BachSoon's mortgage mission

Nichelette

Any overpayment is good . I think I will fall a bit short of my target this year too, but I'd rather have something to stretch for than something that is too easy.

savingholmes

Any over-payment is good. Is there anything you can do to get more on track to where you hoped to be? (If not review the target - it needs to be realistic).

BachAgain

Honestly, you don't come on here for a while and you lose your account 
It's all changed around these here parts... The forum looks really different. 
Well it's been a whole year since I was last here. I knew it had been a while, but that's surprised me.
My last target has completely bitten the dust with changes in the BachFamily.
Shortly after my last post here, I found out I was expecting again. We are now a family of 4  DD was born during lockdown and is now 4 months old 
I've been making small overpayments to the mortgage, but not as much as I would have liked had I really focused on it. I'm going to relook at the finances in the next week or so (once the small Bachs are over their colds) and see what headway we can make.
We are currently standing at £205,135.72. Onwards and downwards!

Brindlebabe

Congratulations! And welcome back.

yogavibes

congrats on the new addition to your family

BachAgain

Thank you Brindle Babe and yogavibes. 
I've had a brief look at the finances and over the 2.5 years that we've had our mortgage, we've cleared slightly under £19,000 which I'm pleased about. 
Having given savingholmes' advice some serious consideration, I've set the overpayment at £100 per month. It's lower than i would want ( ) but it's realistic. Given that my pay drops to statutory maternity soon, i need to be realistic. Also, we're trying to get a few bits finished in our house and we want to make sure we have done available cash each month to do some things with the DC. We're also trying to beef up our general savings as DH had a worrying brush with redundancy during covid. He kept his job, but it was our first serious consideration of what we'd do. I'd have had to have gone back to work early rather than having this Tim with the children. This gives us a nice happy balance of saving, overpaying and some variety for our children. 
We recently also took on a car loan rather than deplete our savings. 
We have brought a family car, second hand, but low miles, reliable and will do us for a good long time. So we're also going to be paying an extra £50 per month to the loan. 
So our targets are:
Mortgage £100 p.m = £400 to the end of 2020.
Car loan £50 p.m = £200 to the end of 2020.
Savings £840 p.m across various pots m, although £140 of that is into the children's savings. £3,360 to the end of the year.

Brindlebabe

Hope all well with you and the mini-Bachs?