2008 MFW newbies

zavarony

thats great news twinklie, bet you are feeling relieved about that.... at least you have the plan in place, the hardest bit is keeping too it, but im sure if you are planning for it now it will happen for you, you get the bug and then it becomes and obsession!!!

kezza12

well i put my pound coins into the mortgage account on friday taking my half yearly total to £1570 which is £70 over my halth yearly target of £1500:j i've also managed to not dip into my rainy day savings fund up till now but fear i will at the end of the year as i too am having boiler trouble!!!! there must be something in the air:rolleyes: anyway it's ok at the moment but if i want hot water i have to have hot radiators too!! oh well these things happen.

Welshlassie

Yayyy, I've just sent £12.15 to our mortgage (decided to round down the balance in current account) so slighty more than last month, will help save around £106 over the life of the mortgage. £22.15 to date in OP's

want2beMF

Hi,
A newbie here and would like to join you pple!!! We have only recently moved into our new place but I really want to start tackling our mortgage. We have an interest only offset mortgage and intend to "overpay" into our savings account so as to keep the flexibility. I have online banking and now am obsessed with checking my mortgage account to see how much we have paid off and how much interest we have saved. Our target is to pay off the mortgage in 3 years!!! Wish me luck!!! :T

bellsbells

Courgette wrote: »

Have just paid in another £275.00 - woo hoo! :j That makes total overpayment since starting this at the end of March £1320.75. I am absolutely amazed at how quickly that has built up. I'm not on a particularly high income and don't feel as though I've been without. I've just been really careful not to waste money on things like lunches at school (I'm a trainee teacher) and looked to make cutbacks where possible (which to be honest is most areas). For example one night we really fancied a takeaway but thought better of spending £20 so popped to Morrisons and bought a lovely pizza, dough balls and a bottle of wine for less than a tenner.

Will shut up now but does anyone else get a real proper high when they make an overpayment? Do you think I need to get out more?:rotfl:

I am just like you - I get a real buzz. You are right, it is amazing how things do add up. Simple stuff like your morrisons takeaway are still a treat, or taking packed lunches, or not buying that newspaper - small but powerful changes.

Don't worry courgette, you are not alone:D

bellsbells

nic283 wrote: »

Hi guys,

We just moved into our first home in Feb. We intend to build up an overpayments pot as we can only pay in a lump sum every January. It's just a bit difficult at the mo as we're trying to make our house a home by buying light shades etc! Do you have any tips on how to do both, or should we just concentrate on getting the house done first and then overpay when we have the cash.

Cheers

Hi nic283 and welcome! To be honest with you, I really wish that I had started overpaying the first month that I got my mortgage! If I could do it all again without a shadow of a doubt I would have overpayed from the start. Even if I could have only mamaged £10 a month it would soon have made a difference. How about getting yourself a mortgage pig (see the sticky at the top or the first page) and save money in there? That way you are not tied to a set amount each month but can make a start. The other alternative is to set yourself a budget each month where say 80% goes on buying stuff for the house, and 20% goes in the overpayment fund. That way you still get enjoy your house and making your first home. As far as saving the money goes you should go for some sort of savings account where you cannot get your money instantly - that way you will not be tempted to 'dip' into it. A few people save money that way - I am sure they will be able to give you some ideas about good accounts.

Well welcome again, and I have added you to the list!

bellsbells

ferguwat wrote: »

Bellsbells,
Our aim for 2008 is an overpayment of £500. Sadly we have had to buy a new central heating boiler this month which has made a dent in our savings. So far this year we have overpaid by £205.

Maybe next year we can be a bit more adventurous with our challenge!

as zavarony said every little helps:T

bellsbells

twinklie wrote: »

I've STILL not overpaid anything, but new I wouldn't until October time. I will of had my first pay check by then AND my other half found out yesterday that his contract with work IS being renewed for another year! Woo HOO!

don't worry - we will be ready for you in october:D

gread news about the contract being renewed:beer:

bellsbells

want2beMF wrote: »

Hi,
A newbie here and would like to join you pple!!! We have only recently moved into our new place but I really want to start tackling our mortgage. We have an interest only offset mortgage and intend to "overpay" into our savings account so as to keep the flexibility. I have online banking and now am obsessed with checking my mortgage account to see how much we have paid off and how much interest we have saved. Our target is to pay off the mortgage in 3 years!!! Wish me luck!!! :T

welcome want"be - you are added to the list!

fluffysox

nic283 wrote: »

Hi guys,

We just moved into our first home in Feb. We intend to build up an overpayments pot as we can only pay in a lump sum every January. It's just a bit difficult at the mo as we're trying to make our house a home by buying light shades etc! Do you have any tips on how to do both, or should we just concentrate on getting the house done first and then overpay when we have the cash.

Cheers

Hi Nic 283, we are in our first home as well- moved in 3 years ago. Moving in imagined we'd get it all sorted within 18 months but we've been gradually doing a bit at a time, focusing on the rooms that really needed sorting. So far we've decorated one bedroom both living rooms and ripped out and replaced bathroom, boiler and most of the windows. My tips to save and overpay on debts and mortgage are to buy one item at a time, if friends and family offer you furniture or accessories that you can live with and replace gradually then consider this. My mother goes to car boot sales regularly and has picked up some lovely mirrors and cooking equipment for us. Also as someone else has said buy what you need gradually but work out a budget first. At the start of your mortgage the overpayments have more of an effect as the majority of the payment is interest but only you can decide what you can afford. Maybe try ten or twenty pound a month and if you aren't noticing it raise the amount? Welcome to the board.:T