Do you admit to overpaying?

LilacPixie

I am not a regular overpayer as we have switched tachtics and I am saving/paying off other debts instead because we need to upsize ASAP.

When I tell people about what we do save/overpay they look at me like I have two heads. 'whats the point in giving them the money early?? Why not keep it' the whole pay more sooner pay less in the long term seems to be a forgein concept to many.

Kaz2904

We get very mixed reactions. Everyone at work knows what I do and a fair few have asked my advice and started to do it themselves.
Friends are still not impressed and think we must be loaded/stupid or both. WHy would we want to deprive ourselves of a life so that we can overpay the mortgage. We're not going abroad this year because we couldn't be sure that D would still have had a job by summer and we didn't have enough saved in CC points to pay for one.
We were always the poor relations compared to family and friends and they don't like it now that the worm has turned.

missindecisive

find this subject quite interesting...I mentioned it to my mum recently that we were over paying and would ideally like to repay earlier, don't like the idea of dh working til he's 63 to pay off the mortgage. Mum just could'nt see the point of it. she is a reasonably inteligent woman,brought up a family and developed a property which sold for a nice profit some years ago now. she was mortgage free herself at the age of 52. Her reasoning behind her thoughts is that eventually, we would 'downsize' our 4 bed house, when the kids were older and left home etc. I guess it has'nt fully dawned on her how things have changed..

Lynn11

We have advised a few folk and mostly people at work cannot understand why you pay the extra to the mortgage early - enjoy life. We do enjoy life and going on holiday this year (in the UK as daughter is small) but we overpay regularly as well as put money into our savings. Do not think there are any friends who are doing the same hopefully this will help us in the long run. I tend not to talk about it much to them now and just continue with our plans.

My work colleagues think that we are loaded since I was forced to buy a new car (my car was written off after an accident) and I advised them that we received the insurance money and used some of our savings for the rest of the car - it is fully paid up now and this was their response. In future will be guarded with what I tell them. We are just good with our money and I have always been a saver so overpaying is just another way of saving but helping you to pay off your mortgage with less interest.

wantabetterlife

Havent told a sinner not even my husband!

Tesco_points_addict

Would never tell, all my friends and family think i'm tight and a little mad anyway!

TPAx

PS what they don't know is i'm frugal and very mad!!

StuartGMC

With the guys I drink with in the pub, I never mention it now as I got a very negative reaction when noting our target to clear 10yrs early.

At work, did discuss especially when interest rate moves were rapid and the OP idea was logical. I know of one colleague who was OPing already, another who took advice and was intending to start, plus another I pointed to offsetting benefits. These days I tend to only mention the stock markets and exchange rates in terms of global economics plus oil price as it is relevant to our work. The fact that we're in loss at the moment perhaps helps, but they do seem to think we must be rolling in cash... (if only!)

Otherwise, they know we have a target and a desire for the XF in 2011, but I don't say how much is owing etc.

The reality is looking at some other threads here with similar incomes, we could be trying to pay back at much more than we are now, but that would impact upon our life style a lot, and as we pay so little interest on the mortgage due to offsetting at close to 100%, the pain is not worth the gain.

Liz33

I'm happy to tell people and if they think i'm mad then its their problem, my mortgage pig is in pride of place for everyone to see and when people read how much interest and time you can save on your mortgage they don't think i'm quite as mad then.

But i'd rather the interest in my pocket than the banks if others are not a bothered by that its up to them, I can't pay off loads a month but every little helps as tesco says.

:j Be loud and proud about saving money thats what I say

Barneysmom

I haven't told anyone, one mentioned it on here. I squirrelled away bits and pennies and paid £1200 into our mortgage account last year.
I haven't even mentioned it to DH, it wouldn't mean anything to him anyway, he's totally in the dark when it comes to money. That's what 20 years in the army does for ya!

The next one is 4th Julythis year, I have pledged to pay £550, on another thread.

I'll just see if I can find it......................

Barneysmom

Sorry about that, here it is,

http://forums.moneysavingexpert.com/showthread.html?t=1636733