2008 MFW newbies

Hawksmuir

Thats me done for this year £400 out of a pledge of £1,000.

Can't afford any more, as the reality of my wife being on SMP has finally hit home.

Good Luck to everyone that can stick to this.

Floxxie

Hawksmuir wrote: »

Thats me done for this year £400 out of a pledge of £1,000.

Can't afford any more, as the reality of my wife being on SMP has finally hit home.

Good Luck to everyone that can stick to this.

Don't give up yet! I'm getting Maternity Allowance so have joined various challenges and used the ideas of others on how to make money. Apart from the regular payments and a £4k bonus from my OH's work, the rest of the reduction in mortgage has come from money made through this lovely site :cheesy:

I'm just waiting until Barclays sends me a statement at the beginning of July but at present our mortgage is £96600 ish (had to guess at the interest part)

Floxxie

Hawksmuir

Floxxie wrote: »

Don't give up yet! I'm getting Maternity Allowance so have joined various challenges and used the ideas of others on how to make money. Apart from the regular payments and a £4k bonus from my OH's work, the rest of the reduction in mortgage has come from money made through this lovely site :cheesy:

I'm just waiting until Barclays sends me a statement at the beginning of July but at present our mortgage is £96600 ish (had to guess at the interest part)

Floxxie

I've been a regular reader of this site for many a year. All the 'low hanging fruit' has gone in terms of saving money, I need to make sure the basics are covered, after a close shave this month, before I start this up again.

bellsbells

Shineyhappy wrote: »

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.

hi shiney and welcome. Of course you can join - the debt you are paying off to your mum is a house loan - whilst it is not officially part of the mortgage it is still part of what you had to pay for the flat if that makes sense! well anyway, we would love you to join and if it can help you keep motivated and pay off your mum faster then go for it! Let me know what you would like to be put down as your target for the year. you are now added to the first post!:T

bellsbells

torbrex wrote: »

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.

I know what you mean - a young work colleague is just buying her first house at the moment and I have already had the talk with her about overpaying from the start - even if it is just a token amount of £5 a month! I so wish I had done it from the first month I got my mortgage

bellsbells

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 herewegoagain - you are added to the first post!

bellsbells

Hawksmuir wrote: »

Thats me done for this year £400 out of a pledge of £1,000.

Can't afford any more, as the reality of my wife being on SMP has finally hit home.

Good Luck to everyone that can stick to this.

Thats £400 worth of interest the bank won't be getting from you! I know it is a cliche but every little helps...... Once SMP is done with and your OH is back at work you will be able to start again - I know that once I go on maternity leave the overpayments will have to stop so I don't think I am going to reach my goal this year either. Keep dropping in though Hawksmuir - there will be a grand total done in December for all of us for the whole year and your overpayment will be part of that total!:T

bellsbells

Just thought you might like to know that our total overpayed this year is a staggering:

£110340.92

wow!!!!! how good are we???:beer: :j :rotfl:

zavarony

WOW - That is a staggering amount, who would have thought that the odd fiver here and the odd tenner there could add up to sooooooo much!!
I am amazed, as always at the determination shown by everyone and the motivation that this thread gives to me, we have had a toght month this month and should have not overpaid, but I really want to exceed the target I have set myself that I didn't want to miss a month!!!

Anyway as always keep up the great work everyone, we should all be very very proud of ourselves.
Zav

Shineyhappy

bellsbells wrote: »

hi shiney and welcome. Of course you can join - the debt you are paying off to your mum is a house loan - whilst it is not officially part of the mortgage it is still part of what you had to pay for the flat if that makes sense! well anyway, we would love you to join and if it can help you keep motivated and pay off your mum faster then go for it! Let me know what you would like to be put down as your target for the year. you are now added to the first post!:T

Thank you very much! :beer:

I am aiming for 5k this year, which is enough that it will be a challenge but not too huge a one. If its ok I would like to include the 800 I paid back earlier this month so I need to pay back another 4200 pounds by 31st of December :eek: