MFW getting started

MiffyMFW

In the last couple of years I've been making great efforts towards the MF dream but it is difficult when you are single and have to cover all the outgoings alone, as well as wanting to enjoy some fun in life! I have though managed to OP £3250.

I'd like to get smarter at the OPs and many people on here talk about sending extra payments on an almost weekly basis of small amounts, say £50 or so but I'd like to know how you all manage that with your bank? When I want to OP I have to write a letter and post a cheque so tend to save up to quarterly payments rather than the little and often approach.

My mortgage is with Co-op but arranged via Britanna (something to do with their merger) so all OPs are posted to Britannia - is anyone else with them and can offer any advice? I can't believe that there is no way to see my account online and I have to wait for annual statements!!

Thanks

black_taxi_2

im single

I made the decision back in 2009 to become MF

if you don't have access to view on-line mortgage account,id avoid making small weekly o/p.(if mistake is made, difficult to know)

keep it simple, one standard o/p each month

1.main thing is work out budget,and and work o/p on that
2.dont take on new debt(even a 1k loan from bank means your not paying down captial)
3.if your struggling an cant o/p a few months.dont get stressed about it,look at overall pic end of year.

Im with HSBC for my mortgage,and you don't need a bank account with them,online,i can make any o/p from other bank and payment shows online in 2 mins

im surprised co-op an britania don't hav on-line facilities,they will lose business

g/l any questions ,just ask

black_taxi_2

I phoned co-op mortgages,they don't provide online services for viewing or payments,sounded embarrassed.

they said they are working on it for future,but couldn't give a any idea of timescale

SG27

They really need to get with the times! I'm lucky my mortgage with YBS is online and I can send ops by BACS to my mortgage account so do lots of little ones.

When I come to remortgage if a provider doesn't have online banking it will seriously put me off using them!

Miss_Money_Magnet

Hi Miffi
I have a co-op mortgage. I rang them and they gave me a sort code and account number to pay my overpayments to, so I transfer payments online. I made a small overpayment then rang them to check it had gone through ok before making anymore. Can't check it online but I keep a note of my overpayments.
Good luck!

muddywhitechicken

Welcome to MFW and good luck!

MiffyMFW

Thank you all for the encouragement and especially to Black Taxi for phoning co-op! My current account is with them and it is online but really really dated in style.

OK 1 payment a month it is :-) Although a couple of months off whilst I have home insurance to pay Aug and car insurance Sept.

I will certainly be looking for online capability next time I move mortgage but for now with a tracker at 2% above base I am staying put.

I'd like to put a "pay off by the time I am 50" target but realistically I think 55 might be more likely. 12-17 years to go (current time left on mortgage is 20 years)

cardiffmatch

Good luck Miffy!

I also make my OPs online - I'm with YBS. Whilst the ability to access my mortgage balance etc on their website whenever I want is very useful, in reality I send the money straight from Nationwide's online banking (where my current account is) using the sortcode and a/c number associated with my YBS mortgage.

I make a monthly payment and little payments too - but putting all those little payments in one place then sending them monthly would also be good. It's like the "Virtual Sealed Pot" idea I discovered on the DFW boards years ago!

CM

MiffyMFW

Well, I have now had a letter back from my latest overpayment and now know that my outstanding balance is 83385. This is good news :j I thought I was up around the 86000 mark. I've been sending payments of 250 but they don't send a statement for those so will look at quarterly payments of £500 for the next 12 months so that I can keep my spreadsheets up to date.

It's going to be a long journey but I'm glad I am on the road :T

MiffyMFW

I'm so excited about committing to this journey. I'm dying to have the time to get everything in order so that I can easily work out what I can afford. My main account (current and savings) are all good and clear but I have little pots from old accounts all over the place and really need to get them either into one place or at least updated so that I know what I have.

Might have to take a day off work to get it organised but it'll be worth it.

You guys are all very inspiring and it's great to be in here because no-one talks openly about finance in the 'real' world

LealeaV

Can I tag along for the ride as well please???

It sounds like we will both be in the same boat... and us single uns have to stick together!

Fingers crossed that I should hopefully be getting a mortgage in the next month or so.... and I have every intention of getting rid of it ASAP!!!!

You've done so well so far and your only just starting, so I''ll subscribe for the update on how you are getting on!!

All the best x