Home Forever? Maybe Mortgage Forever? No Way!!

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Replies

  • HI GemDoll, it has really helped with Nationwide that they do the online service, you can actually see your total coming down (and back up with the interest!!). So that along with this diary is definitely helping me and im sure it will help you aswell :)

    With regards to the shade, we had some parsley that has done really well in part shade and also rosemary is doing ok aswell. Everything else seems to love the sun so some re-organising was needed.
    Borrowed - £148000 June 2013
    Original MF Date - May 2038
    Aiming For - March 2031 (At Latest!)
    Overpaid - £490.00
    Daily Interest - [STRIKE]£18.16[/STRIKE] £18.09
  • KolaKube wrote: »
    Hi Jackop! Congrats on the new house, looks like we're in a pretty similar situation and of similar age etc (I'm 28, OH 30) - will be following your diary with interest!

    Can I ask a few things about your nationwide mortgage (as we're having the same, hopefully to complete Monday) - does it show up on your internet banking? That would be useful. Can you transfer OPs online then? Also, is your first monthly payment the interest for the number of days in the month you move in on top of your regular payment? Or is it just a double? (We're due to complete on the 30th, so a bit unsure about it lol). Also, ours seems to be that you can OP but 10% annually rather than £500 per month - when we had applied for a mortgage earlier in the year that was the case (house fell through) but this time it seems to be 10% - I wonder would they let you do the 10% thing too if you rang them, or is it fixed at £500?

    Good luck with everything and sorry for all the questions lol xx

    Hi KolaKube (love your name!) looks like I half answered your question in the last post!

    Yes I log in via internet banking, you have to request the details and they come through via post. You use your mortgage account number and they send you a 6 digit pin. Then you have some unique info (I used my mum's maiden name). You can overpay online but I just use my online banking with first direct and transfer it straight in. It usually appears within a couple of hours on your online account.

    My first payment was interest only I think and it was a real kicker as we completed on the 3rd June, but our 1st payment wasnt until 28th July! So £1300 was all interest I believe. Im still trying to figure that out but I think that was what happened.

    Im not sure about the £500 vs 10%, it doesnt matter to me personally as we are nowhere near the £500 limit at the mo anyway. In a few years time we might be, but the fix ends in 2016 so we will be in a position to maybe get something more flexible with the added equity.

    Dont worry about the questions im always happy to help if I can. I was always asking things on here before I completed so its nice to give something back :)
    Borrowed - £148000 June 2013
    Original MF Date - May 2038
    Aiming For - March 2031 (At Latest!)
    Overpaid - £490.00
    Daily Interest - [STRIKE]£18.16[/STRIKE] £18.09
  • Thanks for the info, I think that's what I thought - I've prepared myself for double payment, so anything less would be a bonus lol :)

    We bank with nationwide anyway so have the internet banking already - I think it'll definitely be a real motivator if you can see the mortgage balance going up and down every time you log in!
    MFW Sept 2013 Starting balance: £101160.59 25 years :eek:
    OPs 2013-2014: £64.33 :o MFW #78
  • I just had a look back and I think it was 1 full months payment (July) + daily interest (June) for the part month. So keep your double payment handy and you should have a little to spare hopefully :D

    Good luck with the move, I hope it all goes smoothly for you both. Although you hear the horror stories on here ours was fine with minimal delays and everything moved the same day.
    Borrowed - £148000 June 2013
    Original MF Date - May 2038
    Aiming For - March 2031 (At Latest!)
    Overpaid - £490.00
    Daily Interest - [STRIKE]£18.16[/STRIKE] £18.09
  • Thanks Jackop - this is our 3rd completion date so far :/
    MFW Sept 2013 Starting balance: £101160.59 25 years :eek:
    OPs 2013-2014: £64.33 :o MFW #78
  • Oops, then I hope 3rd time lucky!! Haha
    Borrowed - £148000 June 2013
    Original MF Date - May 2038
    Aiming For - March 2031 (At Latest!)
    Overpaid - £490.00
    Daily Interest - [STRIKE]£18.16[/STRIKE] £18.09
  • Jackop wrote: »
    HI GemDoll, it has really helped with Nationwide that they do the online service, you can actually see your total coming down (and back up with the interest!!). So that along with this diary is definitely helping me and im sure it will help you aswell :)

    With regards to the shade, we had some parsley that has done really well in part shade and also rosemary is doing ok aswell. Everything else seems to love the sun so some re-organising was needed.

    Maybe I should look into online banking, my DH is a bit old fashioned about stuff like that even though he is only 37 :rotfl:

    I think I will have to squash all our pots and the mini plastic greenhouse thing I'm planning into the little patch of sunlight and hope for the best :T

    I'm really excited about over paying, my DH seems pretty enthusiastic but not quite as much as me! He doesn't seem to understand right now that every pound counts and does actually make a difference...
  • It helped me to get the short term goals sorted, overpaying now for a reward in 18 years time didnt really do it for me, but the cheaper rates in 3 years and the reduced daily interest really helped!
    Borrowed - £148000 June 2013
    Original MF Date - May 2038
    Aiming For - March 2031 (At Latest!)
    Overpaid - £490.00
    Daily Interest - [STRIKE]£18.16[/STRIKE] £18.09
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