BookWorm's MFW Chapter

hiddenshadow

CathT wrote: »

I can't view my mortgage online which is disappointing as I really thought FD would provide it (I think they only offer it for offset mortgages?)

That's what they've told me. I'm still a bit baffled that an online-only bank wouldn't show your balance online, though!

One trick I've found is that they only factor in your interest after it's calculated (which depends on what date your mortgage started) and when it's paid. Ours runs from the 10th of every month to the 9th of the following, so on the 11th I call up and find out what the interest will be for the next payment (May 1 for this month). Then I can factor that into our regular payment and figure out how much of it will be principal.

e.g. regular payment of £1,000
interest calculated on April 10 of £100
payment on May 1 will reduce the mortgage by £900

Every other payment goes straight to principal, so there's no need to phone them up for balance updates (unless you want to confirm that they payment has gone through, but I use text alerts for that). So if my April 1 balance is £100,000 and I make a £100 OP today, I know that my balance is immediately £99,900 without having to phone up.

TL/DR - there are workarounds

BookWorm

mortgage_girl wrote: »

Fab news on your interest reduction and I'm pleased that you've finally got your mortgage transferred...hope you had a mini choc and wine celebration once it was completed.

Thanks for stopping by MG. I haven't been able to face alcohol since I first became poorly at the start of the long Easter weekend. I have managed a few chocs though

CathT wrote: »

That's a great daily interest reduction! How does that affect your MF date?

Hi Cath - thanks for popping in Do you know I actually hadn't thought to check that! I have done so now and it means that the date changes from June 2032 to Jan 2030 :T Plenty still to work at but it's moving in the right direction

Kittenkirst

Fab work on the interest reduction! Must feel pretty rewarding seeing your hard work paying off.

Hope that you're continuing to feel better

BookWorm

Hi Kittenkirst - thank you, improving all the time. Hope all ok with you.

Yes, it's definitely satisfying to 'see' some results. Keeps me motivated

BookWorm

Good evening

Not much to report from me. Just plodding along trying to get through to the weekend.

Received my letter from the bank and my new mortgage is £127.84 cheaper :T

Surveys are ticking along but none near cashout just now.

BW

hiddenshadow

Fabulous new rate on the mortgage.

BookWorm

Good Morning

Finally the lovely weekend is here... though I have gotten up to find there has been snow overnight :eek: Not much but still a shock!

I've survived another week at work. Still hovering at around 98% improved on the health front. It's that last little bit that seems to want to be stubborn.

Old mortgage has disappeared from online banking view so hopefully that means that are nearly ready to send the rest of my 'extra' money back. By my calculations it should be around £385 but will have to wait and see. However much it is and when received, it will be paid back into the mortgage as an OP

I'm also expecting a £62.01 refund from my cancelled car service plan and that will also go as an OP once received

£5 OP made today which was an MS survey payment. It's so good to making OP's again :T

No major plans today. Seeing a friend later for a catch up and that's about it. Otherwise, usual [STRIKE]boring chores[/STRIKE] house jobs

BW

mortgage_girl

Morning BW. Well done on surviving another week and your op. :T

Hope you are having a lovely weekend (as chore free as possible).

MGx

BookWorm

Hiya MG

Let's just say I am doing the minimal amount necessary on the chore front Thoroughly enjoying the break from work though.

Hope all ok with you x

BookWorm

Afternoon

It's been a semi spendy weekend here as I've ordered some new shoes (for work) and some new trainers (sort of for work as I tend to wear trainers on my commute) and also a new usb lead to charge my kindle as mine has given up the ghost. All done via TCB and so some cashback will be earned.

I've also just written and sent my complaint to the new bank regarding the not exactly brilliant service with the remortgage. Will be interesting to see what they say!

It's a sunny day so I'm going to head outside and do a few garden jobs. i really want to get the lawn cut but it's just too wet. So pottering it is

BW