We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

1st time lucky!!!

Options
rkd_999
rkd_999 Posts: 19 Forumite
Part of the Furniture 10 Posts Combo Breaker
edited 12 April 2016 at 3:20PM in Mortgage-free wannabe
Hi all, I've been lurking in these forums for a while, taking note of the hard work everyone puts into paying of their mortgages.

My mortgage is 1368 a month and I owe £216k with 18 years left on the term. My aim is to pay this off in the next 8 years if possible. I have started by overpaying by 1000 today and am in the process of clearing out the house for car boots and eBay - with this money being added as an overpayment as well. I notice some people make money off surveys - which sites would you recommend?

In terms of other spending - I am pretty money savvy and always have to get a deal or cash back, but will start paying all of this into the mortgage as well.

I am due a work bonus at the end of the month so am planning to put that against the mortgage as well as any money from my tax return (claim for work mileage).

I do have a cap on the money I can add to the mortgage this year and that is 10% of the balance but not sure I will be anyway near it - my aim is to at least overpay by 10000 which sounds like a huge number!!

I'll be posting everytime I make some progress on this.

Happy Tuesday!!!

Comments

  • chelseablue
    chelseablue Posts: 3,303 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Good luck on your journey, I'll be following your progress.


    My mortgage is £230,000 :eek: but over a lot more years than you.


    Where about's do you live?
  • Take at look at the matched betting forum........ read read read then read some more before seeing if it's for you, FAR more lucrative than surveys IMHO.
  • selloptape
    selloptape Posts: 632 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    Good luck rkd, I'm sure you will hit your 8 year target if you can OP 10k a year :) x
  • rkd_999
    rkd_999 Posts: 19 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Just a quick follow up have made an additional payment of 1330, which was part bonus and I had 300 refund as well in April. Still need to do eBay selling but maybe next week for that!!
  • rkd_999
    rkd_999 Posts: 19 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Oh wanted to add that 2300 has taken 4 months of the term!!
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.7K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.4K Spending & Discounts
  • 243.7K Work, Benefits & Business
  • 598.5K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 256.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.