How do you make the money for overpayments?

pm2326

Hi Guys

I recently signed up for the 2009 MFW challenge, my target is low as I dont have a lot of spare cash each month.

Obviously with the impending 'recession, credit crunch' money is going to be tight for a lot of people who still want to pay a little bit extra to their mortgages.

I was wondering if the more experienced MFW could maybe give us newbies some tips on how they make that little bit extra....even if its just the odd £1 here and there!

I'm hoping you wont all say Matched betting because that is so over my head :eek:

Thanks

co123456

For me, a mixture of fast and slow stoozing helps. I offset the stoozed cash against my flexible mortgage and pay the minimum monthly credit card repayments from my salary. Simple once you get your head round it.

pm2326

thanks for the reply cheery!

I've just registered with 4 bingo sites so I can play the free daily scratchcards.

You can play twice on a sunday so its a minimum of 80p winnings a week per site... doesnt sound like a lot but over the year it would give me an extra £166+ overall to pay off the mortgage :T

as tesco say ..'every little helps'

Numenor

In our case we took out a mortgage far below the maximum they offered us - 2.5x our combined salaries. Since then our salaries have risen by 25%, bringing the multiple down to 2x, meaning there's quite a lot of scope for both long-term saving (ISAs etc) and overpayment.

Unfortunately we now can't swap to an offset mortgage due to falling prices (and therefore rising LTV). But we can still manage £200-300 a month on top of our normal repayments.

Jesthar

I knew I could afford to overpay on my mortgage when I took it out - for me, it's all down to budgeting and being sensible with spending and saving. I have a spreadsheet which enables me to track my monthly spend by categories, so if something starts to go awry I see it. I'm also simultaneously saving up to have various home improvements done, too.

I do also do some of money making extras - free clicks from cashback sites and paid surveys, mainly. As they say, every little helps!

~Jes

Floxxie

Hi,

I'm part of the MFW 2008 and 2009 challenge. Next year all of my overpayments will be from bits and bobs as I no longer have a job to go to :eek:

This is how I do it:
1) Make my money through selling on eBay, Amazon, GreenMetropolis.com, daily clicks, surveys, b*ngo sites, cashback deals (Quidco, TCB etc), deals e.g. Natwest get £50 for 12 months saving, mystery shopping, seed mailing and of course match betting (which is very simple but took me two years to actually place a bet!)

2) stoozing: until recently had a pot of £20k, this is now dwindling and as the fees for doing this (2.98-3%) are actually more than my mortgage interest (2.48%), I won't be continuing.

3) slow stoozing - using a 0% card for purchases, paying off the minimum each month and keeping the remainder in my offset account.

4) and a new one for 2009 - major budget time (will be following the £4k a year challenge but not officially).

I have started my own little 'pay off your annual mortgage interest thread' and shall be posting details of what I have been doing to get the funds together to pay my monthly mortgage interest. Feel free to pop over and have a read.

Good luck!

Floxxie

uzubairu

Numenor wrote: »

In our case we took out a mortgage far below the maximum they offered us - 2.5x our combined salaries. Since then our salaries have risen by 25%, bringing the multiple down to 2x, meaning there's quite a lot of scope for both long-term saving (ISAs etc) and overpayment.

Same with us.
We were offered up to £185K and we borrowed £113K on a combined income of £48K.

As our incomes has increased over the last 2.5 years by approx 25% (our mortgage is fixed for 10 years) we have been able to overpay and have recently reduced the term even further, so that we can pay even more each month.
We have a monthly overpayment limit with the Nationwide of £500, but we have exceeded this by reducing the term and increasing the monthly mortgage payment..

Good budgeting and getting the best deals on insurance, gas, electric, Sky etc.
Use Quidco for every possible online purchase (£950 in 2 years).
Surveys.
Collect Clubcard points (for holidays, household goods etc).
Sell stuff on eBay.