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  • FIRST POST
    • CrowdieSaver
    • By CrowdieSaver 29th Mar 17, 12:51 PM
    • 13Posts
    • 23Thanks
    CrowdieSaver
    Party of Five's Overpayment Adventures
    • #1
    • 29th Mar 17, 12:51 PM
    Party of Five's Overpayment Adventures 29th Mar 17 at 12:51 PM
    Hello all

    I hope you don't mind me joining you all. I am a long time lurker and reader of these forums, and have been looking forward to the day when I could join.

    A bit about me: single-mum to 2 lovely children and 2 mad dogs (hence the title of this thread, use to love that tv show, and it seemed an apt title), the wrong side of 40, and desperate to pay off my mortgage before I get too old..! Just out of a long-term relationship where he loved spending money (mine included), which left me with no savings and a credit card which took a bit of a hammering (but I have now paid this off, and do not intend to use it again. If something is needed, I will save up for it). He used to laugh at my plans to save an emergency fund and to pay off my mortgage, and said that I was stupid, life was for living and the mortgage was there to be paid off at the official end date, and not before....! He also said that if we needed to buy anything and could not afford it, then we took out a loan or stuck it on the credit card....suffice to say, we had different views on money...and that (along with a whole load of other reasons) is why we are no longer together. Far better just me and my gang bumbling along together as a Party of Five!

    The only sticking point to my overpaying plan, is that I have not got much spare cash to overpay with...I am currently in a not so greatly paid job (which I'm actively doing something about), and what with bills, trying to save for house improvements/emergency fund, there is not a lot spare to go around.

    I'm aiming to save £100 each month to start with and then overpay every couple of months, until I get a better paid job anyway, and then hopefully once I get a wage increase, overpay £250 upwards each month from then on. I can't overpay anything less than £201 per month, as I was nicely informed by my Spanish bank when I rang to set up a standing order to overpay my £100 each month....hey ho...

    Mortgage left is £60,000, and payment is £429 per month with the Spanish Bank - my fixed rate came to an end a couple of years ago, and I'm on their svr. I cannot re-mortgage due to my poorly paid job, the Spanish Bank and my own Building Society have both turned me down, so I guess I'm stuck on this rate until I get a better job..? Goodness only knows how I got a blooming mortgage in the first place, but it was 9 years ago, and I had a bit more cash in my savings then due to separating from my kids' dad and him buying me out of our marital home. All ok now, we all get on great, which is good for all of us.

    I'm doing all the usual - surveys, cut back the food bill (now only spend £100 per month), don't use the car unless I have to... anyone got any other tips?

    Anyway, that's enough ramblings for now, I have read most of your threads and devoured all bits of information possible, but please feel free to comment and give me any other tips and advice you may have. I will be updating this thread regularly, if only as an incentive for myself, and hopefully I will be getting rid of this stress on my shoulders sooner than the Spanish Bank think I should....


    Take care for now x
    Mortgage at Jan 17: £60,000. Mortgage now: £58,285. Mortgage end date: WAS Jan 2034. NOW Nov 2033....
    Overpayments 2017: April: £250/Sept: £250
    Hoping to be mortgage free within 8 years.....
Page 2
    • greent
    • By greent 20th Sep 17, 6:25 PM
    • 6,653 Posts
    • 67,702 Thanks
    greent
    Oooh - is that the Jack Monroe burgers? - I love those
    x
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 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
    BTL Mtge 12/16 £69786. 2018 OPs (#18) £0/£4000
    Net sales 2018 £17.38/£1000 PAYDOX18 £0/£30k ?? Decluttered 136/2018 items
    • CrowdieSaver
    • By CrowdieSaver 20th Sep 17, 8:56 PM
    • 13 Posts
    • 23 Thanks
    CrowdieSaver
    Yep, they are lovely, we have them quite often, but I add leeks and do half paprika half cumin in mine I make a few of the recipes from that cookbook, there's some great food in there
    Mortgage at Jan 17: £60,000. Mortgage now: £58,285. Mortgage end date: WAS Jan 2034. NOW Nov 2033....
    Overpayments 2017: April: £250/Sept: £250
    Hoping to be mortgage free within 8 years.....
    • CrowdieSaver
    • By CrowdieSaver 1st Jan 18, 1:57 AM
    • 13 Posts
    • 23 Thanks
    CrowdieSaver
    Happy New Year to you and I hope that 2018 is great for you all! Just a quick update from me.

    I haven't posted in a long time, as there isn't much to say..i haven't made any more overpayments since the one in September as money has been so tight these last few months...I've got a different job now, which I started a few weeks ago and I'm earning more per month, so have made a schedule for the next few months of how much I need to save and also how much I want to over pay...but this is obviously subject to change, as these things very rarely go to plan, especially in my world!

    My aim for 2018 is to make at least 6 overpayments of £250...that's a lot for me, but I'm hoping it will be possible. Fingers crossed.

    My other aim is to post more regularly on here, for somewhere to put my witterings and frustrations, and list my hopes and dreams, if only as a reminder for me to see how far I've come.

    Right, I'd better get to bed, a New Year is beckoning, but first I need sleep! ��
    Mortgage at Jan 17: £60,000. Mortgage now: £58,285. Mortgage end date: WAS Jan 2034. NOW Nov 2033....
    Overpayments 2017: April: £250/Sept: £250
    Hoping to be mortgage free within 8 years.....
    • fiona100
    • By fiona100 4th Jan 18, 7:19 PM
    • 23 Posts
    • 56 Thanks
    fiona100
    Thank you for the thanks. Undeserved though it is. I hope you have had a wonderful Christmas and a happy start to the new year. Cheers Fiona
    • greent
    • By greent 5th Jan 18, 7:13 PM
    • 6,653 Posts
    • 67,702 Thanks
    greent
    Hello again, Crowdie - congrats on the new job!

    I find regular(ish!) posting keeps me motivated - and accountable! When I've been awol for longer periods I've generally not been as MSE-minded

    Happy New Year!
    x
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 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
    BTL Mtge 12/16 £69786. 2018 OPs (#18) £0/£4000
    Net sales 2018 £17.38/£1000 PAYDOX18 £0/£30k ?? Decluttered 136/2018 items
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