Taking the bull by the horns

joedenise

ApronAnnie wrote: »

Aaaaargh! The santander mortgage site is still not working.....v frustrating.

Is it worth ringing Santander to get the information? It would save the frustration of you having to keep checking online.

I would also say you should clear the credit card before overpaying on the mortgage - the interest rate will be far higher than the mortgage. Also, definitely get a separate card for work expenses and make sure you claim them either immediately after the spend or at least monthly and then pay back the card every month.

Denise

ApronAnnie

Ok, so I have been a bit quiet lately but I have been thinking and working out my plan of action after listening to advice on here and reading about other MFW stories.

So today my credit card balance is £5651.11. I have been overpaying my mortgage since last year and have £3182.93 in the savings pot, on top of available funds from actual mortgage payments made.

So, I have taken the savings pot money out and am using that to make a big dent in the credit card balance. I have just paid off £500 from my bank savings account too. So that will bring the balance down to £1868.18. I have some money owed to me for things I bought on said card so rather than do my usual 'stick the cash in my wallet and call it bonus money,' I will pay it off the credit card (as any sane, money savvy person ought to!) and then the balance will be £1556.18, if all goes to plan over the week. Phew!

I have left my mortgage overpayments as they are. The actual due amount is £919.09 and I pay £1200.00 a month, an overpayment of £280.91 a month.

I am debating whether to reduce the mortgage back to basic for a few months and use what was overpayment money to reduce my CC over the next few months or whether to leave it be and try to pay off the last £1500 on the CC without doing that. What would you do?

My next task is to sort out car insurance. I have always just renewed without shopping around. (Cardinal sin, I know now! )

Oh, and I signed up for surveys and cash back site so thanks to those that have mentioned them. I rather enjoy some of the surveys so doing them is no hardship and of a few pounds come back now and again then great! Cash back for Inge I was going to buy anyway seems too good to be true!

As for the actual mortgage, well I have £164 704.43 outstanding and 16 years left. I am going to be fifty this year and feel like I have had a mortgage all my life. Well I have for most of it! Having to start again after a relationship breakdown was tough but I did it, hence the large mortgage so late in life.

Anyway, I ought to write a proper post at some pout. About who I am and a few more details about my situation, but today I wanted to write about these bits and pieces as advice on here was very much about sorting out the credit card before worrying about the mortgage, so thank you!

I actually feel rather chuffed with myself!

mouche

Great progress! My tuppence worth - reduce the mortgage OPs and pay off the CC unless the CC rate is lower than the mortgage rate by some miracle. Then when the CC is cleared pay the interest you would have been paying on the CC on top of your OP. But probably check with your mortgage provider if they will allow reducing and then increasing OPs.

I personally pay even my regular, planned OPs to the mortgage manually as it gives me a kick but realise not all mortgages allow this.