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Can't believe what a difference an OP makes!
hotcookie101
Posts: 2,060 Forumite
Hi,
Inspired by MSE I have made a commitment to OP my mortgage by £50 per month.
its about 115000 over 23 years, just remortgaged to HSBC lifetime tracker at 0.49% above base rate (currently 5.49% total)
They reckon this will save me over £11K in interest! Am amazed did not think it would make that much difference
Inspired by MSE I have made a commitment to OP my mortgage by £50 per month.
its about 115000 over 23 years, just remortgaged to HSBC lifetime tracker at 0.49% above base rate (currently 5.49% total)
They reckon this will save me over £11K in interest! Am amazed did not think it would make that much difference
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Comments
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Your light bulb moment is early enough that you can really make a difference, well done.
Will you be joining us with a regular thread on progress?0 -
hotcookie101 wrote: »Hi,
Inspired by MSE I have made a commitment to OP my mortgage by £50 per month.
its about 115000 over 23 years, just remortgaged to HSBC lifetime tracker at 0.49% above base rate (currently 5.49% total)
They reckon this will save me over £11K in interest! Am amazed did not think it would make that much difference
Nice rate HSBC have given you there, can i ask how much the fees were?MFW - We've only gone and blooming done it!May 2013:j0 -
What a great mortgage rate you've managed to get. Good luck with the overpayments. :beer:0
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Tesco_points_addict wrote: »Nice rate HSBC have given you there, can i ask how much the fees were?
I remortaged back in june (started ball rolling end of april time) when they had their rate matcher offer but the fees for that were going to be £1499, paid upfront which I just didn't have, so I went with the lifetime tracker with 599 fee, but all legal and valuation etc were free. Was pretty pleased with it, just hope interest rates don't go up :eek:
I don't think there will be much more in the pot for OP in the near future though-have a very expensive trip to Africa coming up, lawnmower went boom yesterday, have just had to rebuild media centre pc, OH bought a new bike and am sure there is more waiting round the corner to take ALL of our wages away!:rotfl::rotfl:0 -
Well done for getting into it, and as Stuart says, you've cottoned on early enough to make a big difference to the overall picture. Why not do as we have and commit to add in any cash that comes your way that you wouldn't otherwise have had to the mortgage? We've thrown small increases due to the tax changes, part of pay increases, and stuff like that, at ours, and we're now (in a relatively short space of time) OP'ing 16% per month. Ours is just added to our regular DD so is easier to do as a regular thing than having to make special payments.
Looking forward to seeing your progress!🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25
Balance as at 31/08/25 = £ 95,450.00. Balance as at 31/12/25 = £ 91,100.00
SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
We would love to OP and i read the MFW thread everyday for inspiration - like many others. At the moment, it feels like any extra bits we do get in just about cover the normal expenses given that everything has gone up so much!
Good news is that hubby should be getting about £100 a month payrise so might try to use at least some of this to OP.
Essexh - can i just ask did you just increase your normal DD?? do we need to call mortgage provider to do this or just do it at bank?? thanksEssexHebridean wrote: ». Ours is just added to our regular DD so is easier to do as a regular thing than having to make special payments0 -
Thats what I have done too-initially I set it up to be a standing order of 50 per month, but they would have sent me a letter every month, so I contacted HSBC (bank with nationwide) and asked them to increase the DD (I did this online which is great
)
If rates go up above what is is now then they will increase it to the required amount only, not automatically..0 -
We started off overpaying by £50 a month.
Before long you won't notice it anymore and will 'find' a bit of extra money for an occasional lump sum overpayment.
Then you can decide you could be overpaying by £100 a month, and on it goes until you find a level where you can still overpay but still have holidays, food treats, day trips with the family etc.
It's just you'll be MSE so they'll cost a bit less, or will be done with Tesco Clubcard vouchers.:D
At least that's how we've ended up, see my sig, overpaying by £200 a month and still living in the manner to which we were accustomed before!:DMember of the first Mortgage Free in 3 challenge, no.19
Balance 19th April '07 = minus £27,640
Balance 1st November '09 = mortgage paid off with £1903 left over. Title deeds are now ours.0 -
plzhelpmesave! wrote: »We would love to OP and i read the MFW thread everyday for inspiration - like many others. At the moment, it feels like any extra bits we do get in just about cover the normal expenses given that everything has gone up so much!
Good news is that hubby should be getting about £100 a month payrise so might try to use at least some of this to OP.
Essexh - can i just ask did you just increase your normal DD?? do we need to call mortgage provider to do this or just do it at bank?? thanks
We're with Northern Rock and we just ring them up when we want to increase the DD. It's as easy as that.🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25
Balance as at 31/08/25 = £ 95,450.00. Balance as at 31/12/25 = £ 91,100.00
SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
thanks guys - will get hubby to call up and increase our DD. May just round it up from £705 to £750 and see how we go!
thanks0
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