Party of Five's Overpayment Adventures

Hello all

I hope you don't mind me joining you all. I am a long time lurker and reader of these forums, and have been looking forward to the day when I could join.

A bit about me: single-mum to 2 lovely children and 2 mad dogs (hence the title of this thread, use to love that tv show, and it seemed an apt title), the wrong side of 40, and desperate to pay off my mortgage before I get too old..! Just out of a long-term relationship where he loved spending money (mine included), which left me with no savings and a credit card which took a bit of a hammering (but I have now paid this off, and do not intend to use it again. If something is needed, I will save up for it). He used to laugh at my plans to save an emergency fund and to pay off my mortgage, and said that I was stupid, life was for living and the mortgage was there to be paid off at the official end date, and not before....! He also said that if we needed to buy anything and could not afford it, then we took out a loan or stuck it on the credit card....suffice to say, we had different views on money...and that (along with a whole load of other reasons) is why we are no longer together. Far better just me and my gang bumbling along together as a Party of Five!

The only sticking point to my overpaying plan, is that I have not got much spare cash to overpay with...I am currently in a not so greatly paid job (which I'm actively doing something about), and what with bills, trying to save for house improvements/emergency fund, there is not a lot spare to go around.

I'm aiming to save £100 each month to start with and then overpay every couple of months, until I get a better paid job anyway, and then hopefully once I get a wage increase, overpay £250 upwards each month from then on. I can't overpay anything less than £201 per month, as I was nicely informed by my Spanish bank when I rang to set up a standing order to overpay my £100 each month....hey ho...

Mortgage left is £60,000, and payment is £429 per month with the Spanish Bank - my fixed rate came to an end a couple of years ago, and I'm on their svr. I cannot re-mortgage due to my poorly paid job, the Spanish Bank and my own Building Society have both turned me down, so I guess I'm stuck on this rate until I get a better job..? Goodness only knows how I got a blooming mortgage in the first place, but it was 9 years ago, and I had a bit more cash in my savings then due to separating from my kids' dad and him buying me out of our marital home. All ok now, we all get on great, which is good for all of us.

I'm doing all the usual - surveys, cut back the food bill (now only spend £100 per month), don't use the car unless I have to... anyone got any other tips?

Anyway, that's enough ramblings for now, I have read most of your threads and devoured all bits of information possible, but please feel free to comment and give me any other tips and advice you may have. I will be updating this thread regularly, if only as an incentive for myself, and hopefully I will be getting rid of this stress on my shoulders sooner than the Spanish Bank think I should....


Take care for now x
Mortgage at Jan 2009 (when house was purchased): £75,000. Mortgage at Jan 2017 (when I could start overpaying after 7 year relationship from hell ended): £60,000. Mortgage at March 2024: £23,199. 2024 MFW #49: £1,585 / £3,000. Previous Overpayments: 2023: £2,850. 2022: £3,100. 2021: £2,540. 2020: £3,350. 2019: £1,950. 2018: £250. 2017: £500.
Mortgage freedom can’t come soon enough!
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Comments

  • greent
    greent Posts: 10,670 Forumite
    First Post Name Dropper First Anniversary Photogenic
    Nothing to say (brain fogged with lurgy) except hello and welcome! :)
    x
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/11 £89873 01/13 £52546 01/15 £12133 07/15 £NIL
    Net sales 2024: £20
  • Hello!

    I remortgaged with my mortgage provider and I think they do not need to do any more affordability tests if you are not borrowing any more money or changing the term of the mortgage.

    Try calling them and ask see what rates they have to offer you or searching online about this because your current provider should be able to fix your rate for you at a lower rather than you are currently paying. I am in a part time low paid wage currently and i have remortgaged twice without any extra affordability tests as both times the only thing that I have changed was the rate of interest I was paying x
    Balance at start of mortgage Dec 2011 £87500
    1 Jan 2015 = £73,735 Overpayments = £3,360 (average £280 p/m)
    1 Jan 2016 = £66,558 Overpayments = £4,770 (average £397.50 p/m)
    1 Jan 2017 = £57,756 Overpayments so far Jan £0 Feb £550 Mar £3022 April £690 May £1513 total £5775
  • Hello greent and determined..thank you for your welcomes!

    I will call my mortgage provider again and see if there's anything they can do for me, fingers crossed things might be different this time. I do hope so.

    I'm still awake, can't sleep as I have so many plans whizzing around my head, so have been reading some of your threads for ideas....some of your payments and achievements are fantastic...hopefully one day I will be able to post similar figures...here's dreaming anyway....

    Take care x
    Mortgage at Jan 2009 (when house was purchased): £75,000. Mortgage at Jan 2017 (when I could start overpaying after 7 year relationship from hell ended): £60,000. Mortgage at March 2024: £23,199. 2024 MFW #49: £1,585 / £3,000. Previous Overpayments: 2023: £2,850. 2022: £3,100. 2021: £2,540. 2020: £3,350. 2019: £1,950. 2018: £250. 2017: £500.
    Mortgage freedom can’t come soon enough!
  • Pay day tomorrow...am literally counting down the hours until I can transfer some money to the emergency/savings fund and then work out if I can afford to put any more pennies into the overpayment fund - current balance £160....is it sad that I am clock watching..?


    Cannot wait to see the emergency fund/savings pot balance go up, and the mortgage balance go down..!
    Mortgage at Jan 2009 (when house was purchased): £75,000. Mortgage at Jan 2017 (when I could start overpaying after 7 year relationship from hell ended): £60,000. Mortgage at March 2024: £23,199. 2024 MFW #49: £1,585 / £3,000. Previous Overpayments: 2023: £2,850. 2022: £3,100. 2021: £2,540. 2020: £3,350. 2019: £1,950. 2018: £250. 2017: £500.
    Mortgage freedom can’t come soon enough!
  • greent
    greent Posts: 10,670 Forumite
    First Post Name Dropper First Anniversary Photogenic
    Haha! Not at all - I'm clock watching too - I can repay a loan in full after 2pm, so have been hanging on all day - almost there now! I also get 'itchy' when in the last couple of days of a month - I want the new month to start so I can see the changes and payments in balances! - but on the other hand I don't want to be wishing my life away :/
    x
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/11 £89873 01/13 £52546 01/15 £12133 07/15 £NIL
    Net sales 2024: £20
  • beanielou
    beanielou Posts: 90,109 Ambassador
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
    greent wrote: »
    Haha! Not at all - I'm clock watching too - I can repay a loan in full after 2pm, so have been hanging on all day - almost there now! I also get 'itchy' when in the last couple of days of a month - I want the new month to start so I can see the changes and payments in balances! - but on the other hand I don't want to be wishing my life away :/
    x

    Agree.
    It is so difficult to get the balance.
    Sigh.
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.

    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • beanielou
    beanielou Posts: 90,109 Ambassador
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
    Happy shiny new diary
    CrowdieSaver.
    Hope all goes well for you.
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.

    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • Happy pay day to me...the pay day shuffle has been done - £350 to the emergency fund, £200 to various pots (school lunches, food top up shops, birthday fund, entertainment allowance), and best of all...another £90 to the overpayment fund, which now takes it to £250, so I am ready to make my first overpayment - cannot wait to give them a call and do that...! :)
    Mortgage at Jan 2009 (when house was purchased): £75,000. Mortgage at Jan 2017 (when I could start overpaying after 7 year relationship from hell ended): £60,000. Mortgage at March 2024: £23,199. 2024 MFW #49: £1,585 / £3,000. Previous Overpayments: 2023: £2,850. 2022: £3,100. 2021: £2,540. 2020: £3,350. 2019: £1,950. 2018: £250. 2017: £500.
    Mortgage freedom can’t come soon enough!
  • Beanielou - Thank you for the welcome! Good to know I'm not rambling away to myself.
    Greent - I hope you managed to pay off the loan. Exciting times!
    Mortgage at Jan 2009 (when house was purchased): £75,000. Mortgage at Jan 2017 (when I could start overpaying after 7 year relationship from hell ended): £60,000. Mortgage at March 2024: £23,199. 2024 MFW #49: £1,585 / £3,000. Previous Overpayments: 2023: £2,850. 2022: £3,100. 2021: £2,540. 2020: £3,350. 2019: £1,950. 2018: £250. 2017: £500.
    Mortgage freedom can’t come soon enough!
  • greent
    greent Posts: 10,670 Forumite
    First Post Name Dropper First Anniversary Photogenic
    ...another £90 to the overpayment fund, which now takes it to £250, so I am ready to make my first overpayment - cannot wait to give them a call and do that...! :)

    Woohoo! Fab stuff! - you'll find it can be quite addictive! :)

    (Managed to pay off my loan - sort of - I overpaid because I would have had to wait another 10 days or so for the true figure, so will get an interest rebate at some point. I complained about getting duff info and got a £30 customer service payment, though :T)
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/11 £89873 01/13 £52546 01/15 £12133 07/15 £NIL
    Net sales 2024: £20
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