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  • FIRST POST
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 11th Mar 17, 10:56 PM
    • 20Posts
    • 46Thanks
    DeterminedSingleMummy
    Overpayment Addict
    • #1
    • 11th Mar 17, 10:56 PM
    Overpayment Addict 11th Mar 17 at 10:56 PM
    Hi everyone, I've been reading lots of your stories and decided I should document mine too for lots of reasons...

    1. The motivation and support all you lovely people have given each other is amazing (I would like some of that please )
    2. Keep myself focused and see if I can push my overpayments higher
    3. Share my frugal experiences with you all
    4. Track progress of all over payments.
    5. I'm sure there's more but too tired to think atm...

    I've had my mortgage since 2009, moved to a bigger property in Dec 2011 with a mortgage of £87,500. I paid my mortgage every month but I also enjoyed myself every month (partying, cinema, food etc) and overpaying my mortgaging never crossed my mind... Having my DD in 2013 is what changed everything for me. The focus was no longer on me enjoying my life but her enjoying hers. I am a single mum and unfortunately I could not carry on with the job that I was doing before I had DD. I never want to be in a position where I've got to tell her no we can't do/have something because we have no money and that's where my overpaying addiction started...

    I never had any budgets, I would use my credit card and pay it off in full every month on payday. And because of this I struggled throughout my whole maternity, at first I thought it was all the baby stuff I was buying but it was clear after a few months that not having a budget was not going to work....

    From then on I have been focused on overpaying my mortgage and my balance today is £54631.
    I will have to dig out my mortgage statements to give u a summary of overpayments I've been making but at first it was £260 a month, then it went to £360 a month and now I over pay £500 a month... sometimes I don't even know how I do it as I only work part time and I do spoil DD a lot but I've been sticking to my spreadsheets and have been addicted to overpaying my mortgage and seeing that balance drop.

    My mortgage rate is 1.99% and it's fixed until Jan 2019 and I can start looking for a new fix four months before which is Sept 2018. There is 11 years and 5 months (I think, waiting for my letter from my latest overpayment) DD is 4 currently so I am aiming to pay off my mortgage by the time she is 10 which gives me 6 years. According to the overpayment calculator if I am on track with my overpayments of £500 a month I should have cleared it in 5 years. However I do sometimes miss a month not often tho... the mortgage taken out in 2011 was a 20 year mortgage so that would have ended Dec 2031. My current end date is August 2028 (I think...) Aiming to be mortgage free in 2023

    Well that's all for now... if I've missed out any info please ask and I will update you
Page 1
    • EatingTheElephant
    • By EatingTheElephant 12th Mar 17, 5:57 AM
    • 764 Posts
    • 3,752 Thanks
    EatingTheElephant
    • #2
    • 12th Mar 17, 5:57 AM
    • #2
    • 12th Mar 17, 5:57 AM
    Amazing progress so far, well done. I will be here cheering you on for the rest of your journey.

    What is your best tip so far?
    • Kittenkirst
    • By Kittenkirst 12th Mar 17, 8:49 AM
    • 1,217 Posts
    • 5,640 Thanks
    Kittenkirst
    • #3
    • 12th Mar 17, 8:49 AM
    • #3
    • 12th Mar 17, 8:49 AM
    Wow well done on such amazing overpayments!

    I love overpaying and also find it addictive

    Looking forward to hearing your progress & cheering you on!
    Emergency savings- £905.20 /£1750
    Mortgage Oct '16- £170.995 LTV- 90% end date Nov 2041
    2016 OPs £255.50/£150
    2017 MFW #20 - OP [B][COLOR="Blue"]£645.10/2150. 30%
    Jan- £68.15, Feb- £306.67, March- £270.22
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 12th Mar 17, 12:36 PM
    • 20 Posts
    • 46 Thanks
    DeterminedSingleMummy
    • #4
    • 12th Mar 17, 12:36 PM
    • #4
    • 12th Mar 17, 12:36 PM
    Hi

    Best tip so far.... hmm... I just stick to my budgets and i find ways to be frugal elsewhere. I give my self £60 a week spending money £20 of that goes on petrol. If I want/need anything else I explore all other options before using my overpayment budget.

    Example for Xmas I knew I needed extra money for presents and I had not budgeted for this at all so in October I started to list things on Ebae which I had three very successful months and that paid for Xmas. And DDs swimming lessons (again it's not in my monthly budgets)

    I have no savings however I do take advantage of 0% credit cards where I pay the money into my account and pay the minimum balance until the 0% ends. Once it ends I pay off the whole balance and start again with a different 0% offer. This allows me to keep the money in my bank so I do not go into my overdraft and I earn interest on the cash.

    Today's achievements.

    8 things listed on Ebae. Won't bring me massive ££ but hopefully will get me motivated to list more things. As DDs swimming lessons are not budgeted for in my monthly budget I need to get on top of this or I will have to take the money out of the overpayment budget...

    No spend day by taking DD to ikea for a 45min free play in playland. Free hotdog and donut from previous Swipe a surprise. Then going for a walk somewhere before going home for dinner.

    I have dug out my mortgage overpayments for 2016 and this is what I managed to do

    Jan 260
    Feb 260
    Mar 260
    April 360
    May 360
    June 360
    July 360
    Aug 0
    Sept 550
    Oct 500
    Nov 500
    Dec 1000

    I paid £1000 in Dec because I can over pay 10% per calendar year so I managed to pay January's overpayment budget in December using the money from my 0% credit cards.

    Balance at beginning of 2016 £66558
    Balance at end of 2016 £57756

    2017 I did not make an overpayment in January because this was paid in December. February I paid £550 and in March I paid £1500.

    Again this money is from the 0% credit cards. One of my cards ends in June and the other is in November so I just need to be focused to make sure I replace this money so I can pay off the cards at the end of the 0%.

    Not sure how much interest I'm saving by paying an extra £1000 in March rather than £500 in April and £500 in May but it does feel good to see my balance go down.


    Hope everyone is having a good weekend!
    • lippy1923
    • By lippy1923 12th Mar 17, 12:48 PM
    • 1,168 Posts
    • 3,272 Thanks
    lippy1923
    • #5
    • 12th Mar 17, 12:48 PM
    • #5
    • 12th Mar 17, 12:48 PM
    Welcome. Great progress so far. I am also an OP addict. I have to OP £500pm every month. This is the max my provider will allow on my deal.

    I also stooze money from 0% CC's where possible. I have to pay one off tomorrow, so will miss the money (only £600 left to pay, but still a chunk of cash leaving my bank account )
    Total Mortgage OP £16,500
    House Value £240,000 Mortgage £97,245
    Emergency Fund £21,250
    Shares £485
    • nellis10
    • By nellis10 12th Mar 17, 12:52 PM
    • 1,314 Posts
    • 3,059 Thanks
    nellis10
    • #6
    • 12th Mar 17, 12:52 PM
    • #6
    • 12th Mar 17, 12:52 PM
    Love this!! it's great to see someone doing so well!

    I'm torn between O/P mortgage and investing at the moment and will likely come down to a balance between the two!

    But seeing the mortgage come down every month must be a great motivator to keep going.

    I'm hoping to remortgage shortly to a rate similar to yours, and I've got just under £67K left on mine.

    My goal is to get the mortgage to £48K ASAP so I can be in the 60% LTV just for the sake of being at that level! lol

    Wishing you every continued success!
    Nat
    Goals:
    Baby Step 1 = £1000 EF
    Baby Step 2= Debt Free by Apr 2017
    Baby Step 3 = Full EF £1170/£8000
    Mortgage Free by 2023!!
    • louloubelle79
    • By louloubelle79 12th Mar 17, 12:58 PM
    • 115 Posts
    • 32 Thanks
    louloubelle79
    • #7
    • 12th Mar 17, 12:58 PM
    • #7
    • 12th Mar 17, 12:58 PM
    Well done, i am early in my 10 year plan so will look forward to hearing your progress!
    Hoping to be mortgage free by 2027 age 47
    Current rate 2.79% fixed for 10 years
    Fixed Mortgage until 03/10/2043 with no over-payments
    Mortgage Jan 17 - £114,703; March 17 - £112,714
    OP £500 monthly ; Savings ISA - £4000
    • tinkerbel
    • By tinkerbel 12th Mar 17, 3:05 PM
    • 1,787 Posts
    • 4,886 Thanks
    tinkerbel
    • #8
    • 12th Mar 17, 3:05 PM
    • #8
    • 12th Mar 17, 3:05 PM
    Sounds great you're doing so well especially for a single mum well done keep going!!! Your budgets are clearly working and I like the idea of giving yourself an allowance each week, I've been thinking about trying this and taking cash out then when it's gone it's gone but I don't know if I would stick to it!!
    • greent
    • By greent 12th Mar 17, 3:53 PM
    • 5,601 Posts
    • 56,672 Thanks
    greent
    • #9
    • 12th Mar 17, 3:53 PM
    • #9
    • 12th Mar 17, 3:53 PM
    Fab progress so far - am sure you will continue to smash your mortgage
    Repaid mtge early (originally 11/25) Bal 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    Next up: BTL Mtge. Op Bal £69786. Cur Bal £68286 - 2017 target £0/£3286
    Net sales 2017 £368.68/£500 PAYDOX17 £6558/£10k Mar GC £355.16/£400 NSD 14 Decluttered 455/2017 items
    • DesignNotDefault
    • By DesignNotDefault 13th Mar 17, 1:20 PM
    • 34 Posts
    • 66 Thanks
    DesignNotDefault
    Amazing progress, keep up the good work

    I noticed that you don't seem to have a signature? I find striking through and updating the previous balance so motivating, you might want to have a go
    Mortgage @ May 2014 £103,347.24. Mortgage @ 2%, O/P @ £250 p/m from March '17: £93,316.68, £92,949.95, £92,314.97
    CC @ 0%: £5473.72, £5419.72, £5365.72
    Home Improvement Loan @ 0%: £602.68, £559.62, £516.56
    Intending to be mortgage-free by 2022
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 13th Mar 17, 5:38 PM
    • 20 Posts
    • 46 Thanks
    DeterminedSingleMummy
    Lippy - I feel like my money is disappearing when I pay off my 0% cards even tho the moment isn't really mine to begin... I've got a few months before my next one goes... I also have to be careful because can only overpay 10% of the beginning balance which is £5775. Which averages £481 per month so not far off my overpayment budget... I'm aiming to stick to my budget and review the amount I've overpaid in October and save the rest to overpay in January.

    Nellis - I was torn between overpaying and investing too but I think overpaying is more motivating as I see the numbers go down and my bank sends me a letter each month of the new reduced term which is a reminder of the advantages of overpaying... purely psychological but I love my letter every month

    Tinkerbel - being a single mum has motivated me so much to overpay... I don't know why I never overpaid before when I was working full time... if only I had found you guys ages ago my mortgage would be done and dusted lol

    Design by default - how do I do a signature?? I'm a newbie forum user

    Starting this blog and keeping my mind focused on overpaying has made me rethink my purchase of a new dress last week... I don't really need it so I refunded it today...

    No large spends today and I posted an item that I sold on Ebae and the postage was only £1.85 rather than £3/4 as I packed it so well it went through as a large letter rather than a small parcel also purchased two colouring calenders for DD for 10p each which has kept her occupied for a while.

    I think the next two months are going to be a little tight on ££ anyone got any ideas for me??
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 13th Mar 17, 5:41 PM
    • 20 Posts
    • 46 Thanks
    DeterminedSingleMummy
    That first sentence was awful

    Lippy - I feel like my money is disappearing when I pay off my 0% cards even tho the money isn't really mine to begin with...

    I will try and reread my posts before replying..
    • Swash
    • By Swash 14th Mar 17, 6:01 PM
    • 98 Posts
    • 183 Thanks
    Swash
    Subscribed! I've just made my first ever mortgage payment and a small overpayment, want to start as I mean to go on! Good luck x
    "Nothing is permanent in this wicked world, not even our troubles".

    Overpayments: £23.57
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 14th Mar 17, 8:30 PM
    • 20 Posts
    • 46 Thanks
    DeterminedSingleMummy
    Any overpayment however small makes a difference. I have just realised last week I didn't spend my whole budget and I have £10 left over. Usually I would try not to spend it however 99% of the time I spend it the following week, so I've just set up my Internet banking to make that £10 payment so it's gone. So another £10 knocked off my balance!! Yay!!!

    Hopefully I can do this every few weeks and transfer an extra £10 here and there so I don't notice it but it all adds up

    Another three items listed on Ebae. Ten day listings feel like a long time but if I keep listing a few things a day hopefully at least half of my junk will sell

    Switched my Santander 123 account to a 123 lite account so it only has a £1 monthly charge rather than a £5 charge. However no interest on the cash in the account so I will only leave enough money for the bills.

    Also just remembered I have around £200 in my top cashback so I will be withdrawing that when I figure out how to and that will be paid with next months overpayment. Yay!
    • DesignNotDefault
    • By DesignNotDefault 15th Mar 17, 1:15 PM
    • 34 Posts
    • 66 Thanks
    DesignNotDefault
    To do a signature, login and go to your profile, 'edit your signature' should be under settings
    Mortgage @ May 2014 £103,347.24. Mortgage @ 2%, O/P @ £250 p/m from March '17: £93,316.68, £92,949.95, £92,314.97
    CC @ 0%: £5473.72, £5419.72, £5365.72
    Home Improvement Loan @ 0%: £602.68, £559.62, £516.56
    Intending to be mortgage-free by 2022
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 15th Mar 17, 7:16 PM
    • 20 Posts
    • 46 Thanks
    DeterminedSingleMummy
    Thanks I made one but there's so many errors and u typed the wrong figure in too.. opps... Overpayments this year should read £2060 not £2600. I'm going to leave it tho and try find 540 to overpay so my signature is accurate... lol

    An item sold on ebae today only for the bidder to ask me to cancel it a few minutes later which I'm annoyed at as there was more than one bidder... so I've relisted the item and wait another ten days...

    Santander 123 account is now gone and everything has transfered to the 123 lite! I also applied for another 0% credit card which I will be spending on and paying the money into a different bank account to earn interest. It's been approved but not sure how long the 0% is for until I get the card though the post. So now I have three 0% cards on the go
    Balance at start of mortgage Dec 2011 £87500
    1 Jan 2015 = £73,735 Overpayments = £3,360 (average £280 p/m)
    1 Jan 2016 = £66,558 Overpayments = £4,770 (average £397.50 p/m)
    1 Jan 2017 = £57,756 Overpayments so far Jan £0 Feb £550 Mar £3022
    • KittyMoma
    • By KittyMoma 17th Mar 17, 10:57 AM
    • 22 Posts
    • 22 Thanks
    KittyMoma
    Do you find the number of credit cards affect the credit limit they give you? ie the more you have, the lower the limit? I just got rid of two that ended but the last one I got had quite a low limit and I wonder if has anything to do with that.
    Starting mortgage - £303,434.49
    Dec16 - £257,319 (OP £27,522.92 in 2016)
    Jan17 - OP £5,000 / Feb17 - OP nil / Mar17 - OP £300
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 17th Mar 17, 3:50 PM
    • 20 Posts
    • 46 Thanks
    DeterminedSingleMummy
    Hey. I'm not sure. I Did have a Santander credit card a few years ago. Stoozed the cash. 0% ended so I closed the card. It had a 2k limit. I have just accepted a new Santander credit card with 0% and they've given me £3200 this time. All my other cards I have been given around £2000 and just built it up over the years.

    I'm hoping to have a No spend weekend. If I do that's another £12 I can overpay. Weather is rubbish and I've got so much tidying to do in the house so it makes sense to do that. How exciting my life is lol
    Balance at start of mortgage Dec 2011 £87500
    1 Jan 2015 = £73,735 Overpayments = £3,360 (average £280 p/m)
    1 Jan 2016 = £66,558 Overpayments = £4,770 (average £397.50 p/m)
    1 Jan 2017 = £57,756 Overpayments so far Jan £0 Feb £550 Mar £3022
    • Kittenkirst
    • By Kittenkirst 18th Mar 17, 6:58 AM
    • 1,217 Posts
    • 5,640 Thanks
    Kittenkirst
    I like your plan Determined; I'd also view a weekend of cleaning as taking pride in the home you've made and investing in your investment

    I'm having my hair cut & coloured today for the first time in 2.5years (usually pay my old neighbour £5 for a cut and due it at home if I can be bothered ) so no chance of a NSD today.

    Enjoy your weekend
    Emergency savings- £905.20 /£1750
    Mortgage Oct '16- £170.995 LTV- 90% end date Nov 2041
    2016 OPs £255.50/£150
    2017 MFW #20 - OP [B][COLOR="Blue"]£645.10/2150. 30%
    Jan- £68.15, Feb- £306.67, March- £270.22
    • icklehelen
    • By icklehelen 18th Mar 17, 12:09 PM
    • 253 Posts
    • 1,101 Thanks
    icklehelen
    Hello

    I have just taken out a new 0% and transferred my stooze over as there was no balance transfer fee (there's a couple out there) so the money can stay in my account for another couple of years. That one was due to be paid off in June. I have another to be paid off in July which I'm hoping to get another no BT to transfer to. I also have the one I am spending on at the moment which is 0% until Jan 2019.
    I also hate paying off the stooze cards so I'm really pleased to have a few years to build more savings

    Good luck on you journey to Mortgage Freedom!

    ickle
    OP Target 2012 6031.25/5250 2013 2799.40/3000 2014 5055.57/5000
    2015 1226.64
    /1200 2016 - 1775.50/1200
    OP Target 2017 - 1418.54/2500
    MFiT-T4 #03 MFW2017 #6
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