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  • Bossy_bird
    You’re completely right we have to be able to stick to this for the long haul so making our targets unrealistic or making life less fun - especially right now - will set us up to fail. But, I know we need a target and so I think our targets for 2022 are £36k mortgage overpayments and hitting £100k in ISAs. We are good at working to targets, but this will definitely stretch us and I wonder how we will cope. I know we are amongst friends here though so I’m ready for the rollercoaster 🎢. Just need to contact bank to agree how we overpay etc so that it’s an easy peasy process so that we have no excuses!!! I am already thinking I need to do a mini overpay in December to break the seal…..👀
  • Sweetie83
    Good luck on your overpayment journey sounds like your income is high to be able to achieve such high overpayments so to some degree it’s all relative. 
    DH, 2 DD and 2 cats. aiming to be mortgage free at 50...10 years to go eek! Feb 19 £358kJan 21 £283K (using savings)July 22 £246K down to 17 year termMay 23. £204 down to 13.10 year term
  • Bossy_bird
    Happy new year everyone! Thought I’d provide an update on our mega mortgage journey. On reflection December is a pretty tough month to start a MFW diary 😂 however we did manage a £250 overpayment as well as our actual mortgage payment. It was exciting to log in the next day and see the overpayment on the online portal, definitely motivational! However how on earth do you guys keep your minds sane waiting until payday each month?!? I’m already counting down the days!!! However we have identified the following mortgage overpayment opportunities…
    1) OH tax rebate of £700 which will be a lovely addition in the next 10 days
    2) One of our cars comes to end of its lease in a few months. We are usually quite into cars and make silly expensive choices but these toys have spent the majority of their time on our drive over the last two years! So we have decided to have one more sensibly priced car which will halve monthly payments and release around £3k of equity from other car 🙌
    3) we have sold our little apartment in Spain (due to complete by end of month) and will use proceeds to do improvements on our new villa but have decided to take a £5k lump some out of proceeds to overpay mortgage. This will force us to find any other improvement funds we need from monthly income
    4) managed to get husband on side which I’m so chuffed with!! He’s even been researching on eBay today to see what he would get for selling some bits!!!

    counting down the days until the next payday…..21.5 days and counting!!!

    Speak soon!

  • chicker
    chicker Posts: 142 Forumite
    First Anniversary First Post Name Dropper
    Happy New Year and good luck with your journey!

    We saved more than £3000 in interest by paying of our car finance 3 years early with money from our savings. So it might be worth thinking about how much finance you really need if the interest rate is really high.

    Chicker 🙂
    MFW diary Adventures and Overpayments

    Mortgage start: £240,945 Aug 2020
    Mortgage now: 
    2021 OP total: 
    £605.85   1 month off approx

    MFW 2022 #39  £135.68/£1200
  • Busydoingnothing
    Do you have the flexibility in your budget to over pay by such a huge amount.? If not set your goals lower, if there not realistic you'll end up giving up. 
    I'm sure the French property will bring you an awful lot of happiness but I like you would be much happier with a mortgage under 500k.. if your partner isn't on board with overpaying, just calculate how much interest your paying the bank each day, and show him. 
    You seem to have savings and a decent pension pot so I'm sure all of this is serviceable. Good luck 
  • Bossy_bird
    So I can’t believe it’s been almost a year since I last posted! We didn’t exactly meet our annual target but we have managed to reduce our mortgage down to a scary £732k from the even more scary £795k in the last 12 months which we are happy with. We are looking forward to the mortgage starting with a 6 this year!! Motto for 2023 is ‘must try harder’….🤪….Well done everyone on all of your diaries and Happy New Year.
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