Help Please - Over payments?!

flump345

Was on the debt free wanna be but a kind member suggest I move it here, - hope thats right!

I have spent the last few days reading through the threads.

Having recently become a single parent I have realised how scary having a mortgage is!!!!!!!

I have never paid any notice of the mortgage although it is my name I always let my ex deal with it.

How do you go about making overpayments? Can you do as little as £20 a month? I have very little 'spare' money but think it would be good to put it to a really good cause rather than just buying the kids a treat for the sake of it. (They are 1 &2 so wouldn't really know if they didn't get it!)

If any one could point me in the right direction I would be very greatful.

Although I know how much I pay each month and who the mortgage is with that is all! Terrible I know but I never thought it was some thing I needed to take on board!:(

Would really appreciate any replies.

museumworker

Hi flump and welcome! Even £20 a month can make a difference to how quickly your mortgage will be paid off.

Making overpayments(OP) depends on your mortgage provider, and mortgage product. If you could post more information - who the mortgage is with, and any t&c if you know them, then that'd help. You can always give the mortgage provider a call to ask. I am with first direct I can overpay a penny if I want to - I regularly make OPs of a few quid. Other companies ask you to wait until you have a larger sum, and make a charge.

Do you have a emergency fund? It would be extremely sensible to have enough savings to hand to cover 3-6 month of all of your expenses + mortgage payments. I have three months, but am looking to build up 6 now.

flump345

museumworker wrote: »

Hi flump and welcome! Even £20 a month can make a difference to how quickly your mortgage will be paid off.

Making overpayments(OP) depends on your mortgage provider, and mortgage product. If you could post more information - who the mortgage is with, and any t&c if you know them, then that'd help. You can always give the mortgage provider a call to ask. I am with first direct I can overpay a penny if I want to - I regularly make OPs of a few quid. Other companies ask you to wait until you have a larger sum, and make a charge.

Do you have a emergency fund? It would be extremely sensible to have enough savings to hand to cover 3-6 month of all of your expenses + mortgage payments. I have three months, but am looking to build up 6 now.

Hi,

Thank you for your reply. I was very nervous to post on here. I have no savings at all, to be honest I could never get 6 months bills and every thing saved up I have £180 to get me through a month once every thing is paid out for and that needs to pay petrol too. So the little I have would just be going on the mortgage if I could over pay.

I just hate owing any one any thing, including the mortgage company. Although I dont know much about my mortgage I know in total there is a hell of a lot of interest.

I just thought if I sold a few bits on ebay throughout the month (Like clothes the kids have grown out of) and then pay it towards the mortgage I might get there a bit quicker even if only a year or so. But maybe I am jumping the gun a bit.....

My mortgage is with santander and is 25years I am currently on a variable tracker I think and have had it since August 2008.

dimbo61

You need to start by building up savings first 3/6 months of income
Being a single parent with one income means its best to get some savings behind you in cash ISA,s first.
Even a little problem like a boiler or car breakdown could cause you serious problems at the moment so get saving for Xmas then the rest of your life

museumworker

HI flump, glad you did post, and understand your wish to see your debt go down. However, if you have no savings paying the little you can spare into the mortgage is in my opinion a really bad idea. We all have months where unexpected costs crop up, or more serious emergencies. If you don't have anything to fall back on you could end up going into much more serious consumer debt to make ends meet. I really think you should set a savings target to aim for (say 4 months?), and start working towards that. Once you're reached that target, then knock yourself out with the mortgage op's proper! You could always start a diary here, or post on the small things thread to keep you motivated til you reach that first savings target.

Sorry I can't help you with santander op's, hopefully someone more in the know will be along soon.

dimbo61

As a single parent make sure you are claiming all the benefits you are allowed
CTC,WTC,CB.IS! 75% council tax payments or every housing benefit
CSA or maintence has he needs to look after his kids aswell.
Working over 16 hours helps , childcare costs can sometimes be claimed back