MFW newbie....

southend

Deleted_User, i really appreciate it. I just did not know whether or not it was worth doing it now, hence why i got some premium bonds. We have a tiny bit of savings ie hols ( cheap) and ISA, spread it so to speak. The mortgage always gets left out, needs addressing asap.

You are doing really well, well done,
Thank you

southend

southend wrote: »

Hiya everyone, i am new here so please forgive me if i repeat anything. We have a fixed mortgage 10 years ( capital & interest). We have about 6yrs left now and will have another 10yrs remaining on mortgage, paying at present £467.37 monthly.

I have noticed that many of you are overpaying your mortgages. Is this cheaper than paying off some capital off it instead, or is it easier because you don't have to put lump sums down to make any impact. Want to get rid of mortgage, before 16yrs, but be able to treat our kids especially now - young teenagers!!!

We have not got that much money. Two weeks ago, i was very naughty and put myself in the red ( overdraft -ok) to buy £100.00 on priemium bonds. I know we can't say £200.00 monthly overpayements, the small savings were too easy to get at just as our ISA. Our small savings tend to be for the following years cheap holiday - farm holiday in Yorkshire.Any advice where to start esp regarding mortgage.

Thanks everyone.

For now to be realistic i will

£5.00 per week - in pot towards mortgage ( speak to the bank on Friday)
£5.00 per week - savings
£200.00 this year - premium bonds
£? in Isa

Radish72

I have just subscribed, and have only had time to read the first few posts - which are all about CGT (how spooky is that)

[Deleted User]

southend
good start- good luck !!

radish
hi there! (dont know how to do the waving man smiley...but just imagine its here)
how do you subscribe to a thread? was trying to figure it out yesterday but couldnt work it out..
yep CGT..not entirely sure on the whole thing hmmm....

maybe Ill go and have a cup of tea and think about it... many worries can be eased with a nice cup of tea!...

SmlSave

:coffee:here you go hun.

Hope Mr's back will be ok

[Deleted User]

aw smallsave thank u! ;o)
I dont know how to send a cup of tea/coffee back through the internet- but imagine I do!...

museumworker

museumworker wrote: »

I have found an excellent mortgage calculator on excel that shows interest monthly and impact of overpaying - just googled it and can't find it again, but have it on my computer at work, so will post a link next week.

As promised, the calcuator is available for free download from this site: http://www.learnmoney.co.uk/mortgages/mort-04.html called excel-mortgage-calculator.xls. Sooo much fun working out what difference an overpayment makes

SmlSave

I dont know how to send a cup of tea/coffee back through the internet- but imagine I do!...

slurrrrp...thanks

I'm guilty of thinking more about redundancy rather than illness affecting my working life too

mummyofonechild

There's always one. When I was made redundant from Woolies, I was also signed off work with a back injury for a period of time. Yes I still went to work whilst signed off but don't tell the doc. So when it came to claiming off the mortgage insurance the building society couldn't decide whether to claim for redundancy or sickness. Fortunately i got a new job so didn't need to proceed with the claim. Hope hubby's back gets better soon, its not nice at all xx

[Deleted User]

museumworker
thanks for the link! will definitely play around I can start making OPs again...

smlsave
ditto- always assumed being out of a job would be due to redundancy so there would be some kind of payment to "cushion" it!

mummyofonechild
gosh all things come at once hey?! glad your back is okay and job situation sorted out. think mr's back is okay just muscular , dosed him up with deep heat and sent him off without many complaints so fingers crossed!