Get yourself a 'Mortgage Pig'

clarew

I have paid in £30 today off mortgage! Will not update my total just yet, as due to get paid today, and may throw a few more pence at nationwide before tomorrow.

ps-am at work tomorrow, so happy halloween, halloween queen in advance!

mortgage pigs are taking over the world!:T

lakes_saver25

Thank you for the great idea!! I am a mortgage advisor for a building society and know first hand the difference even a very small overpayment makes to a daily interest mortgage. With percy the pig at my side, my 25 year term shall come crashing down!!

Stu_H76

Well a very good month for me, close to hitting my Nationwide limit, had a bit spare and sold a few bits and peices that I never used. As well as my mortgage jar being reduced by lots!

Anyway going to be a challange getting much off in Nov, but I'll give it a go.

I also changed my payments, to reduce the term, so Nov could be fun it lots of ways.

Keep up the good work everyone. I wonder what the net reduction of everyone involved in this thread is??? Must be a quite a bit of cash!

gallygirl

Ok, October total is £871.27, meaning I need 'only' £9164.98 to match OH's contribution and then start decimating mortgage. I have paid 25% of my salary into mortgage, in addition to £300 monthly payment, and all other income I have received, however have overdone it a bit as have few hundred pounds on credit card (I think - so hard to work out as credit card statement date different to work expenses claim date so seem to be playing catch up) so will be forced to scale back next month :mad: .

However, just claimed £90 from paypal so that's a start - like Halloween Queen I don't like the month to start empty handed!

Well done everyone else!

kiwi88_2

Hi All

I have read the posts regarding the virtual savings but I haven't really worked out how to write it down yet. The reason I'm saying this is because although Percy has got about £36 in him :T I won't pay it into the morgage until he's full but I have made lots of savings elsewhere by doing the grocery challenge and changing other things which has saved us money.

Our morgage is a One account so it's a current account and morgage all in one and, as I understand it, the interest is calculated daily so whatever credit we have in is taken off the balance of our morgage then interest added to the balance.

My question I suppose is do I write down the monthly monetary savings we make and not worry about the savings made in interest because i don't think I can work that out Any advice welcome of course :rotfl:

tryhard_2

hi kiwi88,
as far as i understand, if your mortgage interest is calculated daily it is best to pay sooner rather than later. especially with offset mortgage - even £36 paid is better than you waiting for many more days.
did not really understand your point re virtual savings - i thought that was just to spur you to make more savings but as it is virtual it cannot be counted towards any payments.
HTH

Queen_B_3

This thread is amazing, I am going to go on ebay in my lunchbreak to find a piggy bank.

kiwi88_2

tryhard wrote:

hi kiwi88,
as far as i understand, if your mortgage interest is calculated daily it is best to pay sooner rather than later. especially with offset mortgage - even £36 paid is better than you waiting for many more days.
did not really understand your point re virtual savings - i thought that was just to spur you to make more savings but as it is virtual it cannot be counted towards any payments.
HTH

Hi tryhard (love the name)

Thanks for that I will pay it in soon then :beer:

Regards the virtual savings it was on another MSE forum, about savings I think, and the point was to stop you getting discouraged if you have no spare money and all the money you managed to save, say from grocery shopping, ends up being swallowed up elsewhere. For us last month we saved £180 but it went on repairing our fridge/freezer so we ended up with no saved money. I think that's about right

With us it's different as our bank acc is the morgage so any savings we make are kept in there as opposed to being elsewhere and then being payed in so my original point (sort of) was do I list that as well as any actual savings that we have to physically pay in?

I hope that makes more sense :rotfl:

halloweenqueen_2

November - wheres the year gone?
Will be updating my total, premium bonds haven't paid off my mortgage yet!!

Welshlassie

HQ I know what you mean about this year, so much has happened and I can't believe it is nearly over.
Well I counted Flossie last night and she produced £21.69, not ideal this month, but not unexpected as I haven't been puttng much in because I haven't been anywhere to spend cash for most of the month cause I have been working from home, so its only been DH feeding her. Should get more in her this month as I will be starting the Xmas shopping in earnest by actually leaving the house as I have hampers to buy and fill for everyone.