2010 MF Wannabes

Ayeshalush

I have so far overpaid £2287.81 this year. This is made up of my monthly overpayment of £117, money from ebay, quidco, scratchcards, etc, money unspent from various budgets i.e. groceries, petrol, etc and a large part was a nice xmas bonus. So a good start to the year!:D

I am not actually paying it to my mortgage account but putting it in an online saver account as I believe it earns more for me this way(please correct me if I'm wrong). My mortgage is a lifetime tracker at 0.19% above base rate i.e. 0.69% and the online saver is at 1.99%. I will however pay it straight to the mortgage account if this is the better option.

Cazzdevil

I'm continuing with my overpayments this year, only overpaying by £126 a month but it's shaving 5 years off my term!

Aiming to make additional overpayments though over and above that.

gallygirl

Ayeshalush wrote: »

I have so far overpaid £2287.81 this year. This is made up of my monthly overpayment of £117, money from ebay, quidco, scratchcards, etc, money unspent from various budgets i.e. groceries, petrol, etc and a large part was a nice xmas bonus. So a good start to the year!:D

I am not actually paying it to my mortgage account but putting it in an online saver account as I believe it earns more for me this way(please correct me if I'm wrong). My mortgage is a lifetime tracker at 0.19% above base rate i.e. 0.69% and the online saver is at 1.99%. I will however pay it straight to the mortgage account if this is the better option.

After 20% tax your savings are paying 1.59% (less if you're a higher tax payer), so yes you're better off with savings. However, there are better savings accounts than 1.99%, even for instant access. Check out some of the comparison sites.

Great progress so far:T

Cazzdevil

Just got a PM from Cake suggesting I join the challenge so here goes.

I hereby pledge to overpay my mortgage by £2010 this year (£2010 in 2010... Geddit?...)

Not much I know, and some folk overpay that every month but hopefully we can do even better than that.

Thanks again for the motivation Cake

pollys

I'm with the Halifax, to set up an overpayment from our CA (also halifax) we had to go into the branch and set up a Standing order. If we want to make an additional payment we go into the branch, or, if we want to alter the standing order we just ring up. It works for us.

HTH

ironman1

pollys we are also with Halifax. We used to take a cheque in and have a standing order but if you have your accounts online including mortgage, you can pay directly in on the website. We only found this out last week

DisgruntledGoat

I'm with Co-op/Smile and I keep being told I can see my mortgage online, but not *how*; then that I can't after all; but either way I can't at the moment...only get an annual statement as you do. So please let me know if anything changes! They are very happy to give me the balance that day whenever I telephone though
As above I'm amazed you can't make an online payment, even if not through a Britannia current account.

I've just moved my current account over to Smile - not just for MFW reasons, in general i've been meaning to leave the Halifax since the whole no-interest, pound-a-day O/D charges thing (I joined precisely because it was once a 'high interest current account', and it's still called that despite 0% interest!). But Smile have a good reputation, and in the medium term it'll hopefully make things easier to have my current account and mortgage in the same place.

As above I'm amazed you can't make an online payment, even if not through a Britannia current account.

As things stand it really wouldn't surprise me if they took out a quill pen and dusty leather-bound book when I try and make an overpayment

cake21

DisgruntledGoat wrote: »

in the medium term it'll hopefully make things easier to have my current account and mortgage in the same place.

It's funny because I've recently been thinking of moving one or other away from Co-op/Smile. Although I really like both the Co-op for my mortgage and Smile for everything else, I do sometimes worry that if the Co-op went under (highly unlikely as they were always fully self-funded unlike the other banks, but I am a worry-wart ) I would be left with no money whatsoever as my cash funds are substantially less than the amount outstanding on the mortgage :eek: Does anyone else with mortgage/BA with the same institution worry?

DisgruntledGoat wrote: »

As things stand it really wouldn't surprise me if they took out a quill pen and dusty leather-bound book when I try and make an overpayment

:rotfl:

Gargola

Hello everyone
It's fantastic and motivating to hear about everyone's overpayments on their mortgages. :beer:

Just got a letter through from the mortgage bank today saying our monthly repayments have fallen by £55! YAY!
I couldn't get that in interest from a savings account at the moment!!
Gargola

pawlala

who are you with gargola if you don't mind me asking?