Well I'm finally doing this!

mollysmummy

Hi Guys

I've been reading these posts for a couple of months and always fancied joining in.... so at last here I am!

I started overpaying my mortgage when the interest rates started to drop, I just kept the payment the same.

I've just enrolled for the online Halifax Banking so I can keep track of how I'm doing.
My Stats are:
Max mortgage £114,000 ish
Lightbulb moment... as house prices started dropping and I realised that I was close to negative equity!
Current mortage £99,894.64.... hoorah under £100k!!!!!
Overpayments to date £2000 ish
Current overpayment £267/month
Aims to up my over payment by end of year.
To have mortgage to under £80k in 18 months
Also.
I have already got set aside 6 months of income and have paid my max into a cash isa this tax year.
I have just joined quidco, so hope to make so money back on that.

Any tips would be greatly appreciated.

X

seabright

Hi! Just wanted to say well done! I'm hoping to start overpaying too, maybe next year, as I'm on maternity leave at the moment, so no spare cash.

My suggestion would be to spend differently, so you don't deprive yourself, but end up with a better result. For example, I shop at Tesco & save my Clubcard points to pay for my holidays. That way I still get a holiday, but I haven't spent on it.

wynnvegas

Many congratulations on getting under the 6 figure mark!

Might well be worth considering joining the MFiT challenge that is kicking off in December. Nothing like a bit of group goal focus to spur you on. Also, if you do an SOA you will doubtless find a few areas where you can tighten up further. We're managing to save an extra £600 a month by not buying all the stupid things we used to.

financialbliss

wynnvegas wrote: »

Many congratulations on getting under the 6 figure mark!

Might well be worth considering joining the MFiT challenge that is kicking off in December. Nothing like a bit of group goal focus to spur you on.

Thanks for the heads-up wynnvegas. The challenge is here:

http://forums.moneysavingexpert.com/showthread.html?t=1402631

mollysmummy - there's lots of useful information in the first few posts - have a read and if you fancy joining in, then send me a personal message (PM) and I'll add you to the challenge.

Financial Bliss.

steph123steph

hey there, welcome, and good luck on your journey :-) My tip is to make allowances for fun each month also, thats the key to me succeeding ! Ive just started to cut my grocery bill, and as of 6th of Oct I will be joining in on the signatures with my total debt and mortgage ammount for each month :-) Im hoping I will be motivated by watching it go down.... best of luck! xx

uzubairu

seabright wrote: »

Hi! Just wanted to say well done! I'm hoping to start overpaying too, maybe next year, as I'm on maternity leave at the moment, so no spare cash.

My suggestion would be to spend differently, so you don't deprive yourself, but end up with a better result. For example, I shop at Tesco & save my Clubcard points to pay for my holidays. That way I still get a holiday, but I haven't spent on it.

Best advice to give, and I my sentiments entirely.

Being mortgage free takes time and it doesn't help to put your life on hold whilst doing it.
I use my Tesco credit card to pay for almost everything ( even Council Tax - cancelled the Direct Debit and pay same amount on CC).
I've had 4 holidays in 3 years and I'm going to Egypt next year paid in full with Deals vouchers.

I use several cashback sites (Quidco, Greasypalm etc) and save the cash back amounts seperately. So far this year the cashback account has £700 in it.

Reviewed energy expenditure and changed suppliers to make additional savings that have been diverted to paying off the mortgage sooner.

Every Little Helps.

Welcome and good luck in your quest.

setmefree2

and Good Luck.


PS I assume you've read this:-

http://www.moneysavingexpert.com/mortgages/mortgages-vs-savings

financialbliss

Hi mollysmummy,

Just a quick note to say I've linked your entry in post #1 of the Mortgage Free in Three - Take 2 challenge (MFiT-T2) back to this diary.

Financial Bliss.