Overpaying the Mortgage - One month at a time

garfy1

So this afternoon I took the plunge and spoke to Nationwide. I have now increased our monthly payments from £469.00 to £550.00 meaning a monthly OP of £81.00. Only a start of course but I think that realistically we can look to triple that £80 to £240...that's the plan anyway!

Not a bad day spending wise either. Had a pre-frozen chilli for tea (usually would have got an Indian) and have been invited round to families for tea tomorrow do apart from a bottle of wine, it should be a relatively cheap weekend. I'll be cooking a roast on Sunday and using the leftover meat for sandwiches/meals for the next few days.

Enjoy the weekend! :j

garfy1

So an interesting couple of weeks here. Wife had the baby last week, a healthy 9lbs and all is well! :beer:

The mortgage overpayment of £81 has just been taken out so thats our first ever overpayment!! Last week i spent some time changing all our bills to come from our santander 123 account which gives a % cashback so that also comes into effect this month and will earn us a few quid, along with the cancelled overdraft at Santander saving us £20 per month!

Whilst doing those changes i spoke to our electric provider and we have been on estimated readings for 12 months so we are due a rebate of £302.00, happy with that. I have withdrawn £150 and along with £200 from various savings this months overpayments will be 81+150+200 = £431.00.

Have a good weekend! :beer:

JimLad

garfy1 wrote: »

I have withdrawn £150 and along with £200 from various savings this months overpayments will be 81+150+200 = £431.00.

Have a good weekend! :beer:

Thats a fantastic overpayment for the month! Almost 100% of your normal monthly payment! Keep that up and the mortgage will be gone in no time!

Do you have any limits on how much you can overpay without penalty?

JimLad

Ignore that last comment i just re read your first post and you can make 500 a month! Nice!

abouttimetoo

Hi Garfly and congratulations on baby Garfly

What a great overpayment and I can see you've made progress on a number of fronts. I can still remember the first OP I made, it's a good feeling isn't it :j

Best wishes with your plans

Regards
ATT

garfy1

JimLad wrote: »

Ignore that last comment i just re read your first post and you can make 500 a month! Nice!

Hi Jimlad yes you are correct, maximum we can overpay per month is £500. More than happy with this months contribution!

garfy1

abouttimetoo wrote: »

Hi Garfly and congratulations on baby Garfly

What a great overpayment and I can see you've made progress on a number of fronts. I can still remember the first OP I made, it's a good feeling isn't it :j

Best wishes with your plans

Regards
ATT

Thanks abouttimetoo, it certainly is a good feeling, I think I'm actually getting addicted to playing around with the mortgage overpayment calculators! :beer:

Mrs_E_3

Congrats on the new baby. Sounds like you're doing really well.

coldcazzie

garfy1 wrote: »

So an interesting couple of weeks here. Wife had the baby last week, a healthy 9lbs and all is well! :beer:

Congratulations!! :beer::beer: Hope you are enjoying your babymoon and settling into being a family of 4

Will try keep up with your diary £431 is a fab overpayment so :T:T:T to you!

garfy1

coldcazzie wrote: »

Congratulations!! :beer::beer: Hope you are enjoying your babymoon and settling into being a family of 4

Will try keep up with your diary £431 is a fab overpayment so :T:T:T to you!

Thanks coldcazzie. It certainly has been a fantastic couple of weeks, both personally and financially, hoping for more of the same!