After reading these amazing threads i two want to be mortgage Free!!

Jenny2010

I'm 25 years old with a mortgage of just under £96000. I bought my house at the peak of the property boom for £83000 but was stupid enough to borrow £15000 on top of my mortgage :-( My mortgage was also taken out over 35yrs (remaining term 31 years).

Since buying my house we have extended the kitchen, added central heating, new bathroom, new kitchen and decked the garden area. So the current value is £99,950. Just above the amount we owe!

After joining this forum I've been spurred into thinking overpayments is the way forward - so made my first op of £150 yesterday .

I intend to keep paying op every month and will look forward to recieving my mortgage statements. Some months I may only afford £25 but least its a start. I'll keep you all updated ................... wish me luck xx

staceydaisy

hey Jenny2010

good luck on your mf journey please keep us up to date as would like to follow your diary

I find whats spurs me on is the fact I pay £2.50 back for every £1 I borrowed

I owe roughly the same as you and I havent overpaid for 2 months due to unlucky circumstances but I wanna keep at it and determined

Good luck and as I say keep us posted

katsu

It is a great decision to make Jeny and every pound you OP makes a difference. We are only making relatively small OPs but paying £760 has taken 3 months off my mortgage term and as it is less than 3 months of my mortgage payments it is clear that there are real savings to be made (saving best part of 2 months payments).

DIY_Dave

Hi Jenny, good luck with the overpayments. It is such a good feeling to see the difference that they make.

Jenny2010

Can anyone tell me how I set up one of them Op countdowns at the bottom of my posts? and Paying money off your mortgage is addictive - I've just paid another £25 off - so £175 in 2 days xx

Jock_Tight

Best of luck on your mortgage free journey Jenny

As they say "every little helps". There are some great threads on this site where you will ways to maximise your cash and save on items which means you have more to go back into the mortgage.

As well as concentrating on your mortgage dont neglect your savings so ensure you are getting the best interest rates possible on savings and current accounts. Take advantage of freebies like the Halifax/BoS rewards where you can make £5-£15 a month just by moving money in and out of accounts once a month. You can then use the interest received to overpay the mortgage even more.

If you need any advice just ask, thats what we are all here for

Cheers,
Jock

Jock_Tight

Jenny2010 wrote: »

Can anyone tell me how I set up one of them Op countdowns at the bottom of my posts?

Go to UserCP-Edit Signature
http://forums.moneysavingexpert.com/profile.php?do=editsignature

Froggy-G

Hi Jennie :j

Best of luck on your journey! OP is very exciting and addictive...
I too have a mortgage with NR and they have been really helpful whilst I have been making overpayments...

Froggy G :rotfl:

Ps: Have you managed to sort out the tax issue with your employers and HMRC?

Jenny2010

Froggy-G wrote: »

Hi Jennie :j

Best of luck on your journey! OP is very exciting and addictive...
I too have a mortgage with NR and they have been really helpful whilst I have been making overpayments...

Froggy G :rotfl:

Ps: Have you managed to sort out the tax issue with your employers and HMRC?

Its currently being sorted out - thank you. Yeah Northern Rock have been good. I can't believe how addictive it is and i'm excited to receive my next mortgage statement :-)

Day_Dreamer_Girl

Hi Jenny

Best of luck on your journey!! I am fairly new to OP my mortgage but it is very addictive!!

Will be watching with great interest.

wynnvegas

Best of luck Jenny. We were 25 when we started overpaying so you can never get into it too soon. Hope to follow your diary to see the mortgage tumbling over the next few months and years.

Cheers,

Billy