pammyj74's MFW diary (or possible wishful thinking!!)

Former_E.ON_Company_Representative:_Malc

pammyj74 wrote: »

Thank you for the advice, didnt realise we had an eon rep among us!!

Hi pammyj

No problem at all.

We've been hanging around for quite a while now, mainly on the gas and electricity board. However, we also try and help out if we see an E.ON customer who may be in need of advice on any of the other boards.

Please feel free to give either me or my colleagues (Brian and Helena) a shout if you think we can help in any way.

Malc

pammyj74

Ok fellow MFWs I have another question...
I have two more monthly payments on my rate of 5.89% and I am very impatiend to reduce my term.
If I reduce now before the fixed rate ends my next two payments will be £727.xx which is £130 extra
I am planning to pay £365 OP on the next two months anyway which I know I can afford so reducing now would it have any advantages other than my mental state?!!!
I am going to reduce end of feb anyway.
Also if I reduce now will the 14 years start from now (ie will it start the year from now rather then when my fixed rate ends feb 28th)

pammyj74

Managed to reduce my mortgage by 7 YEARS today YAY :T :j:beer:

Payments are £727.29 which I can easily afford and still make a little OP on top. Even better when the SVR kicks in in march and shaves £100 off payment. I did also check that it doesnt cost to reduce and I can up the term too if I need to.

But it feels great mentally that its now only 14 years instead of the 21 years it would have been,
this alone without any other OPs will save me over £22k in interest
I did ask what my term was remaining as my SS said sept 2029 but he said it was still 21 years. I questioned this as I dont understand, do they just reduce your payments usually and not the term? He said only if you ask us to reduce the term, so this is what I will keep doing hopefully :T:j
Am really chuffed, getting ever closer to my goal

evab_2

That is brilliant, what a great job you're doing! Well done and have a very Merry Christmas xx

pammyj74

thanks eva,

also was thinking with my OPs I am still going to work it out that anything over £600 normal payment is classed as OP (hope this isnt cheating )

so this month the £127 in payment and an extra £300 totalling £427 OP for jan and a good start to my OP target

evab_2

Not cheating at all, it's not even Jan yet and you're doing great!

pammyj74

Just wanted to say a BIG Happy Xmas to you all, and a ver grateful thank you to all that help me along my MFW journey, it wouldnt be possible without all you lovely people with your advice and opinions and suggestions and money making/saving ways.
:T :beer:

pammyj74

as my mortgage payment didnt come out until yesterday I cant definitely say what my mortgage balance but my SS says it should be £82477 ish

I am going to try and see how much I would save in interest if I OPd as soon as I could rather than at the end of the month.
As my ex has paid some of kids maintenance (only 2 months late) I can pay another £100 off right now.

any clever people out there how do I work out the interest saved if I paid £100 now rather than 27 days time?
My daily rate is £13.78 a day (I think or there abouts) rate is 5.89%

Penny_pauper

Hi Pammyj74
Not clever enough to work out the interest but did want to say a big congratulations on reducing your morgaged by 7 years! Fantastic news.
PP

gallygirl

pammyj74 wrote: »

any clever people out there how do I work out the interest saved if I paid £100 now rather than 27 days time?
My daily rate is £13.78 a day (I think or there abouts) rate is 5.89%

Not at all clever, but I reckon you'd save around £4.36 over the 27 days - (£100 x 5.89%)/365 x 27

Every little helps, you'd probably save a little more than that as you'd be saving interest on the interest