Mrs Trelfa's Master Plan For Trifle Towers

Mrs_Rachel_Trelfa

So I logged into the account last night and can see that they have applied the payment so amount outstanding is £97,150.35 which assuming worst case scenario that our house hasn't increased in value gives us a current ltv of 83.75% would be nice to get to under 90k by the end of the year but I don't think that will happen. If we can get to £92,800 then that would be ltv of 80% which is far ro high but I need to remember that this is the long game.

Mrs_Rachel_Trelfa

So as I was pottering around upstairs I saw the post van turn onto our road and I said to the hubby to keep his fingers crossed that they deliver our overpayments paperwork and guess what they did. So I then promptly ran downstairs grabbed it and danced upstairs shouting "its herec it's here" I am sooo sad? Or do other people do this?
Anyway I was bang on as the last overpayment knocked 11 months off the term so we are now down to 26 years and 1 month. So signature has been changed to new mf date. I am all hyper and filing away the paperwork and hubby has a grin. You would have never thought that we were 26 years old when we act like a 6 year old at times.

Hope you all are keeping dry on this miserable day?

pavlovs_dog

working out your daily interest is also very motivating. It puts daily spending into sharp focus, and it can act as a great demotivator.

Ours was £15 a day when we first took out the mortgage, and is now inching closer to £11/day.

Mrs_Rachel_Trelfa

pavlovs_dog wrote: »

working out your daily interest is also very motivating. It puts daily spending into sharp focus, and it can act as a great demotivator.

Ours was £15 a day when we first took out the mortgage, and is now inching closer to £11/day.

How do you work out the daily interest ? Although I want to be penny pinching, hubby has rightly advised that we need to have a life so yes we do occasionally have lunch out or a coffee and cake out. So we have compromised where hubby doesn't do it all the time but is now looking for vouchers or offers and I am better at letting him 'treat me'

pavlovs_dog

If your interest is calculated daily and you have means of checking your balance daily, check on 2 successive days and subtract the second day's figure from the first.

Alternatively, if you know how much of your monthly repayment is interest, divide it by 30.5 (to allow for the fact that some months are longer or shorter than others) to get a reasonably accurate daily interest rate.

Mrs_Rachel_Trelfa

Thanks pavlos_dog, just work it out and got £13.60. It might be a bit off as I don't see daily changes on the mortgage so I worked off the interest shown monthly on my yearly statement and I took a bit off as it was coming down just under £2 a month. Does that sound about right?

midnight_child

Mrs_Rachel_Trelfa wrote: »

So as I was pottering around upstairs I saw the post van turn onto our road and I said to the hubby to keep his fingers crossed that they deliver our overpayments paperwork and guess what they did. So I then promptly ran downstairs grabbed it and danced upstairs shouting "its herec it's here" I am sooo sad? Or do other people do this?

This is not sad, but its also something that I don't do.......


....... I can see it right away via online banking :rotfl:


MC

midnight_child

To get the daily interest all you need to do is take the balance left to pay e.g. £100,000 and multiply by the interest rate being charged e.g. 4%APR (you can express this as 0.04), then finally divide by 365 to convert it from an annual interest figure to daily.


In this simple example you get
100,000 x 0.04 / 365 = 10.96



MC


Edit: Found your APR on 1st page

97,150.35 x 0.0499 / 365 = £13.28

crunch_time

Just read through your thread!! You are doing great!! Can't wait till we can chuck £400 at ours each month!! Will have to do a little dance after every overpayment we make! Ha ha!

Crunchy xx

Mrs_Rachel_Trelfa

Thanks, midnight child. The interest is less than I thought

Crunchy you will soon get there.