2012 mfw

unhappy_shopper

#34 reporting in for September: I have made an OP of £400 this month. Too many money-demands this month, but I'm happy to have made this OP.

VoucherMan

lippy1923 wrote: »

Question for all the wise people out there... The amount I OP each month varies. Sometimes its £100, other times £50. Basically what ever I can afford.
OH thinks theres no point OPing such a low amount and its prob not doing anything each month.
Is it best to keep OPing monthly, or just save up and OP at the end of the year as a lump sum?

I don't think I qualify as wise, but it's not stopped me yet!

Mortgage calculators are great fun (I know - I need to get out more). I put some figures in to give a rough guide. £140000 mortgage over 25 years at 4%. One with a £50/month overpayment, the other £600/year. The total saving was about £350 with monthly payments (about £15/year)

But overpaying monthly has advantages. So long as you're doing it online, or at least not paying for a special journey to the bank, it puts the money safely out of temptations reach. If you leave it till the end of the year it could get spent elsewhere (judging others by my own low standards). Plus you may be more likely to find that bit extra for a bigger op if done monthly.

Not forgetting the biggest advantage of monthly overpayments. You have to keep updating on here so keep motivated more by reading other's posts.

Marie27lol

VM, that says it all

icklehelen

#147

Another £250 OP'd taking me to just under my target. Will (hopefully) find more by the end of the month by which time I may have also decided on a new target!

ickle

uzubairu

No: 19 update for September.

Sold a few more things on eBay, so added another £300 to the overpayments.
September overpayments so far:- £1,300.

lippy1923

Thanks for the link and the advise guys

Spiggle

Hello all,

Still busy so please excuse the brevity!

The only advice I would offer lippy1923 is that the sooner any amount is paid off the better as you will not be paying interest on that element of capital. Otherwise, all of VoucherMan's comments are totally valid.

I know what you mean about a heavy month unhappy_shopper, well done on the OP all updated for you.

Lovely OP icklehelen, all updated and I look forward to your revised target.

Nice sales uzubairu, all updated for you too.

From the googledoc, your lovely OP is updated too bownyboy.

See you later,
Spigs

lighthousescotland

Does anyone with a Halifax Mortgage know what happens if you accidentally go over the 10% of what you owe OP limit. I am planning an extra OP on Monday but am thinking that by the end of June when my mortgage year is up this may slightly go over the 10% limit and I am wondering what they do. Do they just take 10% off the over the limit OP or something else? I would be not going over the limit by very much so in the great scheme of saving on interest over the next 6 years it may be worth it. Am a bit confused. :cool:

kandfs_mam

Morning all - a cheeky £50 OP for me today. Hope you're all well.

Spiggle

Hi Eveeryone,

Lighthousescotland I would suggest you contact Halifax directly, perhaps email or letter to keep a record, to find out what they say. I'm not sure what happens but you wouldn't want to bring the might of early repayment charges or similar penalties down on your head would you? Sorry I can't help.

From the googledoc, your OP has been updated skaps, brilliant.

Also, Sepa74 your excellent August OP is logged on the spreadsheet.

Probably see you all later,
Spigs