Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Swash
    • By Swash 15th Mar 17, 6:42 PM
    • 103Posts
    • 229Thanks
    Swash
    On the road to freedom..
    • #1
    • 15th Mar 17, 6:42 PM
    On the road to freedom.. 15th Mar 17 at 6:42 PM
    Hello everyone!

    I finally did it! After saving up for many years on my own, I finally have my own home. This has been a dream of mine for many many years.

    Just 8 years ago I was jobless, miserable, and in debt. I had a lightbulb moment and decided to change my life for the better. I got myself a good job, cleared all of my debts and started to save, with the aim of buying a house and then paying off the mortgage.

    At the beginning of this month I completed on my very own home. My first payment came out he bank yesterday and today I made my first overpayment. My plan is to overpay as much as possible every month. I would like to have a more S.M.A.R.T target with regards to overpaying but if I'm honest I can't really figure out the overpayment calculator, or even how to make a chart that I can colour in

    My mortgage is 112500 at 2.84% fixed for two years. There is also a fee added on to this of 300. Shall I pay this fee off to make it easier to work out?

    Anyway, I'm going to concentrate my efforts on overpaying and keep track of my progress by rambling away on here. Hope I haven't bored you too much. Wish me luck
    "Nothing is permanent in this wicked world, not even our troubles".

    Overpayments: 623.57
Page 1
    • freshcotton
    • By freshcotton 16th Mar 17, 6:44 AM
    • 212 Posts
    • 539 Thanks
    freshcotton
    • #2
    • 16th Mar 17, 6:44 AM
    • #2
    • 16th Mar 17, 6:44 AM
    Well done on the purchase! Homeownership is a great feeling.

    mortgage overpayment calculators are pretty straightforward, have you tried the one on the MSE website? Iv spent many hours on that.
    Mortgage Start - August 2013 145,000 ************ Balance at April 2017 - 59,000

    Target - Overpay by 2,500 each month ************** Mortgage free by December 2018!
    • edwink
    • By edwink 16th Mar 17, 6:52 AM
    • 1,566 Posts
    • 11,511 Thanks
    edwink
    • #3
    • 16th Mar 17, 6:52 AM
    • #3
    • 16th Mar 17, 6:52 AM
    Well done to you. Wishing you the very best of luck.

    We paid off our mortgage bit by bit and being mortgage free is a wonderful feeling because we are no longer having to worry if we make the payments on time etc. We threw every penny we had at it and finally it was gone. Best feeling in the world when you finally get there.

    Do you know how much you can overpay per month/year? Some lenders only allow up to 10% of what you owe per year. Might be worth checking if you don't actually know how much you can overpay. Our mortgage was a repayment and wasn't fixed so we could overpay what we could afford.

    Keep up the good work. I shall be following you on your mortgage free journey. Good luck

    Edwink
    Last edited by edwink; 16-03-2017 at 6:55 AM.
    3.36 kWp system, 10 x Ultima & 4 x Panasonic solar panels, Solar Edge Inverter
    7 ducks ~ 17 hens ~ 1 handsome Cockerel
    2000ltr Rainwater harvesting system for loo flushing Hybrid Toyota Auris car

    Hens & ducks chat thread
    http://forums.moneysavingexpert.com/showthread.php?t=5282209
    • Swash
    • By Swash 16th Mar 17, 12:05 PM
    • 103 Posts
    • 229 Thanks
    Swash
    • #4
    • 16th Mar 17, 12:05 PM
    • #4
    • 16th Mar 17, 12:05 PM
    Thanks Edwink and Freshcotton. I can overpay 10% per year a it is fixed for 2 years. I will have a go at the overpayment calculator. I'm hoping to pay at least 200 per month extra onto my mortgage, but I'm leaving my job at the end of the year so I also need to save some money just in case.

    It's a little daunting having triple figures so at the minute my first goal is to get into double figures. Is it sad that I'm excited to start?
    "Nothing is permanent in this wicked world, not even our troubles".

    Overpayments: 623.57
    • freshcotton
    • By freshcotton 16th Mar 17, 12:39 PM
    • 212 Posts
    • 539 Thanks
    freshcotton
    • #5
    • 16th Mar 17, 12:39 PM
    • #5
    • 16th Mar 17, 12:39 PM
    Excited? Wait till you play around with the mortgage calculator and work out the interest saved, that's the real exciting bit.
    Mortgage Start - August 2013 145,000 ************ Balance at April 2017 - 59,000

    Target - Overpay by 2,500 each month ************** Mortgage free by December 2018!
    • Swash
    • By Swash 29th Mar 17, 11:27 AM
    • 103 Posts
    • 229 Thanks
    Swash
    • #6
    • 29th Mar 17, 11:27 AM
    • #6
    • 29th Mar 17, 11:27 AM
    Hello everyone. I haven't posted for a little while because I've been moving into my new home and decorating. I still have a long way to go but I guess I'll have to be patient. As you can imagine, this month has been tight for money due to buying furniture etc.

    I'm hoping to overpay 200 next month. I also need to save up a decent emergency fund as I am changing jobs at the end of the year so I need some savings just in case I can't start work straight away. 2 days until pay day!
    "Nothing is permanent in this wicked world, not even our troubles".

    Overpayments: 623.57
    • Swash
    • By Swash 18th Apr 17, 6:16 PM
    • 103 Posts
    • 229 Thanks
    Swash
    • #7
    • 18th Apr 17, 6:16 PM
    • #7
    • 18th Apr 17, 6:16 PM
    Hey everyone!
    So, payday has come and gone, I managed to overpay 200 this month so I'm happy with that. I did get 500 cash back that my solicitor has been hoarding for 6 weeks so I may still pay more towards the mortgage. It's sat in savings at the minute.

    I still need to get used to not having as much money in the bank, as my money was my house deposit. So I still feel like I'm skint even though I have quite a bit of savings still in the bank. I guess I'll have to get used to it!

    Hope everyone had a great Easter x
    "Nothing is permanent in this wicked world, not even our troubles".

    Overpayments: 623.57
    • Kittenkirst
    • By Kittenkirst 18th Apr 17, 6:31 PM
    • 1,313 Posts
    • 6,262 Thanks
    Kittenkirst
    • #8
    • 18th Apr 17, 6:31 PM
    • #8
    • 18th Apr 17, 6:31 PM
    Hi Swash, is the house starting to feel like home yet?

    200 is a great start for overpayments, well done!

    Have you looked at doing a statement of affairs to look at where you could make savings with your budget? I found that a fab way to understand my income & expenditure

    Best of luck with your mortgage free quest!
    Emergency savings- 2660 /4000
    Mortgage Oct '16- 170.995 LTV- 90% end date Nov 2041
    2016 OPs 255.50/150
    2017 MFW #20 - OP 1089.67/ 2150. 50%
    Jan- 68.21, Feb- 306.67, March- 272.01 April-324.05 May 118.73
    • Swash
    • By Swash 8th May 17, 6:22 PM
    • 103 Posts
    • 229 Thanks
    Swash
    • #9
    • 8th May 17, 6:22 PM
    • #9
    • 8th May 17, 6:22 PM
    Hi Kittenkirst! It does feel like home but still got loads to do. Going to spend the weekend painting I think. Can't wait to have it finished, it just takes time I suppose.

    I would like to do an SOA but I really have no idea how much I spend on anything - I know it's bad. Now you've mentioned it I'm going to try and keep a spending diary so I can start to see what I spend. Also, I'm new to all the bills coming out of my account so hopefully in a few weeks I will have them all in order.


    In overpayment news... I have overplayed 400 this month, so that's a total of 623.57 in overpayments in 3 months of having the mortgage. I already feel like I'm getting addicted to overpaying, I just can't wait to get rid of it.

    I had a holiday for a few days at the end of last month too so I'm not completely stopping having a life to overpay. I think balance is key.

    So, my total mortgage at 23/2/17 was 112,797. Today it stands at 111,130.33. I really need to figure out how to make one of those charts where I can colour in the bricks

    Hope everyone has had a great weekend
    "Nothing is permanent in this wicked world, not even our troubles".

    Overpayments: 623.57
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 10th May 17, 8:43 AM
    • 507 Posts
    • 2,204 Thanks
    SuperSecretSquirrel
    You're off to a great start Swash, well done!
    Mortgage [2013 64k|2014 51k|2015 38k|2016 26k] 20,167.44
    MN [2013-25k|2014-2k|2015+16k|2016+34k] +39,541.21 (MFiT4:+60k)
    NW [2013 126k|2014 156k|2015 190k|2016 228k] 246,625.61 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%] 14.7%
    • LadyGnome
    • By LadyGnome 10th May 17, 10:04 AM
    • 405 Posts
    • 1,497 Thanks
    LadyGnome
    Great start and well done for starting as soon as you got the house. You will be out of triple figures before you know it.
    Mortgage
    Start Nov 2012 310,000
    April 2017 251,443.64 Reduction 58,556.36
    MFW 2017 #42 1675.30/3100
    End Oct Sept 2034 but I have a cunning plan...
    • Kittenkirst
    • By Kittenkirst 10th May 17, 10:38 AM
    • 1,313 Posts
    • 6,262 Thanks
    Kittenkirst
    Hey Swash, totally understandable to not have a clear view of outgoings having just bought a home, So many things to think about.

    A spending diary is definitely a good idea, I use an app and a spreadsheet for mine which I find so Beneficial and keeps me on track
    Emergency savings- 2660 /4000
    Mortgage Oct '16- 170.995 LTV- 90% end date Nov 2041
    2016 OPs 255.50/150
    2017 MFW #20 - OP 1089.67/ 2150. 50%
    Jan- 68.21, Feb- 306.67, March- 272.01 April-324.05 May 118.73
    • Swash
    • By Swash 16th May 17, 5:12 PM
    • 103 Posts
    • 229 Thanks
    Swash
    Hey everyone!
    I'm going to start my spending diary on payday. It might be an expensive month though in June because my car needs a service and the insurance is due in August, so I need to save some for that. It's hard to prioritise my expenses. I really don't want to go below 500 overpayments but I guess until I have a high flying job anything is better than nothing

    Oh, I made my picture where I colour in a brick every time I go down 1k. I'm so sad I love it haha!

    Last weekend wasn't as productive as I'd hoped with painting but I did get some wiring done and some plastering. So next time I'm home I'll get that done. (Not sure if I mentioned I live where I work, so I only get to go to my home at weekends).

    Hope you all had a fantastic weekend xx
    "Nothing is permanent in this wicked world, not even our troubles".

    Overpayments: 623.57
    • Maiden Mum
    • By Maiden Mum 16th May 17, 9:53 PM
    • 111 Posts
    • 287 Thanks
    Maiden Mum
    Best of luck Swash. Great overpayments so far!
    • Kittenkirst
    • By Kittenkirst 16th May 17, 10:49 PM
    • 1,313 Posts
    • 6,262 Thanks
    Kittenkirst
    It's so geeky but addictive coloring in your bricks
    Emergency savings- 2660 /4000
    Mortgage Oct '16- 170.995 LTV- 90% end date Nov 2041
    2016 OPs 255.50/150
    2017 MFW #20 - OP 1089.67/ 2150. 50%
    Jan- 68.21, Feb- 306.67, March- 272.01 April-324.05 May 118.73
    • NSC-68
    • By NSC-68 16th May 17, 11:05 PM
    • 9 Posts
    • 19 Thanks
    NSC-68
    I hope the decorating is coming along nicely and your house soon feels like home. Overpaying the mortgage is so addictive! Good luck on your journey.
    • purplevamp
    • By purplevamp 16th May 17, 11:56 PM
    • 7,118 Posts
    • 344,119 Thanks
    purplevamp
    Oh, I made my picture where I colour in a brick every time I go down 1k. I'm so sad I love it haha!
    Originally posted by Swash
    I do this too!!! Not sad at all . I've got mine on the fridge. It really motivates you into OPing, as you want to colour them in . Good luck with your OP journey.

    Having to type quietly as DH is asleep in bed next to me...
    Mortgage: Was: 154,495 Oct 2039
    Now: 135,506.39 Mar 2038
    MFW #28 600/3,000

    Swagbucks ~ 110 (2016 ~ 340)
    Surveys ~ 111.45 (2016 ~ 407.55)
    PTC, etc ~ $134.62 (2016 ~ $696.89)

    Goodbye Princess Leia
    • Karmacat
    • By Karmacat 17th May 17, 11:36 AM
    • 27,206 Posts
    • 146,224 Thanks
    Karmacat
    Oh, I made my picture where I colour in a brick every time I go down 1k. I'm so sad I love it haha!
    Originally posted by Swash
    It's so wonderful, I'd have smaller bricks

    Seriously, well done, you're going fast, but if you're having a holiday too, you're right, its balanced.
    Save
    Retired August 2016

    Goal: earnings of 25k from new opportunities from September 2016 to December 2020 when my state pension kicks in.Save
    • Swash
    • By Swash 20th May 17, 12:45 PM
    • 103 Posts
    • 229 Thanks
    Swash
    Thanks all

    I'm having such a lazy day today. Started watching a series on Netflix and I'm addicted. Sometimes it's nice to do nothing. Not that I have a choice, is it payday yet?!

    I found out yesterday that I'm getting 200 extra in my wage this month because I was underpaid a while ago. That's going straight on the mortgage

    Hope everyone's weekend is going ok, if only the sun was still out...

    Swash xx
    "Nothing is permanent in this wicked world, not even our troubles".

    Overpayments: 623.57
    • benbenandme
    • By benbenandme 21st May 17, 12:42 PM
    • 9,922 Posts
    • 25,390 Thanks
    benbenandme
    Good luck with your mortgage-smashing Swash, I too have recently taken on a new mortgage and want to pay it off asap but there are so many other bits and pieces to fork out for when you've just moved

    I'll be popping by regularly to see how you're getting on, wishing you all the best
    New Home Overpayments 255
    Mortgage Total: 75,000 74,445 Mortgage End Date: May 2040
    Brother's loan: 700 / 30,000
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

220Posts Today

1,163Users online

Martin's Twitter
  • Just a quick ta-ta for now. I'm taking the week off for family time with mini and Mrs MSE. So I won't be here much. Back after the bank hol

  • Ugh another one trying it! Beware https://t.co/Ab9fCRA76F

  • Just looking at the final(ish) Premier League table. The gap between the top seven and the rest is huge. Has it ever been more lopsided?

  • Follow Martin