Here we go!

hildosaver

Well its my birthday today! I got some cash as part of my birthday and had some savings left from last month so ive added another £400 overpayments today to the £150 I did last week so this month I've overpayed by £550! I'm delighted and what a great birthday present for me!

I've already lowered my monthly payments by about £3 woohoo! baby steps!

HelenDaveKids

:bdaycake:Happy Birthday!!

ecoelle

Hi and Happy Birthday:)

As a fellow MFW i have found joining the MFW Challenge really useful, helps you to set a target and then stick to it, doesn't matter when in the year it is, you can still join. I'll post a link to the thread, just post saying you want to join stating your target for between now and 31st December and the lovely Spiggle will issue you a number

ecoelle

https://forums.moneysavingexpert.com/discussion/3637943

hildosaver

Hello again!

I just got paid today so have made a £300 overpayment towards the mortgage, I predict (with the aid of my spreadsheet) that I have now permanently reduced my monthly mortgage payments by £4.50 in my two months worth of overpayments. That doesnt sound like much but when you actually think about it 4.5 x 12 = £54 saved each year for the next 27 years = £1458 over the lifetime of the mortgage, so when you look at it like this then it's a great start!!

I'm excited to think how much I could have saved over the lifetime of my mortgage by this time next year....!

hildosaver

Another £300 overpayment made last week!

When I started overpaying in September my overall balance was £121086.58 and now it's already down to £119702.76! Getting under the £120k mark was a nice feeling especially since it would have taken many more months that it actually took with the overpayments

hildosaver

The work at the repo house will be complete next week so we will get it decorated and aim to have to rented out by Feb/march. My wife's house is still drying out following the burst pipe so won't be ready for a month or two either. I keep trying to focus on the fact we may get between 700-800 p/m from these once rented minus expenses from which I plan on using 300 to add to my current 300 standard overpayment which should really start to put a dent in the mortgage balance, so a lot to look forward to in the new year!

hildosaver

So just made my December overpayment - found myself with a little extra money floating about due to some inventive Christmas present spending. So today I've managed a £350 overpayment, if I end up in a reasonable position at the end of January I might consider keeping that additional £50 overpayment as every little helps!

Delighted to see my mortgage balance get into the £118k bracket, in only four months I have reduced the balance by the same amount as I had after the first year and a half of my initial mortgage!!

Starting to see the benefits of overpaying already, this is great motivation to keep it going!

Merry Christmas!

hildosaver

Made my biggest overpayment yet today! £1250! Woohoo! Got some cash for Christmas plus emptied an old savings account! Very happy indeed, my target is to get what I owe on my Mortgage down to £100k within 2 years from now - currently on target!

JimmyTheWig

hildosaver wrote: »

Monthly Budget Summary
Total monthly income.................... 3,300
Expenses (including HP & secured debts). 1,383
Available for debt repayments........... 1,917
Monthly UNsecured debt repayments....... 45
Amount left after debt repayments....... 1,872

hildosaver wrote: »

My initial plan is to pay off a minimum of £300 extra per month with a target of £500 overpayment depending on how much cash I'm left with at the end of the month.

I'm confused, OP.
Your SOA says you should have £1872 left each month. You are making £300 / £350 overpayments each month (plus extras, but they weren't included in your SOA so don't count here) which means you should still have £1500 a month left.
What happens to this? Can it not be paid off your mortgage each month?
Or have you missed out significant chunks from your SOA?