First Overpayment

Sillygal

So...

Officially became debt free on Wednesday, and paid my first mortgage overpayment today!

I thought there's no time like the present and I might as well not get used to having my DMP money.

I'm actually a bit surprised by and proud of myself.

First £170 of many!!!!


:j:j:j:beer:

A_Frayed_Knot

:T Well done you :T Congratulations.

Nice feeling making your 1st and all o/p's Addictive is the word. Have you had a look at the o/p calculators.

We all like to see what stage your at with your journey, so if you feel, some details would be nice,
mortgage, mortgage rate, years, and when your target date for MF is.

Secret_Saving_Squirrel

Well done and very good luck on the journey x

bexster1975

Many congrats. It's addictive :beer:



Bexster

Sillygal

Hi again...

Mortgage at start was £97300
Now is £84100 after just under 10 years..

Interest rate is 4.79% until the end of June, then drops down to Nationwide BMR which I think is 2.5% but will have to wait and see!!

I would love to clear the mortgage in 6 years, which may be a tad ambitious as not on great wages but I'm going to aim high and see how I go...

Mortgage statement due in January so hoping to have a big chunk paid off by then. I just set my OP standing order up and added it to my spreadsheet...

Loving the mortgage OP calculator :j:beer::T

Tilly_MFW_in_6_YRS

Lovely to read about your first OP. The first of many, I'm sure :T

Great stuff, Tilly x x

Huskyrunner

Haha i know that feeling my mortgage was for 83750 i think and in 9 years its down too 70900.

We are contemplating overpaying on ours

gallygirl

Great stuff, well done :T

Luckyinlife

well done im about a year in myself from debt to overpaying mortgage to creating a safety net emergency fund

whats your current normal payments per month ? what do you need to OP each month to finish in 6 years :]

Miss_Moneysaver

Great! That is a fabulous start.

User1489

Hi, Man v Mortgage here - well done on paying off your debt - what a shackle to be free from!

And well done on making your first overpayment - as you know paying off £170 as you did has probably saved you 70 quid or so in interest payments! Wonderful!

If I may, i would suggest getting an EF (emergency fund) together if you can. For me, I keep £2k in an easy access current account so i can spend it if I need to (rather than a savings account where it is tricky to access). It means when there's a problem, such as a leak I had recently I can just deal with it then top up the EF when I can rather than going into debt to pay for it. Anyway, that's your choice, and you will do the right thing for you Keep going