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  • FIRST POST
    • DiegoGarcia
    • By DiegoGarcia 9th Oct 17, 3:10 PM
    • 12Posts
    • 6Thanks
    DiegoGarcia
    Small / Sporadic overpayments???
    • #1
    • 9th Oct 17, 3:10 PM
    Small / Sporadic overpayments??? 9th Oct 17 at 3:10 PM
    Hi folks,


    Usually once a year I make a lumpsome overpayment on my mortgage,
    I was just wondering if anyone actually makes small payments of different amounts regularly when they have a bit of spare cash? For example if at the weekend I go on a night out and have 20 or 30 leftover on the sunday in my bank account, I see this as a good way to chip away at the mortgage if I can put some extra in. Just like to see what other peoples views are on this method
Page 1
    • Betterthanever
    • By Betterthanever 9th Oct 17, 3:54 PM
    • 292 Posts
    • 1,150 Thanks
    Betterthanever
    • #2
    • 9th Oct 17, 3:54 PM
    • #2
    • 9th Oct 17, 3:54 PM
    Absolutely do this! It will make a big difference as you get further down the line and you won't even notice the money gone if you had already "spent" it mentally elsewhere!
    Former DFW Nerd 230. Determined to be MF.
    Current balance £116,149.98. Offset £1,236. £114,913.98 needed to be mortgage neutral!
    End date - 03/29 but aiming for 10/22

    Bring it on!
    • greent
    • By greent 9th Oct 17, 4:20 PM
    • 6,301 Posts
    • 63,867 Thanks
    greent
    • #3
    • 9th Oct 17, 4:20 PM
    • #3
    • 9th Oct 17, 4:20 PM
    Definitely! I regularly transfer over small amounts - extra money from ebay sales, the equivalent of a cashback payout, 'bonus' small amounts such as interest etc - over the course of a year it really adds up and isn't noticeable on your day to day spending ability
    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
    Next: BTL Mtge 12/16 £69786. 2017 OPs (#18) £4607/£3286
    Net sales 2017 £1202.80/£500 PAYDOX17 £11635/£10k Decluttered 1650/2017 items
    • sleepygirl126
    • By sleepygirl126 9th Oct 17, 5:01 PM
    • 252 Posts
    • 559 Thanks
    sleepygirl126
    • #4
    • 9th Oct 17, 5:01 PM
    • #4
    • 9th Oct 17, 5:01 PM
    I do this constantly!!
    Original mortgage £154,850 (2013)
    Mortgage now £148,453.99

    Original savings £0 (2013)
    Savings now £3000 in ISA and premium bonds
    £60 in mini savings pot, £600 in Xmas vouchers
    • beanielou
    • By beanielou 14th Oct 17, 10:01 AM
    • 47,867 Posts
    • 173,941 Thanks
    beanielou
    • #5
    • 14th Oct 17, 10:01 AM
    • #5
    • 14th Oct 17, 10:01 AM
    It all adds up very nicely.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
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