Brallaqueen and the Mortgage of Doom!

Brallaqueen

It's a very fanciful title, but sometimes my mortgage rather does feel like Doom, particularly tonight when I totted up the mortgage payments I have made (£5050) and the amount I have actually paid off (£888). :eek:
I have made 5 OP's of £50 by DD
This month I had overtime so added £300 by standing order
I have upped the DD to £63 starting next month.

I currently try to put away savings but this is sporadic (see sig) and part of me feels it would be better spent on OPing the mortgage.

Thank you MSE for the godsend of a spreadsheet, even if the total is a bit of a shock. I've been at this homeownership lark for 10 months, and have made a tiny OP here and there, but tonight I'm struggling and feeling a bit blue.

Baby_steps_2

Don't feel to down about things, the first few years are always tough with more interest than capital repayments but it does get better with time. Just remember your not the only one, lots of people are in the same situation. At least by being aware of how much money you are paying in interest you can make a start at clearing it.

Remember its not a sprint, every step and change you make all helps!!

Brallaqueen

:jI have just had an email from my utilities provider, they have granted my request for a rebate!

I've managed to accummulate £93 in overpaid bills in the last 10 months and it is coming back to me in two separate cheques (is nothing ever easy) but that will be another nice little sum to OP.

golfiematt

i dont know your situation but through one thing and another(remortgaging) i didnt end up paying any capital off my mortgage for about 6 years.Through time your wages go up and your payments stay the same, so reading some people diary on here may look like they are paying more off faster, they have prabably had their mortgages longer. If you take care of the pennies the pounds take care of themselves

amanda40

I agree with Golfiematt - we have only just started overpaying on our mortgage and have had one for 17 years!!!! We have moved to a house from a flat ( with negative equity) so that really put us back to square one about 11 years ago but still have 19 years to go ( eeekkkk) But even in the 3 months since we started making small overpayments, I feel as though we are making a dent in it and if we keep going the way we are we could ( fingers crossed) be mortgage free in under 10 years instad of 19. When you fill in the spreadsheet and see what you are actually saving it really does give you the incentive to keep going - I even transferred £3 today that I got from Quidco - every little helps!

Keep up the good work Brallaqueen you have got off to a great start!!

Brallaqueen

My rebate came through! Two nice little cheques totalling £93 were waiting for me when I came home today. I'm very happy as the direct debits go out automatically so I didn't even notice I was saving!

Something to cash at the weekend

- I have sorted out my online banking with my mortgage provider, and now have access to my mortgage balance. I'm not sure if it is a 'real time' balance, will find out when I make the next overpayment.

- I also shopped online, something I had fallen out of the habit of doing. I don't drive so tend to shop ad hoc 'whatever I can carry' which costs money! I spent £59 pounds but a lot of it was tinned stuff. I'll aim to be more frugal next time with a good stock in the cupboard.

SmlSave

Something to cash at the weekend

Yayyy!

now have access to my mortgage balance

Your obession with that figure is going to start now...:D