2009 MF Wannabe's

ShelleyC_2

Go for it Zav :j

Little_Mama

zavarony wrote: »

Hi all,

Ive updated all totals sent so far this month and we have already paid off a staggering £23,549 and its only the 16th Jan!!!!!

WOW way to go us - lets keep going for that cool £1 million

Keep up the good work everyone
xx

I cannot wait to add to this total....remortgage 2 weeks tomorrow....ooh, only 14 sleeps til I can make an overpayment....:j

Thanks for the motivation!

LM

Little_Mama

zavarony wrote: »

I suppose I have to take advantage of the low interest rates dont I!!

Most definitely.

LM

missthrifty

Just paid another £20 to mortgage. :j Small o/p compared to some but

mortgage balance is reducing and I will increase payments when I can.

miss t

abouttimetoo

Hi all

Just made my first OP of the year - £500. This means that for the first time ever my interest only part will have fallen below £90k so it will be lovely to strart and track numbers with an 8 in front! :j :j

madwife28

:T Well done everyone on your successes! Can't wait to join you on the 25th (payday!) First overpayment of the year! YAY!!:j

jackie_w

Hi Everyone,

I was on the phone to my mortgage company today about something, and when I was on I asked them if I made overpayments if it would reduce my interest payments. They said it wouldnt my interest payments would remain the same.

We are currently on a fixed rate, and I thought, even though the interest rate would remain the same, if I was overpaying, the actual amount of interest I paid every month would reduce, because my overall balance would be reduced.

Is this right?

Jackie xx

shirlgirl2004

Is the interest calculated yearly or something? I can't think why else it wouldn't.

mothershipton

hi, just paid £500 into mortgage account. I pondered whether or not to use my savings but have decided they arent earning much money. Even the ISA is earning less than my mortgage is costing (fixed at 5.8%...)

cheers

blueberrypie

jackie_w wrote: »

I was on the phone to my mortgage company today about something, and when I was on I asked them if I made overpayments if it would reduce my interest payments. They said it wouldnt my interest payments would remain the same.

We are currently on a fixed rate, and I thought, even though the interest rate would remain the same, if I was overpaying, the actual amount of interest I paid every month would reduce, because my overall balance would be reduced.

Is this right?

Jackie xx

It might be that your interest is calculated daily but your payments are only recalculated annually - so you do benefit from the over-payment, but it doesn't mean your monthly payment goes down until whatever date they recalculate that. Or it might be that they use your overpayments to reduce your term, rather than reducing your monthly payments.

If you look at your mortgage documents, it will tell you how your interest is calculated - daily, monthly, etc - and what happens to over-payments.