2008 MFW newbies

newmoneysaver_2

moneysavingwannabe wrote: »

Hi Newmoneysaver,

How do you know how much you have left on your mortgage after payments?
I know how much I am paying off but with interest added etc I'm a bit confused!!

I tend to wait for my yearly statement.:o

Hi moneysavingwannabe :hello:

I can see my mortgage account on my online banking - the interest in calculated daily so I usually update my sig just afterr my overpayment has hit the account.

moneysavingwannabe

Hi,

Thanks for your reply, I am registered for online too so now off to check how much detail it gives me!!:T

(Really trying to avoid planning our wedding - the organisation and cost are beginning to scare me):rotfl:

zavarony

elantan wrote: »

yep newmoneysaver that is a very good one i also use the egg one just for fun ...
http://new.egg.com/visitor/0,2388,3_54988--View_1028,00.html

Thank You
Zav

zavarony

newmoneysaver wrote: »

This is the one I use!

Cheers NMS - I can save 11 years by overpaying 300 per month - how great is that!!!:beer:

tootallulah

Hi All

My expenses arrived in my account this morning and I have transferred them over to the mortgage, another £200 paid off. Hurrah!

I'm saying it for the fourth time but this time I'm really, really going to learn how to ebay this week-end as next month I will get no expenses and I have to make a £300 payment each month to keep on target.

TurnaroundSue

Hi All :j -

Can't wait to join you, but afraid it wont be until September, as we have £3300 on 0% cc which we are paying off at £660 pm. So once this is cleared will be overpaying on the mortgage. We am restricted to 5% only pa, so will put around another £250 in overpayments and this will bring the term down from 6 years to 4 1/2 years, saving approx £2k. Now if we were able to put the full £660 into the mortgage would pay it off in 2 years and 8 months - grrrrr, why did we opt for a 10 years fixed rate?:mad:

Good luck to you all and look forward to joining you again in September (mind you, will be watching with interest and gaining inspiration until then):T

moneysavingwannabe

Hi,

Are you paying the amount directly off the cc?

We are saving in a high interest account and paying the minimum off the cc
so that we get some interest on the money. Might not be worth it for a short time but you could look into it??

TurnaroundSue

moneysavingwannabe wrote: »

Hi,

Are you paying the amount directly off the cc?

We are saving in a high interest account and paying the minimum off the cc
so that we get some interest on the money. Might not be worth it for a short time but you could look into it??

Hi MSW - yes, we are paying it direct off cc, and did think about putting it into a savings account, but decided against this for the following reasons:

1) If we had saved that much in my savings account, would be really loath to part with money when 0% ended and might be tempted to get another 0% card. Not a bad thing I hear you say, but once this card is paid off we will be completely debt free (obviously apart from the mortgage) and that's the way we want it to stay.

2) Might be tempted to spend some of the money and again will need to get another 0% card - again still having some debt hanging around.

Many thanks for your response though - really appreciated - thanks:T

abouttimetoo

TurnaroundSue wrote: »

Now if we were able to put the full £660 into the mortgage would pay it off in 2 years and 8 months - grrrrr, why did we opt for a 10 years fixed rate?:mad:

Good luck to you all and look forward to joining you again in September (mind you, will be watching with interest and gaining inspiration until then):T

Hi turnaroundsue

Just a thought and I'm not really sure how this works with a fixed rate but I think it could be worth looking into for you... some of the other MFW'ers who are restricted with the amount they are allowed to overpay by have 'got around' this by asking their mortgage provider to decrease the term of the mortgage, this obvioulsy makes the official monthly payments go higher and allows you to pay more. That 2 years 8 months might be possible;)

REDMADCURLS

Hi

Does anyone know if asking Halifax to change our mortgage to daily interest instead of annual interest calculation would save money - this may be a stupid question and I apologise in advance if that is the case!!!!

Have applied for online account so I can watch it coming down - will help to keep me motivated!!! Does that mean that I will be able to do online transfer from current account to mortgage (different banks)?

Thanks

RMC