Woo Hoo I've made my first over payment!

sazzy6

Well the journey has begun.

I bought the house in October for £112,000 (£40,000 deposit and 72,000 mortgage) and gave myself the first 4 months off to enjoy and spend some of the extra money on the house. My monthly payment, due to the interest rate dropping, are quite low at the moment (£353) so it is allowing me to make the maxium over payments.

Today I have made my first overpayment of £500 and I have made this a monthly payment for the time being (although it may have to be reduced at some point)

I feel so proud. Yay for me and my dream that my first house to be mortgage so soon as I can make it! :T

sparklymessygirl

Well done Sazzy - it is a GREAT feeling!

Sparkly

sazzy6

Thanks-

I see you are mortgage free-well done you!

I have just been reading some other posts and I keep seeing a spreadsheet mentioned. Is there somekind of shreadsheet to work out interest and keep a track of overpayments?

ailuro2

Congratulations - be warned it can become a bit addictive - :j

POSSETTE

ooh i would like that too...hope there is..im going to start over payments later in year i hope!

gallygirl

If you ask Financial Bliss (look for his dairy) he can send you an OP spreadsheet. I have one I designed myself but it's v clunky compared to FB's.

It IS addictive though so beware .

Well done on your start sazzy, you're in it for the long haul so don't feel bad about dropping payments occasionally to treat yourself to something for the house or, heaven forbid, have a life

mingleheaven

sazzy6 wrote: »

Thanks-

I see you are mortgage free-well done you!

I have just been reading some other posts and I keep seeing a spreadsheet mentioned. Is there somekind of shreadsheet to work out interest and keep a track of overpayments?

I would be interested in that too.

financialbliss

gallygirl wrote: »

If you ask Financial Bliss (look for his dairy) he can send you an OP spreadsheet. I have one I designed myself but it's v clunky compared to FB's.

GallyGirl - thanks for the mention...

I've various sheets "hidden" in my diary. I've just located them and put a link to their pages from post #1 of my diary:
http://forums.moneysavingexpert.com/showpost.html?p=6522393&postcount=1

Hope that helps,

Financial Bliss.

StuartGMC

Sazzy
Well done on starting out so well, you really will reap the maximum benefits. In addition to your mortgage spreadsheet have you also looked at your household budgeting so you can be certain you've covered your requirements?

MF planning in my view should be a balanced portfolio to include your pension planning, allowance for holidays, your rainy day emergency funds (3-6months outgoings/income) and saving for planned items like replacement car, white goods, TV (i.e. certain sum per year set aside). Set some short term goals in all areas such as OP, mortgage balance, savings pot, "big" holiday etc as these will all help along the long journey.

Very best wishes, you seem well set to succeed

abouttimetoo

Hi Sazzy6

welcome to the gang and congrtulationns on your 1st OP - it's a great feeling isn't it and as the others have mentioned it can be very addictive.

I'm sure FB's spreadsheet will help you and StuartGMC does a great one too - he is hiding his light under a bushel by not mentioning it;)

Best of luck with your plans, I look forward to reading your updates

Regards
ATT

adrian_bond

hi everyone,

sorry this may be a silly question but il ask it anyway. Im about to start to overpay my mortgage by approx £300 a month until i can afford to move (probably two years). me and the missus bought a 1 bed flat in norwich for £103 in april 2007 so have been burned on paper, but love the place and dont want to move for two more years or so. we can afford the mortgage and will overpay each month (thanks fo rthe calculator FB by the way, rwally helped me to clarify my position).

i just wanted to know how is best to overpay? I.e. o we just stick the extra cash in through our online banking directly into the mortgage account each month, or do i drop it into the bank each month wioth strict instructions to pay off either the capitol or the interest?

im a little confused and dont want to waste my hard earned cash paying the wrong thing. like i said, i need the cash to make the biggest difference possible!

thanks for a great thread everyone and il keep a diary on here once i start my overpayments. I can see this is going to be addictive and cant wait to be a payment junkie! lol.