2008 MFW newbies

Ma77hew

REDMADCURLS wrote: »

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

Daily interest will save you money.

You can transfer money to your halifax mortgage account, but it is done from your current account, I have a halifax mortgage and a nationwide current account and I have a bill payment/transfer set up in my internet banking, so that I can send the money, you need your mortgage roll number, sort code and account number.

Halifax online doesn't show much info about your mortgage only the current balance, I'm finding it takes about 4 days for a payment sent to be taken into account.

REDMADCURLS

Ma77hew wrote: »

Daily interest will save you money.

You can transfer money to your halifax mortgage account, but it is done from your current account, I have a halifax mortgage and a nationwide current account and I have a bill payment/transfer set up in my internet banking, so that I can send the money, you need your mortgage roll number, sort code and account number.

Halifax online doesn't show much info about your mortgage only the current balance, I'm finding it takes about 4 days for a payment sent to be taken into account.

Thanks for that, already set up SO but was wondering if I could do the extra a save each month this way too = but I guess I could just amend SO each month or, God forbid, just walk into a Halifax branch (cant remember last time I was actually in a bank!

Re Daily Interest is it just a matter of asking Halifax to change mortgage to daily interest?

moneysavingwannabe

TurnaroundSue wrote: »

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

Hi,

I think I might be a little bit upset when my savings have to go completely but I'm getting about £50 in interest a month and as we are taking 15 mths to pay it off it has been worth doing.

Like you we are planning to pay it off and get rid of the debt rather than having it hanging around when the 0% ends! :T

moneysavingwannabe

Hi,

I have registered for internet mortgage banking cos had forgotten my details.

When I went on it had Jan-Apr payments and then interest added on.
How do I know if this is daily interest? It is Nationwide and the site says all their mortgages are daily int but we have had it a while.

Also the term isn't reducing is this because the overpayments are not totalling £500 exactly?

Why don't they make it easier to understand???

chrisbee_2

Hi ive overpaid £50 on 21 Apr

newmoneysaver_2

moneysavingwannabe wrote: »

Hi,

I have registered for internet mortgage banking cos had forgotten my details.

When I went on it had Jan-Apr payments and then interest added on.
How do I know if this is daily interest? It is Nationwide and the site says all their mortgages are daily int but we have had it a while.

Also the term isn't reducing is this because the overpayments are not totalling £500 exactly?

Why don't they make it easier to understand???

Oh, I'm with Nationwde too.

I have only had min 18 months or so, I know it's daily interest. Nationwide keep the mortgage overpayments in a seperate pot, so-tp-speak. This is so you can request it to be paid back at anytime. I don't think they reduce the tem unless you ask.

gillian46

Hi moneysavingwannabe,

I'm with Nationwide as well, if you want to get them to reduce the term on your mortgage with your overpayments then you can send them a message through the internet banking at the top of the page displaying all your accounts. I just did this for one of my mortgage's ( I have two after paying off exOH). If you want to keep the money in a separate pot and know how much your mortgage term will be reduced by if you continue with those overpayments then you can send them a message asking for that information as well. I also go this info from going into my Nationwide branch, the ladies behind the counter were very knowledgeable.

Hope this helps

abouttimetoo

Just to say that I made my first official overpayment today - £300 - so feeling very pleased with myself :j :j :j

zavarony

Well done abouttimetoo -its a great feeling isnt it
Keep up the good work

aliportico

Nice one abouttimetoo It's a good feeling, and, as peopel keep saying, very addictive!