the amazing progress every one is making!

If I explain a bit about my situation maybe I can join in? I don't know how you feel as I have a slightly odd situation but I would really appreciate some support and being part of a gang.

I bought a flat with my ex 2 years and 3 months ago, nearly 2 years ago he showed his true colours and so it was agreed that I would buy him out, he dragged that process out because he wanted to toy with me and so the costs were more than I expected. I had to increase my mortgage and borrow some cash from my mum to do that. Thankfully that is all history and I am currently left with an Abbey mortgage of 153.5k and a debt to my mum of 4.2k (paid off 800 pounds earlier this month).

I intend to pay her back first (so not sure if I can join as the money was borrowed for the flat not anything else) and then the bank part of my mortgage. As you can see from my signature I have already paid off my non mortgage debts like ccs, od and a dfs sofa loan.

I would like to pay back as much of the 5k as possible this year so next year I am free to batter down the interest only mortgage. This might be pretty hard but I am going to try my best.

Lilmil

Good luck Shineyhappy you have done great to get yourself to this point.
You have come to the right place the people here are full of wonderful ideas and support.
Lilmil

laurar3

bellsbells wrote: »

Welcome to the thread for everyone starting their MFW journey in 2008. Please feel free to join at any time and your name will be added to the list along with any specific overpayment goals you have for the year. I will do an update each month on our progress so we can see how we are all doing and offer each other support, ideas and encouragement!

There is no cut off point for joining the thread and the challenge (except the 31st December:rotfl: ) so if at any point this year you are ready to start working on becoming mortgage free please join us! Your target can be as specific or general as you like.

Good luck to all!

Goal for 2008/general aims Total so far June Total for the Year
1. Martinslovechild - MFW Graduate
2. Poppyosaur - £2000 overpayment £1285 £115
3. SPL - £5000 overpayment £3654.95 £
4. Elantan - £2000 overpayment £1021 £
5. Newmoneysaver - £1500 overpayment £1300 £
6. Lumpy Custard - Reduce mortgage to £20K £600 £
7. Wheelies - £343.20 overpayment £87.20 £
8. Daft Pegasus - Reduce mortgage by £12000 £6654.06 £
9. Ms Cat - £2000 overpayment by end Nov £700 £
10 MF2015 - £8900 overpayment £3750 £
11. Hummingbird - £4685 overpayment £450 £
12. TEENY -
13. Bellsbells - £2500 overpayment £1240 £150
14. Atypicalblonde - £2500 overpayment £0 £
15. Frugalfreda - Overpay as much as possible £3000 £
16. Di-Dough - £3000 overpayment £1003.52 £164.23
17. Torbrex - £2000 overpayment £901.73 £
18. Violet Blue - Reduce mortgage to £23000 £1715 £
19. Belfastgirl23 - £2500 overpayment £1250 £
20. LouiseJ - £3720 overpayment £2088 £377
21. Thriftyget - Sub 30K by end of year
22. Jay1 - Overpay as much as possible
23. Squiggly Diddly - Overpay something each month £500 £
24. Kazzieg - Clear £35k mortgage
25. Zavarony - £3000 overpayment £900 £300
26. Stripey Cheese Skirt - £3000 overpayment
27. SALTY69 - £3600 overpayment £700 £
28. Emma_Nottingham - £1600 overpayment by 2/11 £361.35 £
29. Macka0 - Pay off £5000 by October £1500 £
30. Kezza12 - £3000 overpayment £1570 £300
31. Lifebegins - £6000 overpayment
32. George_jetson - MF in 2008
33. Chrisbee - £600 overpayment £50 £
34. Sheslookinhot - Reduce mortgage to £13000 £2028 £337
35. Intheblackfinally -
36. DrGUID -
37. Lauren565 - £5000 overpayment £1,132 £
38. Cazzdevil -
39. Twinklie - £
40. Alion - £3000 overpayment £1500 £500
41. Aliportico - £2000 overpayment £800 £
42. Steveswift - £4000 overpayment £1680 £
43. Tootallulah - £4500 overpayment £2200 £
44. Angel81uk -
45. Howskint? - £3500 £ £
46. Freaky-di - £1500 overpayment
47. Broomstick27 - £500 £
48. Gazella77 - £2000 overpayment £490 £
49. Alli_baba2 - £4500 overpayment £1798.68 £
50. Loomacdon - overpay as much as possible £4427.48 £
51. Bargainhunter - £2400 overpayment£400 £
52. I,m Sad - £ £ £
53. Clockwatcher - £500 overpayment £600 £
54. Maximumtime - £4000 overpayment £ £
55. Hawksmuir - £1000 overpayment £400 £100
56. Courgette - £2000 overpayment £245.75 £
57. Sofasurfer - £5000 overpayment £50 £
58. Teasel26 - £1000 overpayment £ £
59. 49clare - £ £800.44 £
60. ShakyStoozer - £ £ £
61. ShreksBodyDouble - £1000 overpayment £680 £
62. IDN101 - £ £ £
63. Sosh - £4000 overpayment £2033.43 £
64. Oggieinglos -
65. Steve-o - £7200 0verpayment
66. Daisydog - £
67. Skint2008 - £
68. Mischiefmaker - £1000 overpayment £40 £
69. Courgette -
70. Gillybean - £2000 overpayment £100 £
71. Birdstill - Reduce mortgage by 20k £15K £
72. Bigadd - Overpay by £3564 £ £
73. Bubblette - Offset as much as possible
74. Gustavlebon -
75. Pollys - £2400 overpayment £1780 £
76. Savvymummy - £1000 overpayment £197 £
77. Overthetop - £5130 overpayment £1710 £570
78. Snaggles - Get mortgage to below 32k
79. Oompahloompah - £ £ £
80. Dingling68 - £1500 overpayment
81. Abouttimetoo - £2700 overpayment £650 £
82. Sreppaw -
83. Aliwal - £1000 overpayment
84. Zebedy - £5000 overpayment £1400 £
85. Mustafa Say Ving - £5000 overpayment £585 £
86. Mrs Binsky - £6000 overpayment £3000 £500
87. Mitchg - Mortgage free this summer
88. Shawtj2 - £600 overpayment by March '09
89. Bedhair - £1500 overpayment £300 £
90. Redmadcurls -
91. Moneysavingwannabe - £2250 overpayment £595 £
92. Ilovecookies - Overpay as much as possible
93. Warrior Princess -
94. Fuzzipeg - Reduce mortgage by 9K
95. Shirlgirl -
96. SuiDreams - £500 overpayment
97. Welshlassie - £120 overpayment £22.15 £12.15
98. Jobags - Overpay 40K £7285 £
99. Laurar3 - £1500 0verpayment £250 £
100. Cookie334 - Overpay £600 £334 £
101. Petscomer176 - Overpay £500 £152 £152
102. Hels50 - Reduce mortgage to sub 60K
103. Vespa Rider - £3000 overpayment
104. Fluffysox - £2000 overpayment £1135 £
105. AJ1982 - £5000 overpayment
106. Noodles42 - £2000 overpayment £470 £470
107. Gifford - £10000 overpayment £5000 £
108. Sportyjd - £1250 overpayment
109. Tro127 - £2008 overpayment £308 £308
110. TurnaroundSue - £2200 overpayment
111. LindsayO -
112. Floxxie - Mortgage down to 90K
113. Lilmil - £2500 overpayment £560
114. Sunny Donny - £120 overpayment
115. Ferguwat - £500 overpayment £205
116. Nic283 -
117. Want2beMF -

Just paid another £240 off this month, hopefully will be some more if my ebay sales go ok. laura

TurnaroundSue

Yippee!!! Just made my first overpayment to the grand old total of £23.06:j Not much I know, but this is whatI had left over in my bill account this month, and seeing as I had to pay off my cc bill of some £600 there is no money extra left for any more overpayment than this, I'm afraid.

Anyway contacted my bank and they confirm that I can make overpayments of £2049 this year (until March 2009), so hoping to play catch up in the forthcoming months so I can use this allowance.

Good luck everyone, you make me truly inspired and have given me the kick up the bum I needed to get myself motivated to make overpayments.:T

Welshlassie

Well I decided we didn't need to keep the interest from out rental house account in there so will use that every month to OP, I've just cleared out the last years interest so now have an OP this month of £109.88. Won't be this good again in a month for a while, but better it come off now and make a difference for the longer term.

Suppose I should increase my target on that basis, so will increase to £240 for the year.

Sunny_Donny

At the minute trying to overpay on the loan - see below, but have set up DD to overpay every month by £10 and have mortgage pig that gets £1 coin on a Sunday and any money I find on the street. Only 4p this week. OH has found £15 this week, but bought diesel for his van with it. Any spare money at the end of the month, goes to overpay loan - at £344 per month, have reduced by 1.5 months at the moment.

Target £120 paid £31.71 to bank :T

torbrex

Sunny_Donny wrote: »

At the minute trying to overpay on the loan - see below, but have set up DD to overpay every month by £10 and have mortgage pig that gets £1 coin on a Sunday and any money I find on the street. Only 4p this week. OH has found £15 this week, but bought diesel for his van with it. Any spare money at the end of the month, goes to overpay loan - at £344 per month, have reduced by 1.5 months at the moment.

Target £120 paid £31.71 to bank :T

Every bit helps, well done:T .

It is great to see the capital figure coming down and the payment period as well.
I have to admit that I was late in coming to this overpayment lark, at least late in realising its effects, I wish I had realised sooner that an extra payment of any size had such an impact on the whole thing.

Herewegoagain

:hello: Hiya Bellsbells, great thread, I'm not df yet but as you can see from my signiture, I am getting there. :j I have always made overpayments on my interest only mortgage but hope you will still let me join you all. You all seem to be there for each other and have some good info on this site :beer:

I'm never sure if it's best to make monthly overpayments as I do, or to save up lump sums and pay them off the capital. Which gives the best interest savings so shortening the overall time it takes to clear the mortgage Anyone know?:cool:

Welshlassie

Herewegoagain wrote: »

:hello: Hiya Bellsbells, great thread, I'm not df yet but as you can see from my signiture, I am getting there. :j I have always made overpayments on my interest only mortgage but hope you will still let me join you all. You all seem to be there for each other and have some good info on this site :beer:

I'm never sure if it's best to make monthly overpayments as I do, or to save up lump sums and pay them off the capital. Which gives the best interest savings so shortening the overall time it takes to clear the mortgage Anyone know?:cool:

Welcome to the crowd.
When to pay your OP's depends on how often your interest is calculated and applied to the mortgage, most mortgages these days are monthly or daily calculation and applied monthly, there are a few that are still done annually. Check with your bank.

If it is monthly and daily interest then whenever in the month you put it in it won't realy matter, however if it is annually then you are better off saving it up in a high interest account and then lumping it off just before the interest is calculated.

Good luck