£20,000 overpayment!

pollyanna24

I have a diary on here, but hardly ever post to it, so it would probably take me too long too find, but.... Today I made a £20,000 overpayment on my mortgage and I am so chuffed with myself!

I'm a single mum and have been saving up for this day pretty much since my ex walked out (okay, so my brother who bought ex out of the house paid half, but still...).

We came off the fixed rate last month, so can overpay what we like now. Hoping to be mortgage free by 40, and then I can but my daughters things they want/need!

brummiebabe

Well done:j:T What would be your best tips for saving that kind of money?

TheFactory

Wow that is such a morale boosting amount! I bet that felt amazing!?

bloolagoon

Amazing, huge hugs to you and little one, you must be so proud of yourself, that is a massive and hugely worthy achievement.

Ps - I'd treat yourself and little one to something nice very soon to celebrate.

elantan

Pollyanna I read your diary, it's wonderful to hear you made the challenge I know you worked hard at it, well done

VoucherMan

Hi pollyanna. well done on the op :T

In case it's of any help I've linked your diary on the 2013MFW sheet (it's here btw)

I've also made a note of your op for when I update the sheet later.
.

edinburgher

That's an incredible achievement - well done you :T

For your next OPs, you might like to look at how your interest is calculated, perhaps little and often OPs would save you even more money?

That said, the main thing is to go with what works for you.

Congrats again.

RevolvingDoor

Fantastic! Well done.:T

LisaLou1982

WOW!!! Im jealous!!!

Well done! Keep up the good work xx

pollyanna24

Thanks everyone for your encouragement. As to how I did it, I generally don't have a life, haha.

My kids are so young and I've decided that since my ex walked out, I've been spending time at home (or work) just keeping a low profile. I don't feel like doing much or going out much, and just figured I would save as much as I could instead of blowing my money. I have a fairly decent job and mum minds my girls (I do pay her though!).

When my girls are older, I'm hoping that I will have more money to spend on them, but haven't recently because at the ages of 2 and 4, simple things still seem to keep them happy. Although I know all that will change.

My brother and I have decided to stick a fixed amount on the mortgage each month, even though the payment will probably go down each month with any overpayments we make.

Before we went on the BMR, we were paying £992.49 a month and we always put £500 overpayment on as that is the most Nationwide will let you if you are in a fixed rate.

So we've decided to continue with this and put on £1,500 each month. So this month, when our payment went down to £640.43, we have made an overpayment (excluding the £20,000) of £859.57.

Next month (haven't received any letter informing us of lower payments yet), if our monthly payment is £620 (for example), we will just put £880 as an overpayment and hopefully the mortgage will be all eradicated by my 40th. Going by my spreadsheets at the moment, I will be 40 years and 2 months, but I can live with that!

edinburgher

Going by my spreadsheets at the moment, I will be 40 years and 2 months, but I can live with that!

Absolutely, that'd do most people I think