2009 MF Wannabe's

phizzimum

we got our monthly mortgage statement through yesterday and in December we only paid £156 interest. Just heard that Bof E have cut interest rate by half a percent to 1.5%. I haven't been able to find out if our tracker mortgage has a collar so not sure if we will benefit from full cut or not.

So it's :j for everyone who has a tracker, but apologies to everyone on a fixed rate or anyone who dared to hope for a good return on their savings.

sky-blue_pink

I've always had a fixed rate and this is the first time I've not benefitted.

So, on the whole, it has saved me money (OK, I know its not now!)

See - forever the optimist; plus too chicken to have a tracker.

Floxxie

phizzimum wrote: »

we got our monthly mortgage statement through yesterday and in December we only paid £156 interest. Just heard that Bof E have cut interest rate by half a percent to 1.5%. I haven't been able to find out if our tracker mortgage has a collar so not sure if we will benefit from full cut or not.

So it's :j for everyone who has a tracker, but apologies to everyone on a fixed rate or anyone who dared to hope for a good return on their savings.

Hurray, hurray!
Great news about the rate cut.

I'm one of those that has the target of 'getting the mortgage to £65,500'. Just worked out that would require overpayments (including normal payments) of £23,154 :eek:Perhaps I should have worked that out before deciding the target!

Have started a challenge to raise my monthly interest charges and pay those off so figure above should be sort of accurate. Also decided not to reinvest the funds from a failed Icesave ISA so have paid those off the mortgage. Today the mortgage balance is £85,553 - only another £20,053 (and interest) to go...

Floxxie

emma_nottingham

Im very happy today thanks to another cut in rates. I am on HSBC SVR because I refuse to pay the charges attached to taking out new deal. Everyone thought I was nuts but im very pleased. From February will be paying a rate of 3.94%. Thats a monthly saving of £44.62. All of which will go towards OPing. Hope many more of you are benefitting from this cut too.
(I know I wont be so smug when the rates start to rise again but for now im celebrating!).

AvidSaver

Yes, pleasing to hear interest rate cut again - will really benefit my tracker mortgage. First overpayment £698 paid earlier this week. Hopefully will be more next month by keeping payment same. "Cash Can" of £2 coins almost full which will go to mortgage account. Sadly have to pay £10 admin charge to make a capital payment to mortgage, but busy working out a way round this. Lost track of overpayments made last year, but hoping to be able to work out from annual statement due shortly. Good to join you all this year to keep better track of payments made and keep motivated.

SmileyG_2

zavarony wrote: »

Our target at the moment is in excess of £820,000

a bit difficult to be more accurate as some targets are 'to get mortgage below...' or 'reduce mortgage by...' rather than a particular amount to OP but that is a fantastic target to have. Definately something to aspire to!!!

That's fantastic! It would be great if we can get to the Magic Million!

Thaks for that!

SmileyG

Gazella77

Right, paid in another £690 which makes it £1140

AvidSaver, thanks for the reply. I'm on a fixed actually and I'd rather want to avoid £10 charge.
I have just received a very helpful PM which explained everything, and according to it to avoid £10 charge you are allowed to make o/p equal to your DD monthly.
Which unfortunately means I exceeded it by £430 so we'll see what happens.
I guess I'll wait till next month before putting any more

jollybabe

I made my first overpayment of £30 last week! It's begun!

Was highly amused though, when I asked for the girl to give me the account number to allow me to set up a Standing Order so I didn't have to go into the branch and she tried to give me my current account number where my monthly DD comes from and was adamant that this was what I needed to set it up to go into! It took a bit of persuading that she had the wrong number (a different bank's sort code as well!) and finally got the right one out of her! Clearly not an influx of people overpaying mortgages in this area

zavarony

jollybabe wrote: »

I made my first overpayment of £30 last week! It's begun!

Was highly amused though, when I asked for the girl to give me the account number to allow me to set up a Standing Order so I didn't have to go into the branch and she tried to give me my current account number where my monthly DD comes from and was adamant that this was what I needed to set it up to go into! It took a bit of persuading that she had the wrong number (a different bank's sort code as well!) and finally got the right one out of her! Clearly not an influx of people overpaying mortgages in this area

Well done Jolly - did you get that lovely warm feeling knowing you had OP'd... its a bit addictive so be careful:D Dont forget to let me have a total at the end of the month - or whenever you hae made your final payment during the month:rotfl:

Zav

aliwali

Made my first £5 overpayment this month. Wohoo

Have finally got dh on board and he is going to increase dd rather than let it decrease with rate cut (our rate is 1.98% at the moment, crazy!!!). So we should be overpaying by about £60 from next month. After April I will have more disposable income as I will have finished paying a loan off so can really start to attack our £1000 target.

Well done everyone so far!