Do you admit to overpaying?

I'm sure I read a thread a while back about not mentioning overpaying mortgages to friends and relatives. Damned, though, if I can remember the ghist of the replies, so here's the question.

You overpay, with the intent of paying off your mortgage a.s.a.p. You told one person you do this, and they looked at you - a: as though you are the cleverest person on the plant, or b: as though you must be mad - everyone has a mortgage and pays it off over twenty-five years.

How did it go for you, and have you told anyone since? If you still do tell people, what reactions do you get?

Baff
Exclamation and question marks - ONE exclamation mark or question mark is sufficient to exclaim or ask about something. More than one just makes you look/sound like a prat.
Should OF, would OF
. Dear oh dear. You really should have, or should've listened at school when that nice English teacher was explaining how words get abbreviated.
«134567

Replies

  • Whenever we have discussed this in work, everyone thinks i am minted to be able to overpay etc, but as i never fail to point out you have to give up some of lifes little luxuries to be able to do it. Also i point out as well as doing my day job, i also do all overtime i can get, quidco, pigsback, top cashback, greasypalm, one poll, pureprofile, pinecone, match betting etc etc.

    Overpaying is a chore and hard work constantly juggling money to do it, but you also get a satisfying feeling that it will benefit you greatly in the future and in the long term give you a better standard of living, the chance to change career and generally enjoy life.
    Mortgage Start jun 2007 £88500 Outstanding Balance £51000
    Overpayments 2007 Nil 2008 £1040 2009 £7853 2010 £10000 2011 aiming for £18000 (6k so far)
    The Early Bird Gets the Worm, but the Second Mouse Gets the Cheese!!
  • Penelope_PenguinPenelope_Penguin Forumite
    17.3K Posts
    Part of the Furniture Combo Breaker I've been Money Tipped! Best Buy Bear
    Forumite
    baffcat wrote: »
    How did it go for you, and have you told anyone since? If you still do tell people, what reactions do you get?

    Baff

    We took out our mortgage in the late 80's at 13.5%, with an endowment policy intended to pay it off :rolleyes: Rates then started to fall, but we took the decision to continue to make the same payments, so overpaying every month. About 5 years ago, we cashed in the endowment, and used that and some savings to pay off the balance of the mortgage - 10 years early :j

    It worked for us, and I discovered that a colleague at work did the same ;) We're both under continued threat of redundancy, so it;s great to know that if we do lose our jobs, at least our homes are safe.
    :rudolf: Sheep, pigs, hens and bees on our Teesdale smallholding :rudolf:
  • FloxxieFloxxie Forumite
    2.9K Posts
    Part of the Furniture 1,000 Posts Combo Breaker
    Forumite
    I think I made a comment on the last thread about this...

    The only people I admit to overpaying now are the people on this board. Having told a few friends, at first they were impressed, gave the ususal 'you are lucky to be able to overpay. I wish we could but we can't afford it' but this quickly grew to jealousy.

    I had one friend look at our mortgage statement without permission (ok, it was on the side but even so) and then make a comment about 'how I must have been lying about OHs salary to pay off so much of the mortgage' and another sat there and told me how she had paid off enormous amounts of her £120k mortgage in three months and it was now lower than mine all by paying off a couple of pounds here and there - very strange indeed.

    Anyway my OH suggested to me that I don't mention it to anybody again so now I pretend I have given up trying to pay off the mortgage.

    P.S. All our overpayments come from money I make on surveys, cashback sites, GreenMet, Amazon, MSing, eBaying etc. We shall be at £65.5k when the MFiT II starts and I can't wait to get rid of it all!
    Mortgage start September 2015 £90000 MFiT #06
  • My sister in law (very well off and 18 years my senior but still with a mortgage) asked why and what was the point when we were so young (at the time mid thirties) and had our whole life to pay the mortgage off

    She was quite jealous even though our house was humble compared to hers

    My best mate was inspired and i helped him and his wife start doing it and whilst a way to go they now handle money sooooo much better and are happy i told them

    tell others? Depends - not advice either way but be surprised at how people act
    donstermonster :D
  • Mortgage_Reduction_NoviceMortgage_Reduction_Novice Forumite
    1.8K Posts
    Forumite
    baffcat wrote: »
    you are the cleverest person on the plant

    I'd like to think that all MFWs are more clever than other people on the planet!


    When your posts are perfect, then you can have a preaching signature!
    MFW: Nov 2008 £156k, Jun 2015 £129k, Jun 2017 £114k.
  • cake21cake21 Forumite
    1K Posts
    I tend to tell people I'm pretty close to, i.e. family, friends, colleagues (we're a very small department and work away loads). So far I've had two reactions:
    1. That's really sad, why don't you spend the interest rate cut on something fun? (this is the most common response :rotfl:)
    2. Brilliant idea, I'm going to do the same!
    Having said that, all the people I mention it to could afford to overpay if they wanted to. Or they've already paid it off, lucky sods ;)
  • KavanneKavanne Forumite
    5.1K Posts
    I do tell people, but I work in a bank, so it's not a concept they are unfamiliar with like many people in the 'real world'! lol
    Kavanne
    Nuns! Nuns! Reverse!

    'I do my job, do you do yours?'

  • ailuro2ailuro2 Forumite
    7.5K Posts
    Part of the Furniture Combo Breaker
    Yes, I tell anyone who will listen to use their interest rate cut to overpay their mortgage without pain....basically keep paying the same amount they were before.

    We had to do it the 'hard' way, starting off at an extra few pounds every month and we didn't notice it after a while, then we upped the amount, and now I'm on track to be MF before I'm 40.:j

    When they say they'd rather spend the money I remind them I'll have a roof over my head and about £6K a year to spend on whatever I like, or even DH could afford to have a job on dayshift pay instead of working shifts like he does now...:D
    Member of the first Mortgage Free in 3 challenge, no.19
    Balance 19th April '07 = minus £27,640
    Balance 1st November '09 = mortgage paid off with £1903 left over. Title deeds are now ours.
  • baffcatbaffcat Forumite
    502 Posts
    Part of the Furniture Combo Breaker
    I'd like to think that all MFWs are more clever than other people on the planet!


    When your posts are perfect, then you can have a preaching signature!

    LOL. Touche (and no, I don't know how to get the continental e with the little slash thingy above it), but I don't think it's preaching anyway, just a gentle way of informing those misguided enough to get it wrong, without responding individually to every poster who does it, and making me seem to be a pedant because of it.
    Exclamation and question marks - ONE exclamation mark or question mark is sufficient to exclaim or ask about something. More than one just makes you look/sound like a prat.
    Should OF, would OF
    . Dear oh dear. You really should have, or should've listened at school when that nice English teacher was explaining how words get abbreviated.
  • Whenever we have discussed this in work, everyone thinks i am minted to be able to overpay etc, but as i never fail to point out you have to give up some of lifes little luxuries to be able to do it. Also i point out as well as doing my day job, i also do all overtime i can get, quidco, pigsback, top cashback, greasypalm, one poll, pureprofile, pinecone, match betting etc etc.

    Overpaying is a chore and hard work constantly juggling money to do it, but you also get a satisfying feeling that it will benefit you greatly in the future and in the long term give you a better standard of living, the chance to change career and generally enjoy life.

    I get exactly the same response as you when I mention that I overpay to some work colleagues, but as I am a junior member they usually earn a lot more than me, got lower mortgages and most have older/no kids! What they don't seem to understand is that I make sure I'm on the best deals and plan my budget very carefully to be able to do it, whilst they seem to have no interest in doing this, they just claim they couldn't be bothered to do this, then complain they've got no money!

    It is very interesting to note that the ones that dont complain of no money seem to be the ones who overpay themselves. I think overpaying is simply an extension of good money management
    Mortgage £120K, monthly overpayment £600, 18 years and £100K saved
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