What Inspiration

Hi All,

Just had to post to say what inspiration you all are to me. Im 31 and currently have a mortgage of £82000 which ive held for 4 years and balance is £66,118.76. We were overpaying by about £100 a month for the last year and god what a differnence it has made. Currently we are in the process of buying a bigger property and our mortgage is going to jump to £149,000 EEEkkkk!! That scares me!! LOL After reading all your posts over paying is definately the way to go and thats what I intend to do once we are in and settled by just pushing ourselves that much more. Our new mortgage is over 40 years which is a hell of a long time but to get a more reasonable monthly payment this is what we have had to do. But as we have some debts that are nearly finished Im gonna try and put that extra cash towards the mortgage as we are ok paying them now and saving so it wont make much difference.

My parents have always made overpayments and took out shorter mortgages as they have always told me that you might not have enough money to go on that night out but you will find it to pay the mortgage.

Reading your stories makes me feel more sure that i can be mortgage free by 50. Sorry for the big rambley post but just wanted to say hello and thanks!
Puppy Chick wants to be mortgage free by 50! (19 years to go!)
Mortgage Sept 2010- £139,618.94 O/payments to date £0 -- WATCH THIS SPACE!!!!
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Comments

  • Courgette
    Courgette Posts: 3,230
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    Good luck! Once you've paid your debts, why not just redirect monthly payment straight onto mortgage, that way you won't even miss the money at all.

    Is this gonna be the start of a diary for you?
    A reminder to myself: Persistence Pays Off ;):D :idea: :rotfl:
    Mortgage 1: [STRIKE]£95,000[/STRIKE] £78,900 at 3.1%
    Mortgage 2 (BTL): £83, 489.15 at 2.99% (I.O.)
    Savings (S&S ISA): £3000 Plus 6 months emergency savings earning 3%
  • Once we are in the house and sorted then yes I think it might well be. We are on a fixed rate with the Halifax so dont know if Im able to make overpayments within the first 2 years but I shall see if its possible. We have a few things ending in a few years so yeah will definately up the payments. :o
    Puppy Chick wants to be mortgage free by 50! (19 years to go!)
    Mortgage Sept 2010- £139,618.94 O/payments to date £0 -- WATCH THIS SPACE!!!!
  • Courgette
    Courgette Posts: 3,230
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    I'm on a fixed rate with them too. We're allowed to OP 10% a year which will give you something to get stuck into on that size mortgage :D:cool:. The other thing I've found quite easy to do with the Hally is to change the length of term remaining, so if you knew that you could easily OP x amount per month, you reduce the term which increases your monthly amount (although of course reduces it loads long term) which still allows you to OP your 10% too.

    Out of interest (nosiness, actually :o) you say you want to be MF by 50, how old are you now?

    ETA: Doh! You're 31 - there's a lot of young uns round these parts
    A reminder to myself: Persistence Pays Off ;):D :idea: :rotfl:
    Mortgage 1: [STRIKE]£95,000[/STRIKE] £78,900 at 3.1%
    Mortgage 2 (BTL): £83, 489.15 at 2.99% (I.O.)
    Savings (S&S ISA): £3000 Plus 6 months emergency savings earning 3%
  • Ripe old age of 31 and a half! Thats 19 years am i being over optimistic?? Im not particularly money minded which doing the accounts at work is slightly worrying but having seen what we have achieved on the lower mortgage want to carry on with the new mortgage, and hey holidays are over rated anyhow arent they?? :D
    Puppy Chick wants to be mortgage free by 50! (19 years to go!)
    Mortgage Sept 2010- £139,618.94 O/payments to date £0 -- WATCH THIS SPACE!!!!
  • Hi and good luck. When I moved 6 years ago we had to take our mortgage out over a longer than normal term, however we have now reduced the term and moved our mortgage at the same time which has reduced our monthly amount due to the interest rates.

    This overpayment lark is quite addictive once you get into it!!
    Mortgage Balance at start July 2010 - £170,000.00 :eek:
    Current Balance - £169,305.15 :j
    Savings toward overpaying - £269.98 :T

    Weight to lose by 6th Nov 2010 - 12lb
    Weight lost - -3lb:mad:
  • Well we are in the house and loving it, our first payment goes to NW on the 10th of this month the first big one is £808 and then our payments leave on the first of the month so redoing our house hold budget to work out how much we can overpay by. Its exciting stuff I just want the first payment to go out and then can really start plowing away at it even with small payments to start off with. Does anyone know if can view your Natwest Mortgage online?? I was expecting some sort of welcome pack from them but nothing as yet.
    Puppy Chick wants to be mortgage free by 50! (19 years to go!)
    Mortgage Sept 2010- £139,618.94 O/payments to date £0 -- WATCH THIS SPACE!!!!
  • Hiya,

    I'm with Natwest too. From what I've gleaned from this forum and various conversations with Natwest, you can't see your mortgage online unless you also have a NW current account.

    I asked whether I could open a basic current account, just so I could see my mortgage, but there was so much umming and ahhing from Natwest about it that I gave up in the end!

    Good luck with the new big payments.
  • Im going crazy! Sorry I bank with Natwest and mortgage is with Halifax so wonder if they do the same thing in the fact have to have an account with them?

    You would think that you could see it online and do over payments online as well saves ringing and bugging the banks ever so often or checking your balance.

    All this is very addictive.
    Puppy Chick wants to be mortgage free by 50! (19 years to go!)
    Mortgage Sept 2010- £139,618.94 O/payments to date £0 -- WATCH THIS SPACE!!!!
  • CathT
    CathT Posts: 7,113
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    Hi Puppychick

    Congratulations on the big move.I bank with Halifax and have mortgage with them and view it all online. I am guessing you need current account to set up online banking. Might be worth opening 2 accounts with them (ultimate reward i think) and getting £10 a month for free to have as an OP.

    Good luck with the new mortgage
    Mar 2024 - part 1 - £31,656 part 2 - £25,019 Total - £56,675 44 months to go!
  • Hi Puppychick, my mortgage is with halifax and the balance can be viewed on line you just need to register for this, it usually takes a couple of days for your balance to update once a payment has been made. Strangely if you bank with halifax they will not accept overpayments online from that account, loads of people on these forums have had that problem. However as you bank with natwest it shouldnt be a problem, i personally dont bank with halifax either and can make an overpayment of any amount at any time online which is so much more convenient than over the phone or going into the branch. Hope that helps. WABL
    Credit card £4461.15Home mortgage £137117Buy to let mortgage £83,000
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