1st over payment made

Hi all

We have just moved into a new house 2 months ago and have just made our 1st over payment.
I have to admit although its a small amount Im feeling quite smug.

I have set up a regular payment of 123 a month as it rounds our payment up to a nice figure.

Using the martin MSE overpayment calculator it seems it will save us around 11k in total and pay off the mortgage 5yrs 3 months earlier.

Do other people use regular payments or one offs? what do you find more useful?

We have a 2yr fixed rate so need to try and pay off as much as possible within the next 2 years so we can hopefully negotiate a good rate next time round.

Replies

  • ourcornercottageourcornercottage Forumite
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    Well done on your first over Payment

    I do a mix of both regular and 1 off OPs but as your on a fix be careful to check the t and c of your mortgage as there will probably be a limit to the amount you can OP per month or per year.

    Good luck :-)
  • LuckyinlifeLuckyinlife Forumite
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    well done on the first OP :]

    Mix it up if you can stick to your 125 and save if you can as well then when you think you can chuck a bit at it do it as and when you can will add up big time over the years

    Good luck
    Mortgage--- [STRIKE]£67700 March 15[/STRIKE] [STRIKE]£65221 April 15[/STRIKE] [STRIKE]£64983 July 15[/STRIKE] [STRIKE]£64780 sept 15[/STRIKE] Remortgage [STRIKE]£67295 oct 15[/STRIKE] [STRIKE]£66599 Nov 15[/STRIKE] [STRIKE]£65878.73 Dec 15[/STRIKE][STRIKE] £64834 1st Jan 16[/STRIKE] [STRIKE]Feb 16 £64,511.89[/STRIKE][STRIKE] March 16 £64,056.40[/STRIKE] [STRIKE]April 16 £62550[/STRIKE] [STRIKE]May 16 £62,396.20[/STRIKE] Feb 17 £60.800
    Emergency fund 23k
  • bexster1975bexster1975 Forumite
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    Part of the Furniture 1,000 Posts Photogenic Bake Off Boss!
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    I second previous comments. I'm not sure how small your OP was, but I started with £50 a month when I first got my mortgage and now I'm 2 months off clearing it in ten years not 25! Small, regular amounts really do add up.

    Well done you :beer:

    Bexster :)
  • edited 2 August 2015 at 7:55PM
    A_Frayed_KnotA_Frayed_Knot Forumite
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    edited 2 August 2015 at 7:55PM
    I read on this forum somewhere;(wish I could remember who, as it has stuck with me)

    "Every pound overpaid, is a pound less you have to pay interest on" If you keep this in mind then you cant go far wrong.

    So far I have made 3 large overpayments but since reading the above comment, will be making overpayments each month and whenever I have some extra (eg overtime) I will buy myself a treat - the rest will go as an overpayment.
    As previous comments though - watch out for restrictions in your mortgage.


    And well done you - it gets quite addictive.
    Always have 00.00 at the end of your mortgage and one day it will all be 0's :dance:
    MF[STRIKE] March 2030[/STRIKE] Yes that does say 2030 :eek: Mortgage Free 21.12.18 _party_
    Now a Part Timer from 27.10.19
  • I took a similar approach to you and overpaid as much as I physically could in the first two years to get a much better deal. I use a standing order to top up my standard payments, but this is the only way I could find to overpay online with H$BC.


    When I started my standing order was small as my financial position was tight (I spent everything on my deposit and initially had to buy cooking things, furniture, lawnmower etc). However, as I had more left each month this was increased accordingly.


    Well done on starting so early, that £123 alone has probably saved you £200 in interest :money:
    MC
    Initial mortgage (Dec 2012) £108,000 3.84%APR MF date Jan 2038

    Mortgage remaining £68285
    Daily interest £4.28
    2017
    MFW #14 £3746.90/£10,000
  • Wow well done on starting so soon. As people above have said it does get addictive. Every £ does count. I recently OP by £2.64 just to round the mortgage figure off to £146,300. Good luck on your journey x
    1.7.15: £157,469.64, 10.02.16: £93,434.74
    FIT-4 #34, MFW 2016 #89 (£7350/24000)
    Target MFW Dec 2018
  • edited 3 August 2015 at 6:56PM
    A_Frayed_KnotA_Frayed_Knot Forumite
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    edited 3 August 2015 at 6:56PM
    [QUOTE=diamondsonly;6890762
    Always have 00.00 at the end of your mortgage and one day it will all be 0's :dance:
    MF[STRIKE] March 2030[/STRIKE] Yes that does say 2030 :eek: Mortgage Free 21.12.18 _party_
    Now a Part Timer from 27.10.19
  • A_Frayed_KnotA_Frayed_Knot Forumite
    3.2K Posts
    Sixth Anniversary 1,000 Posts Name Dropper Photogenic
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    OMG diamonsdsonly

    I have just read your signature !!!

    Mortgage at 01.7.15 - £157,469.64
    Mortgage at 17.7.15- £146,302.64
    Target MFW Dec 2020

    You have just managed to pay in 17 days nearly my whole years salary on a bad day, and theres me saying - pay another £. Sorry!!!

    Ps. My EEK's and red faces don't seem to be working, but if they were there would be a whole lot on here.

    A Frayed Knot x
    Always have 00.00 at the end of your mortgage and one day it will all be 0's :dance:
    MF[STRIKE] March 2030[/STRIKE] Yes that does say 2030 :eek: Mortgage Free 21.12.18 _party_
    Now a Part Timer from 27.10.19
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