2008 MFW newbies

torbrex

Spoke to my lender today and they are going to send out the calculation for a final payment, they did ask if I would change the date so that it did not clash with my regular payment so I have opted to pay 3 days earlier thus saving another £3 interest. It will be a squeeze as my wages go in on the 16th but I am determined and the thought of adding a few days on rather than taking them off did not appeal to me.
I have all my spare money ready to transfer into my current account to meet the payment once the final figure comes through, then wheeeeeee.

j4m35

Hello all

Just done a cheeky extra overpayment this evening. Discovered on the boards that because I have 2 accounts with Nationwide (a mortgage and a 'further advance') my max monthly overpayment is 2 x £500. Now I can aim for £1k every month.
Oh well, something good came out of this boring day!

James

gtx

i'm a bit of a lurker - but starting to get more involved.
can anyone help me decide whether to overpay on the mortgage or should i clear cc's first - done the snowball thing and it has me paying cc's first but i get a monthly bonus that varies enormously so i've never included it in any budget - use it for treats - should i use some of this for mort or cards?

2latenow

gtx wrote: »

i'm a bit of a lurker - but starting to get more involved.
can anyone help me decide whether to overpay on the mortgage or should i clear cc's first - done the snowball thing and it has me paying cc's first but i get a monthly bonus that varies enormously so i've never included it in any budget - use it for treats - should i use some of this for mort or cards?

Conventional wisdom and advice on here is to pay off the one with the highest interest rate first. Most often that will be the cc as mortgages tend to be lower rates than most other forms of borrowing -- that will depend on your specific mortage and cc's.

LouiseJ

I have had a really difficult month for money so I have only managed £40 overpayment this month:o ....thats quite a bit short of my £350 target a month.

frazzmunch

hi everyone....can i join please??!! finally in a position where i can start to overpay my mortgage and want a shiny number so that it feels more official!!:D

zavarony

LouiseJ wrote: »

I have had a really difficult month for money so I have only managed £40 overpayment this month:o ....thats quite a bit short of my £350 target a month.

Hey - it might not be as much as you hoped but its better than doing nothing isnt it - well done for OP'ing anything at all!!!

Zav:beer:

LouiseJ

zavarony wrote: »

Hey - it might not be as much as you hoped but its better than doing nothing isnt it - well done for OP'ing anything at all!!!

Zav:beer:

Thanks Zav xx Just feel like its difficult to get back on target now I have slipped so far behind. I need to make sure that Oct, Nov and Dec overpayments dont drop below £270 or I wont make my target (I was hoping to beat it):o

Will roll up my sleeves for next month and I have done a few extra mystery shops to help me along.

TraceyJ_2

Please can I join this thread? I need some motiviation! I'm aiming to pay the remainder of my share of our joint mortgage which currently stands at £17,657 by 31 March 2010. Taking into account my monthly payments over the next 18 months, this means I'll need to save £12,857.

Our Yorkshire Bank mortgage is fully offset using some of DH's savings so it's just capital I'm saving to repay.

I have saved approx £6k this year through various means but need to save a minimum of £380 each month for the next 18 months to meet my target.

Hope to get some inspiration from this thread

shirlgirl2004

Good luck Tracey it is hard work at times but can be all consuming too. Remember to have fun still whilst paying off the mortgage :beer: