Can someone advise? silly question...

StrawberryJam132

I still get confused with my own mortgage :rotfl: Mine is two years fixed and I just had a panic reading your post _pale_ Double checked my bank but it's the full two years for me. Thank goodness!

As for a spreadsheet. I use Locoblade's. It's great. Here's the link:
https://forums.moneysavingexpert.com/discussion/1157173

I wish I'd gone for a 5 year fixed. I'm now panicking trying to get rid of my debts and make myself look good to get a lower rate :wall:

Anyway, looks like you've got your head screwed on. And tootallulah is right, any overpayment helps and soooo addictive!

CathA

When I wanted to overpay on my mortgage, I could only pay off 10% of the outstanding balance ON THE DAY, so check with your mortgage provider first as otherwise you may get a penalty charge. Our mortgage is with Halifax, and they made such a mess of the overpayments. We had 4 separate sub accounts and they paid the wrong amounts off the wrong ones, charged the wrong redemption figure when we paid off the outstanding interest free part, the list was endless. I had to explain to one of the staff how to work out 10% of the balance!! Long short story, escalated my complaint further up the management chain, got the whole lot recalculated, (still wrong but in my favour this time) plus several hundred pounds in compensation-result!
My advice is do not take the figures they may give you as correct, check it yourself or get a mathematically blessed friend to double check. Unfortunately for the Halifax I worked in finance for years so to me the calculations were simple, though not everyone would think to check that they were right. Good luck.

Elsbells21

StrawberryJam132 wrote: »

I still get confused with my own mortgage :rotfl: Mine is two years fixed and I just had a panic reading your post _pale_ Double checked my bank but it's the full two years for me. Thank goodness!

As for a spreadsheet. I use Locoblade's. It's great. Here's the link:
https://forums.moneysavingexpert.com/discussion/1157173

I wish I'd gone for a 5 year fixed. I'm now panicking trying to get rid of my debts and make myself look good to get a lower rate :wall:

Anyway, looks like you've got your head screwed on. And tootallulah is right, any overpayment helps and soooo addictive!

Sorry!!:rotfl::rotfl:

Didn't mean to worry you. I have no idea with what I'm on about half the time with regards to mortgages

that spreadsheet completely threw me for a minute there, but does look very good. Thanks! :T

Elsbells21

CathA wrote: »

When I wanted to overpay on my mortgage, I could only pay off 10% of the outstanding balance ON THE DAY, so check with your mortgage provider first as otherwise you may get a penalty charge. Our mortgage is with Halifax, and they made such a mess of the overpayments. We had 4 separate sub accounts and they paid the wrong amounts off the wrong ones, charged the wrong redemption figure when we paid off the outstanding interest free part, the list was endless. I had to explain to one of the staff how to work out 10% of the balance!! Long short story, escalated my complaint further up the management chain, got the whole lot recalculated, (still wrong but in my favour this time) plus several hundred pounds in compensation-result!
My advice is do not take the figures they may give you as correct, check it yourself or get a mathematically blessed friend to double check. Unfortunately for the Halifax I worked in finance for years so to me the calculations were simple, though not everyone would think to check that they were right. Good luck.

Thanks Cath :T

What a horrendous experience you had :eek: at least they compensated you though. Good persistence!

Really good advice there. I'll be sure to check, double-check and triple-check just to be on the safe side.

I presume if it all goes ahead, they will outline in the paperwork the specifics? Or are you essentially left to fend for yourself?