MFW's - a dying breed?

wymondham

With the Credit Crunch etc, the number of posts on this section has reduced .... will MFW's become a dying breed if things carry on?? :rolleyes:

SimonW

With the credit crunch looming...all the more reason to pay off the mortgage!!

Miss_Pink_3

Nah, I want to be mortgage free as soooon as possible. More of a reason to pay of the mortgage. Was only talking about it last night with the fella.

Gillybean

It may well be quiet on here for a while. We are only able to pay off as much per mth as we are because I have gone back to work, so we're using the extra money construcively rather than just letting it fritter away. Before that it would be just 50 quid here and there, every few months or so.

Depends what situation you're in as to when the credit crunch did/will hit. It's just hitting us now in terms of the rising costs of energy and petrol. Things are tight (verrry tight!) but we are still just about able to save on a monthly basis and overpay with my new extra income.

setmefree2

The Setmefrees are even more committed than ever. Intrigued as to why you think the credit crunch would make us less so.

Kaz2904

Must admit that we are finding it difficult at the moment. Our food bills have gone up and I'm finding it a pain to stop spending.
I know what our goal is but seem to keep scuppering myself. Never mind- padlock back on the wallet!

mintymoneysaver

I posted here a while ago thinking that I would attempt to pay mine off early but life has got in the way..... I overpay by a few pounds a month but I am physically unable to do more than that at the moment whilst still affording a life! So I think I shall be bowing out gracefully, in the hope that some time in the future I can come back to you.( I did knock 3 years off it when I remortgaged last year though, so I suppose that's something!)

ailuro2

wymondham wrote: »

The number of posts on this forum seems to have dropped quite a bit recently.... People seem to be having problems getting/keeping mortgages without the thought of getting rid of it early maybe ?? [:rolleyes:/quote]

wymondham wrote: »

With the Credit Crunch etc, the number of posts on this section has reduced .... will MFW's become a dying breed if things carry on?? :rolleyes:

Are you going to keep askiung the same question until we all agree? You asked the top question in a new thread on the 3rd April, then less than a fortnight later ask the same question in another new thread?

My answer remains...

Now is a great time to pay into your overpayment fund,

because you'll have a more favourable LTV when it comes time to mortgage, which means you'll get a better deal! This remains the case. Banks prefer lower risk mortgages still, credit crunch or not.

Hawksmuir

ailuro2 wrote: »

My answer remains...

Now is a great time to pay into your overpayment fund,

because you'll have a more favourable LTV when it comes time to mortgage, which means you'll get a better deal! This remains the case. Banks prefer lower risk mortgages still, credit crunch or not.

I totally agree with you, now is the time.

mrs_binsky

I agree too - if you can afford to do it then now is the time. We will probably re-mortgage in approx 3 years when our fixed rate comes to an end and we want to make sure that we get the best deal going, so it's imperative that we get our LTV as low as possible (especially as I will be working only part time by then due to child care commitments).

TallGirl

I don't agree that less and less people are working towards becoming mortgage free. I have just posted the results of the 1st year of the mortage free in threee challenge.

Here are some figures:
89 people are currently pleding to pay off £4mill in 3 years. :T :T
Currently we have paid off £1.23mill in the first year. :T :T

Have a look...

http://forums.moneysavingexpert.com/showthread.html?t=435291&page=146