2009 MF Wannabe's

SmileyG_2

My October update.......
Overpayment today is another £250
Overpayment total in 2009 is £2500
Mortgage balance is now £55,441
This also means a predicted interest saving of £534.02 since Jan 2009 until my MF date of September 2014, My £250pm overpayment is more than covering the mortgage interest (£239.32)!

I also got a revaluation on my endowmnet and its worth £2,000 more than I had estimated! Going to get it valued quarterly, my target MF date may be closer than I think, unless the stockmarket falls out of bed!
SmileyG

vwchris

Hi there, #222 checking in....

Aim is to reduce mortgage to £148,000.
Outstanding mortgage balance £146,800.
Total capital repayment required in 2009 is £10,340.
This months capital repayment is £1200.
Total capital repayment for 2009 is £11,540.

Cheers

abouttimetoo

black_taxi wrote: »

is it better making overpayment 2nd week of month instead of lumping overpayment together with end of month payment?

Hi black taxi

The answer depends on how your interest is calculated, if it is done daily then yes, it it better to make the OP as soon as you can e.g.

If your outstanding mortgage is 100k on the first of January and you make an OP of £500 on the 15th of January and your normal payment of £500 Jan 31st this means that you would be paying interest on £100k between 1st Jan and 15th, then interest on £99,500 from 16th to the end of the month.

If you just made one payment at the end of the month which is your OP plus your regular payment you would have paid interest on the full 100k for the whole of the month.

Hope that makes sense - do you know how/when your interest is calculated and when your mortgage provider applies the OP's (some apply them once a year no matter when or how often you make them during the year:eek:)

Regards
ATT

abouttimetoo

Hi all

Just to report my October overpayment - £500 for this month which takes me to £4400 this year or 63% of my target for this year - a bit behind where I wanted to be but I've had an expensive year :rolleyes:

Regards

black_taxi_2

im on a variable rate--3.89% above bank of england base rate of .50%

unlimited O/P without charge.it says following receipt of capital payment or over payment we immediately recalculate the amount.

im self employed so some weeks/months will be better than others.

another great thing is you can see total amount on-line right away.never realised you could.HSBC

last night i had to finish early---got this high fever flu middle of shift--managed 6 hours.drains ya.

good news is fever gone this morning but sorethroat cough still here.but can work.

im going to be more realistic on O/P on not become put off if i miss a month.

time span might put people off because they want instant fast results.

LouiseJ

I have made my October overpayment of £157 taking me to £3894 for the year, I am so behind with my target this year but thankfully I shall be almost £300 better off from the end of the month due to switching to full time work so I shall get back on track soon hopefully.

Everyone is doing so well, keep up the good work:T

Lynn11

No 215 reporting in. Made an overpayment today of £120 (£70 was counted from my mortgage tin of £1 coins). This means that the total overpayment for October was £320.

Helga14

Sorry been rubbish with updates 234. Helga14 - £4000 was my target and I'm at £3600 now so end of October I'll have made it. WOOOP

Hurdler

Hmmm... I'm guessing by the non-response then, that it's too late for me to join...

wantabetterlife

Hi hurdler, if you want to join in you need to send a private message to Zavarony ( see start of thread) who will add you on a give you a number. Hope that helps