Originalmiscellany's MF dreams

Tropically

What are the terms of overpayments and early repayments? If you pay off your mortgage, or try and move house again in the 10 years will you have a horrible fee?

originalmiscellany

Good qn!

The house is a forever home and we won't be moving on for a very long time.

a) Nationwide - infinite overpayments but realistically i am doing 500 a month currently.
b) F.D. 10 year - is 10% of the mortgage a year which I wouldn't get close to for the first 5 years plus - without incurring a cost. Longer term, say in the final 3 years, I would potentially be able to hit the 10% overpayment amount if i was lucky but it wouldn't really be a big issue sadly!

smallholdingsister

I would fix, but how vulnerable would you be to rate rises?

originalmiscellany

Well, if it goes up by a half percent I would probably fix! But I assume if rates increase then I would lock in...

originalmiscellany

So then I had confirmation from my bank today that both my payment for April and my overpayment have been received. It means that with over payments I am reducing the expectancy of the mortgage by 3 months a month - a good feeling However, there's still a long way to go - 365 months of payments if I accept the current "no over payment" choice.

originalmiscellany

So over the weekend, we were told that thanks to our smart meter and energy provider, our gas/elec monthly DD was being dropped by £30 - better than a slap in the face with a wet kipper. I've budgeted at the original level so hopefully this will mean some savings will be felt soon.

originalmiscellany

So, we got a small refund for a broken Christmas present via royal mail, which finally came through over the weekend. Therefore I was "up" financially but then have invested in some wasp repellent! Furthermore our gas bottles are running on empty so I'll have to go and get some more. Therefore it's a case of one positive incoming, 2 outgoings. Onwards and upwards

originalmiscellany

Petrol claim has gone in, and will be paid in the next few days. Another £40 for the mortgage

originalmiscellany

First day of the month in the eyes of the bank, mortgage paid and £500 overpaid. Another 3 months taken off the mortgage length - so overpaying takes 2 months off the life span. In a few months, I think these overpayments will slow down but as the life span is so long (30 years +), it's mentally encouraging to see the overall time reduce, even if only by a fraction - down from 365 months to 362!

originalmiscellany

Just read an article from Martin - about broadband increases, so I range my provider (plusnet) and managed to get the next speed upgraded, and a new router sent out for the same cost that I am on - which means faster internet (I think it's £4 a month more for that service), so not a money saving phone call but certainly is not a money losing phone call.