2008 MFW newbies

zavarony

Gazella77 wrote: »

Sosh, this is just fab!!! 10 years ohg!:-)

Can someone pls suggest what shall I do? I have altoghether around 8600 on my ISAs and savings account, I know I need some emergency funds just in case but what to do with the rest keep it in ISAs or put into my mortgage?

Thanks

Im considering moving my ISA's into the mortgage - I spose it depends on whether you have penalties etc to pay as to whether its going to cost more than you'll save, I'm lookin into the same but if its not going to cost me in penalties I will be paying it off the mortgage, it will save me more in interest than it will be earning!!

Dont know if that helps - Im no financial expert - lol !!
Zav

belfastgirl23

Well owing to some good luck and a lump sum finally coming through we have been able to OP a further £14,700 or 6.5% of the total, making our total repayment for the year £17974 or 8% of the total...this will save us three years or £34k repayments

Still not sure how 2009 will pan out, my finances are in a bit of a state of flux at the minute since it looks like I might have to take on unforeseen financial responsiblities this year. Although thank god I am in a position to do it

Good luck for 2009 everyone...

SallySteele

hi
I am new to the site and new to the world of overpayments on my mortgage, I have a mortgage with my husband with Alliance and Leicester of £130,000, I know we can make an over payment in January, we have only about 2k, I want to make an overpayment of £500 a month, however, if we do this before our fixed term finishes in Oct 2010, we will incur the fees of nearly 4k, so does it make sense to put that money into our savings account, wait til next January and pay off another lump so, do the same until Oct 2010 and then take out a mortgage where we can make the over payments? or, to pay the extra off a month but incur the fees? eek!

NoobySaver

Sally, if you were to incur a £4,000 fee to pay off £12,000 in total then it is in no way worth doing it that way. Instead pay your chosen overpayment amount into a savings account/ISA and then pay it off in a lump sum when you are free of the penalties.

SallySteele

That's what I thought, many thanks, makes sense, frugal is the word for 2009!

bellsbells

SPL wrote: »

Hi All

Hope everyone is well

Bellsbells I have pm'd you too - I have not posted on the thread for ages although I do read it -p each time I get to sit down one of my two boys interrupts me getting the chance to reply - yes the new baby arrived , three weeks early surprising us all but he is just wonderful (apart from the sleeping at night thing - he has not mastered this at all !!!:o )

I have jsut managed to add up my total and for the year I have paid off an extra £11,652.24 :j I am so thrilled and will be signing up again for the challenge next year as this thread has kept me sooo motivated

Bellsbells - thanks again for the great idea and for administering throughout the year
To all have a great Christmas and a very Happy , Healthy 2009

SPL

congratulations on the arrival of baby - I can fully sympathise with the not sleeping at night thing!

zavarony

NoobySaver wrote: »

Sally, if you were to incur a £4,000 fee to pay off £12,000 in total then it is in no way worth doing it that way. Instead pay your chosen overpayment amount into a savings account/ISA and then pay it off in a lump sum when you are free of the penalties.

Hi Sally - I am unable to make OP's at the moment as I am still in my discounted period and for most of the 2008 challenge I saved in an ISA, however after speaking to the Bank (Yorkshire in our case) I have found out that if I were to pay a higher monthly payment rather than additional payments we would not be penalised for this so have added my regular monthly OP onto our mortgage payment as this has the most significant effect and any extra OP's I can make are put into the ISA until my discounted period ends.

It might be worth a phone call.
Zav

Gazella77

Zav,

Thanks a lot, I don't get any penalties up to 10% which would have to be around 10600 for this year and there is no way I'd have 10 000 to spare.

WHat I thought is that the ISA from 2 years before must have dropped terribly (this year's fixed on a sensible level o 6.5% till end of March I guess) so I supose I should take the 3000 I hve in the older ISA and put it into my mortgage, leaving the current ISA for any emergency.

My mortgage is at 5.6% fixed till next December

bellsbells

Last few days to get your totals to me folks - I am aiming on putting up the years total and roll of honour on the 5th Jan.

uzubairu

Hi,

I've made another £100 overpayment in December.

Total for December = £775.
Year To Date = £5275.

bellsbells - I've sent you a PM.