Baby Steps to Mortgage Free!

jeep1uk

Hi

Well after reading various threads on here for some time, I have decided to compose my own as they really seem to help motivate.
Wish me luck and bear with me as I am new to this.
Ok so a little about me, Im 27 and have just bought my first property all on my own, and after saving up for the deposit for a few years, I have had 6 months mad spending on decorating and furnishing. Now I feel like I would like to turn my attention to taking some baby steps on overpaying my mortgage, and sooner rather than later being mortgage free.
Any suggestions and motivations from people would be greatly appreciated, because until I start im not sure how feasible this is going to be, but im hoping that even if its only small amounts to begin with, good habbits will keep me in good stead!

jeep1uk

Ok so first thoughts are any ideas on how to earn some extra cash. I work full time and have a budget sorted for pretty much everything, so im thinking any extra cash could go straight on mortgage overpayments. Any ideas greatly appreciated!! x

foxblade

You can head over to the 'Up my income' board, they have lots of ideas. I am personally starting surveys and getting into comping. It won't help massively but it will add a few pennies. What a lot of people do is post their spending habits, I did this and it a loud me to find areas where I could cut down more. With a full-time job you will probably find it easy to generate money by cutting spending then by earning more.

HTH.

jeep1uk

Yeah that does help, am going to go over and check that board out. I will start to track my spending on here, im sure I could cut down on alot of things (shopping springs to mind lol) I guess writing stuff down will make me realise how much I waste. Thanks for the tips!

slummymummyof3

You perhaps also ought to check how much you are allowed to overpay with your current lender so that you don't incur penalties for overpaying.

Baby_steps_2

Welcome to the board, you just confused me so much. Your diary has almost exactly the same title as mine and nearly posted an update here by accident:eek:

I find doing surveys an easy way to make some extra cash, they can a bit time consuming but in front of the tv on an evening are ok. Also make sure you use cash back sites where possible. I have made about £250 from these this year, for buying stuff I would normally for example home insurance and shopping.

Also now you have been in 6 months check you are getting the best deal on your elec and gas suppliers. You can also get cashback on this by switching using cashback site if a better deal is available.

Some people on here also do mystery shopping, I have never tried it but think it's fairly easy to sign up.

And finally:p eBay any old stuff, this can make you that bit extra.

Hopefully that helps:rotfl::rotfl:

jeep1uk

Sorry Baby Steps I bet that was confusing. Thanks for all the advice, today I have signed up for some survey sites, and also to do some mystery shopping, so we will see how these both go.

Things to do this week
- Check with my lender on how much I can over pay (think its 5%)
- Clean the flat, and sort out all my junk
- Check I am on good deals for gas & electric
- Bake ( I have spare eggs and fruit to use up
- Plan a babyshower

Im sure this will keep me busy enough to be out of mischief. Rights off to wash my bedding as its a nice day and I can hang it out!

jeep1uk

Ok so washing hanging out and bannana bread baking yum yum.
Off to try and do some surveys.

slummymummyof3

You need to check whether any overpayment is a % on the whole amount or a % on the monthly payment as it can be a considerable difference. For example some lenders allow 10% on the amount you owe (per year) whilst others allow for example 20% of the monthly payment which as you can see is a huge difference.

foxblade

I agree with slummymummyof3 when my OP was capped it use to be 1% of the balance left. Different rules for different people.

jeep1uk

Good thinking really need to dig out all my paperwork, and have a look.
Bread turned out lovely will def have to bake it more often, and so cheap as well.