2009 MF Wannabe's

zavarony

Well, I have just had to start early - lol - just paid £50 into the ISA. Am wondering how to calculate my OP's, can anyone help??? I have a Yorkshire Bank Offset mortgage and the rates have gone down as the BR has gone down and my rate is currently 2.69% although the payments wont change until my annual review - January I think, so effectively I have paid off more than I have accounted for in Nov and Dec. I have also (to complicate matters further) increased my monthly payment so I dont have to pay any penalties as I am still in my discount period, so although I am now paying £1000 per month in total I dont know how much of this is made up of the 'real' payment and how much is an OP.

Does anyone know how I can work it out or do you think it will tell me the amount I should be paying on my review..... or am I just making it complicated?????

Thanks - now you see why I offered to carry the thread on - I need the help probably more than anyone!!

Although I am really proud of how far me and OH have come since Jan 2008, theres still a way to go and only this site keeps me on track since OH doesnt really have a clue where the money goes!!!
Thanks
Zav

financialbliss

Hi Zavarony,

Think this is correct, but I’m sure someone more experienced than me will correct if I’m way off.

Mortgage X Rate, ie 120,499 X 2.69% ie 3,241.42

This gives the approximate annual interest on your mortgage. Divide this by 12 to give the monthly amount added to your mortgage in interest, ie roughly 270.12 based on your mortgage balance form earlier in the year.

Taking your 1k payment into consideration, you’re paying roughly 270.12 a month in interest while the remaining 729.88 is reducing the capital each month.

Not 100% sure about your review.

May be of, ahem, interest to others – I don’t have a daily or monthly breakdown of interest charged to the mortgage – a single sum is shown per year. I take the interest on the last day of each month and I can then calculate the monthly and daily interest myself. I can then produce stats such as this:

http://forums.moneysavingexpert.com/showpost.html?p=16317339&postcount=691

May be worth grabbing your interest monthly – even if you don’t share this publicly, as it can be very enlightening as the the effects your overpayments are having…

Financial Bliss.

zavarony

Thanks FB

Gives me some food for thought - I never broke it down like that before -will try some number crunching to see how it all works out - might even have a look at the spreadsheet you mentioned earlier on the thread to see how I can use it to help me
Thanks again
Zav

savingfortravel

Congratulations RoxieW for your OP!!
What a fantastic start to 2009 (I know, we're not quite there yet!)

Well done Zavarony too!! Hoping to pay into my ISA tomorrow.. found some cash in a piggy bank we'd forgotten about so half of that will go in too.
Thanks for all your hard work.. just read the thread from start to finish and there has been loads of us keen to join you.
SFT

zavarony

RoxieW wrote: »

Well - bit the bullet and paid £8,000 off today!! Thats our savings from last year and takes our mort down to around £47,000 Planning to arrange £500 a month overpayment in feb - just waiting to confirm finances for 2009 before setting it in stone - plus we need to buy some baby things this month (new baby due feb). Feels good so far though!!

Well done Roxie - what a great start!!! to 2009 :beer:

co123456

I was thinking about a mass 'overpay your mortgage day' for sometime in 2009 with a small prize for the style/effort (rather than amount paid). Any takers?

Anyway, I'm feeling down today so I paid another £10 off today to cheer me up.

elliemoo

Getting ready to make first official MFW overpayment in January, it will only be small but totals should add up to £100 for the month, every little helps.

savingfortravel

Hi Everyone!!
Thanks to a helpful post I read on this thread last night I realised that we won't have to pay an early repayment charge when our fixed rate on loan 2 of our mortgage comes to an end in May this year. This is because we can pay it off in full (it covered mortgage from my old property-was a bit annoyed when the Abbey gave us 2 fixed loans instead of 1 but now I'm delighted).
After checking this we went to the Abbey today to check what I exactly had in my ISA and after doing our sums we should beable to pay off our other loan, the remaining mortgage in Dec 2013 rather than Sept 2014 which will be fantastic!!!

I am so pleased!!! Thanks everyone!!! What a great thread

Cheeryoleary-I'm up for the OP party-Name the day!! What a great way to cheer yourself up.
SFT

Gazella77

Hello,

Thanks for the thread.

My situation:

December 2006 - £116555 mortgage taken
December 2007 - £108013.74 left
December 2008 - overpaid by £2980 (haven't had my statement yet but the mortgage should be around £103000)

2009 aim: o/v by £3000

kizzie01

I've finally got round to setting up my direct debit to overpay by £150 per month, unfortunately the bank can't start it until February.

I've also joined live on £4,000 per year or in my case £4,500 and if all goes to plan I hope to add to this figure.

Thanks to everyone for giving me the inspiration to keep my spending in check!

Here's to 2009!