saving £100,000 ten years to utopia !!

streethack

Just checked my company share holdings currently £10,935

streethack

Hope all you money savers had a great Crimbo, wasn't exactly a money saving Christmas in my house but a great success and very enjoyable.

Made my final overpayment of £183 leaving my outstanding mortgage balance of £131,107 also I have reached my 2013 overpayment target of £6000.

Just checked my share holdings which are currently £11,443 and also my Santander ISA which is currently £10,804, this is maturing in April 2014 so will have to be on the look out for a good ISA deal although im not sure im gonna get any where near the 4% this one is currently on.

All in all going to plan thus far. Onward and upward to 2014 for all!

streethack

Well lets welcome in the new year with my first overpayment for 2014, unfortunately not a big one but still £300. Having just booked Disney Land Paris for five people I have quite a big credit card debt witch I am now chipping away at. Coupled with a delayed Christmas bonus which I am now having to wait until February pay packet things are tightened than its been in a long time, but I guess normal after Christmas.

Plus my car has a weird fault where the main beams are staying on even if you take the key out. Which the garage seems to be scratching there head over and changing stuff just to eliminate it so God knows what that is going to cost!!

However I have become pretty good at knuckling down and getting my self out I debt. Hopefully Febs pay will kick start this.

Anyway with the £300 overpayment currently the outstanding mortgage balance is £130,092. Still going for the same target of £6000 for 2014.

streethack

Just checked my company share holdings currently £12134

streethack

Just made a £400 overpayment which leaves an outstanding mortgage balance of £129,589. Soon will be coming up to three years since starting this diary so will be taking stock soon to see if I am on track or not.

streethack

Company share holdings are currently £12,334

streethack

Another month another overpayment of £400 chipping away at this mountain now. As of today the outstanding balance is £128,783.

streethack

I wonder if anyone can help me get my head around something my current mortgage payments are £835 based on my oringinal mortgage of £160,000. If I reduced my current payments in line with my outstanding mortgage of £128,783 it will be £726. My question is if I reduced my mortgage payments to £736 and paid the differnce of £109 as an overpayment each month would this save me money as that £109 is going off the capital rather than being paid into the interest capital pot or does it work out exactly the same?

Hurdler

streethack wrote: »

I wonder if anyone can help me get my head around something my current mortgage payments are £835 based on my oringinal mortgage of £160,000. If I reduced my current payments in line with my outstanding mortgage of £128,783 it will be £726. My question is if I reduced my mortgage payments to £736 and paid the differnce of £109 as an overpayment each month would this save me money as that £109 is going off the capital rather than being paid into the interest capital pot or does it work out exactly the same?

Sounds like a similar situation I had - first thing to do is to ask them to confirm that ANY overpayment comes off the capital - take a name as well.

When I found out that my provider had not told me about the reduction in my rate when the interest rates first fell, I got them to do an immediate recalculation (from around £1200 to £800) and then set a standard overpayment to £1000 until I took Voluntary Redunancy.

Then I got it reduced down again to what it needed to be and overpaid when I could.

Also check with them if there is a specific amount at which they do a recalculation - if I pay a lump sum of OVER 3x my monthly amount (as one single payment) they reduce again.

Have a good chat with them, and that will give you a far better basis to decide how you want to construct your OPs going forward that gives you a degree of flexibility as well.

streethack

Hi Hudler

I spoke with FD and they confirmed that the difference of £109 would be taken off the capital. So I guess theres no need to reduce my monthly payments and pay the difference as an overpayment as it is effectivly doing the exact same thing.