Giving it a go!

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  • edited 2 December 2018 at 11:04PM
    A_Frayed_KnotA_Frayed_Knot Forumite
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    edited 2 December 2018 at 11:04PM
    Yeap, it's a great trick, you just need to make sure your mortgage lender allows this, as mine did :happyhear
    and don't leave yourself short, unless the following few months you can make it back up. I used to "[STRIKE]steal[/STRIKE]" oops I mean "borrow" from my pots, if I knew that "pot" wasn't required until much later in the year, that way I could replace my "borrowing" meantime I paid less interest as I had "paid" to my mortgage a lump sum :D

    Another trick I used, was just, for example I had £1500 in a "pot" and paid £500 o/p a month, then I borrowed that 1500, then paid what should have been my o/p back into the "pot" for the next 3 months. ;)

    I also used/use the calculators A LOT !!! :beer: to see how much I would be saving interest wise, if it was worth it, I done it !!! Anything that saved on the interest, is worth it :)

    and don't forget my Knotty Knots - meaning If I had some odd figures at the end of my mortgage, say 39.84, then depending on cash flow I o/p'd either the 39.84 or 9.84 making my mortgage end in 00.00(that one was my favourite !!!) I sometimes made an o/p either every day or two :rotfl:
    Always have 00.00 at the end of your mortgage and one day it will all be 0's :dance:
    MF[STRIKE] March 2030[/STRIKE] Yes that does say 2030 :eek: Mortgage Free 21.12.18 _party_
    Now a Part Timer from 27.10.19
  • LibranharryLibranharry Forumite
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    Mortgage-free Glee!
    and don't forget my Knotty Knots - meaning If I had some odd figures at the end of my mortgage, say 39.84, then depending on cash flow I o/p'd either the 39.84 or 9.84 making my mortgage end in 00.00(that one was my favourite !!!)

    Have I cracked the quotes thing? :j

    I'm a beggar for even numbers! I transfer pennies from the current account to the savings every day - seriously! I like round figures! I've done that for years, then suddenly it became a "thing" called skimming and now everyone does it! Fabulous concept!

    Anyway..... I've rung the bank and they can't offer me any better interest rates, and since I plan on pulling out most of it in August anyway, there is no point in opening a 1 year fixed rate savings account

    Sooooooo....... I have decided to take the majority out, and slap it on the mortgage in January. It isn't much but it will bring a fair amount of months off, and the interest I save is massive in comparison to what I would earn if I left it in the savings. I should be able to put it back within a few months, and the monthly interest on the mortgage will drop too.

    Roll on Friday when I can make this year's final payment and top up my 10%.

    Exciting times for me! :santa2: and a little Christmas present to myself!
    The aim is to be mortgage free by 2020. :j:j
  • LibranharryLibranharry Forumite
    39 Posts
    Mortgage-free Glee!
    :rotfl:Clearly not on the quotes thing...... Oh dear :rotfl:
    The aim is to be mortgage free by 2020. :j:j
  • edited 3 December 2018 at 11:51PM
    A_Frayed_KnotA_Frayed_Knot Forumite
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    edited 3 December 2018 at 11:51PM
    :rotfl:Clearly not on the quotes thing...... Oh dear :rotfl:

    When you want to quote, just press the orange balloon at the bottom the quote is on, you can then go on, and add or delete what you want.

    Depending on who you are with and what deal you are on, the lump sum will make a huge difference, win, win. My mortgage interest was calculated daily, hence the daily or two daily overpayments :D, everything went into my o/p's, surveys, bonus cheques, [email protected], etc,etc - all helped.
    The sooner I o/p'd even a £1, that's a £1 they cannot charge interest on - ever again :j Take that, bank :D Any reason, you are waiting till Friday ? to o/p ?

    And I love, love, love my knotty knots :D :T
    Always have 00.00 at the end of your mortgage and one day it will all be 0's :dance:
    MF[STRIKE] March 2030[/STRIKE] Yes that does say 2030 :eek: Mortgage Free 21.12.18 _party_
    Now a Part Timer from 27.10.19
  • LibranharryLibranharry Forumite
    39 Posts
    Mortgage-free Glee!
    I tried that Frayed Knot, but it seems I failed dismally! I got a couple of letters and I copied and pasted in between those thinking that would do it. Seems not! :rotfl:

    Yes! The reason I am holding out is two fold

    Firstly, I get paid that day, so I can take the overpayment out of my wage as soon as it goes in, since this last one is quite small in comparison to the others I've made this year. I have whittled it right down! :T

    The other reason is it's also my mortgage day. If I had paid any sooner there is a risk they would have taken the overpayment as a normal payment then I would have had to ring them and move it all around. Less stress if I wait and pay it the same day!

    Three more sleeps and I've paid the mortgage for another full year by myself and paid up the 10%. Excited!! :j:j
    The aim is to be mortgage free by 2020. :j:j
  • A_Frayed_KnotA_Frayed_Knot Forumite
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    That would be the orange balloon between the Thank You and blue/green balloon, once you have clicked on the orange balloon, wait a few moments and it should appear at the top of your next reply. You can then type in your reply below/inbetween your quote.
    Always have 00.00 at the end of your mortgage and one day it will all be 0's :dance:
    MF[STRIKE] March 2030[/STRIKE] Yes that does say 2030 :eek: Mortgage Free 21.12.18 _party_
    Now a Part Timer from 27.10.19
  • LibranharryLibranharry Forumite
    39 Posts
    Mortgage-free Glee!
    a Frayed Knot I tried that and failed dismally. I wonder if its because I'm using my mobile?

    Well, one more sleep until I pay off for the year!

    I have cashed out my quidco today and that was a very grand £40.94, so that will help to top up my savings.

    Overly giddy for tomorrow! Actually can't wait to make that call!

    I'm feeling far happier with my decisions for next year too. Even looking at changing my workplace pension in April when the percentage work pays in for me changes.

    Happy Thursday everyone!
    The aim is to be mortgage free by 2020. :j:j
  • A_Frayed_KnotA_Frayed_Knot Forumite
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    It could well be because it's your mobile.

    Do you have to call to make o/p's ? - I can just log on and overpay any time I want, it's a great and easy way, encouraged me to make more daily, if I had to phone to make an o/p, I wouldn't have made half as many.
    Always have 00.00 at the end of your mortgage and one day it will all be 0's :dance:
    MF[STRIKE] March 2030[/STRIKE] Yes that does say 2030 :eek: Mortgage Free 21.12.18 _party_
    Now a Part Timer from 27.10.19
  • KittenkirstKittenkirst Forumite
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    How exciting that’s it’s your large OP day! :D

    I love the knotty knots AFK, your are eight that it makes such a difference over time and I find keeps me focussed on my overall finances- a litttle daily reminder that a penny overpaid is better than a penny spent! Helps me cut down on unnecessary spending (most of the time!)
    First home- Oct’16 until June’21: £170.995- Overpayments made £13,784 (25% extra!).
    New forever home- Sep’21 £309,449 @ 2.05%. Plan to clear it before 30 years!!!!!!
  • LibranharryLibranharry Forumite
    39 Posts
    Mortgage-free Glee!
    Hello fellow MFW's!

    I've done it! I've done it! I've done it!!

    Gone! See ya! Terra! Adios! Bye bye 2018's 10%!

    The final mortgage payment for 2018 came out too so total double whammy on the final amount!

    I've also hit another milestone too - below 25k! Whoop whoop!

    A Frayed Knot no, I don't have to ring in, they have only just added the new o/p page though, and because I was sooooo excited at getting this paid off I wanted to ring up this time. I asked for next year's o/p estimate too, as I plan to smack a big pile on it in January, but just before the mortgage is due so I wanted confirmation it wouldn't effect my monthly repayments.

    kittenkirst thank you!!! I feel proper amazing today! My son is over the moon too! He knows how hard it can be for us all sometimes and the driving force behind me is totally him. He is so proud of how far we have come since it all went off plan! :mad:

    Bring on 2019! I'm ready to rock it!

    Happy Friday everyone :beer:
    The aim is to be mortgage free by 2020. :j:j
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