Putting my mortgage on a diet

in_need_of_direction

I should have mentioned. My monthly payment is 691.

Slowdown

Thanks Kaz.
My hubby and I have just been discussing how to make more overpayments as he is just as keen as me to reduce it. On our accounts programme we project what we will spend each month. We have decided that any savings made on projected costs can go straight towards the mortgage. This is particularly useful where the food costs come in as I'm not very good at saving there. So if I underspend in the supermarket when I do the weekly shop I can immediately pay the difference into the mortgage account. Hooray. I can really see this working.
I now have a great incentive to plan my weeks meals properly. And I may even end buying less alcohol which will benefit my own diet as well as the mortgage diet.
INOD-sad to say but my mortgage is 1770 a month. :eek: when we moved to this house 8 years ago we had to have extensive work done to make it habitable so ended up with a huge mortgage. I do love my house. But it is much in need of repair and redecoration again so more money to save. Hey ho!
Anyway if off to plan my meals again. Scrimp,scrimp.
Kind regards
Slowdown:)

joedenise

I'm actually only on a works pension as can't get my state pension for another 3 months, but since I retired nearly 2 years ago I decided to make a £1 a day overpayment - it's not much but it still makes a difference.

I decided this year to increase it a bit to £10 a week and have set up a SO to do this. Once my state pension starts I'm going to increase it a bit more - haven't decided how much yet.

We still have another couple of years to go as we are on an interest only mortgage and it won't finish until my DH retires.

No matter how much or little you overpay it makes a diffence.

Denise

Slowdown

Hi Denise
Thanks for popping in. And it feels better and better when people say even the little bits count. I have been put off in the past by thinking I had to pay off big lumps, but the advice from you all is that every little helps.
I shan't feel foolish now, knocking off a few quid here and there. I love your pound a day idea. That seems really manageable.
Good luck with your MF journey too.
Kind regards
Slowdown:)

catshark88

Hi, popping in to say hello.

Personally, I think small OPs are a great thing to do. Mortgages tend to be over a long period of time and it is impossible to keep up too high an intensity level for that long. Marathon not a sprint and all that.

I try to round mine down at the end of each day. Often it will be under £10, but it becomes a bit of fun and even a "Guilty pleasure" spend, lol.

Keep going and best of luck!

Slowdown

Hi catshark
Thanks for that. I think a marathon is the right way to put it. I have had a mortgage since 1990 which was for 25 years. We moved in 1997 to a more expensive area and took out the new mortgage for another 25 years. We have nearly always had fixed rates as we like to know what we are paying out but by the time we finish it, we will have had a mortgage for a total of 32 years. That's why we are trying to reduce it now. Should have tried years ago really but with a young family, young minds etc we didn't even think about it.
However, I am determined to begin to shorten it now and yesterday I made an overpayment of £80! My car went into the garage and came back under budget. We had put down £250 in the accounts but it was only £170 :j:j:j
I was actually really excited when I made the transaction on line. Is that sad?
Today is weekly shop day. I am going to try and come in under budget so I can make another payment tonight.
Happy days.
Kind regards
Slowdown:)

Tilly_MFW_in_6_YRS

Hi Slowdown, good luck with your plans. It becomes a bit addictive but in a good way.

Tilly

Slowdown

:Thanks Tilly. I'm really delighted to say I have put another £20 in today.:j I underspent on the weekly shop so have put the extra into the mortgage account. I don't think I would have done it if I wasn't on here. I really feel like it's given me a proper boost.
I don't expect to pay a lot more off until I get paid at the end of the month but I'm just pleased to have done some already.
Thanks for the support.
Kind regards
Slowdown:)

Slowdown

I have just been checking on the status of my mortgage and have found that my interest is calculated on a daily basis. This means it really is worth paying little and often.
Unfortunately I have to buy a very expensive tin of treatment wax for some doors today. £65:eek:
Won't be saving anything today but at least I have got somewhere this week.
Well better get up and get going. I have doors to wax! It will keep my away from the coffee shops at least.
Kind regards
Slowdown:)

gallygirl

Slowdown, Tilly Tidies sound like a good solution for you. Basically every day you rounds all your accounts down to the nearest £ and pay that off the mortgage. Tiny amounts but they do add up and make a difference. Plus they are fun to do and keep you motivated .