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  • FIRST POST
    • CrowdieSaver
    • By CrowdieSaver 29th Mar 17, 12:51 PM
    • 30Posts
    • 72Thanks
    CrowdieSaver
    Party of Five's Overpayment Adventures
    • #1
    • 29th Mar 17, 12:51 PM
    Party of Five's Overpayment Adventures 29th Mar 17 at 12:51 PM
    Hello all

    I hope you don't mind me joining you all. I am a long time lurker and reader of these forums, and have been looking forward to the day when I could join.

    A bit about me: single-mum to 2 lovely children and 2 mad dogs (hence the title of this thread, use to love that tv show, and it seemed an apt title), the wrong side of 40, and desperate to pay off my mortgage before I get too old..! Just out of a long-term relationship where he loved spending money (mine included), which left me with no savings and a credit card which took a bit of a hammering (but I have now paid this off, and do not intend to use it again. If something is needed, I will save up for it). He used to laugh at my plans to save an emergency fund and to pay off my mortgage, and said that I was stupid, life was for living and the mortgage was there to be paid off at the official end date, and not before....! He also said that if we needed to buy anything and could not afford it, then we took out a loan or stuck it on the credit card....suffice to say, we had different views on money...and that (along with a whole load of other reasons) is why we are no longer together. Far better just me and my gang bumbling along together as a Party of Five!

    The only sticking point to my overpaying plan, is that I have not got much spare cash to overpay with...I am currently in a not so greatly paid job (which I'm actively doing something about), and what with bills, trying to save for house improvements/emergency fund, there is not a lot spare to go around.

    I'm aiming to save £100 each month to start with and then overpay every couple of months, until I get a better paid job anyway, and then hopefully once I get a wage increase, overpay £250 upwards each month from then on. I can't overpay anything less than £201 per month, as I was nicely informed by my Spanish bank when I rang to set up a standing order to overpay my £100 each month....hey ho...

    Mortgage left is £60,000, and payment is £429 per month with the Spanish Bank - my fixed rate came to an end a couple of years ago, and I'm on their svr. I cannot re-mortgage due to my poorly paid job, the Spanish Bank and my own Building Society have both turned me down, so I guess I'm stuck on this rate until I get a better job..? Goodness only knows how I got a blooming mortgage in the first place, but it was 9 years ago, and I had a bit more cash in my savings then due to separating from my kids' dad and him buying me out of our marital home. All ok now, we all get on great, which is good for all of us.

    I'm doing all the usual - surveys, cut back the food bill (now only spend £100 per month), don't use the car unless I have to... anyone got any other tips?

    Anyway, that's enough ramblings for now, I have read most of your threads and devoured all bits of information possible, but please feel free to comment and give me any other tips and advice you may have. I will be updating this thread regularly, if only as an incentive for myself, and hopefully I will be getting rid of this stress on my shoulders sooner than the Spanish Bank think I should....


    Take care for now x
    Mortgage at Jan 17: £60,000. Mortgage now: £55,742 Mortgage end date: WAS Jan 2034. NOW Oct 2033....
    Hoping to be mortgage free by February 2022.....
    2019 MFW #97 £460 / £3,000
    Overpayments of £250 (unless stated): 2017: April/Sept. 2018: Feb. 2019: Jan (£460)
Page 3
    • greent
    • By greent 28th Dec 18, 5:49 PM
    • 7,724 Posts
    • 78,723 Thanks
    greent
    Fingers crossed that this new job works out much better for you x
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786 12/18 £54829 2019 OPs (#18) £421.46/£5K
    Net sales 2019 £20.01/£500
    • Takeaway_Addict
    • By Takeaway_Addict 28th Dec 18, 8:24 PM
    • 5,945 Posts
    • 6,916 Thanks
    Takeaway_Addict
    Well, my plan to post here and overpay regularly well and truly went out of the window...it's been a rubbish few months, what with one thing and another....lots of unexpected bills (house emergencies etc) which have eaten away at my savings pot, and left me no chance to overpay at all...and the new job turned out to be too good to be true as well....I start another new job in the New Year...hopefully this one works out better than the last one..! It's more money each month so I have revised my plan accordingly:

    Overpay £250 each month
    Save £200(ish) each month

    The rest of my monthly money will go on bills, virtual pots and food. Should be do-able...but will be tight, but I'm used to that anyway, and I've joined the 2019 MFW challenge to keep me accountable...

    Here I go again.....fingers and everything crossed it works out this time....
    Originally posted by CrowdieSaver
    Personally I think you beat yourself up to much, you may not be overpaying but you're not going into debt to sort out issues. That you should see as much more of a positive.

    Keep going forward.
    Don't trust a forum for advice. Get proper paid advice. Any advice given should always be checked
    • CrowdieSaver
    • By CrowdieSaver 29th Dec 18, 11:22 PM
    • 30 Posts
    • 72 Thanks
    CrowdieSaver
    Thanks Takeaway_Addict and Greent for your kind words.... you're right, I am always too hard on myself and should be giving myself a pat on the back....I need to think more positively in 2019 and remind myself how far I've come and what I've achieved...
    Mortgage at Jan 17: £60,000. Mortgage now: £55,742 Mortgage end date: WAS Jan 2034. NOW Oct 2033....
    Hoping to be mortgage free by February 2022.....
    2019 MFW #97 £460 / £3,000
    Overpayments of £250 (unless stated): 2017: April/Sept. 2018: Feb. 2019: Jan (£460)
    • CrowdieSaver
    • By CrowdieSaver 30th Dec 18, 12:35 PM
    • 30 Posts
    • 72 Thanks
    CrowdieSaver
    To start the New Year as I mean to go on, I've just been to the supermarket and spent £5.00 on lots of lovely yellow stickered items, including fruit, vegetables, salad items and mature cheddar. Am planning to make a variety of meals with these, which include tomato, red pepper and chilli soup, carrot and kidney bean burgers, vegetable moussaka. We also have a large chicken in the freezer which will need defrosting as my son and I are planning to have a roast chicken dinner with all the trimmings on New Years day (daughter will have a vegetarian alternative). All in all, we have enough food to last 7-10 days, but will need to pop out again in a couple of days for milk, but that is all.

    Now off to spend a happy hour or so creating my bills spreadsheet for 2019 and also an overpayment spreadsheet...is it sad that I'm looking forward to doing this?!?
    Mortgage at Jan 17: £60,000. Mortgage now: £55,742 Mortgage end date: WAS Jan 2034. NOW Oct 2033....
    Hoping to be mortgage free by February 2022.....
    2019 MFW #97 £460 / £3,000
    Overpayments of £250 (unless stated): 2017: April/Sept. 2018: Feb. 2019: Jan (£460)
    • greent
    • By greent 30th Dec 18, 2:37 PM
    • 7,724 Posts
    • 78,723 Thanks
    greent
    Now off to spend a happy hour or so creating my bills spreadsheet for 2019 and also an overpayment spreadsheet...is it sad that I'm looking forward to doing this?!?
    Originally posted by CrowdieSaver
    Nope - I think many of us feel the same!
    x
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786 12/18 £54829 2019 OPs (#18) £421.46/£5K
    Net sales 2019 £20.01/£500
    • CrowdieSaver
    • By CrowdieSaver 6th Jan 19, 8:42 PM
    • 30 Posts
    • 72 Thanks
    CrowdieSaver
    Happy New Year to all

    Been a lovely few days, have spent some lovely quality time with the kids, but back to work tomorrow..a new job and fresh challenges await, which I'm looking forward to, bit nervous, but hoping that it all works out this time. Fingers crossed.

    I have £470 in my overpayment pot, which I'm looking forward to overpaying next Saturday...will be wishing the week ahead away...this is from a mixture of money I received for Christmas, and money I made selling things on the Bay of E and also a small tax rebate! My mum told me to put my Xmas money from her towards something nice....so I am...! I dare not tell her where it is going, she would be appalled and quite angry with me I think...have mentioned my hoping to overpay to her in the past, and the conversation was very short and sweet, but resulted in her asking me what I wanted to do that for...even my sister rolled her eyes when I mentioned it to her once....I don't bother to talk about it now

    Anyway, I will keep plodding on silently, apart from coming on here regularly, at least you all understand...

    Hope you all have a lovely week x
    Mortgage at Jan 17: £60,000. Mortgage now: £55,742 Mortgage end date: WAS Jan 2034. NOW Oct 2033....
    Hoping to be mortgage free by February 2022.....
    2019 MFW #97 £460 / £3,000
    Overpayments of £250 (unless stated): 2017: April/Sept. 2018: Feb. 2019: Jan (£460)
    • CrowdieSaver
    • By CrowdieSaver 12th Jan 19, 12:10 PM
    • 30 Posts
    • 72 Thanks
    CrowdieSaver
    First Overpayment of 2019 Made!
    Whoop whoop! Today is a good day - made my first overpayment of 2019...£460 overpaid this morning! So excited, a small dent in the overall amount still to be paid off, but this overpayment will knock 2 months off my mortgage life, so I'm super happy today

    I'm aiming to pay £3k in overpayments this year, so only £2,540 to go....

    I won't be able to make the next overpayment until March, until my bank account sorts itself out and I've had my first full month's salary from my new job...it seems such a long way off!

    CS x
    Mortgage at Jan 17: £60,000. Mortgage now: £55,742 Mortgage end date: WAS Jan 2034. NOW Oct 2033....
    Hoping to be mortgage free by February 2022.....
    2019 MFW #97 £460 / £3,000
    Overpayments of £250 (unless stated): 2017: April/Sept. 2018: Feb. 2019: Jan (£460)
    • greent
    • By greent 13th Jan 19, 8:54 AM
    • 7,724 Posts
    • 78,723 Thanks
    greent
    Yeay! - brilliant start to 2019! x
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786 12/18 £54829 2019 OPs (#18) £421.46/£5K
    Net sales 2019 £20.01/£500
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