Get yourself a 'Mortgage Pig'

MushyPeas

We'll have to have a special mortgage pig/chicken/kitty gallery soon

loopyloulou_3

thanks again to OP

i have raided my house today and have almost half filled my pig! (he only eats silver!)
and i think he must have over £30 in there, all counts! i just have to avoid the temptation to raid him......

my copper jar is also half full - its amazing where you find coins!

aliwatts

hi, can I just ask, I do have a mortgage where i can pay extra off if i like, but s it only worthwhile if you pay off large sums, or are little £10's and £20's extra a month worth doing?

how easy is it to pay, do you just send a cheque aswell as your direct debit?

Thanks

balgobin

I think every little helps somewhere on the site is a link to a site that shows how much you save over the years you put in how much you intend to overpay. But i've read so much over the last day or two I can't remember where it was sorry. I pay a little extra by standing order each month and will now be taking my mortgage kitty savings into the building society as and when.

dottyanne

Hi sorry if im repeating a question already asked - when you save money in your martgage pig and you pay each month by DD - how can you pay the extra off?

aliwatts

dottyanne wrote:

Hi sorry if im repeating a question already asked - when you save money in your martgage pig and you pay each month by DD - how can you pay the extra off?

thats exactly what i want to know, do you just take it into building society?

aliasojo

Different mortgage lenders have different rules, but most who allow overpayments will provide you with the correct sort code and account number that you give to your bank and then you just send them any cash you want to via your bank account as though you are paying a normal bill.

If you use online banking, you can set up a new bill payment transaction yourself in seconds. All you need is the above info and you use your own mortgage number as the reference. Then you can pay any amount you want whenever you want (again as long as your lender has no stipulations about amounts or times in place, that is). A few online clicks and it's done, really easy.

You can also just go into a branch with the same account info and do it over the counter. (I paid my last extra payment in this way.) Girl printed out a slip, I signed and handed over the cash and...... voila, mortgage free.

Alternatively you can phone your provider and ask them to increase your d/d to whatever amount you want to pay that month. I didn't like this option though as I wanted complete freedom to pay whatever whenever including doing so on the spur of the moment should I want to.

So to clarify, I suggest:

1) Phone mortgage provider to check if you can pay in ANY amount at ANY time.

2) Get details of correct account number/sort code the money should be paid into, if this is not already known. Your mortgage account number will be your reference number.

3) Sign up for online banking. This is absolutely ideal for paying in extra payments. You may not feel happy about going into a branch with an extra fiver....but you'll have no qualms at all paying it in with a few clicks of your mouse.

4) If you prefer not to have online banking, just confirm details in point 2 and go into a branch with your extra payment.

5) If you are going to make the same regular overpayment every month, then consider phoning provider to change amount of existing d/d.

6) Pay in ANYTHING. Even tiny amounts help. Get past the mindset of thinking 'it's only x, that's not going to do much'. IT DOES!



Well done everyone, more power to your pigs! And chickens! And kittens!

Jolaaled

Hi..here is a pic of our newly painted piggy. He's still a bit hungry tho!

http://i58.photobucket.com/albums/g242/Jolaaled/mortgagepiggy.jpg

aliwatts

I am with Halifax, anyone know off the top of their head if they allow it, i'm on a tracker mortgage.

sorry I seem so lazy don't i, I will ring them on Tuesday....bank holidays ! everyone stops work!

aliwatts

Jolaaled wrote:

Hi..here is a pic of our newly painted piggy. He's still a bit hungry tho!

http://i58.photobucket.com/albums/g242/Jolaaled/mortgagepiggy.jpg

Hi

clicking your link but no picture coming up ? i am sure it is lovely though !