Average? income overpayer

fluffysox

edinburgher wrote: »

How's that? I thought it was £5/mth like I get?

Spotted this error too. It's £60 per year per account. When I opened ours you could have a maximum of 3 accounts each. We have one joint account plus 2 others each. T&Cs have changed recently so having to set up two DDs on each account to get rewards. Still worth it tho

hebawom

Got mortgage statement through today (although only one month into mortgage) and it shows an additional £800 of setup fees I thought we sorted at conveyancing and they've increased our dd from 608 to 613. So gone backwards in terms of paying off mortgage, at least psychologically anyway.
Thanks for the info re: halifax. Even though it's not as much as I thought, it's still free money!

pc1271

It's amazing how much even a small over payment saves. I over pay by just £200/month, and will stand to save £26,000 in interest!! Not to mention being being mortgage free almost 10 years sooner.

hebawom

Ok, mortgage started out at £127825.00 in December. I overpaid 400 in January (£127241.97) and have just paid another 400 for Feb (£126656.57). So its coming down nicely. Its interesting that I've knocked 6 months off the mortgage term, but the overpayment only equate to just over a months payment!

I wanted to pay off more this month, but bought a youview box instead, which is just awesome! I'm going to start on ebay this weekend, so I'll do another post next week.

HelenDaveKids

I started my op'ing years ago at £50 and slowly built up ( we did become morgage free by early 30's but then bought the forever house and got a new morgage). I currently Op £600 plus anything extra I save each month. For example if I have an insurance quote to renew, I beat it and the difference is an OP, if i make anything through cash back, surveys or ebay, I op that amount.

Very much don't think of that £600 op as not mine, it goes out as DD each month and don't think of it as anything different to gas and electric. The extra I see as through hard work and almost value it higher.

good luck. x

spenceeyftb

Really interesting to read this. We've just started on the mortgage and are already talking of overpaying.

Like yourself we're not high earners but then I figure even £50 a month will make a difference.

Bufger

Well done Hebawom you're doing the right thing by overpaying what you can and planning for the family. You will need to increase your savings more, just stick a couple of months overpayments into your savings too and get yourself to 10k and then you're all set.

Spenceey even £50 per month is great. I can only do 100 per month at the moment but next year 2 loans finish at the same time so rather than get used to that money I plan on using that money to overpay more. By the end of next year I should be overpaying £400 per month! Thats how you do it buddy

hebawom

ok, so I've now got my old surround sound system on ebay. Currently 1 bid of 99p, but 8 watchers. Hoping to get £50 for it though.
Next weekend im going to put my wii and psp on too. These will all go towards over payments.
Have rung hmrc about washing my own uniform, but they said they couldn't do it over the phone as I work in a profession that isn't one of their standard definitions. So I'll do the letter this week and then see what happens!
Over weekend found a lot of foreign money in a drawer. Money for places I'll never return. 300 egypt pound, some thai bhat and others. Not sure its worth much, but will see if I can sell this.

hebawom

This is going to be a pretty tough month though.
My mot is tomorrow and I know its going to fail because the wiper pump is knackered.
We are also having 3 days away next week. So I reckon im going to struggle to do more than the minimum again.:(

[Deleted User]

It's great that you can do overpayments as you do.

Cos i'm with HSBC you are limited to a 20% monthly overpayment limit with no adhoc lump sums so I just overpay the max 20%. Even so when I phone up each month for a balance it fairly chips away over time...

Like others say you just get used to that amount like any other bill.

Cheers