Regular Checks to Maximise your Overpaying Potential

evab_2

:beer:Thanks WL, just opened my savings tin and £100 to be banked and sent to mortgage!

Welshlassie

Its that time of the month again! Merry Christmas and happy new year!

SmlSave

Thanks Welshlassie My savings tin is almost full!

Welshlassie

An ideal time to do a full check of all your finances peeps.

Happy new Year to everyone. I hope it is prosperous and successful for all of you.

Welshlassie

That time of the month again!

SmlSave

Thanks!

Welshlassie

Wow March already!!

curlygirl1971

I love this thread!!

Cake21 has just put a link in the MFW 2010 thread and I got all pathetically giddy when I saw what it was. The first post is a great list.

I don't know if you want to add the following idea:-

I have a TMPP Policy (Life, Sickness, Redundancy).

If my Standard Mortgage Payment rises or falls then the TMPP monthly payment rises or falls. For every £10 my payment falls, my TMPP payment falls by say 85p. Not a great deal obviously but every penny counts....it's an extra £10 a year LOL. I have a small mortgage now so would imagine this would be of greater benefit to those on larger mortgages.

It goes against recommendation but what I do is every so often (usually after a slightly larger OP) I ask the Bank to adjust my repayment period and thus reduce my standard repayment and this automatically reduces my TMPP. Of course I still repay what I should be repaying (pre-adjustment) and add the amount saved on my TMPP onto the OP. For those that do have a similar policy you need to check that yours would work in same way as some are a fixed payment.

HTH's in some small way!

Welshlassie

April checks everyone!

Welshlassie

May checks everyone.