The countdown has officially begun. On 28 August, I’ll make my very first mortgage overpayment. It’s a strange mix of excitement and nerves — kind of like signing up for a marathon, but with less sweat and more spreadsheets.
I’ve been thinking about this move for over a year, mostly because my partner went all-in last year and cleared their mortgage with the annual allowance. Now it’s my turn to chip away, one small payment at a time. This feels less like a race and more like a slow, steady stroll towards financial independence — the kind where you sip your tea without worrying about the mortgage looming over you.
Here’s the thing: I’m new to this. So, I’m putting out a Reader Tip Jar — a chance for you to send me your best ideas to help me overpay my mortgage. For every tip I can actually use, I’ll set aside a fiver (£5) and throw it at the mortgage. I’ll keep a public tally too, so we can watch this slow burn happen together.
Why This Matters
Overpaying a mortgage isn’t just about saving a few quid on interest — though that’s nice. It’s about reclaiming peace of mind and getting a little closer to financial independence every month. There’s a lot of pressure out there to hustle harder, pay off debts faster, and do it all yesterday. But what if it doesn’t have to be that way?
This slow, intentional approach is about playing the long game. Making small, manageable changes that don’t leave you stressed or broke, but instead build momentum. Plus, less debt means less mental clutter and fewer monthly worries — a small nod to minimalism and better health in its own right.
Reader Tip Jar: Your Ideas Fuel My Mortgage Overpayment
Here’s where you come in. Have a nifty way to overpay without feeling the pinch? Maybe a quirky savings hack or a tiny habit that adds up? Share it in the comments. For every tip that’s practical and I can actually use, I’ll set aside £5 to add to the mortgage payment.
I’m tracking it all right here on the blog — think of it as our little community challenge. I’m a newbie at this, so your wisdom will help keep me on track and motivated.
Your Mortgage Overpayment Challenge List
Here are a few ideas I’ve been mulling over to get the ball rolling. Feel free to pinch, tweak, or tell me why I’m bonkers for trying any of these:
Daily & Weekly Habits
- Round Up Daily Spending — Use your banking app to round up purchases and send the spare change to your mortgage monthly.
- One “No Spend” Day/Week — Pick a day to spend nothing and overpay what you’d usually splash out. Perfect excuse to hide from your bank app.
- One Thing Less Habit — Skip one planned purchase each week and throw that money at the mortgage instead.
- Takeaway Tax — Match every takeaway or meal out with an equal overpayment. Because guilt tastes better paid off.
- Two-in-One Meals — Cook double portions, freeze half to avoid takeaways, and overpay the savings.
- Two-Week Grocery Challenge — Live off your pantry and freezer for two weeks and put the leftover grocery money toward the mortgage.
- Skim Current Account — Weekly sweep of anything above a set balance straight to the mortgage.
- End-of-Month Surplus Sweep — The day before payday, send any leftover balance to the mortgage.
Seasonal & Annual Wins
- Annual Lump Sum from Savings — Commit to a yearly big overpayment whenever possible.
Selling & Decluttering
- Sell Unused Items — Clear out clutter and put the proceeds towards your mortgage.
- Declutter in Waves — Sell in stages for ongoing little boosts.
Windfalls & Gifts (If They Happen)
- Overpay with Found Money — Tax refunds, surprise cash, side hustle wins — funnel them into your mortgage.
- Birthday/Christmas Cash Gifts — Send those gifts straight to your debt.
Gamification & Public Challenges
- Mini-Challenges — No-spend months, no takeaway coffee, or other quick challenges to save a little extra.
- Second-Hand First — Buy used instead of new and overpay the difference.
- Minimalist Month — No non-essentials plus a focused selling spree.
- Reader Tip Jar — That’s you, sharing tips and ideas that get rewarded.
Gentle Questions for the Road:
I’m just about to start this mortgage overpayment journey, nudged forward by your ideas and support. Please, please drop a comment to help me do this!
What’s stopping you from overpaying your mortgage today?
What’s one tiny overpayment habit you think you or I could stick with?
If money wasn’t a worry, how would you approach your mortgage?