The Mortgage Free in Three - Take 2 challenge (MFiT-T2)

Queen-Bee_2

It's been a while since I posted on here, but with the August payment nestling in my account, my mortgage is now sub £20k for the first time.

I have to say, it does feel good . Mind you, it'll feel even better if I can keep up the momentum for the next few months...

Congratulations to you younger lot - I am coming up to 43 and only quantified the benefits of overpaying to myself a couple of years ago. I'd always thought paying down the mortgage would be advantageous, but never applied myself to it with the vigour I do now. If I had of done, it'd already be gone by now!

QB

curlygirl1971

Loopy-Juice my standard Mortgage Payment is £281...and thanks to OP's, I can afford BOE increases when they come. Well done on getting yours so low.

MOAN
Now, I realise that I may seem a little pernickerty but I guess if there is anywhere I can be pathetically @n@l about my mortgage it's here.......

I moved Current Account in November of last year from my Mortgage provider to another bank (purely because they offered me £150 to do so ....which promptly became an OP) and since then I've noticed that my end of month balance (that I calculate) doesn't always agree with the actual EOM balance. I mean it was always a little out £3ish but now its £6ish....in otherwords I'm having more interest than I'd calculated put on my balance.

I've realised that this is down to the Direct Debit my mortgage provider is taking from my CA - if the 1st falls on a weekend/BH then they claim my money on the first working day and then it hits my mortgage the day after! In May they didn't take the DD out until Tuesday 4th and it didn't hit my mortgage until Wednesday 5th!!! How rude is that? I've made sure my money is there ready for them and yet because they don't take it when we've both agreed they will, I'm being charged more!

What's more, is that the lady I was talking to at the Mortgage Call Centre seemed to find it mildly amusing that I'd noticed/was bothered! How rude. How very rude.

cha97michelle

That is quite funny Curly girl, and of course you are right. I have never noticed it but now i think of it you are right. It must happen for everyone.

My normal payment is now £184 per month. I can afford for the rates to go back up, but it will be a sad day. I have enjoyed it as it is far too much and i know i won't be able to overpay as much so progress will be slower. It does spur me on to do as much as possible to overpay now though.

clearing_out_my_pockets

Curlygirl, I am just as @n@l about it. My / our mortgage is with the same company I bank with and although the mortgage is *meant* to come out on the 1st of the month, even when the 1st isn't a weekend, they sometimes don't take it until the 3rd. OH thought it was funny that I was getting worked up about it, but with almost £20 a day being added in interest...

curlygirl1971

cha97michelle wrote: »

I can afford for the rates to go back up, but it will be a sad day. I have enjoyed it as it is far too much and i know i won't be able to overpay as much so progress will be slower. It does spur me on to do as much as possible to overpay now though.

Me too. If someone had told me 10 years ago that I would be feverishly checking BBC news for the BOE announcement and that I would cheer if there was no upwards movement........then I would have thought they were barking mad. But no, punch the air I do and then scurry across to my mortgage spreadsheet to alter my BOE Base Rate Prediction column :rotfl:I need to get out more

curlygirl1971

clearing_out_my_pockets wrote: »

Curlygirl, I am just as @n@l about it. My / our mortgage is with the same company I bank with and although the mortgage is *meant* to come out on the 1st of the month, even when the 1st isn't a weekend, they sometimes don't take it until the 3rd. OH thought it was funny that I was getting worked up about it, but with almost £20 a day being added in interest...

That is SHOCKING! Have you said anything to them? Perhaps it's always been the case then - I've only had my lovely spreadsheet since around September last year so perhaps I've just not noticed previously. Grrrrrr

clearing_out_my_pockets

The direct debit mandate I signed said they would take the money 'on or after' the 1st but pretty much every company takes the money on the right day apart from nationwide!

shangaijimmy

Another tenner - every little helps

taxi73

Another £233 IN SAVINGS..SO GETTING THERE

teapot2

loopy-juice wrote: »

Taking away your overpayments how much mortgage do you actually have to pay per month?

Mine is £89.22.

Wow our is £667 a month before overpayments - scary :eek: