Overpayment 'Breaks'

ironman1

Hello,

Do you MFW's always try to overpay at least some money every month or do you knock it on the head for a few weeks if you are going on holiday for example? Just interested because since we started op'ing last June we haven't been away or had anything really expensive to pay out for, meaning we have always been able to put a few hundred in the mortgage account.

This month I thought it would be harder what with Christmas etc but we have managed to more or less put the same towards overpaying as the other six/seven months since we started doing it.

We are going on holiday late January/early Feb so I suppose we will have to start doing it again in March due to holiday costs and the Christmas payouts!

It's strange as when you start you feel like the regular overpayments are a part of the mortgage. We only own 50% of our place and still owe another £82,000 or so and then obviously need to think about buying the other half and we only average say £400 a month in OP's but it's hard as we have to pay rent and maintenance on top of that.

Anyway the point was, do you forget about overpaying for a month or two if you have other things going on or do you still try and whack a few quid off?

setmefree2

Hi

We have a DD set up and tend to pay the same amount every month. However, sometimes we lower it if we need to and seems times we do an extra OP - we take things as they come really.

smf2

pawlala

There's plenty of time to go on holiday when the mortgage is paid off.

pammyj74

I pay as much as I can afford really, one month it was £600 and another month it was only £200 so its swings and roundabouts really. As long as I OP something my mind is at ease
I am going on hols in July courtesy of Mr T but will need to take some spending money, so maybe that month the OP wont be as high BUT when I am away I will still think if I dont spend this money I will put it on the mortgage. I know its not a great way to live as you do need to enjoy yourself but I also think of how much interest I will save and the amount of holidays I can go on once it is all paid off!!

dimbo61

Try and set yourself a little target for the end of the year !
If you have paid off 6X 400 so far this year WELL DONE
Think you could manage say £5k next year ?In overpayments and carry on paying your NORMAL mortgage payments.

LilacPixie

I try pay something even if its £20

ironman1

Pawlala if that post was serious, im still young and have a long way to go to pay off the mortgage! Im happy we've kept up with the normal payments let alone overpaid which I didn't even think about before I found this site!

I still make sure we treat ourselves and we both go out together or separately with mates two or three times a month... if not what's the point? Unless something drastic (like winning the lottery!) happens in the next few years we will be paying off the mortgage for another 15 years at least if we continue on the same wages and lifestyle... there is no way I can just spend every penny in that time on OP'ing the mortgage.

Don't get me wrong I'm glad we do it and hopefully it will save us years and alot of money but I doubt I'll ever be the type that gives up EVERYTHING I enjoy such as holidays , drinking and eating out and I don't want to either...

Anyway thanks for the replies, We'll try and pay off a couple of hundred or so before and after we go away, will make us feel better!

gallygirl

We have an offset & I pay whatever I can in there every month, regardless of what else is happening. If I know I'll need to lift out 2 days later for a holiday I still put it in.

I have a lot of holidays but never go OTT - I have 5 trips to Spain booked - 3 Ryanair, 1 Sleazyjet & 1 upmarket with Monarch (we even get a seat on it :rotfl:), also a trip to Gambia, 4* hotel but still got it as cheap as possible, prebook car parking, with cashback etc. Only ever book the 2nd smallest hire car (although hankering after a soft top at least once )

It's not about doing less, it's about doing the same for less.

LilacPixie

I couldn't not have little treats like holidays etc. I need a break to keep me sane even if its a 3 night break at centre parks

ironman1

Thats the same with me. I admire the way some people go about things on this site but sometimes I think there are a few that seem to take it too far.

I've read about people giving up holidays, restaurants, weekend breaks and holidays even when they don't need to, just so they can save even more in the bank. Then you read about those who pay off their mortgage and/or debts and STILL don't spend any 'extra' money because they are so used to not doing so.

I'd never let saving/paying off a mortgage completely take over my life... We love the odd holiday and love eating out maybe once a month, you need things to look forward too. I also enjoy going out for a few beers or even a full day with mates, again, to have a laugh and as the last poster said - keep me sane!

I'm happy paying a mortgage/rent/maintenance at 23 (nearly 24) and overpaying by a few hundred every month BUT still doing things I enjoy. Thats not on a mega money wage either and I live in London.

Alion

We put a little away every month for holidays and treats. There's a few places we want to see before we have a family and we both consider that a high priority. Yes, we could overpay more, but we appreciate the time away and I think we'd resent overpaying if we couldn't enjoy ourselves as well.

Like you, we're near the start of our journey and have a long way to go. It'd be an awfully difficult journey if we denied ourselves treats.

We also take a break if we need to. We've had some unexpected expense this last few months (car broke, computer broke, etc) so we've not overpaid. Once we're settled again we'll start again, but for now I think that managing 10 overpayments last year was fantastic work.