First step to MFW

buttonmoon

I bought my first house in Jan 2015. We intended to overpay by £100 a month as the mortgage was £100 cheaper than the rent we were paying. However, we didn't get around to making any overpayments last year at all!

When we received our first mortgage statement in the first year the balence had barely gone down by £1k as the rest of the mortgage payments had basically paid off the mortgage arrangement fee and interest.

This was the motivation to start making some overpayments so we decided however little we have left in the joint account at the end of the month to overpay the mortgage. So I am pleased to say on Saturday I made my first overpayment of £31.58

I have also set up a standing order to overpay by £100 (which can be done by cancelling some cable to channels and more careful food shopping)

I am pleased I have started my MFW journey. Only £110k to go! However, I overpay I should cut over 7 years off my mortgage term:)

A_Frayed_Knot

Hi and Welcome

:j well done on your 1st o/p and 1st post to your shiney new diary :j your in good company

Tilly_MFW_in_6_YRS

Morning, great to have made your first op. Keep posting as it really does help.

Best wishes Tilly

ourcornercottage

You'll start on £100 then up it and up it, wondering what you ever spent (wasted) the money in the first place!

Reread this in a year, you will see!

Good luck

Petal88

Welcome buttonmoon!


£31.58 is a great start, every little helps! I did £100/month OPs last year and now I've upped it to £125 as it gets very addictive - before you know it I'm sure you'll be the same! It's certainly very satisfying to seeing the interest drop month by month.

SueP19

Welcome to this wonderful board

Well done on your first OP :j:j

buttonmoon

Thanks everyone for the positive comments.

My first standing order for £100 went out today.

This will probably be a quiet thread as I will probably only overpay once a month apart from when I have odd bits and bobs of money coming in. I am waiting £60 of cash back from quidco so I can add that as an overpayment when I get it.

Petal88

That doesn't mean it has to be a quiet thread though It's the day to day stuff that counts - having NSDs, packed lunches, finding bargains, opening new bank accounts for their benefits, switching gas/elec suppliers etc etc. And those are all things you can write about on here to keep yourself motivated with!

buttonmoon

No overpayments as I only get paid once a month.

I'm having a quiet weekend (to try to save money) most weekend we normally have takeaway on a Friday and go out for a meal on either Saturday or Sunday but have managed to avoid doing this.

I discovered that I have £31 of Boots points so I can use that in the future.

I have paid off my credit card bill (on time so no interest due) as I unexpectedly owed some money on my self assessment. I'm not sure if this is tax or student loan repayments. When I get my next statement from slc I will switch from payroll payments to direct debit payments as I should have just over a year to go on my loan.

Moneyfordreams

Look at voucher codes app. There are quite often deals on local restaurants chain ones Prezzo / Chimmichanga or brands own websites for half price deals. Vouchers on here too.

Fab £31 for boots.. We don't go out every week these days but our local pub has a points card. We have £30 on that!!

Kittenkirst

Hello & welcome to the mortgage free wannabe board :-)