A way to pay! Clear this mortgage before 30 years!

obay

NorthernMonkey1 wrote: »

£19.99 x 365 / 0.0482 = £151376

You're already less than £19.99 per day

If that's right, I am paying around £19.81/day

NorthernMonkey1

Interest is calculated daily, so you'll get charged more interest in months with 31 days, than those with 30. You're interest is charged in arrears, so the interest charge in March will be extra low as you'll only have 28 days of interest from Feb.

obay

KMC phoned me to tell me I am no longer allowed to make payments online, it has to be from standing order.

They have told me I have hit the limit that I can now pay online, I am sure that they shouldn't do this?

It appears that I am £2174.24 in credit on my account, I had no idea I overpaid THIS much.... I am actually lost for words here lol... This is only in 3 months...

The great news is, I have a new contract coming on with my work and it's around 90-95% profit on the contract over 3 years.

I should be doing £1000 in overpayment every month extra or I'd save that money so I do not get charged fees...

I'll own this house shortly!!!

My balance is £149,961.25 @ 4.84% - it should work out around £19.83/day..

I own an extra 0.03% on my house now, which makes what I owe to the bank the following:

84.25%, so since i started this in November, I own 0.92% extra of my house within 3 months! wow, only got another £149k to go! haha

NorthernMonkey1

obay wrote: »

KMC phoned me to tell me I am no longer allowed to make payments online, it has to be from standing order.

They have told me I have hit the limit that I can now pay online, I am sure that they shouldn't do this?

Sounds like a cause for complaint. I would request where within the T&Cs there is a limit as to the maximum amount paid via online payments, and as to why this was not made clear during the application process.

NorthernMonkey1

I would also, out of spite, set up about 40 standing orders to occur from your bank account to the mortgage each month, making sure there was at least one each day, all for values of between 5p and 10p

JWPopps

NorthernMonkey1 wrote: »

I would also, out of spite, set up about 40 standing orders to occur from your bank account to the mortgage each month, making sure there was at least one each day, all for values of between 5p and 10p

Haha that did make me giggle!

Obay you're doing brilliantly - it's so lovely to read how many home improvements you've already ploughed through, that must be such a sense of achievement for you. Also massive congrats on being so many months ahead on your mortgage. I don't know this for a fact but I suspect the mortgage company are panicking that they're not going to make any money from you at this rate, so they're trying to put the brakes on your overpayments.

my mortgage only allows me to make a 10% overpayment each year, and I'm not 100% sure if that's 10% of the initial loan each year or 10% of the outstanding balance each year but at the moment I'm nowhere near that so I'm not panicking about the details.

Hope you get it sorted!!

obay

I am hoping that this will be the end of the home improvements.

Business is doing good, hopefully about to setup a new office for our self which will be decent, NHS job going ok, not started yet

Got my wife a new packing job so she can help pay the bills and moan she isn't working, that should start in a week or so, hopefully.

Mortgage front, nothing as not allowed to pay online unfortunately lol hoping the standing order comes out soon!

[Deleted User]

Seven years ago I was paying similar daily interest on ~£150,000. With OPs now just over a fiver Pensions has not been ignored but that level of int was just killing me All the best, cheers

obay

Thanks for the lovely words folks. New months new figures.

I now have a balance of £149,644.04 with this months normal payment of £804.33.

I paid a total of £373.51 as an over payment this month, meaning when the interest got added of £557.12

I technically made a payment of £620.72 in capital repayments this month, which is something decent! It's really nice. Before today, I owed; 84.21%, from today I own 84.07%

With an account credit of aprox of £2,337.99.

obay

Bathroom's almost finished, I am £3000 away from my overall target of £6000 off capital on my mortgage.

I am currently £19.95 on my daily interest now, as I reconfigured the payment schedule thing.. I am paying SO of £75/week but after this month I am going to bump this up to a full £100, small £25 increase every month, so at the moment I am working on 'not even' seeing that £75/week so an extra £25 won't be missed hopefully? Anyone got any better thinking ideas?

I should be at the end of my term around £137k this means I can remortgage onto £480ISH (At todays rate's) Which I am really hoping for as this would cut my payment in half!

In other news, *ACTION news* that my bathroom is nearly completed (a refurbishment) I am also hoping that this will be the LAST of my refurbishments, so I can start paying off a few things (phone billS (£75/month on 2 phone contracts!)