new mfw

Mortgage_Reduction_Novice

Sorry to hear you got some jip in another forum. The meanies. Nice juicey regular savings by the way! Merry Christmas.

chirpchirp

Thanks - but I did start a controversial topic.

StuartGMC

You can opt not to include your signature in posts (I think your new one will reappear on all posts you've made) - look in the "Additional Options" under the text entry window when you use the reply button in a thread (I think you can also alter a post likewise to remove a sig but need to check).

HTH

Edit - yep - use "Edit>Advanced options" and you can untick the signature check box and it should then be removed there.

chirpchirp

Thanks Stuart. Just tested and it works. Too many times I forget to remove sig before posting. Useful to know how to delete it in future.

chirpchirp

chirpchirp wrote: »

Thanks to Thrifygirl in another post I have just done some number crunching to see how overpaying has affected my daily interest amount:beer:.

Obviously, being on a low interest rate ( hey did I mention 1.49%:rotfl:) and not having overpaid for long the difference isn't huge. I would have been paying on £241,000, £9.84. I'm now paying £9.75. A difference of 9p a day.

However, if you look at a more realstic rate, like the 4.89% I was paying you really start to notice the difference! I was paying £32.28 and I would now be paying £32.00. Over 30 days this is a difference of £8.40:T Which over the year is a saving of approx £100.

So whilst it may not seem that it's worth overpaying when interest is only 1.49% once rates go up I really will notice the difference. A big thank you to all you old timers:rolleyes: and of course to :money:for really grabbing my attention with this. (end quote)



Well this months daily interest rate has decreased to £9.59!:rotfl:Every little helps:T

Really must learn how to quote properly!

chirpchirp

I'd like some opinions and advice please.

I currently have an ISA S&S. I have been paying into this for 13 years. I'm trying to work out when would be a good time to stop paying into this and I'm thinking April of this year if the markets are on the rise. I currently pay 1.5% of each amount I pay in and then a further 1.5% in management fees of whatever is in it at the end of the year. This means even when it performs badly or if I don't contribute each year they will take 1.5%.

As S&S ISAs should ideally be long term investments I've been considering that at some point, to realise it's true potential of the last few payments made into it, that I should stop paying and then wait few years for it to be able to increase.

For example if I stop paying this March or April, all premiums will have been in for 5 years in March/April 2015 (thanks for pointing out this error Stuart).

I don't think I will continue with an ISA S&S if I decide to pull out in the next couple of months and will invest the £300 in a cash ISA for 2010-2011.

Do you think I'm reading this right, that's it's best to ensure the last premium has had chance to realise some of it's potential rather than only being in for a month or so? I realise I need to keep a check on the stock market so that I don't miss out on buying shares near the bottom. I could leave them an extra year before stopping payments into the ISA if the markets haven't risen so I can continue to buy lower priced shares.

StuartGMC

Chirpchirp
Suggest you make last payment before 5 April (I think that's the end of this tax year) so you have only Cash ISA in FY2010?

Can you transfer the S&S ISA to a cheaper provider who won't charge fees for inactivity etc? Check online providers who may be able to offer this, and if you are self-selecting you want to minimise costs (see if interactive investor for example would be cost-effective or H&L etc).

Yes, Funds or Shares are long term, but you should still monitor them and you can of course sell then buy different holdings without investing additional funds. I would caution not to just "lock in" and not nuture them hereafter. Have you considered the risk profile and if you meant 2015 for maturity then you may want to be moving to less volatile funds/stocks; that said, markets in some regions are set to grow through 2010-11 so hopefully your investments will grow anyway.

For specifics you may want to go to the investments board regarding your actual holdings?

Best wishes with it.

chirpchirp

Am I going mad?

I realised I was about £70.00 from being able to earn 4% on my tiered interest with my current account. So I transferred £250 in from my "insurance" account which I think pays about 2%.

Now this means I will receive an extra 1% on a whole £5000 rather than 2% or so on £300 and 3% on £4930. Yep I think it's official, this board has made me into a nutter!

chirpchirp

I just started to read my diary and it's amazing what can happen in eight months. For starters I have picked up on something which Dithering Dad noticed on the first page. I'm able to overpay on the mortgage which can be drawn down. DD picked up that this is a joint account and from re-reading his post I'm wondering just how safe my overpayments are. It is possible that he could withdraw this money:mad: ( ex husband, not Dithering Dad).I don't think he would but I may have to have a long rethink of what to do about this money. Perhaps speak to my mortgage provider and see if there is a way to lock down this money so it can't be withdrawn but I don't think this is possible.

chirpchirp

I'm hoping someone mathematical is reading this, as I'm struggling to work out some maths!

I have a vantage account which pays 3% if I have over £3000 in it and 4% if I have over £5000. I have a number of cheques which I should write but I'd really like to know on a daily basis what interest I'm earning. Is anyone able to calculate for me how much interest I would earn on the following amounts:

£4999@3%

£5001@4%


It will probably work out be a penny or so a day and if it really is a very tiny amount then I can pay out the cheques which I need to pay! The cheques will take me a long way below the tiered amount but I've been on holding on to every penny for as long as possible but really must pay school dinner monies etc soon!