Time to be FREE!

Frugalwannabe

EndTheSpend wrote: »

We are in a similar position. £131,800 left with 12 yr 4 months at £1036 per month. Looking at remortgaging and decreasing the term to 10 years and overpaying up to £2K pcm. Probably overambitious but I'd love to pay it off as soon as we can to give us more freedom (not too keen on my day job if I'm honest!). If you haven't already, get yourself an excel spreadsheet to track your progress and look at the interest saved increase with each over-payment - it's highly motivating!

Thanks ETS

I haven't done a spreadsheet year I'm not great with them to be honest. I've been playing around with overpayment calculators though and the interest to be saved is crazy!

Good luck with your journey do you have a diary?

Luckyinlife

Oh i see i hope everything goes well for you Iv done a bit myself maby 30-40% done but need to pull finger out next week or 2

Exactly my family used to go all out hen i was a kid amazing memory's and feel very blessed with what i had then and how spoilt i was as a kid

If i can do the same for my DS ill be a very happy dad :]

Ill follow your diary :] good luck

What a challenge this mortgage thing can be

lippy1923

Hi and welcome

I guess it depends on your product. If interest is calculated daily, then pay ASAP. If monthly, then it's better to wait until the right time.

Mine is calculated daily, but I OP the max allowed (£500) each month straight away on the first so I benefit from lower balance gaining interest. Also with my provider anything under £500 OP they take it off the calculated monthly payment. I dont want to reduce my monthly payments. If I pay £500 + I can reduce the term.... which is what I want

Frugalwannabe

So we've signed up to a 5 yr fixed rate of 2.39% with a term of 16yrs 11months (no way)!

We can overpay 10% per year without charges and our interest is calculated daily. Our mortgage amount is £133,002.08 and I'm aiming to of made an OP of £1000 by the end of December.

Our payments drop from £805 to £793.

I'm glad I know where we stand for the next 5 years and if I'm lucky enough to hit the 10% Mark before the end of the year I'll add it to the savings account for the following year.

Just a question. I've seen people posting about surveys, do they add up to much and are there any companies better than others please?

Have a wonderful day

MyBestJumper

Personally I don't bother with surveys - life's too short in my opinion. Plus I found the amount of spam they generated became a real chore wading through. Lots on here do loads of them though so I guess it works for some.

Using cashback sites like £uidco or t0pca$hback is easy IMO. If you're not signed up already I could refer you if you like then I can get a bit of money back too!

Luckyinlife

Great new rate my new rate is 2.4% Your at a rate where it does pay off to OP rather than save so more intensive to Op than save over your EF

mines only for 2 years tho as i hope to be under 50% ltv come 2 years time and should get lower

Sell stuff on ebay
quid co is amazing

Frugalwannabe

Luckyinlife wrote: »

Great new rate my new rate is 2.4% Your at a rate where it does pay off to OP rather than save so more intensive to Op than save over your EF

mines only for 2 years tho as i hope to be under 50% ltv come 2 years time and should get lower

Sell stuff on ebay
quid co is amazing

Thanks LIL at the moment we've got 33% LTV which I'm happy with. For now lol.

I've got bits on ebay at the moment but I've got so much more I need to get rid of.

I'm with quidc0 and tcb and with quidc0 I've got £170 due to come back and TCB is at £9.53 so they'll be used to OP as soon as they come in I'm halfway through your diary! Seem to lose hours reading them lol.

Have a great weekend.

FW

Frugalwannabe

MyBestJumper wrote: »

Personally I don't bother with surveys - life's too short in my opinion. Plus I found the amount of spam they generated became a real chore wading through. Lots on here do loads of them though so I guess it works for some.

Using cashback sites like £uidco or t0pca$hback is easy IMO. If you're not signed up already I could refer you if you like then I can get a bit of money back too!

Thanks MBJ I'm on Quidc0 and TCB but thank you

I've got £170 due back from Q and 9.53 from TCB!

Have a great weekend.

FW

Frugalwannabe

Had a wonderful week away at Centerparcs although I'm not so sure it felt very festive. Kids enjoyed it though and we came back with money left over.

I've got £400 to OP but I've tried to do it online and it's asking for a reg OP rather than me being able to do a one off. I'm going to try and call the bank tomorrow because I was hoping it would be a really easy process so I can OP as and when rather than faff around with it.

Mortgage payment has come out so I've adjusted my signature :-)

I'm away from home having an operation but I think we'll come in under budget for the month. Here's hoping anyway!

Only sold 1 item on ebay which is a bummer but I need to refocus my efforts with this once I'm recovered.

Hope everyone's having a great evening :-)

Frugalwannabe

Morning all :-)

Spoke to the bank this morning about the faff to overpay and you do indeed need to call up to do it and I can do it in small increments?!

I'm baffled by this. The mortgage account is linked to our current account but I can't just transfer money over.

In other news I'm currently away from home for a week and went shopping his morning and purchased enough food for me to do a cook up so I don't need to eat out. I spent £22.71 and have just cooked a lovely big chilli, some rice and have salad, tuna, avocados, cheese and crackers and some eggs, bread and jam. I might eat out maybe Monday or Tuesday just to break out of these 4 walls but we'll see.

Have a wonderful day all x