2009 MF Wannabe's

determined1_2

Gazella77 wrote: »

determined1 I must be daft as I don't understand what you mean by that.

I overpaid £5 000 a few months ago and got my term reduced by 2 years 2 months I think and I kept the monthly payments the same. Is that what you mean? Unfortunately with C&G there is £10 fee for capital repayment and with normal overpayments I can't get the term reduced until the end of the year which is also end of my fix term.

Hopefully the interests stay low and I can benefit from further overpayments, fingers crossed.

I've just looked at my accounts and I think I will be sending more money into my mortgage soon:j

What I mean is to reduce the term that is left o/s. Say you had a term left of 10 years with a monthly payment of £500. To pay £1500 a month, you would be overpaying by £1000. If say (very rough figures here btw), you reduce the o/s term to 5 years, you would then have a monthly payment of £1000 and would only have to OP by £500. As a result not hitting the 10% rule as much.

You would need to consider if you can change the term back if things got tight etc, etc. But this is a good way to get around it. I will be soon I hope.

As you say, C&G won't let you do it, but it was a good idea :rotfl:

elliemoo

I have made another 2 overpayments to the mortgage this month, making my total for April £300 so far. I hope to make another small one before the month end.

I have also got the form from Nationwide to reduce my term. I am currently in a fixed deal at 6.85%, breaks my heart to write it, but I hope to take my mortgage term down by 4 years to 10 years outstanding. This will increase my payments to about £665 per month but will save me 4 years of interest about £13,000, so I think worth it in the long run.

Keep going everyone, the totals are looking really good.

LouiseJ

April overpayment has been sent from me totalling £226

I must catch up over the next few months but the boiler replacement last month totally wiped us out:o

Frugal_Moose

192 Checking in, March overpayment was £450 and April overpayment has gone out today which is £500, still on target due to offsetting the savings.

But we have just bought a new car so it will be a challenge to keep up the current overpayments, we will be trying hard though!

jollybabe

violetblue wrote: »

Hey jollybabe - got an idea for your Mortgage Moo if I may be so bold?! If you tend to forget to put your loose change in your Moo, why not decide to save just one particular type of coin, say 50ps or £2 coins? You'll be amazed how quickly it becomes habit if it's an actual "rule" - whenever you get one of your coins, it will automatically go in the mortgage fund. And they add up really quickly too!

For example, in my house it is actually against the law to spend a £2 coin - they all have to go in the mortgage pig without fail! And I even get jealous when I see other people with £2 coins - they're mine I tell you, all mine! :o

Hi violetblue! Oooh, I like that idea - at the moment I whack in everything 50p and under into it (except 5ps as I have to use these for the Toll Bridge I go over to work sometimes!) but it's very haphazard (usually when my shoulder starts aching from all the loose change in my purse!). £2 would build up quickly as well... I think I may implement this.

I've just totted up the amount in my Moo collected over the last year:
bearing in mind I thought I'd been bad and not done so well and was hoping it'd stretch to a fiver...

£19.14!!!!!!

Clearly I've been good at some point in the year and whacked in pound coins as well!!

So, I must pay this into my mortgage this weekend (it's a tight month and I don't want to be tempted to spend it, otherwise it's a waste!) and will definitely think about making a particular coin a MUST for the Moo!!

abouttimetoo

Hi all number 81 reporting in:D

I've made an OP of £500 this month which means £2000 year to date and 28% of annual target

Hope you are all doing well with your own OP's

Regards
ATT

gratefulforhelp_2

Gazella77 wrote: »

Slopalongplacidly, wow, that's great news, for once CSA have done sth correctly.

I've been waiting for any maintenance for my girl 11 months now due to countless mistakes on the CSA's side and am soooo fed up.

But anyway very proud of myself - single mum with no help and quite a big mortgage budgeting very well and overpaying (OK substantial amount of it was to do with cashing my ISA as the interest was ridiculous as compared to my mortgage one but still to me it's an achievement!):j

keep pestering them. there are websites telling NRPs how to evade them, you have to keep pestering them or they will not do their jobs.

Well done you.

RosieTiger

[QUOTE=

Coming soon, my nominations for the Jan to March MFW 2009 awards ......[/QUOTE]


?? Zav for efforts on our behalf

RosieTiger

Gazella77 wrote: »

Slopalongplacidly, wow, that's great news, for once CSA have done sth correctly.

I've been waiting for any maintenance for my girl 11 months now due to countless mistakes on the CSA's side and am soooo fed up.

But anyway very proud of myself - single mum with no help and quite a big mortgage budgeting very well and overpaying (OK substantial amount of it was to do with cashing my ISA as the interest was ridiculous as compared to my mortgage one but still to me it's an achievement!):j

Good for you, the CSA deserves a rocket up it for the rank incompetence. I will never understand how they can treat everyone so badly. But not all of us men are g*ts. I know one who was trapped by the original 30% rules which the CSA accepted had to be changed, but then took 7 years to agree it, but say it will be done over a 10 year period - net result is that the guy in question is simply subsidising the payments of benefits to his former partner, 30% of his nett income for 1 child ??
It seems to me that the CSA penalise those who do the right thing and allow the rogues to get away with it for years.
Mr RT.

RosieTiger

cheeryoleary wrote: »

3 weeks this Saturday if anyone is up for this. I'm going to start thinking of a creative way of raising some extra cash.

Are you going to start a new thread ?