Get yourself a 'Mortgage Pig'

pigpen

Batgirl.. surely if you just keep up the overpayments and ignore the reductions they make it will still come off the mortgage term.. I don't see how it makes any difference (other than you make bigger overpayments if they want less per month) You will still pay it off in a shorter time.. they can't ask you to still make payments when you don't owe them anything.. so in effect you are doing both.. plus if you are strapped for cash one month you will have a smaller monthly payment to meet.. so it isn't all bad.. however skint I am they still want £600 a month.

groatie_queen

I changed my monthly repayment to a standing order (from a direct debit) so that the amount I pay per month (which includes an overpayment) doesn't reduce when I pay in other overpayments.

I was also told by Woolwich that when larger lump sums get paid towards the mortgage as a deposit they don't reduce the monthly payments, whereas partial redemptions would.

HTH

comping_cat

Bat girl - i would ring your mortgage provider and ask them to reduce the term, not the amount when ever you make an overpayment, then if they need you to pay it any other way, they can let you know then!!!

Batgirl

Thank you all for your help. We don't make overpayments monthly and as our last overpayment has reduce our paments by £10 a month I can see that extra £10 just disappearing into the money hole we call our bank. We're going to try and change it to a standing order then it is the same amounts every month no matter what.

I really appreciate how quick you all answered as I have read this thread since it began but havenot posted on it before so thanks again.

Batgirl

sarmia

Hi everyone,

I am new and would like to say how inspiring you all are paying off your mortgage early and reading your posts I hope that I can do the same too.

We have a mortgage with the C&G £117,000 with 24 years remainding @ £700 a month on repayment, dont mean to sound silly, but how do we go about making extra payments??

DO we have to up our DD or can we just go into our local branch and pay the cash over the till? DO we need some sort of book or do we just give our account number. Is there a limit to the minimum we can pay for example £10 a time? I know we are limited to 10% a year but cant see that much being paid just yet.

Thanks for your help and sorry about all the questions;:D

comping_cat

Hi Sarmia, and welcome to mortgage free wanabee!!!!

I cant reply to your specific mortgage, but with mine i am able to make unlimited overpayments whenever i like. I phoned them up when i first started overpaying and found the account details i needed to quote when making the overpayment, so i am able to do it via my internet banking. I now basically send a payment via the internet banking whenever i have some money spare - once i sent £7!!!
I do know some people do do it over the counter, but i would recomend that you ring the C & G and see what their policy is, as you might find its better to save any extra in a savings acount, and then pay your 10% allowance once a year. If you know you wont be going over that limit, and they do allow over the counter/internet banking payments, then they should be able to give you the correct account detail - some mortgage companies also reduce your monthly repayments if there is an overpayment, so you would also be able to check, and make sure this wont happen.
HTH!!!

sarmia

Thanks for the reply... I will ring them this morning.

S xx

jackie_w

Hi everyone,

I have just spent all day reading though this entire thread. I am sooooo inspired.

OH and I have just bought a new house, and our motgage will be a massive £190,000:eek: :eek: :eek: :eek:

I was determined before I read this thread to pay the mortgage, but, now, Im obsessed:rotfl:

However, I think the mortgage we have taken out only allows us to pay 10% of the balance evey January, so, Im afraid it will be a good savings account for us, then at the end of the year I will try to pay as much money into it as I can.

The only thing though is all our loose change we put into the kids' bank, plus, we put £10 - £20 in their banks every month. I know it makes sense to stop putting the spare change in their banks, and pay it towards the mortgage, but I feel so guilty.
Do you think Im right to pay it to the mortgage, or, would I be a bad mum if I did that.

Jackie

mirrorimage0

well my mortgage pig has been filling up nicley this month but i think i just traumatised her by putting a hole in her bottom and stealing all the insides. but its the kids half term so we need some fun, sorry mr mortgage this month is small payments.

gallygirl

mirrorimage0 wrote: »

well my mortgage pig has been filling up nicley this month but i think i just traumatised her by putting a hole in her bottom and stealing all the insides. but its the kids half term so we need some fun, sorry mr mortgage this month is small payments.

:eek: :eek: :eek: Your poor pig!!!!! Hope you'll make it up to her soon.

My peefer was emptied last night, fortunately she has easy access so not too traumatic . Put everything that didn't make a full bag of coins back in and have £20 to pay in today :T .

Last day of month so quick reccie up, £510.36 this month :T :T :T :T , helped by nice paypal payment. Next month looking gloomy though :rolleyes: