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

mummyofonechild

I owe £8000 and rate is 4.24% I am paying £309.00 a month.
How much is overpayment/interest/normal payment please?

gerbiljo

Wow I feel like I have alot a month to pay! We pay £457.51 normal payment a month. We started over paying Jan 2009 and every month the amount we paid went down until sept when HSBC changed the policy and reduced the term, seeing as that's our intention we carried on with this (could revert back),our interest rate is 1.44%, I too am very much benefiting from this low rate, infact it was only all the tv coverage of people overpaying thats made us look into it all. I would be over the moon if we could pay off the mortgage before the rate increases (though unlikley) however, the rate rising is never likely to cause us a problem now either, due to the overpayments we have made

taka

clearing_out_my_pockets wrote: »

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!

Ironically they only vary the date for people have Nationwide current accounts, paying a Nationwide mortgage. If you bank elsewhere the mortgage payment hits the nationwide mortgage on the 1st! It REALLY bugs me!

clearing_out_my_pockets

loopy-juice wrote: »

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

Mine is £89.22.

Our standard mortgage payment is £814.38 :eek:

wynnvegas

curlygirl1971 wrote: »

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.......

Never a truer word said! From what I see and hear, us anal retentive lot are still in the vast minority. I keep beating the drum about overpaying, paying off early and managing finances well to all my friends and family as they don't seem to understand that blindly accepting that a 25 (or 35:eek:) year mortgage will take that length of time isn't their only option.

I must be doing something wrong with the mortgage as, with just over 7 and a bit years left on the term, I'm still at £827.06 per month which is down from the original £1358p/m. When we first remortgaged with HSBC a couple of years back, every overpayment was met with a letter informing me that the mortgage payment would reduce. I haven't had any acknowledgement from them in more than a year now and they stopped reducing the monthly payment a while before that. I'm looking forward to booking in an appointment for mid-October to find out what's actually gone on.

On the base rate, it, along with an incredibly good bit of luck with having the option to remortgage just as HSBC were doing a great deal (fee free, penalty free, overpayment happy mortgage found on hot UK deals of all places!) and all of 3 or 4 months before the base rate collapsed, has made a difference to us of around 7-8 months. We were on course to pay the mortgage off by my 30th birthday but the worldwide economic collapse has actually helped us no end (the collapse of the £ notwithstanding).

Cheers,

Billy

greent

clearing_out_my_pockets wrote: »

Our standard mortgage payment is £814.38 :eek:

Ours without any OPs is over £1000!!!:eek::eek::eek:

Jock_Tight

Our standard mortgage monthly payment is £565
We also have a direct debit monthly overpayment of £450
We still make overpayments on top of this where possible

We dont pay interest as we are 100% offset :cool:

curlygirl1971

wynnvegas wrote: »

I must be doing something wrong with the mortgage as, with just over 7 and a bit years left on the term, I'm still at £827.06 per month which is down from the original £1358p/m.

Hhm perhaps I should have qualified my 'Only £281' by the fact that my house was only £55k when I bought it in 2001 and although its my home, in reality it's a terraced house on a busy main road in a not-brilliant area in Greater Manchester. If I could I have afforded a mortgage of upto £1358 per month on a nicer home in a nicer area or shared the financial responsibility with someone then I certainly would have done

Also, I've requested that my monthly repayment be reduced a couple of times since going on to the SVR - purely for the reason that I'm on a TMPP and the premium I pay is directly linked to the standard mortgage payment I make. When I reduce, I do of course make sure that the difference and also the wee difference in the reduced premium, is still paid as an OP.

Glad to hear of your progress Billy, and that you enjoyed your well-deserved holiday; you were one of the posters to inspire to up my game on Mortgage OP's last year.

gerbiljo

wynnvegas wrote: »

I must be doing something wrong with the mortgage as, with just over 7 and a bit years left on the term, I'm still at £827.06 per month which is down from the original £1358p/m. When we first remortgaged with HSBC a couple of years back, every overpayment was met with a letter informing me that the mortgage payment would reduce. I haven't had any acknowledgement from them in more than a year now and they stopped reducing the monthly payment a while before that.

thats what happened with us (hsbc) and i called them and they said their policy changed so that they just reduced the term not the standard payment, think happened sept 2009? as our payment never dropped again after that, but id have to call them each time i made an overpayment to change it to reducing the monthly payment so i just didnt worry. my theory is that their monthly income was dropping by them adjusting our monthly payment so they thought they'd just reduce the term and worry about it later haha

wynnvegas

gerbiljo wrote: »

thats what happened with us (hsbc) and i called them and they said their policy changed so that they just reduced the term not the standard payment, think happened sept 2009? as our payment never dropped again after that, but id have to call them each time i made an overpayment to change it to reducing the monthly payment so i just didnt worry. my theory is that their monthly income was dropping by them adjusting our monthly payment so they thought they'd just reduce the term and worry about it later haha

Thanks Gerbil,

I thought as much. I was trundling along under my own steam as we moved bank to HSBC and had the good fortune (only as it wasn't planned) to have the mortgage amount outstanding staring me in the face every time I logged into the internet banking. I'd recommend that as a spur for anyone who wants to pay their mortgage off. I'll let you know what they've got to say for themselves in mid-October once I've been in for my "what happens now" chat.

Cheers,

Billy