Making a start... new mfw

ixia

Hi everyone

I haven't posted much recently although I used to when I was on my challenge to be a dfw. I am now debt free and still lurk a lot on the boards. I have to say that reading lots of the diaries on here have given me the inspiration to look at clearing the mortgage quicker.

I am about to start on a new mortgage on the 7th of May I think it will stand at about £55000 including interest, I will update when I have the exact figures. It is a fixed rate for two years at 3.29% with 10 years remaining.

I would like to start overpaying as by reading on here I have realised that every little helps to reduce the term and I would love to get rid before the 10 years are up.

I only wish my mortgage wasnt with Santander now as I have picked up from here that you cannot see your mortgage online that would be a great motivator for me. I think that if I have it correct you can only make minimum overpayments of £500 at a time whereas I would like to ba able to pay smaller amounts when I have them.

Anyway hope I haven't bored you with all my ramblings I think it will be good for me to keep a diary to track my own progress.

Bufger

Hi and welcome!

Dont worry about your provider, the important thing is the rate you're getting. If you have a mortgage with Santander have you thought about having your bills account as a Santander 123 account? You will get Cashback on your mortgage payments and Gas/Electricity. I'd advise anyone with a Santander mortgage to go for one of these accounts as the synergies are great.

If there are restrictions on how much you can overpay and when just keep that money seperate and spreadsheet how much of a difference it is making when you do pay it. Any overpayment is a good one

Matt_The_Chippy

Hi and welcome.

I'm guessing its only the Santander Offset mortgage you can see and work with online then. Is yours all setup already to go? Or is there time to change to this if you wanted? There is no limit to OP's with this.

ixia

Hi guys and thanks for the welcome

Bufger- already have the 123 account and will use any money from it to put towards the overpayments

Matt-all set up so can't change now I will just have to put the money aside until I can make a payment.

Just back from the dentist startrd root treatment I'm a bit worried about how much it is going to cost dentist was a bit vague when I asked him. I suppose not much I can do about it if its got to be done.

Car in for mot today too hoping it will pass.

Going to go and have a look at your diaries thanks for reading.

ixia

Just thought i would post a little about myself. I live with my hubby and three kids aged 20,18 and 13.

They all think I'm nuts doing surveys, boosting clubcard points etc. I am trying to get hubby onboard about the difference overpaying could make but he just rolls his eyes with that look that means he's thinking

"here's another one of her hairbrained schemes"

I can't wait to get started roll on may the 7th!!!

Miss_Money_Magnet

Hi Ixia
I am new to the forum too. Ive started making a few o/ps and can see it could get addictive! Good luck!

AlwaysThinking

Hi ixia,

I too have a fixed mortgage with Santander but thought it worth mentioning that when you make an overpayment they send you two letters - one confirming they have received your overpayment and the other showing the details of your amended term (presuming that this is what you will be doing) along with the amended outstanding balance, years and months left to pay etc.

I know it's not at all the same as seeing it online but I file these letters and love to see the balance and the years remaining decreasing - this is where I go when I need some motivation regarding op'ing.

Good luck with it all!

Tilly_MFW_in_6_YRS

Hi Ixia, can I suggest you take your OH through the OP calculator on this site. If he can see how much interest you won't be paying, that really helps the LBM. You're basically saving your future selves a fortune - using an excerpt from a quotation on GGs diary.

It's much easier with the family on board but I appreciate everyone has different circumstances.

Good luck on your journey

Tilly x

ixia

thanks everyone for your replies and welcoming me. I will have a dip into your diaries although I have probably read bits of them already just as well I'm off work this week :rotfl:

MMM- can't wait to get started i can see from reading on here that it could be an addiction

Always thinking- thanks for the info I hadn't really thought about that will need to look into it i was just thinking about the money coming off the balance and not the term.

Tilly- I will keep plugging away at him and will show him the overpayment calc totally agree that if he's on board things will be much easier still have a month before we start paying it so plenty of time to work on him!!

good news- car passed it's mot :j

Anyway off to work out some budgets etc will post with an update as long as I don't start reading any more diaries or I will be on here all night. There are so many good tips thanks everyone.

out_of_debt_at_last

Hi here to cheer you on!

ixia

morning everyone

Out of debt at last- thanks for the welcome.

Well I have been having a think about what to do. Obviously I want to start making dents in the mortgage come May but I have to be realistic and deal with all other things first and any extras will go to overpaying.

I also want to make some improvements to the house so I'm thinking that it's best to make some lists and then I can see exactly where I stand.

My biggest spends are on grocery shopping, my kids and going on holiday. I could have paid a mortgage off a lomg time ago if I stopped going on holiday but that's what I love to do.

Anyway today I am going to move some money and book flights that I need for summer holiday. Sould have booked them a while ago because they have increased in price a little but was unsure of route I was taking.

Need to move some money to account as DD1 just ordered a new phone so I Paid the £90 upfront cost for it as shes's just a poor student, makes me laugh she's got a better social life than me :rotfl:she does have a wee job that pays for her booze habit so i can't really complain.

I will add in my goals later as if you are reading you are probably fed up with all my ramblings.

Going to look after my nieces for a couple of hours have a good day everyone.