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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 2
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 19th Mar 17, 3:10 PM
    • 20 Posts
    • 46 Thanks
    DeterminedSingleMummy
    My 0% ends in June so I may find a balance transfer with 0% fee... all the ones with my current cards have a small fee so I've always paid it off in full, canceled the card and then got a new 0% purchase card to spend on daily things... will have to do some research on balance transfers!

    No spend weekend Complete!! Yay!!! However no cleaning done... we went out both days but managed to spend £0! So that will add another £12 to my mortgage overpayment. If I can manage to save an extra £10 a week from my spending budget that's a massive £520 a year on top of what I've budgeted to overpay. Not sure how many weeks I will be able to keep underbudget by but won't know unless I try...

    Hope everyone has had a good weekend...
    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
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 22nd Mar 17, 7:46 PM
    • 20 Posts
    • 46 Thanks
    DeterminedSingleMummy
    Hi

    So my new shiney 0% card has arrived and ive starting using my daily spend on it and increase my stooze pot. I have also decided to over pay another £1500 of my mortgage and be closer to maxing out my 10% allowance and save in the second half of the year rather than putting in equal amounts each month...

    A 3 ebae items sold and payments recieved! Yay! I had a few non payers in the past so i dont see an item being sold unless its been paid for. This tops up my paypal account to pay for DDs swimming which i should have enough for next 1/2 term now. Any extra will be transfered out and goes into overpayment pot!

    Since starting thread its really made me focus even more on getting rid of my mortgage... hopefully itll be gone soon!!
    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
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 22nd Mar 17, 7:49 PM
    • 20 Posts
    • 46 Thanks
    DeterminedSingleMummy
    Also forgot to mention when i started this thread mortgage end date was August 2028 currently January 2028... I love seeing the date get closer and closer!!
    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
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 24th Mar 17, 9:02 PM
    • 20 Posts
    • 46 Thanks
    DeterminedSingleMummy
    8 more things listed on Ebae. And another 3 items sold. One of the items was a broken watch which I clearly listed as a broken watch and I still sold it people will literally buy anything! So get all it junk online... if it sells it sells... if it doesn't then head to the charity shop

    Hopefully I'll be able to be underbudget by £10 This week so I can put another £10 towards the mortgage. Setting myself a little £10 a week challenge has worked for the last two weeks... hopefully I'll be able to keep it up...

    Hope everyone is enjoying their Friday evening... I spent mine doing laundry! Fun times
    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 25th Mar 17, 7:13 AM
    • 1,217 Posts
    • 5,642 Thanks
    Kittenkirst
    Well done on the eBay listing- I've been putting it off for 4 weeks...I shall list one now whilst I have a cuppa. Stuffs not gonna sell itself- thanks for the push
    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
    • Kittenkirst
    • By Kittenkirst 25th Mar 17, 7:50 AM
    • 1,217 Posts
    • 5,642 Thanks
    Kittenkirst
    Four items now listed! Thanks for the inspiration/push to stop me being lazy

    Edited to add- 8 pairs of mine & the gf's shoes all listed!
    Last edited by Kittenkirst; 25-03-2017 at 8:34 AM.
    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 25th Mar 17, 8:34 AM
    • 20 Posts
    • 46 Thanks
    DeterminedSingleMummy
    Yay!!! Reading other peoples threads got me started again. I stopped just after xmas (using xmas postage times as an excuse lol ) but only just got back into it. The more things that get listed the more things that are likely to sell! I currently have 11 things listed. I dont expect them all to sell but hopefully at least half of them will go. More laundry for me on this lovely saturday morning
    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
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 28th Mar 17, 8:38 PM
    • 20 Posts
    • 46 Thanks
    DeterminedSingleMummy
    8 more items listed on Ebae all at 50% off final value fee too!! Yay! Total of 20 items atm. With two that have bids on already. I am literally listing any old junk and hope for the best...

    I also managed to be under budget by £10 again last week so that will be overpaid on 1st April.

    Also was incorrectly paid in work so will get a small payment by the end of March which will also be paid with April's overpayment! It's surprising how much these small payments are adding up along with my budgeted overpayment... Just got to keep focused!!!
    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
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