2008 MFW newbies

newmoneysaver_2

Does anyone else overpay on a Nationwide mortgage? I paid my first over payment of £100 on the 5th, by SO from my Nationwide current account. It isn't showing on my mortgage account yet, but I have read that it may be stored in a 'pot' and knocked off when it reaches £500. Does anyone have any experience of this? Thanks!

SPL

hi new money saver


we also have a nationwide mortgage and i pay off using online banking it usually takes a few days but then I see the amount i have paid off added to the monthly amount paid and typically a reduction in the amount owed (although this really depends on how much paid and how much owed as quite often the amount of daily interest means i dont see the exact same amount being reduced from the mortgage)

I have just started a spreadsheet to make a note of the daily amount outstanding, the amount of interest and record any overpayments made - this should help me be able to let you know how long it takes us to typically see the money on the account but i have not got enough information yet

I dont know if the amount of days is different because yours is a standing order???

hope that this helps

belfastgirl23

I wondered about this too as a nationwide mortgage holder I don't seem to be able to 'see' the difference I've made, it hasn't shown up on this months statement. Will try the spreadsheet method I think

newmoneysaver_2

Thankyou SPL & belfastgirl.

I will wait a few days to see if it appears. I made the payment last Saturday so it might show up today or Monday (I'm thing 5 working days). It has left my account and I set up the standing order online so I know there is at least a trail showing the payment. If it doesn't show I might pop into the branch and ask!

newmoneysaver_2

Oh! I've just had a thought. I don't pay council tax in Feb or March, so for two months I will be able to move over the c/tax money straight off the mortgage. So for both Feb & March I will be able to pay the £100 overpayment plus the £120 usually paid to c/tax. paying an extra £240 over the two months.

elantan

well hubby got a great wage slip through so as soon as the money is in th bank i will be making a payment to the mortgage ...i'm really enjoying this challenge hope the rest of you are as well

violetblue

Yep, I'm loving this challenge too elantan... I'm desperate to find more spare money to make overpayments, if only so that I can post my progress on here and update my signature!

Have just been looking at my online banking, and there is a payment from Quidco that I forgot to transfer into savings - so I've sent that and my latest Avon earnings over to the mortgage, a total of £85. It usually takes a couple of days to show on my online mortgage balance, so will update my signature then!

Thanks newmoneysaver for the reminder about council tax - I don't pay it in Feb and March either, so that's more spare money for this challenge, woohoo!:j Mine is only £61 a month (band A, with single person discount) but it all helps.

I've just remembered I am due a pay rise and backpay this month too - guess where the backpay is going?!

bellsbells

newmoneysaver wrote: »

Oh! I've just had a thought. I don't pay council tax in Feb or March, so for two months I will be able to move over the c/tax money straight off the mortgage. So for both Feb & March I will be able to pay the £100 overpayment plus the £120 usually paid to c/tax. paying an extra £240 over the two months.

good point - I had forgotten about that as well:beer:

newmoneysaver_2

Yay! The extra payment is now showing in the mortgage account. I feel like I've really started now!

elantan

well done you ..brilliant start