Need some encouragement!

clarew

Just got my statement from nationwide (tho i check it online anyway!), need some remotivation/encouragement as seeing it in black and white is depressing.

Jan1st 2007 opening balance £170,089,98
31st dec 2007 closing balance £164,964,59
Interest for the year £8,629,61:eek:

My overpayments=£918.03, not even 1months equivalent payment.

I am currently on maternity leave so am only managing £10/month overpayments plus the £13and odd pence we automatically overpay to round up the repayment each month to £1100 (yep-the joy of living in london).
I just need to keep my chin up and keep going, at least £10 is better than nout. Plus my mystery shopping etc i will add in here when i do them thro the year.

Good luck to you all on your mfi3/by 40 quests, i have 20yrs to go, by then i'll be 50!!!!!!!!

ftbworried

Well done for your efforts so far! Don't be so hard on yourself- lots of people don't make any overpayments at all, especially when on maternity leave (people I know have taken a mortgage break then!! :eek: ).

It can be very frustrating when paying off a large mortgage (I'm another £1k a month-er) because some are able to over pay hundreds a month and still pay less than your standard mortgage payments. It doesn't mean that you are trying any less though. Even if your overpayments are only knocking months off your mortgage, just imagine what a couple of months of not paying your mortgage would be like! Even small amounts of time not paying a mortgage will make a real difference to your life!

jay_dee

Clarew - you're mortgage is almost exactly the same amount as ours - we're also with nationwide - currently have 19 years to go. We decided last year that we wanted to start making overpayments - but never seem to have spare cash. (note to myself - study MSE more:rolleyes: ). You are doing so well making those extra payments - well done!!:j

torbrex

Its great if you can pay even a small amount off your capital because next month the interest will be that little bit less and if you make the same payment there will be just that little bit extra off your capital again, it all mounts up (or should that be down?).
I started out the same as you albeit on a smaller mortgage, I was just paying about £15 a month extra at first and now I am paying about £150 extra, and rising each month, partly due to changing lifestyle and partly because my capital was being slowly reduced by increasing amounts each month.
Hopefully I will be in the lucky position to pay off the balance next January and be mortgage free 8 years early.

Come join us on the newbies thread.

mountainlioness

Hi Clare - I totally empathise! We're in herts, which I know isn't as bad as London but it's still pretty mad. Our normal monthly payments are just under £1700!!! As the others have said, you're doing really well, and the impact of the overpayments, however small you think they are, will start to show. So keep it up

Di-Dough

Hi Clare - i know what you mean - we only took our mortgage out last August and although we have made some overpayments as well as normal payments it seems that it has not even made a dent. It seems a verrry long time in the future before we will start seeing the benefit - and I am quite impatient :rolleyes:

Di

17Dave

Hi Clare
Well done for overpaying - even a month £23 will reduce your interest and term.

If I had a £1 for every client that was absolutely definitely going to overpay and didn't I'd be able to overpay my mortgage!!!!!!

Keep smiling, keep overpaying, keep the faith.