2009 MF Wannabe's

Maslowe

Hi Zav

Had huge IT problems hence my lack of postings. I would like to post £1200 for this year due to financial pressures.

Thanks Maslowe

zavarony

Hi Maslowe - I have added your target to the first post - dont forget to PM me each month with your number and OP amount.
Good Luck with your 2009 challenge

Zav

zavarony

Evenin all - I have had my hours increased at work for 3 months starting 1 feb - Im not sure whether to save and try and build a rainy day fund (dont have anything saved at the moment - I know its not good ) or I could OP an extra £500 per month.... Still undecided but it will hopefully turn into a 2 year increase to cover my Job Share partners secondment so maybe I should build savings first, then pay off the little bit (£2k) I owe on my CC at 18.9% then start to OP... too many different choices!
I know the sensible thing is the CC and the savings but I love the idea of gettin rid of the Mortgage asap so you see my dilemma :rotfl:

financialbliss

zavarony wrote: »

...maybe I should build savings first, then pay off the little bit (£2k) I owe on my CC at 18.9% then start to OP... too many different choices!
I know the sensible thing is the CC...

Hi Zavarony,

Good news on the hours. Personally, I'd tackle the CC first @ 18.9%.:eek: This is likely to easily be 3 times (or more) the rate of your mortgage, so I'd address that first. Have you explored the possibility of balance transferring to another low or 0% card? Your mortgage is cheap credit

After the CC, or perhaps at the same time, build up a savings pot. Then depending on where savings rates are in relation to your mortgage, overpay or save up a lump sum and then overpay, depending on your mortgage product and T&Cs.

It's all about the percentages...

FB.

zavarony

financialbliss wrote: »

Hi Zavarony,

Good news on the hours. Personally, I'd tackle the CC first @ 18.9%.:eek: This is likely to easily be 3 times (or more) the rate of your mortgage, so I'd address that first. Have you explored the possibility of balance transferring to another low or 0% card? Your mortgage is cheap credit

After the CC, or perhaps at the same time, build up a savings pot. Then depending on where savings rates are in relation to your mortgage, overpay or save up a lump sum and then overpay, depending on your mortgage product and T&Cs.

It's all about the percentages...

FB.

I agree, I think the CC needs to go - I applied last year for a Sky card with the intention of balance transferring but they only gave me a £500 limit so not much point really!! (the balance was over £4k 6 months ago :eek:) Its better tho as we use the SKy card now for most things, then transfer the money straight out of the current AC to pay it off (I get points to pay off my sky bill)

They've only just put the CC rate up from 14.9% to 18.9% (nearly 10 x my mortgage rate of 2.19% :eek:)o I know I need to get rid asap

Thanks FB - I have got rid of so much debt over the last 12 months I feel really proud of myself since we are also OPing the Mortgage and OH has taken on loads of extra work to help out (hes an electrician so theres always something around altho things are slow at the mo) just the CC to go so maybe I will feel better when I cut it up!!:rotfl: :rotfl: :rotfl: :rotfl:

katiegizmo

SmileyG wrote: »

Hiya Katie


There is a list of FAQs on this site reference mortgage overpayments

http://www.halifax.co.uk/mortgages/Existingmortenquiries.asp

I would ring them again on the number given and try again.

I used to have a mortgage with the Halifax (a long time ago). Just write a cheque and put the Mortgage account number on it as in "Pay A/C No ********" next time you go anywhere near the branch, pay it over the counter.

Alternatively set up a variable web savwer account and fund it with the minimum amount (£1.00). When you want to overpay, just fund it online then transfer the money into the mortgage account when it clears.

Let us know how you get on. It doesn't matter how small it is, every little helps!

SmileyG

thanks Smiley!!

am thinking of setting up a joint account with Halifax with my OH now so we can both use it to overpay.

i used to be with A&L and it was much easier with them i thought, and the statements etc were a lot clearer... maybe its just me!

katiegizmo

zavarony wrote: »

I agree, I think the CC needs to go - I applied last year for a Sky card with the intention of balance transferring but they only gave me a £500 limit so not much point really!! (the balance was over £4k 6 months ago :eek:) Its better tho as we use the SKy card now for most things, then transfer the money straight out of the current AC to pay it off (I get points to pay off my sky bill)

They've only just put the CC rate up from 14.9% to 18.9% (nearly 10 x my mortgage rate of 2.19% :eek:)o I know I need to get rid asap

Thanks FB - I have got rid of so much debt over the last 12 months I feel really proud of myself since we are also OPing the Mortgage and OH has taken on loads of extra work to help out (hes an electrician so theres always something around altho things are slow at the mo) just the CC to go so maybe I will feel better when I cut it up!!:rotfl: :rotfl: :rotfl: :rotfl:

you could always put £485 on the CC and £15 on OP the mortgage each month, thats a £360 OP over the 2 years and you are still tackling your biggest % debt first but getting an OP thrill at the same time?

nic283

Hi folks,

I went to the building society today with a cheque for £2300. Not bad but I'm not as excited as I thought I'd be. Maybe I'll feel differently when the mortgage statement arrives in Mar/Apr! I can't wait to switch mortgage in 2 years time so I can OP whenever I like.

Best of luck to you all! :beer:

jackiegibbo

Ive just signed onto halifax's online banking service so that i could see my mortgage balance and payment/overpayment transactions but ive ended up dissapointed as it doesnt seem to show all these things.
Can anyone suggest a mortgage that i can see online which shows monthly payments etc or do these not exist

many thanks

SmileyG_2

jackiegibbo wrote: »

Ive just signed onto halifax's online banking service so that i could see my mortgage balance and payment/overpayment transactions but ive ended up dissapointed as it doesnt seem to show all these things.
Can anyone suggest a mortgage that i can see online which shows monthly payments etc or do these not exist

many thanks

Hiya Jackie

My Nationwide online banking facility includes my mortgage account. I can see my outstanding mortgage balance for today (its calculated daily), and the total payment against the mortgage for any given month.

I have to say I find it really easy to use and to see the balance reduce as the overpayment goes in is very satisfying.

I wouldn't recommend the Nationwide for the online facility alone, but if the rates are good, the convenience is certainly a strong reason to choose a N'wide mortgage.

SmileyG