New lone MFW

*Jellie*

Well done on those overpayments!

Ferrety_2

Whoops! I worked out how much dosh I had free to overpay this month and wanged £300 off to the Natwest by mistake! I'm now about £100 short on my monthly 'living' budget which should get interesting.

Still, on the plus side, if I do scrape through, at least I know I can commit more to op'ing in the future

Annoyingly, my new lower payments for doing the Natwest track 'n' switch don't kick in until next month. It will be lovely to knock those payments down to under £600/month.

Ferrety_2

Well, for anyone on Natwest contemplating a track and switch, mine seems to have gone through smoothly - My payment and interest rate is actually slightly LOWER on the fix! What's more, they also let me knock 8 months off my mortgage, so I think I can consider this month a landmark mega overpayment month!

Gone from Sep: £626 p/m 24yrs 9months
To Oct: £599 p/m 24yrs

Despite this, I am struggling with overpayment motivation today! Its payday and I got a mega payment for loads of overtime etc, so taking into account covering the discrepency for last month, I can still wang £400 at the mortgage.

But I keep hovering my finger over the internet banking button and then moving away! Natwest's anti-motivational mind games of not letting me see my balance reducing online are obviously working!

Someone persuade me to make that overpayment!

CathT

Hi Ferrety,

Have just noticed your diary. Fab OP's already!

Could you ring Natwest for a mortgage balance a few days after sending your overpayment? I am with Halifax and my online balance actually seems to go up when I send OP's although it near enough matches my spreadsheet each month. A spreadsheet is another idea and fab for motivating you!

Well done on what you have achieved already!

gallygirl

ferrety wrote: »

someone persuade me to make that overpayment!

do it now!!!!!!!!!!!

newgirly

Go for it ferrety! If you need a little more motivation, perhaps read some of the MFW diaries for a little inspiration. Good luck

Baby_steps_2

Hi Ferrety,

Just seen your diary. I am also going it alone on the mortgage journey (although not when I bought the house thus explaining the massive mortgage:eek:). Due to my current situation, way to long to explain here, I'm saving rather than overpaying the mortgage with the idea of paying off a lump sum in a couple of years.

Well done on the OP's you have made so far, a massive achievement. However have you checked how easy it is to get these payments back if your situation should change? I would really make sure you have some decent savings behind you so that you know you have some security should you get ill/ made redundant. As you only have your wages to rely on I think its important to have the safety net.

I have recently cleared a few bits of old debt, am now working on building a virtual emergency saving fund & my mortgage saving fund. Just in case the worst happens.

Maybe split the payments 50:50 so you feel your doing both together!! You could also record the net amount you owe the world so mortgage debt- savings = XX so that you still feel like your achieving your goals.

I'm very jealous of what you have achieved so soon after buying your first place, keep up the good work the more you can pay off now the better off you will be in the long run. :TI look forward to following your journey.

Brallaqueen

Cor blimey Ferrety, you've done really well so far with the overpayments! I take my hat off to you!

Courgette

Ferrety wrote: »

But I keep hovering my finger over the internet banking button and then moving away! Natwest's anti-motivational mind games of not letting me see my balance reducing online are obviously working!

Someone persuade me to make that overpayment!

Do it!!!!!!!!

Fab OPs already too, well done! :T

Ferrety_2

Thanks everyone! Dutifully making my overpayment now...