Most feeble overpayment?

moggins

Thanks for that, I think any overpayments may have to wait until August when we remortgage as we are currently with Gmac. Halifax are already trying to coax us into remortgaging with them but I will wait until I've had a good look around and now will be asking all sorts of questions I never thought of before. I do love the idea of being mortgage free a few years earlier than expected but don't want to commit to a shorter term in case the money just isn't there one month

Caixta

Quite right moggins. We had wondered about upping our monthly payment or reducing the term in a formal way, but we thought it'd be better to keep things flexible. I hear some banks are better than others about letting you make extra payments off your mortgage, so have those questions ready!

Even if you're not tied in by the bank to making higher payments, you'll still find lots to keep you motivated on this board. My husband has his own little motivator - one of his infamous spreadsheets! He likes plotting! He loves to see the line plummeting downwards ever more steeply.

Redbedhead

Thanks for this post - it has made me realise even the small amounts count.

I have been overpaying pretty much since I have had my mortgage (I had a good IFA who pointed out the benefits of it!) and try and do £100 per month by transfer. Some months I can't do that so haven't done anything - I won't in future!

At the moment we are saving for our wedding and every unexpected bit of money we receive goes in our wedding fund. After August that will change and it will go in our mortgage fund.

Holeypockets

I would like the free pig from pigsback but cannot find it anwhere on the site - I can see the stress pig which might be helpful!!

Also, I want to set up an additional DD or S/O to overpay my mortgage (which I am allowed to without fee for up to 10%). If I set it up via online banking how can I ensure it comes off the capital and not the interest?

Any help on both issues is greatly appreciated.

Thanks

calleyw

Holeypockets wrote:

I would like the free pig from pigsback but cannot find it anwhere on the site - I can see the stress pig which might be helpful!!

I know this a stupid question. Are you a member of pigsback? If the answer is no then that is the reason why you can't see him (sexist I know but he is a he to me). Because unless you are registered you will not be able to see the rewards section. Which is where the piggy bank is.

You will have to join and then collect points and you can't claim any rewards for the first 14 days of being a member. And the piggy bank is 400 points.

Might like to go here and read the first post about collecting piggy points.

HTH

Yours


Calley

Holeypockets

Thanks for your reply. I am a member yes, have been for about a month. I only have 150 points now though. I did look through the rewards list but couldn't see the piggy bank. I will check again. thanks again

calleyw

Holeypockets wrote:

Thanks for your reply. I am a member yes, have been for about a month. I only have 150 points now though. I did look through the rewards list but couldn't see the piggy bank. I will check again. thanks again

Sorry for asking such a dense question. But thought I better check just in case.

If you go to the rewards section and leave the list as all rewards the piggy bank should be on the second page.

As I said would go to the freebies forum. As it sounds as though you just missed the easter egg hunt and there was nearly 200 points if you took part everyday. There are also weekly quizzes for about another 30 points a week. As well as weekly click throughs. The new ones are normally put up on a monday afternoon. So from about 1.30-2.00pm.

Finger crossed to getting a few extra points for a mortgage piggy.

Yours


Calley

heppy23

Slightly off topic but I had a bill payment set up to my credit card so I could make payments as and when. I went through a phase of checking my bank balance and making a payment to the card each day to round it down to the nearest even £ amount. So if the balance was £99.67 I would pay £1.67 to the card.
Got a 3 page card statement that month thanks to all the payments but the card company didn't make a fuss.

As per earlier posters those small amounts add up.

If your mortgage doesn't let you make over payments (or structures the interest in such a way that they aren't worth doing more often than once a year) then set up a savings account and then do the same and clear that out once a year to make the overpayment.

halloweenqueen_2

I've got about £14 in my mortgage piggy now but will probably not fill him up for another few weeks - I was going to empty it every month but its now an ambition to fill him up - he's the pigsback one so you can see the gap to fill!

lowedb

Well we started small, about 5 years ago when we changed lender. We put in a bit here and a bit there, and then some bigger bits if I got a good chunk of overtime.

We were concerned about having money available for emergency purchases, so wanted to keep savings, but when I thought about it we did it this way.

We built up a big overpayment fund so we weren't paying interest, but we still 'owed' the bank the money, it's just they owed the same amount to us. This saved us more interest than we would have earned on the savings and of course no tax because we never actually got the interest. We then stopped overpaying, but kept a really small mortgage (£600) for a few months while we put all the money we didn't have to pay in interest to them, into savings (ISAs naturally). Then because we couldn't actually pay off for a few months (early repayment charge) we transferred the overpayment to a capital repayment, and left a tiny mortgage. And today we paid it off, six years early. All for starting from a few pounds here and there.

My OH didn't believe it, even after producing excel graphs every few months to show how we were doing. She even pinned it up as an incentive to throw everything at it. So it makes sense to me to put any savings into your overpayment fund (ISAs excepted, probably) so long as you can get them out anytime you need them.

Needless to say, we are celebrating with a nice bottle of Champagne (half price of course!)