Starting Over Again - Let's crack on and halve this term

Startingover50

Hello Mortgage-Free Wannabees 
Starting my own thread as over the years I have been so inspired by so many of you on here and thought now was the right time to get in on the overpaying action. 
A little about me, I'm 50 years old and live with my husband and our 7 year old daughter. I have three older children, one who is at Uni and the other two share a flat together. (so only the youngest and my gorgeous cocker spaniel at home) 
I met my DH at age 42 after I left my last relationship, and to save my own sanity, I left with basically just the clothes on my back so starting again at that age with nothing hasn't been easy. 
When me and DH met, he owned his own home with about £40k of equity in it and over the past few years we have moved a couple of times increasing our equity along the way. 
We moved in October of last year and our mortgage is currently around £209k with our house valued at £375k  - The term is currently 19 years and 4 months and we aim to stay here until DD leaves school. Ideally I would like this gone by the time I am 60 so just over 9 years to pay this off which will be no mean feat. 
Our mortgage is in 4 parts all at different rates and I sent my first overpayment of £500 this morning to the part with the largest interest rate, but I'd be interested if anyone has a good overpayment spreadsheet template they use when the mortgage is split up like this as it's tricky to see the impact longterm, when all the deals have different end dates. 
Will post a SOA shortly but thank you for having me and looking forward to getting to know you all better. 

Startingover50

Sent another £500 to the mortgage since my last update along with the regular £50ish overpayment so my current balance is now £208,043. 
If your overpayment is £500+ My lender (Natwest) does not reduce the term nor the payments, you have to ask them for a term readjustment apparently, so I think I will do that as an annual task round about the same time as I get my annual statement so I can see what effect my overpayments are having. It would be nice to see the term reduce as I go along though. 
I am on a bit of a mission at the moment to overhaul my life, I am currently on day 11 of no alcohol, I don't drink much, but usually like a bottle of wine on the weekend and I have just found recently the negatives outweighing the enjoyment I get from it, such as waking up feeling a bit groggy. I don't intend to give it up for good but I'll see how it goes. 
I have also upped my pension contributions to 10% as I have a pitiful pension due to years with my ex husband not having any money to put by for my future. I know its very late in the day and since I only work part time, little to have any effect but every little helps I suppose. 

V3cash

Startingover50 said:

Sent another £500 to the mortgage since my last update along with the regular £50ish overpayment so my current balance is now £208,043. 
If your overpayment is £500+ My lender (Natwest) does not reduce the term nor the payments, you have to ask them for a term readjustment apparently, so I think I will do that as an annual task round about the same time as I get my annual statement so I can see what effect my overpayments are having. It would be nice to see the term reduce as I go along though. 
I am on a bit of a mission at the moment to overhaul my life, I am currently on day 11 of no alcohol, I don't drink much, but usually like a bottle of wine on the weekend and I have just found recently the negatives outweighing the enjoyment I get from it, such as waking up feeling a bit groggy. I don't intend to give it up for good but I'll see how it goes. 
I have also upped my pension contributions to 10% as I have a pitiful pension due to years with my ex husband not having any money to put by for my future. I know it’s done very late in the day and since I only work part time, little to have any effect but every little helps I suppose. 

Well done on starting your journey, it’s really tough when you walk away with nothing but it sounds like you are doing really well.
great overpaying!

I would be careful not to ask for reduction in payments to a mortgage as this doesn’t reduce the term

This means that, even though your monthly instalments will be lower, the total cost of the loan will continue to be similar. Moreover, by not shortening the term, you could end up paying more interest during the valid term of the loan, in particular those with a long term, such as mortgages with variable interest.

you can reduce term of course but I find overpayments a safer option as some times life throws a curve ball meaning you can’t overpay that month freeing up £ to spend.

I overpay and it reduces the balance and whilst I don’t see the impact it has on the time it will take to clear i can see the balance go down so that’s cool.
you can use the mortgage tool on here to see how much impact the overpayments will have on term and it tells you how much you save on interest.
i also like to have even numbers and as i can see my mortgage and see straight away after repayments are made I just add a few quid and pennies to make it even numbers, makes me happy.
there is a post on here  mortgage free wannabe 2025 were they input your overpayments on a group spreadsheet and I joined that hopping it would be a good incentive to keep going.
good luck on your overpayment journey