FinancialBliss: My mortgage free journey…

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Morning FB

Well done DD for trying more food! :T

you'd never guess now that I was fussy eater when I was small Spag bol all the way......

£6 for his first tooth.

Wow!

my parents were soo mean :rotfl:

financialbliss

Quick update before I get off to work this morning with it being the last day of April.


Opening Balance: 48,499.96
Opening Nationwide completion date: December 2014

Overpayments in Blue.
Interest in Red.
Balance in Green.

Month: Payment (Std / OP) / Interest (day) / Net reduction / Balance / Nationwide completion

January: 1,398.03 (898.03 / 500.00) / 191.83 (6.19) / 1,206.20 / 47,293.76 / Oct 2014
February: 1,429.33 (929.33 / 500.00) / 168.71 (6.03) / 1,260.62 / 46,033.14 / Sep 2014
March: 1,429.33 (929.33 / 500.00) / 181.65 (5.86) / 1,247.68 / 44,785.46 / Sep 2014
April: 1,429.33 (929.33 / 500.00) / 170.88 (5.70) / 1,258.44 / 43,527.01 / Aug 2014


Totals: Payment / Interest / Net reduction.

Minimum: 1,398.03 / 168.71 / 1,206.20
Maximum: 1,429.33 / 191.83 / 1,260.62
Average: 1,421.51 / 178.27 / 1,243.24
Grand Total: 5,686.02 / 713.07 / 4,972.95

Balance outstanding: 43,527.01

Just short of a 5k reduction in the mortgage in 2010 after 4 months. The reduction is being greatly helped by diverting savings into the mortgage.

Funds in place for mortgage collection tomorrow.

FB.

uzubairu

financialbliss wrote: »

Balance outstanding: 43,527.01

Just short of a 5k reduction in the mortgage in 2010 after 4 months. The reduction is being greatly helped by diverting savings into the mortgage.

That's great news. :beer:

financialbliss

Anyone else use Nationwide for internet banking?

We have both current accounts and mortgage with them. When logging onto internet banking the other day, we got a new message regarding faster payments:

http://www.nationwide.co.uk/faster_payments/default.htm

We have 07-01-16 sort code current accounts. Faster payment limit has now been upped to £1k, so with the May mortgage payment of £929.33 and OP of £500 both being under £1k, I'm wondering if they will get applied to the mortgage as faster payments and clearing quicker?

FB.

financialbliss

financialbliss wrote: »

I'm wondering if they will get applied to the mortgage as faster payments and clearing quicker?

Don't you love the internet? To answer my own question:
http://www.chapsco.co.uk/faster_payments/-/page/762/

See table two in the above link. Looks like standing orders are now paid via faster payments, so the £500 OP may get to the mortgage account tomorrow. Don't know about my standard payment as the description just says: "To mortgage a/c 6*********4.

FB.

financialbliss

You may have guessed that by the fact that I'd not posted anything, the mortgage payments had not clearer via faster payments. I've just checked a few moments ago and the payments are still showing just up to April - nothing for May.

Why, 4 days later the payments haven't cleared is a touch frustrating - I like to see the balance drop at the start of the month

I'll check later, but if now today, surely they'll clear by tomorrow?

FB.

canne_2

That's not good FB. With my loan, I can pay my loan via a system called Bpay which is how us Aussies pay bills. The payments are credited to the loan on the day I make them. They take 2 days to show up but when they do they are backdated to the day of payment. I love it! It must be frustrating to wait for payments to clear...

SuiDreams

Its amazing how long a transfer between two accounts with the same institution can take so long to clear. My payments with First Direct clear the same day, although it loks like interest is calculated on 10th of the month and applied to the account on 2nd of the following month.

taka

My Nationwide mortgage pament takes longer to be transferred via interal transfer than when I used to pay it from another bank altogether! When it was paid by DD it went in on the 1st! :mad:

I want to update my spreadsheets too!

Queen-Bee_2

financialbliss wrote: »

You may have guessed that by the fact that I'd not posted anything, the mortgage payments had not clearer via faster payments. I've just checked a few moments ago and the payments are still showing just up to April - nothing for May.

Why, 4 days later the payments haven't cleared is a touch frustrating - I like to see the balance drop at the start of the month

I'll check later, but if now today, surely they'll clear by tomorrow?

FB.

Hi FB - there's def something odd about the Nationwide's site and what it shows. Last night, my mortgage payment had whizzed through and the reduction was showing at three minutes past midnight, but at the time the funds were still showing as sitting in my bank account!

All very puzzling - thought for a moment a benevolent fairy had paid this month's contribution. Alas not, as I found when I logged back on later this am...
QB