Mortgage Reduction Beginner to Novice - The Show Begins

littlemrtinkle

Open grown up current account for salary -


i would fo for either the halifax reward account which pays you £5 a month you can have a max of six of these. (3 with bos and 3 with halifax). You will need to pay in £1000 every month into account , (you can then quick transfer money across all the others).

Another good option is the alliance and leicester current account paying you £50 quidco or top cashback and £150 for switching accounts (need direct debit). need to pay in £500 every month . you also get free european travel insurance.

3rd option hsbc current account advance £50 tcb or quidco and £40 for switching you get to open a 8% AER/gross regular saver. also you need to pay in £500 every month and you can use one of those three coin paying in machines (like a coinstar but free)

Being greedy i did all three options.

milkybars

littlemrtinkle wrote: »

Open grown up current account for salary -


i would fo for either the halifax reward account which pays you £5 a month you can have a max of six of these. (3 with bos and 3 with halifax). You will need to pay in £1000 every month into account , (you can then quick transfer money across all the others).

Another good option is the alliance and leicester current account paying you £50 quidco or top cashback and £150 for switching accounts (need direct debit). need to pay in £500 every month . you also get free european travel insurance.

3rd option hsbc current account advance £50 tcb or quidco and £40 for switching you get to open a 8% AER/gross regular saver. also you need to pay in £500 every month and you can use one of those three coin paying in machines (like a coinstar but free)

Being greedy i did all three options.

Oh.. that's interesting... I was looking at the First Direct £100 bonus and another £100 for switching within a year, in combination with one of the others. I'm an A&L and Abbey customer at the moment so that rules out some options.

Mortgage_Reduction_Novice

I was also thinking about the First Direct bank account but hadn't thought about opening more than one account and moving money around to meet the requirements. Sounds like you have to be really on the ball to move the money in the right direction and the right amount.

Mortgage_Reduction_Novice

Poor Mr MRN - still away with work, will help him with his list when he gets back though. First two days of new job going well, glad I'm getting a little time in the evenings to MSE and do other stuff too. Also managing just fine to make and take lunch to work, hang washing out to dry before leaving and other such money saving tit-bits.


To Do List:
Dr MRN
[STRIKE]Final exam[/STRIKE]
[STRIKE]Check student loan balance[/STRIKE] £6081.65
ISA - found out Natwest eISA would be at lower rate. [STRIKE]Open M&S ISA [/STRIKE]- form already in the post, now that's efficient!
[STRIKE]Open Barclay's ISA, save here [/STRIKE]- £10
[STRIKE]Investigate options for student account to graduate account, use interest free overdraft for savings, keep an eye for yearly reductions in overdraft[/STRIKE]
Open grown up current account for salary - need to wait a few weeks first
Savings account - once ISA full for this year
Credit card - open cashback account, close crappy account

Mr MRN
Open Barclay's ISA, dump max in from savings
Sell/scrap car
Sort his stuff for car boot sale
Switch to higher rate savings account

Together
[STRIKE]Decide on monthly contributions to joint account[/STRIKE]
Set up bill/mortgage direct debits from joint account - council tax done.
Car boot sale - any profit to house renovation fund
Build chicken coup - sourcing suitable bargain or cheap materials for this project
[STRIKE]Expand veggie patch[/STRIKE] Now boasts peas (two varieties), spuds, squash, spring onions, rocket, lettuce, toms (two varieties), cucumber, strawberrys and a good range of herbs.
Discuss mortgage over payment plan
Compile SOA - work in progress

Mortgage_Reduction_Novice

Pleased to announce that the to do list is almost complete - just car boot sale and chicken coup but since they're not strictly MFW I've done away with the list on here.

MrMRN and I have been doing our homework: Our mortgage policy, with regards to overpayments, states "These are restricted to 10% of the outstanding balance per year" and "Overpayments are allowed up to 10% of balance outstanding per annum." After much discussion we took this to mean each year we can pay 10% of everything that we owe... not 10% of what we will pay in a year. Any thoughts on the interpretation from experience MFWs???

Our initial plan is:

• Increase monthly direct debit mortgage repayments by £100 (although I'm pushing for £110 as it knocks off a nice round 5 years off the term!)
• Fill ISAs with left overs
• Accumulate 4 months income in savings accounts
• Accumulate a 1 month buffer in joint account
• Save for wedding

Our long term plan is:

• Have a big wedding with family and friends
• If our mortgage interest rate drops (with no other changes to our circumstances) we'll keep our monthly payments the same
• Cream off anything above 1 month buffer in joint account and use as an overpayment
• Live happily ever after

So our first OP is set for June! The prequel ends and the MFW show begins!

setmefree2

with those plans

StuartGMC

MRN
Good to see the plans evolving, but never feel they are cast in stone. Do schedule an annual review or similar where you both can look through progress and forward plans. Great to see you starting out so well.

Mortgage_Reduction_Novice

Little savings/money making this weekend:

OH opened ISA and has set up DD
Pizza mystery shop
Rubber chicken (Sunday roast, sandwiches, chicken and mushroom pie plus chicken noodle soup)
Bought bag, top, necklace/earrings and skirt using £5 off voucher and consumer pulse vouchers then recorded purchases on consumer pulse - net profit 60p!
Credit card (with freebie) applied for my me
Cashback credit card applied for by OH
Tended to veggie patch - all looking well
To reuse shelves from one cupboard have cut to new size required and painted primer coat. Power drill is OH's domain so will give final coat this week and he can do the manly part.
Used Quidco for Dad's birthday present and free delivery

All add up to first OP next month!!!

Oh yes and £110 is confirmed for regular OPs, any extra as and when.

SmlSave

Well done on your MSE weekend :T

Mortgage_Reduction_Novice

We just found out, our mortgage interest is calculated annually. Is it worth still going ahead with these overpayments as planned or putting them into a savings account and doing it a week or so before the calculation?