MFW starting young.

Sdav

gallygirl wrote: »

Another small OP'er here :wave:, though usually it's going into savings as my mortgage rate is very low :T. £50 is pretty massive around here :rotfl:. Obviously tiny amounts have a very small impact - but they do add up surprisingly quickly - the main thing is they keep you motivated :j.

How are you with spreadsheets :cool:.

My Intrest rate is very high so maybe worth my while paying small amounts as well as big amounts

I have been trying to find good one I have one made up but I'm open to suggestions on better ones

Dav

Tilly_MFW_in_6_YRS

Morning, just had a thought and checked your diary but can't see reference to it. What are you allowed to OP per month/year? Or don't you have any restrictions?

Plus it may be worth calling your bank to check whether it makes any material difference if you OP daily, or weekly/ monthly etc.

We all do different things to make extra money, basically reducing your costs wherever possible, to increase disposable income is key. I tend to menu plan which has saved a fortune and we all love cooking, so there's always lovely goodies on the table. If you can grow salad stuff for the summer that can save £s over the course of a month and costs pennies.

I do surveys, Mr G does PC ones, we eb@y (hate it), but at any time that I make a saving or get extra cash, for example the recent tax change, or reduction in animal insurance, I set up a separate standing order to OP. It must drive FD mad but I have an audit of where the saving has come from. This has enabled me to OP lost £100 extra per month mainly by being more savvy, thanks to everyone's help on here .

You'll see that everyone has different OP approaches - find a way that works for you and be consistent - that's the best advice I've got from this site. I OP I large payment per month, a number of medium ones and then as many pennies as I can :rotfl:

From one of the Christmas threads I took up a challenge to make our Christmas gifts cost neutral. So survey payments, TCB, £co, S&S etc are tracked on a spreadsheet and saved to fund the festive period. Whilst it may not cover everything it makes a big dent

Right, off to check my calendar as I'm working from home today and have no clue what I'm doing :rotfl:

Tilly x

Sdav

Tilly_MFW_in_6_YRS wrote: »

Morning, just had a thought and checked your diary but can't see reference to it. What are you allowed to OP per month/year? Or don't you have any restrictions?

Plus it may be worth calling your bank to check whether it makes any material difference if you OP daily, or weekly/ monthly etc.

We all do different things to make extra money, basically reducing your costs wherever possible, to increase disposable income is key. I tend to menu plan which has saved a fortune and we all love cooking, so there's always lovely goodies on the table. If you can grow salad stuff for the summer that can save £s over the course of a month and costs pennies.

I do surveys, Mr G does PC ones, we eb@y (hate it), but at any time that I make a saving or get extra cash, for example the recent tax change, or reduction in animal insurance, I set up a separate standing order to OP. It must drive FD mad but I have an audit of where the saving has come from. This has enabled me to OP lost £100 extra per month mainly by being more savvy, thanks to everyone's help on here .

You'll see that everyone has different OP approaches - find a way that works for you and be consistent - that's the best advice I've got from this site. I OP I large payment per month, a number of medium ones and then as many pennies as I can :rotfl:

From one of the Christmas threads I took up a challenge to make our Christmas gifts cost neutral. So survey payments, TCB, £co, S&S etc are tracked on a spreadsheet and saved to fund the festive period. Whilst it may not cover everything it makes a big dent

Right, off to check my calendar as I'm working from home today and have no clue what I'm doing :rotfl:

Tilly x

First off Tilly I opologise for the short reply I'm also at work, ill write a more detailed response when I get time ,
But with regards to my overpayments I'm allowed to OP by 10% of the overall balance while I'm in my fixed term. The overall balance stands at £102,000.

Thanks for the help and support i will write a more detailed response asap

Kind regards
Dav

LauraJo

Hi, good luck on your journey. Just a thought, it might be worth paying the penalty to get out of your high rate mortgage and move to a lower one. We did it, It cost us £6k to get out of it but saved about £1k (or maybe it was £800 I can't remember!) a month. We made back the £6k really quickly and have defo profited from switching

Sdav

LauraJo wrote: »

Hi, good luck on your journey. Just a thought, it might be worth paying the penalty to get out of your high rate mortgage and move to a lower one. We did it, It cost us £6k to get out of it but saved about £1k (or maybe it was £800 I can't remember!) a month. We made back the £6k really quickly and have defo profited from switching

I did get a figure last month and it was just over 3k to get out but I don't really have 3k sat to pay to get out

Sdav

On a brighter note not much brighter then 6.89% but the mortgage is at £101,650 I suppose it's a little nicer then £102,000 haha.

Cheers dav.

Sdav

LauraJo wrote: »

Hi, good luck on your journey. Just a thought, it might be worth paying the penalty to get out of your high rate mortgage and move to a lower one. We did it, It cost us £6k to get out of it but saved about £1k (or maybe it was £800 I can't remember!) a month. We made back the £6k really quickly and have defo profited from switching

I'm fixed till August 2015 at 6.89% if I could raise the buy out figure of 3% of my overall remaining mortgage( I'm sure thus was the amount they wanted) it would be worth me doing it wouldn't it?

Sorry if I sound stupid I'm just not that clued up at all hence why I'm here with you good people helping me out

I do thank you all for the help and support.

Kind regards
Dav.

LauraJo

Sdav wrote: »

I did get a figure last month and it was just over 3k to get out but I don't really have 3k sat to pay to get out

Ah - we just chucked it onto the next mortgage. You would have to work out if the pay back would be worthwhile taking into account what you bel the interest rates will do (i.e. if they went back up again next year you probably wouldn't make your money back)

CathT

The penalty may be added onto mortgage. There is a calculator somewhere on here I'm sure to see if it's worth 'buying out' of mortgage. You still have a way to go on that high rate.

Sdav

CathT wrote: »

The penalty may be added onto mortgage. There is a calculator somewhere on here I'm sure to see if it's worth 'buying out' of mortgage. You still have a way to go on that high rate.

Thank you for your advice and help.