Back on the MSE wagon

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  • mrs_motivatedmrs_motivated Forumite
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    It's PAY DAY lalalalalaaaa its PAYDAY:dance:

    Had a good day today and another no spend :D, thanks to a business lunch (free) and the fact that lidl had sold out of the £80 tablets/notebook things first thing this morning!


    Payday at last, so £300 more paid off of the mortgage, monthly spend sheet worked out and after all bills are paid or budgeted for including poodle parlour for dogs, hairdresser and beautician for me (not a luxury in my eyes but a much needed necessity as both me and the dogs are resembling doodle crossed with Thing from he adams family) :eek: I have £150 a week left for food,fun and fuel (diesel for car).... Now I have a cunning plan to withdraw the £150 on Saturday in cash and see how much I can save to pay off the mortgage.

    I have to confess though, I didn't have a great day yesterday, went to the cinema to see Django ( loved it) so had quite a hefty unplanned spend for a Wednesday but I was worth it :D
    Well Behaved women seldom make history

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  • mrs_motivatedmrs_motivated Forumite
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    Today I am not sure who is more confused, me or Nationwide!

    My mortgage is fixed for five years and through my online account I emailed them and said I will be overpaying, however, the terms of the fixed rate state I can onlu over pay a maximum of £500 without incurring penalty charges so i would not be exceeding this limit for the next five years and woul dthey reduce the term of my mortgage, rather than reduce future monthly payments.

    OK - email back said, we have updated your details and can confirm that any monthly payment over £500 will reduce the term (despite the fact that i told them i would be paying less than this because of the penalties)

    so i have emailed them back saying - great but what happens if I only overpay £300 per month for the next 5 years?

    I havent had a response yet, but can anyone explain please?


    Staying in tonight (in fact all weekend) apart from weekly food shop, so should be good on the MSE front - will do a food list and menu plan tonight (trying to stay focused) and weather permitting I will , sort the greenhouse out and tidy the strawberry patch ready for summer (day dreams out of window thinking of summer)


    HAve a good weekend folks x
    Well Behaved women seldom make history

    Early retirement goal... 2026

    Reduce, reuse, recycle .
  • Lois_ELois_E Forumite
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    Today I am not sure who is more confused, me or Nationwide!

    My mortgage is fixed for five years and through my online account I emailed them and said I will be overpaying, however, the terms of the fixed rate state I can onlu over pay a maximum of £500 without incurring penalty charges so i would not be exceeding this limit for the next five years and woul dthey reduce the term of my mortgage, rather than reduce future monthly payments.

    OK - email back said, we have updated your details and can confirm that any monthly payment over £500 will reduce the term (despite the fact that i told them i would be paying less than this because of the penalties)

    so i have emailed them back saying - great but what happens if I only overpay £300 per month for the next 5 years?

    I havent had a response yet, but can anyone explain please?


    Staying in tonight (in fact all weekend) apart from weekly food shop, so should be good on the MSE front - will do a food list and menu plan tonight (trying to stay focused) and weather permitting I will , sort the greenhouse out and tidy the strawberry patch ready for summer (day dreams out of window thinking of summer)


    HAve a good weekend folks x

    Why do these people not READ what is written so plainly? :mad:
    Anyway, hope your weekend in goes well. :)
    Starting again 13/4/19
    Home loan 1: £21,102.50 Home loan 2: £7,698.99
    Total owed: £28,801.49
  • mrs_motivatedmrs_motivated Forumite
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    I now have a response, the overall interest I pay will reduce the day after they receive the payment but the term won't reduce until I can pay more than £500 a month.

    In light of this, I can going to have to re- think things. Maybe I will be better saving in some other way, perhaps an ISA and then overpaying a large lump sum at the end of five years.

    I guess from a financial point of view I am better off reducing the interest on my mortgage, which is 4.29 per cent. But my goal is to get rid of it as early as possible......
    Well Behaved women seldom make history

    Early retirement goal... 2026

    Reduce, reuse, recycle .
  • fluffysoxfluffysox Forumite
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    Today I am not sure who is more confused, me or Nationwide!

    My mortgage is fixed for five years and through my online account I emailed them and said I will be overpaying, however, the terms of the fixed rate state I can onlu over pay a maximum of £500 without incurring penalty charges so i would not be exceeding this limit for the next five years and woul dthey reduce the term of my mortgage, rather than reduce future monthly payments.

    OK - email back said, we have updated your details and can confirm that any monthly payment over £500 will reduce the term (despite the fact that i told them i would be paying less than this because of the penalties)

    so i have emailed them back saying - great but what happens if I only overpay £300 per month for the next 5 years?

    I havent had a response yet, but can anyone explain please?


    Staying in tonight (in fact all weekend) apart from weekly food shop, so should be good on the MSE front - will do a food list and menu plan tonight (trying to stay focused) and weather permitting I will , sort the greenhouse out and tidy the strawberry patch ready for summer (day dreams out of window thinking of summer)


    HAve a good weekend folks x
    Hi I think that if your overpayments are less than 500 nationwide does not adjust term or monthly payments until the annual statement. However it reduces the balance and hence interest daily so a greater proportion of your regular payment will be reducing balance rather than paying interest.
    One suggestion if you want them to recalculate more often would be to aim for one £500 op mid way through the year. Either by paying less the previous month or by raising a bit of money another way. Could use Feb and march council tax money if you've not already thought of that. Add to march op and you're sorted. Or have a mortgage money box. some people on here have done a mortgage pig challenge, personally i prefer using Paul Masson wine bottles to collect my change. Suggestions to fill them would be £2 coins , any spends left at the end of the month etc. then when its full add to OP.
    I would definitely take a look at the suggestions re. water bills. Ours is under £30 a month, two adults showering daily, and a toddler who creates lots of washing. Do you use hosepipe in garden or a pressure washer or something? if not then check united utilities have done a recent meter reading. then look at where water is being wasted. save money and the environment ;-)
    2016 MFW OPd £2000, 2015 MFW OPd 3000 then bought new bigger house with bigger mortgage.
    MFW OPd 2014 £2000 2013 £9700 2012 £2848.39 2011 £2509.58 2010 £11000 2009 £112002008 £4939 :D
    Beautiful boys born May 2011 and October 2013 :)
  • mrs_motivatedmrs_motivated Forumite
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    Thank you fluffybox, some really useful info and advice there.

    Yes, the water thing is bugging me, I have been totally puzzled by this. I do use hosepipe occasionally in summer ( when water buts run out) because I grow my own fruit and veg. My washing machine is AAA rated with Eco and aqua eco programmes and I am sure I don't wash anymore than most people. We average one bath a week and shower the rest of the week......:cool:

    You mentioned the Feb, march council tax money (gosh I miss that soooo much). However our council doesn't do that anymore its paid over 12 months .......initially I think when they hiked up the price and wanted to give the illusion it was cheaper.

    I love the idea of a mortgage money box though, definitely something to try
    Well Behaved women seldom make history

    Early retirement goal... 2026

    Reduce, reuse, recycle .
  • mrs_motivatedmrs_motivated Forumite
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    :o. Erm well what a mixed if enjoyable weekend, not great at sticking to budget :o. I think it's down to 'payday euphoria', I really must get more focused!

    The weekend went something like this.

    Friday night, two out of three DDs at home and stayed in (I think because my friend / ballet date was coming round) Now they have known him for ages, we even went to his villa for a break last Summer. Anyway, now they know he wants things to move erm to another level shall we say, they were like the Spanish Inquisition ( thinking the mother / daughter roles temporarily reversed). Anyway, we all had dinner,a couple of bottles of vino and a good laugh. When he left they said "mum, you are off your trolley if you don't give him a chance - he's so nice and has adored you for ages, you just didn't notice". Cue , cold feet, mad panic and :eek: this kind of thing DOES NOT happen to me, I am normally the master at sussing this kind of thing out.

    Saturday, went shopping - gave aldi a try (was quite impressed) even more so when the entire bill was £60, which included £10 worth of
    stuff for Uni DD. afternoon - tidied strawberry patch, filled birds feeders and then spent rest of afternoon chasing the pesky squirrels away:mad:

    Sat night - bath, candles and glass of bubbley and complete pampering. Sheer heaven.

    Sunday - trip to matalan for new bikini and pants , bras and work trousers. Now this was a Money saving lesson learned, I thought I needed those clothes but I came home and sorted wardrobes out and I only actually needed some new work trousers and I am ashamed to say found 35 bras :o. Five went in the bin, 3 were sports bras and the rest were fine (6 stick had the label on and were unworn). Bikini huh I bought five last summer, all perfectly fine! I am so annoyed with myself, why oh why can't I resist pretty undies, shoes or bags!

    Anyway I phoned my friend up , moaning and she came round and we sorted the shoes and bags too she was lethal and gave me a good woking "when did u last wear this and you wont ever wear that again etc.". and three hours later she declares i have a capsule wardrobe :cool: and she disappeared with three bags of clothes 12 pairs of shoes and is going to sell them for me on eBay. She reckons they will sell easily, still in original boxes etc. So fingers crossed lol there are some size 5 shoe and clothes junkies out there that want (vintage, according to my mate ) erm (very old according to me) designer stuff........ Me I am going to get one pair of cheap new wellies out of the proceeds and throw the rest in the mortgage fund isa (£2200 in there so far)


    Made tomorrows packed lunch and now off for a shower a little bit of tv and then to bed with a new read ( from my book bucket list).

    Have a good week folks :wave:
    Well Behaved women seldom make history

    Early retirement goal... 2026

    Reduce, reuse, recycle .
  • Lois_ELois_E Forumite
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    That is one cool friend you have there. :)
    Starting again 13/4/19
    Home loan 1: £21,102.50 Home loan 2: £7,698.99
    Total owed: £28,801.49
  • mrs_motivatedmrs_motivated Forumite
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    Lois_E wrote: »
    That is one cool friend you have there. :)

    Yeah, she is great and scarily organised about everything lol, she is one of those lucky people that could wear a bin liner and still look fabulous but we have been friends for years and seen each other through, marriages, kids, divorces, illness and happy times and I love her to bits :)
    Well Behaved women seldom make history

    Early retirement goal... 2026

    Reduce, reuse, recycle .
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