Secretservice taking the plunge

secretservice

Hi there,

I've been browsing the threads in this forum for a good while now, i thought it was about time i took the plunge and started overpaying on my mortgage.

Most of my budgets are pretty tight as the OH works part time, however i think its best to start off small rather than do nothing at all.

I am currently on my first ever mortgage which i got about 7 months ago, i am hoping to reduce the term quite substantially but not for another couple of years.

O/s balance: £68,499
Rate: 3.49% (variable) 2 years
Term: 35 years

I look forward to posting my OP's and any advice anyone can offer.

Wildchild_2

Just wanted to say hi and good luck, decided to just start overpaying myself and I love watching the total go down even if it is just a little.

SmlSave

Welcome to the MFW board secretservice (may I call you 007?)

Remember that every little helps and even an OP of £10 a month can make a difference

dimbo61

With a 35 year term every £1 you can overpay now will save you £2 in interest over the 35 years PLUS the more you can OP the more equity you are building up in your ( and the OH !) home which can result in a better deal when you come to remortgage. GOOD LUCK

secretservice

dimbo61 wrote: »

With a 35 year term every £1 you can overpay now will save you £2 in interest over the 35 years PLUS the more you can OP the more equity you are building up in your ( and the OH !) home which can result in a better deal when you come to remortgage. GOOD LUCK

Wow that's a lot of interest, i've set up a calculator that i'm updating each month and putting in some make believe figures too see how long OP's might cut off the term, i think just now this is my most important goal.

Thanks for all the wishes

Sunnyday

Hi & welcome

i`m new around here too and all excited about reducing the mortgage.

Just wanted to pop on and wish you luck!

SD

secretservice

Made another small OP today of £17.30 - not much i know. I'm hoping to step my OP's up a notch from next month onwards, fingers crossed.

Baby_steps_2

Hi,

just wanted to say welcome. I'm new as well and so far paid an extra £200. This will save me £1032 in interest over my 34 year term. So all the small amounts really add up!! Good luck with it and well done for taking the first step:T

secretservice

Made another small OP today of £42.30.

secretservice

It's been a lengthy 6 months since i last posted on MSE. I've been busy plugging away at different things.

After almost 2 years of our first mortgage we feel like were starting to get on our feet.

I have stepped up the overpayments in a different way. Every time we cut one of our main bills (phone/car insurance/house insurance) we have decided to overpay the difference into our mortgage.

It's not been much but slowly but surely were starting to see a decent reduction to the term (as well as a sizeable saving interest)

Phelpsie001

Following with interest!!

I see you are planning to have £2k savings and overpay everything else.... Is this savings pot big enough for all eventualities =O I currently have £2k but ideally want at least £5k