Once more with feeling...

freddykrueger

elantan wrote: »

Try adpoints for extra pennies on your nectar card

Good luck

Yip I just noticed that and have signed up for it along with surveys as well :beer:

freddykrueger

I looked at our finances from last month and have managed to make another overpayment of £200 today to the mortgage. So that makes overpayment for May so far:

£203.02 from regular overpayment
£64.34 from PayPal
£200 from underspend last month

Total overpayment this month £467.36

newgirly

Great start, (and great username too!)

jimmybrid

freddykrueger wrote: »

A few things I need to look at:

1. My mortgage and whether it would be a good idea to move to an offset.
2. My credit cards to see if I can make these work better for me.
3. My current account to see if anything better out there as I am with Clydesdale bank just now and have been for ever!

I'm planning to just update my signature every month with mortgage balance does that sound sensible?

Hi Freddy, with regard to the credit cards and current account you should check out the Santander 123 offering. Both pay cashback on certain things, the credit card on spends on petrol/diesel and in supermarkets and department stores, the current account on home utilities (gas, power, phone, broadband, tv and council tax) paid by direct debit. Both carry £2 a month fees but could easily pay back more and both can be taken out via TopCashBack to earn additional cashback. The current account also pays 3% interest on balances over £1000.

edinburgher

On the Santander 123 account:

Interest - on your current account balance:


1.00% AER/gross (variable) on balances from £1,000


2.00% AER/1.98% gross (variable) on balances from £2,000


3.00% AER/2.96% gross (variable) on balances from £3,000 and up to a maximum of £20,000.

jimmybrid

Oops, sorry for the incorrect info on the interest rates. I'm only using my account for paying bills so don't intend to be earning any interest from it.

edinburgher

Oops, sorry for the incorrect info on the interest rates. I'm only using my account for paying bills so don't intend to be earning any interest from it.

It's actually a pretty decent account for interest vs an instant access ISA at the moment. We've got everything running through it, I even closed down my old Halifax account as the monthly fiver wasn't worth the faff. Also like the 123 account as they pay the interest monthly, a good motivator for impatient sods like me!

freddykrueger

Bad news today . Put the car in for a service (I own it outright) but it is starting to need a lot of repairs. This is getting more and more frequent so I think I will need to get a new car. Previously I have taken normal hire purchase but just going to do a PCP deal this time with a car that is 1 year old - payments should be around £150 per month and I'm hoping that I can factor this into everything.....

freddykrueger

Well I pick up the new car tomorrow - unfortunately it's something that I can't do without. I will still be able to keep up the monthly repayments but it may affect slightly the further overpayments I make on the mortgage.

I'm not going to let a little setback get in the way

freddykrueger

I need everyone's help....I reckon that I could be smarter and quicker to pay this off. My current balance us just about £86450 and remaining term is up to march 2031!!

My overpayments are £200 per month regular but I would like to ramp this up to the point where I try and pay the mortgage off in 5 or 6 years. I have played about with the calculator and reckon this would mean an overpayment of around £800 per month - can anyone sense check this for me?

Also would I be better moving my mortgage to an offset product as I have money in savings? At the moment I can make unlimited overpayments.