2019 Mortgage-Free Wannabes

OS_QS

Hi no 143 here!

Just a quick note to say i managed to repay £4500 in January and £2000 (so far!) in February!!

So £6500 total paid off the total so far in 2019!!

thanks! x

CTricky80

In case it is of use to anyone else with a TSB Mortgage, I have found out the following:

They calculate the interest daily and then add it at the end of each calendar month.

So if you are on a TSB mortgage it is worth looking at switching your DD date to the first of each month if you can as overall you will pay less interest over the month.

I've got to figure out how I'm going to do it as my current DD is 27th and they said I would effectively be paying it twice within 4 days so need to budget for it

I will be doing it as soon as I can though because it makes so much sense...

Suffolk_lass

CTricky80 wrote: »

So if you are on a TSB mortgage it is worth looking at switching your DD date to the first of each month if you can as overall you will pay less interest over the month.

I've got to figure out how I'm going to do it as my current DD is 27th and they said I would effectively be paying it twice within 4 days so need to budget for it

I will be doing it as soon as I can though because it makes so much sense...

Are you sure it isn't a one-off benefit? Also, do they have an OP threshold below which they do not recalculate the interest, or more helpfully, above which they automatically recalculate the interest. I seem to remember one of our previous mortgages had a £1000 threshold that triggered them to recalculate interest at that point, so depending on the amount and regularity of OP it was worth accumulating a bit of a lump before paying it

MushyPeas

Hiya, thanks for this thread :-) I made my first overpayment last Friday with Bank of Ireland Worldpay and was itching for it to come out of my bank account, but didn't happen till Tuesday.

There isn't a way online I can see when it came off my account so I might phone up and ask.

I'll also check to see when interest is calculated, it's probably daily.

Anyway, just me musing :-) Hope to count up a box of pennies this weekend, pay in bank and than transfer off mortgage!

FTBlalala

#78 back with a OP of £43.38 to get down to £212,400.00.

Total OP Feb - £227.68
Total OP MFW19 - £431.11

mmmsnow

Another £493.66 overpay for me.

chocoholic_chick

Afternoon all!

Some huge overpayments people are managing, well done :T

I'm checking in with my usual £999 OP for Feb #112


Thanks

ilselm

#106 here with a further update. £172 paid into the mortgage account courtesy of a couple of bay tree sales. Pleased that I’m ahead of schedule on both this and the savings challenge on the other board. Will evaluate positions at mid-year before deciding to increase the targets as contemplating some fairly significant house spends over next 12 months. Thanks,

February total: £1,510
2019 total: £3,010 / £15,000

Tartan_Mum

Hello! Loving all the updates, really motivational.

#68 checking in with OP of £358.99

Total for 2019 £589.92 / £2400

Happy with this so far, taking advantage of the council tax free month :j

skippie

#144 here. January saw an assortment of overpayments totaling £494.

Thanks