Purchase on first home completed - Time to start making a dent in the mortgage!

NotWhereIWantToBe

Mortgage_Minimiser said:

Hi,

When you log onto the Nationwide Website you can choose to reduce Term or Payment, and have is 'set' to do one or the other, and change it month to month if you wish. It's very easy - i found NW to be one of the most flexible.

HTH and good luck!

MM

Thanks for this that's really helpful 

madhatter83

£175 overpayment today, bonus from work!

madhatter83

No overpayment for a while, after spending the first night in our new home its clear the "handmedown" mattress we took from an old unused bedroom in grandparents house is not fit for requirement and will probably cause back issues, thankfully the frame is solid oak and well worth using. 

Just bought a new mattress today from john Lewis, bye bye £700! Its gone on credit card for now, I have the savings but the money is in accounts actually earning some interest (2.5%) so going to pay that back first before any further mortgage repayments. 

A good night sleep is essential though. 

swapped out all kitchen handles for new ones, looks loads better and cost a total of £36:) , also got similar looking door handles and swapped them with the tired looking faux brass ones, £8.50 per door.

savingholmes

Welcome to your new home. A decent mattress is a great investment. Well done on reusing where you can. 

Fantastic job on so many OPs already and the great deposit!

madhatter83

savingholmes said:

Welcome to your new home. A decent mattress is a great investment. Well done on reusing where you can. 

Fantastic job on so many OPs already and the great deposit!

Thank you savingholmes! At first we was set on a new kitchen, new bed and expensive mattress, new expensive sofa ect but have decided the mortgage overpayments are of far more importance to us planning ahead. 

I am somewhat begrudging having to spend £700 on a mattress as that would be a great overpayment but have to draw the line somewhere , I'm sure I could buy a cheaper one but I think its a case of buy cheap buy twice here. 

savingholmes

I replaced my mattress soon after completing on my mortgage but glad I did 

madhatter83

savingholmes said:

I replaced my mattress soon after completing on my mortgage but glad I did 

One of those essential but pricy purchases for sure! 

We got our £500 cashback for taking the mortgage come through so that has been enough to repay credit cards.

We now have a 10 day holiday to pay, we are going to enjoy ourselves but also be mindful of what we spend.

I think going forwards I will keep overpayments to at lease £500 lump sums as nationwide says it they will reduce the time. Whereas smaller payments reduce next months bill.

savingholmes

You can make fixed overpayments by direct debit which automates the process and keeps things simpler. 

Just checking - sorry if I've asked this already - do you have an emergency fund in place?

madhatter83

I think a fixed direct debit might not work for me as its my overtime what is making the overpayments and I never know quite how much im going to do. 

We do have emergency fund yes we have help to save accounts that mature in November , this will give us a total of 6k with the bonus, plus we also have a further 2400 saved. so approx 8.5k emergency fund. I make that to be six months expenses comfortably. 

Its acctualy somewhat tempting to dip into that for overpayments! but i think its a good place to be knowing we have six months complete bills covered should the worst happen, job loss ect.

ps. just saw your sig, great job on your overpayments!

ManekiNeko

Well done on your progress so far mad hatter, great name btw.