2016 mfw

stewby

MFW #8 - £200 overpayment for February.

So... basically, I normally keep the overpayment until the end of the month to ensure that I definitely have enough money in my following wage packet to keep up normal payments.
However, January's wage for use in February was very very good (mainly as I worked nightshift over Xmas and also did a lot of extra shifts). As a result, we could transfer the money straight across to the savings account.

My original plan was to hold on to the money in the savings account as I am quite 'fussy' with stuff and was planning on paying the mortgage later in the month to tie in with my 28th check-in dates.
But you guys and your daily interest chat has kinda made me re-evaluate. Why should I get 0% interest on that money when I could save 1.45% a day on my mortgage.


Hugs to you all.

Mrs_Rachel_Trelfa

#6 reporting a nice juicy £990 for February.

freshcotton

No. 30

Total overpayment is £1,960.

(Due to a cap, £1k is in a savings account but will not be used for anything apart from the mortgage after fixed period).

skye_blue

hi

is it too late to join the party

ive not been here on previous years so number required please

im on interest only and need to make some serious dents in this mortgage before the term runs out

im allowed 20% overpayment a year but cannot make payments less than £500 a time

trying for over payment of this year £6,000 so that my target

thanks

Lomcevak

Welcome to the challenge, skye blue - are there any OPs already this year you'd like me to add?

pavlovs_dog

pavlovs_dog wrote: »

Can I report my first OP of 2016 before I forget? Built in OP of £410.03 + £76 from my 1% challenge gives a January total of £486.03. / £6000 or 0.08%.

#22 reporting in...

my 1% challenge resulted in another £127 OP'd bringing January's total to £613.03.


And to get us out of the starting blocks for February, we have

built in OP of £410.03 + £157 (free council tax month and swagbucks money) giving a Feb total of £567.03

Year to date total of £1177.06 / £6000 or 19.6%

skye_blue

morning

thanks for number - 73

no payment made yet, ive £200 sat in savings but can't pay over till i get to £500 so i think i'll wait till its actually been sent before declaring the amount

is this what everyone does, i see folk paying a few pounds so i guess some mortgages don't specify amounts

i did try to pay £500 at the end of last month but they wouldn't accept it as they said i couldn't pay within 14 days of a direct debit being taken!!! i decided to mot my car a couple of weeks early, cost £300 of it now hence only £200 left

has anyone else had these problems? according to that reasoning there are only 2 or 3 days a month i can actually overpay

thanks

norfolkdream

Have OP'd £100 plus my std op £184 = £284 for Feb

Total for year £1153/£2070 - 56%

Thanks

stewby

Hey Skye Blue.

Welcomes to the challenge!!

Thought I would reply although I am not having any issues with payments at all.
The company I am with has a really easy website to use and I just select "single overpayment" then type in the amount plus select either now or later.
They have never mentioned any issues with regards to overpaying although I did phone last year to ask.

Hope you manage to get it sorted out.

skye_blue

thanks stewby

i will give it a go