Just wanting to say hi!

atypicalblonde

Hi everyone!

This is my first post on this board, so please be gentle! As you will see from my signature, myself and darling OH aim to overpay £2500 on the mortgage this year. We have lived in our house for 6 months now (it's our first home), and I really want to get into good habits of overpaying the mortgage early on.

A little about me, I am 21, and have no consumer debt anymore (thanks to the help of the lovely people of the DFW board). I have learnt how to budget effectively, and I know that I have some spare cash at the end of every month that can be used as an overpayment (as does OH). I figure that at this early stage in our mortgage, every overpayment no matter how tiny will be helpful. I hope you guys don't mind if I use this thread as a little log for how I am doing?

Also, if anyone has any pearls of wisdom they would be greatly appreciated. Thanks for reading, and for all the inspiring stories on this board - watch out mortgage, here I come!!

xx

SPL

hi to you 'atypicalblonde'

welcome and good luck for 2008

definitely every payment you make will be worth it - no matter how big or small - i wish i had known more about overpaying when I was 21 as then my mortgage was only £38k so give it ten years and you will be very glad you have done it !!!

you mention also in your signature about your savings - have you got these in an isa?

good luck again

JonnyBravo

atypicalblonde wrote: »

As you will see from my signature, myself and darling OH aim to overpay £2500 on the mortgage this year. We have lived in our house for 6 months now (it's our first home), and I really want to get into good habits of overpaying the mortgage early on......

and I know that I have some spare cash at the end of every month that can be used as an overpayment (as does OH). I figure that at this early stage in our mortgage, every overpayment no matter how tiny will be helpful.....

Quite right, any money overpaid early on can be viewed as especially valuable as you wont be paying interest on that money for the life of the mortgage.
Each pound overpaid may well be saving you an extra £2 or more depending on your term and interest rate.

Good luck with it.

oh and is your name "a typical blonde" or "atypical blonde"?? Its difficult to tell without spaces and theyre clearly very different! :rotfl:

atypicalblonde

Thank you both for your replies! SPL - Yes, my savings are in an ISA - I put a certain amount in that each month (as you can see I haven't reached my 3k limit yet, so I know theoretically I should fill my ISA allowance before overpaying, but the sense of satisfaction of overpaying even just small amounts is great!).

A lot of my friends look at me like I'm bonkers for overpaying (then again, they think it's bonkers that we have bought a house and don't rent like them!!). JonnyBravo, thanks also for your reply - it is "a typical blonde"!! - that made me smile!!

Thanks guys x

elantan

hi and welcome to the mfw board lovely people here just like the dfw board youll fit right in lol

atypicalblonde

Thanks el hope things are all well with you x

elantan

things are going great as i said to my oh the futures so bright i gotta wear shades :rotfl: :rotfl: :rotfl: (well a girl can but dream:rolleyes: ) there are a few of us on the mfw newbie 2008 thread making plans and goals etc pop over if your interested ...or better yet start a diary i just love diaries me:j

atypicalblonde

Thanks for the encouragement hun, I think I might use this thread as my little log to keep track, even if no-one reads it, it allows me to keep myself motivated! Glad everything is good with you hun.

Right then, my aim is to overpay the first £50 this week. Not much, but every little helps!

SPL

all i can say is good for you - as ultimately you are saving towards a mge free future, probably earlier to the age that i am now ( which if i am honest i still think is relatively young , but that is only cause i still think i am not a lot older than 21 even though am 32 !!!)

On a more serious note though do use all the different calculators on here - i know exactly what you mean about the satisfaction of paying off your mortgage and seeing even a small amount of decrease; but ultimately if you use the calculators in the right way then you will be able to see what is the best way for you to use the one or two pounds ( or one/two hundred pounds etc.) that you have and you can play it (isas, etc etc.) to see which is the best possible way to see the overall total come down.

once again well done to you and oh - and by the way this does not mean thta you cannot enjoy life and have fun - there are so many other ways to do this without using up tons of cash and that is again a whole other thread (maybe tomorrow)

atypicalblonde

Thanks SPL, that is very kind of you to say. Previously, when I was in debt, I was wasting money on all sorts of rubbish, but the help of the DFW Board taught me how to budget effectively, which is what has made me realise that I can have a life (just not waste money on rubbish!), and still have some left over to do things like overpay the mortgage, pay into my pension etc.

Thanks again for the encouragement x

atypicalblonde

Hi everyone

I hope nobody minds me popping up again - I can't believe I first posted on here almost 11 months ago!

Well, as you can see from my signature, myself and darling OH are doing really well this year - we have almost hit our OP target. We now want to push this to £3,000 by the end of the year, which I think is achievable.

Our standard monthly OP is £200, and any extra cash we have goes straight on as an OP as well. From January, OH will have a wage increase so we are increasing the standard OP to £400 (maybe £450 if I can trim down the SOA a little more!)

I just want to thank everyone on this board for the amazing inspiration provided - I am hugely proud of what me and OH are achieving. We don't know many people at our age (22) that have bought houses, and whenever we tell people about our MFW plans it is generally met with some hostility, so we tend not to say anything now and just quietly get on with it.

Fingers crossed for hitting £3k by the end of the year, I'll keep you all updated!

ATB xx