Paying off mortgage before 55 when single

A_Frayed_Knot

Dalradian wrote: »

Tried to overpay on the 31st when my salary hit, but the bank said they couldn't credit it to my mortgage as too close to my normal payment?? Anyone else have problems overpaying close to their payment date. Not got round to redoing the overpayment as have been travelling for work, but hope to do so in next few days.

Hi

Doesn't surprise me one bit. Every time I went into branch to o/p its been a hassle so have taken to overpaying online. I actually managed to overpay the same day I am supposed to pay my mortgage which is the 1st of the month, but did not show on my mortgage statement till the 3rd online. Me thinks its just another ploy on banks behalf to put you off overpaying - because let's face it, they lose money each time you overpay.:D

Have you thought - mortgage payment due on 1st (Sat) and not credited to you account till 3rd - do you get charged 2 days extra interest because nothing happens at weekends - so my bank has told me?

Remember to get round to redoing that o/p, because banks that put every obstacle in your way are hoping - you don't get round to it.;)

Dalradian

Yeah, it is almost like the banks don't like me repaying early!
My bank allows no repayment under £500- i had planned to increase my overpayments on a monthly basis, but due to my variable income i can't commit to overpay by £500 every month. So having to pop into branches (variable abilities to cope) or phone up in working hours.

Since i travel a lot, and like today often working late to get an important proposal across to a client, having to comply to a 9 -6 banking hours is hard. If they phone me as arranged i have had to ignore the call because on the phone to customer, or sorting out issue, or writing time critical proposal.

I wish i could do a drag and drop transfer from my current account to my mortgage, like i can do to my savings account. It appears my bank has not got a joined up it infrastructure...

Dalradian

I do realise now the charges are starting to come off my account that i probably don't have as much as i thought as just making up previous payments that have reduced my emergency fund. With new car and bathroom in the offing, i am debating keeping some of it back to cover this, or just spend it and know i have reduced my slush pile for energencies. But prefer to tackle the branch and pay off more of my mortgagr.

Rachiedabbler70

Dalradian wrote: »

Tried to overpay on the 31st when my salary hit, but the bank said they couldn't credit it to my mortgage as too close to my normal payment?? Anyone else have problems overpaying close to their payment date. Not got round to redoing the overpayment as have been travelling for work, but hope to do so in next few days.

Morning Dalradian

For overpayments, I have an online mortgage and can send different amounts from my online bank account when I want. I set a regular payment by standing order then pay across other amounts during the month as and when I can afford. My overpayment goes out on the 1st of the month along with my regular mortgage payment, but only gets credited to my mortgage a couple of days later. Do you have an online bank account and mortgage so you don't have to go into a bank/ building society?

Dalradian

I do have an online account, but am not able to commit to a regular overpayment from the bank. They want confirmation of details so i usually do it via the phone or in branch.
On another note, i just got £16.03 payment from quidco.

Dalradian

Another £5k paid off! That's my big bonuses for this year, will have to look at where else i can get the money from for more OPs.
I have been saving lots of spare change (£1, £2, 50p etc) which will hopefully pay for my spending money for my holiday. Looking forward to it.

mortgage_girl

Just stopping by to say hello. As a fellow single MF wannabee, i know how hard it can be to scrape together the money for op's and the scary (but very rewarding) prospect of doing it on your own with no second income on standby. You're doing brilliantly so far and i'll be following your journey with interest.

MGx

Rachiedabbler70

You're still doing well - £5k is a massive amount to pay off. Good luck. :beer:

A_Frayed_Knot

Dalradian wrote: »

Another £5k paid off! Nice one
That's my big bonuses for this year, will have to look at where else i can get the money from for more OPs.
It's addictive
I have been saving lots of spare change (£1, £2, 50p etc) which will hopefully pay for my spending money for my holiday.
I done this too, all loose change - could hardly lift the bank, so thought I must have a few bob in here - turns out about £60.00 - better than nothing - eh?
Looking forward to it.

A £5,000 o/p:j - fantastic at this rate your steaming ahead.

Dalradian

Thanks.

I found this article very interesting - certainly found that having a large mortgage i was quite demotivated to start op'ing, because it wasn't going to make much difference. Right? But aiming for getting under a £100k, now i am in touching distance i will put more in to getting there

http://www.sciencealert.com/researchers-have-found-a-neat-trick-to-help-get-you-out-of-debt-faster