Get yourself a 'Mortgage Pig'

SPANIEL36

i've just had a sneak preview of my first week ( well 5 days actually) and there's already 9.00 in there so if i average it to roughly 10.00 a week that over 260.00 in 6 months which is almost one months payment!!!

:money: bring me the 20p's!!!:money:

tattycath

Hi everyone. I feel really inspired by this pig phenomenom. I have a pig that I am avidly trying to fill with any change I get. I have also opened a savings account and put £75 in already-only another £425 to go before i get up to the next interest level. We've been thinking about (or rather, procrastinating over) paying extra payments towards the mortgage, and this has given me the kick up the backside I needed!! Just one question though... Is it better to pay occasional lump sums? Not sure at this time if we could commit to paying extra in with the mortgage until I know how much we can save regularly.
Any advice/opinions gratefully received.
Thanks

djbd1973

tattycath wrote: »

Hi everyone. I feel really inspired by this pig phenomenom. I have a pig that I am avidly trying to fill with any change I get. I have also opened a savings account and put £75 in already-only another £425 to go before i get up to the next interest level. We've been thinking about (or rather, procrastinating over) paying extra payments towards the mortgage, and this has given me the kick up the backside I needed!! Just one question though... Is it better to pay occasional lump sums? Not sure at this time if we could commit to paying extra in with the mortgage until I know how much we can save regularly.
Any advice/opinions gratefully received.
Thanks

Hi Tattycath - how is the interest on your mortgage calculated?
Reason I ask is that some mortgages have the interest calculated monthly and some daily such as an offset so you will need to see if the money you pay off your mortgage can either make an instant impact or whether there is a certain day of the month to pay it in to save lost interest/savings.

There may also be restrictions on a minimum amount you can pay in as well if it is lump sum.

SPANIEL36

here is a picture of my percy!!!!
(hope its worked, this is the first attempt at uploading pics!!)

i bought him today for 99p in home bargains and he looked very lonely all on his own. I contemplated on buying penny his bigger sister who was dressed up in a balerina outfit but my little prince is a happy pig in my home!!!

SPANIEL36

obviously i'm doing something wrong, i'll be back with percy soon!!!

SPANIEL36

here he is

Muppet81

Luuuurve that pig

Now you have Percy, there can be nothing to stop you ....

tattycath

djbd1973 wrote: »

Hi Tattycath - how is the interest on your mortgage calculated?
Reason I ask is that some mortgages have the interest calculated monthly and some daily such as an offset so you will need to see if the money you pay off your mortgage can either make an instant impact or whether there is a certain day of the month to pay it in to save lost interest/savings.

There may also be restrictions on a minimum amount you can pay in as well if it is lump sum.

Hi djbd1973
Our mortgage is not an offset one. It is repayment though (as opposed to interest only) we came out of our fixed rate in October. I'm just not sure whether mortgage company will take off the extra payments monthly or annually... Must hunt out the details!!!

tattycath

I have now checked mortgage and if we pay extra monthly (according to the paperwork) the payment comes off straight away. But we have to get it down asap now I have seen the total and projected amount to repay if it goes full term!!!:eek: Not sure how much we can pay off without penalty. We were in a fixed rate but that finished at the end of october. I know we were limited to 10% whilst on the fixed rate but now we are on a variable rate I asm unsure whether the same still applies.
Was thinking of doing the 3 year challenge but the amounts other people are paying off compared to what we feel able to pay off will make our paltry offerings very tiny.

djbd1973

tattycath wrote: »

I have now checked mortgage and if we pay extra monthly (according to the paperwork) the payment comes off straight away. But we have to get it down asap now I have seen the total and projected amount to repay if it goes full term!!!:eek: Not sure how much we can pay off without penalty. We were in a fixed rate but that finished at the end of october. I know we were limited to 10% whilst on the fixed rate but now we are on a variable rate I asm unsure whether the same still applies.
Was thinking of doing the 3 year challenge but the amounts other people are paying off compared to what we feel able to pay off will make our paltry offerings very tiny.

Hi Tattycath

Regarding the limit of 10%, I would think that it still applies but you can't make assumptions so if you think you are going to get close to paying off 10% each year then I would get definite confirmation from your mortgage lender. Might be worth sending a letter or an email now just incase it is less than 10%. I wouldn't worry about what other people are paying off because of individual circumstances.

I feel its better to be doing what is right for you than doing nothing at all.

The fact that you are aware of how much interest you are going to be paying in full if you let the mortgage run its course, and it shocks you is a good start in my book. The amount of people I work with who are maxed out on credit and mortgages and accept this as life is the opposite end of it.

I personally don't like oweing anyone including a mortgage company.