All the single ladies vs 145k

sofarbehind

I have just called Halifax and made an additional £140 OP for this month. I worked out that I need to do this to make sure that when April's interest is added I stay JUST under the magic £115k owed. I am so excited to meet that £30k paid off milestone....another five weeks and I will be there. At the end of April my monthly payments will also be recalculated to reflect the overpayments....I'm going to keep the payment the same so hopefully this should mean without doing anything the OPs will increase by about £70/month. 

This has become strangely addictive. Really pleased with my £1632.68 OPs so far this year, start of next week I'll be making another one... 

sofarbehind

Another month another mortgage overpayment. I am on track to have paid off £30k next month, which I am extremely excited about. Funny how much I look forward to payday for different reasons these days..

South_coast

£30k is awesome! Not so far behind now, eh? 😀

beanielou

£30 k is good news

blossomandbloom

So very inspiring! Well done. 
I decided to take this year to enjoy making a home, focus on shifting my car loan and recoup some emergency savings as I freak out when I don't have a certain amount! This will free me up to focus on the mortgage in 2021. But for now, I nest and look after my health. 

I hope your health is improving, and that the course is ticking along nicely  

sofarbehind

South_coast said:

£30k is awesome! Not so far behind now, eh? 😀

blossomandbloom said:

So very inspiring! Well done. 
I decided to take this year to enjoy making a home, focus on shifting my car loan and recoup some emergency savings as I freak out when I don't have a certain amount! This will free me up to focus on the mortgage in 2021. But for now, I nest and look after my health. 

I hope your health is improving, and that the course is ticking along nicely  

Thanks everyone. South coast I do feel a bit less behind these days  more slowly catching up than miles behind. 

How are you blossom? How is the house? I think you are being sensible - you need to enjoy your home and get an emergency fund before you can think about the mortgage. I didn't do any over payments in the first year, definitely build up some savings before you get overpaying the mortgage.  

Fingers crossed I'm doing loads better health wise, being ill has really made me appreciate it.  In a funny way the course has been quite MSE - it takes up a lot of time and I am definitely spending a lot less... 

sofarbehind

The big day is finally here and the mortgage has just squeaked under 115k owed. I'm a lot less happy and excited than I expected to be given the dreadful circumstances  It has made me appreciate the stability that my job has given me - I might suspend overpaying for a bit, I'll see if I get paid next month. I will definitely be more grateful for what I have. I'm so glad of the emergency fund and stable job I have, I am so lucky. It has really highlighted the importance of getting this mortgage DONE though..
 

blossomandbloom

Well done sofarbehind - it is a milestone - and I completely understand the comfort the emergency fund brings. 
These awful times in a strange way are reinforcing my determination to get the savings built back up, am beyond grateful to have three months expenses squirrelled away as it stands just now. 
I am loving my flat though, and current events have made the unfinished things pale into absolute insignificance. Before lockdown, I did invest in a fab desk for the spare room, and had made it a lovely corner with the view to maybe studying come September. So I am content  

sofarbehind

Another month, another overpayment! I think I am going to aim for the maximum this year, which will mean continuing as I am and then making a separate OP of around £2.5k in December. It seems sensible as in a year I'm going to start to be affected by the 10% OP annual cap. Exciting that I have reached the point of needing to think about this. 

I've had a small drop in income but not been too badly affected - hopefully this should continue to be the case. My spending is lower overall though so I  am managing to save still, though it is less than I had hoped for. 

Continuing to study and have exams coming up - hopefully in just over a year I will have my degree! I can't believe how quickly it is going. I've been really glad to have the course as it's given me lots to do while everyone else is bored. I've kept up with the running although sadly that is mainly treadmill based at home these days, I can't wait to get back out as a group.

Sistergold

sofarbehind said:

Another month, another overpayment! I think I am going to aim for the maximum this year, which will mean continuing as I am and then making a separate OP of around £2.5k in December. It seems sensible as in a year I'm going to start to be affected by the 10% OP annual cap. Exciting that I have reached the point of needing to think about this. 

I've had a small drop in income but not been too badly affected - hopefully this should continue to be the case. My spending is lower overall though so I  am managing to save still, though it is less than I had hoped for. 

Continuing to study and have exams coming up - hopefully in just over a year I will have my degree! I can't believe how quickly it is going. I've been really glad to have the course as it's given me lots to do while everyone else is bored. I've kept up with the running although sadly that is mainly treadmill based at home these days, I can't wait to get back out as a group.

Wow well done on the OP! 10% is a big achievement at this rate it will soon be gone! Any other lump sum can be overplayed at end of fixed period I guess! You are doing well!