MFW's - a dying breed?

john_mac83

Yes I have to agree this CC has made me more determined to pay off as much of the mortgage as possible. Im on a fixed rate til feb 2011 with NR so there is no way I want to be going on their SVR. Luckily it was only a 100% mortgage I got (as opposed to some who find themselves in more trouble with a 125%).

The property was bought for 82k (74k mortgage 8k unsecured loan). Six months ago it was valued at 90k by three different companies so even with house price falls Im looking at it being worth 82k when it comes to remortgaging. We are just trying to overpay about £400 a month to get the unsecured loan paid off asap so we are able to remortgage competively when the time comes.

wymondham

ailuro2 wrote: »

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?

Sorry, did'nt realise I was annoying people :rolleyes:

Just commenting on post numbers. When I was a regular last year there were many new posts on here, now there are just a few ongoing ones - just an observation.

Ok, I promise not to post this question again ....

Lunar_Eclipse

SimonW wrote: »

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

Yep I agree. It's inspiring us to try harder.

iieee

I'm still MFW but less likely to become MF as I'm giving up work for the reason given in my sig...

The credit crunch makes me really glad of all the overpayments I have made so far though - we are the stereotypical couple just about to end our two year fixed rate with Northern Rock. Currently remortgaging with a new provider and have found that lending criteria are much stricter - our new mortgage is only available to those with 75% LTV or less, which we wouldn't have had without the overpayments.

Dithering_Dad

I think that the difference between MFW and the other boards is that a lot of MFW posts are concentrated into two threads - MFi3 and Newbie MFW. We occasionally get visitors from the Savings & Investment boards who come in and start (yet another) discussion on how we're daft paying off our mortgages when we could be investing it and getting a 20% return! Saying that, since the stockmarkets have been on their knees recently, they don't seem to visit that often...

The other reason we're quiet in here is because once you've started down the MFW path (get cheaper insurance & utility bills, acquired a mortgage pig, dumped the crappy investments and/or endowment, etc) there is nothing much else to do apart from keeping overpaying the mortgage each month and happily watch the balance decrease.

~daisy~_2

whilst i agree in principal that the CC makes it even more valid to indeed pay off your mortgage - the increase in the general cost of living makes it very hard to

my husband has lost approx 12-14k of bonus money from nov 2007/2008 - that is our mortgage overpayment,holiday and fun money - plus the rise in bills is making things tight as we dont wish to compromise on our standard of living

we are managing right now and are on target to have about 15k left when our fixed rate runs out in sept 09 but it is difficult so i can see boths sides really

HelzBelz

mintymoneysaver wrote: »

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!)

Don't bow out, even the few pounds a month you can afford makes a difference in the long term

Bigadd_2

Hi all i never post much on any forums but i have signed up recently and am currently over paying by £400 each month i recently got this through the post.....



I was well chuffed and its all down to this site, so there are new people doing this maybe we should make ourselves known more.

Adam

phizzimum

I think it's true that all our disposible incomes are getting smaller so maybe that's slowing us all down a little.

I haven't joined the MFi3 challenge as I don't have any set goal regarding when we pay the mortgage off. But I love this board as it helps to motivate me - I don't know anyone in the real world who's a MFW - my friends think i'm mad.

ailuro2

phizzimum wrote: »

I don't know anyone in the real world who's a MFW - my friends think i'm mad.

Well everyone I know WANTS to be mortgage free - but no-one I know actually MAKES the overpayments happen except for us on here!!

When an expensive bottle of wine and some asparagus tips go in the shopping basket instead of broccoli and a reasonable bottle of plonk there will not be much left for overpaying the mortgage. When I tell ppl I hope to be MF before 40yo they gasp and think I'm tightfisted and holiday in a hut in the garden. :rotfl:

Really it's all about making a few choices and seeing if there's any money left at the end of them.:beer: