2008 MFW newbies

Courgette

Oops, another question I meant to ask: Will moving the DD date for the mortgage to come out actually make a difference to how much interest I pay over the life of the mortgage? At the moment I get paid on 6th but my mortgage doesn't come out until 20th. This is just a hangover from my previous job. I'm careful to ensure I can always pay what needs paying so it's never ben something I've felt the need to change

Courgette

moneysavingwannabe

Hi Courgette,

Congrats! :beer:

I'm a teacher and I get paid on the 22nd or before if it is a weekend.
I'm in the midlands, not sure if it varies between LEAs?

fluffysox

I'm also a teacher, in my last job we got paid on the 18th and in my current school we get paid on the 19th/20th. (approx 2.5 weeks in lieu and 1.5 weeks in advance) I think this is pretty standard. Well done on your first teaching job!:T

On the date of Direct Debit, if your mortgage interest is calculated daily then it will make a difference between the 6th and the 20th of the first month, for instance if you take out a new mortgage the first payment is sometimes a month and a half in, and you pay a month and a half's interest plus the repayment part. Over the life of the mortgage I don't think it would a significant difference though. Its up to you- you could save yourself 14 days interest- which is worth a quick phone call to the bank in my opinion.

twinklie

OOOH cheers folks. I start my teaching career in September. Never once wondered when I'd get paid, was just glad I would.

Still, knowing the rough payment date is a bonus. Yey!

BARGAINHUNTER!

Just checked my online statement - mortgage payment on 25/5/08 included £207.26 overpayment, total overpayment so far this year is £1021.78:T

Its great to see my mortgage interest decrease every month and I know im sad but I love looking at the stats - total interest saved since mortgage was started 28/9/07 to 25/5/08 = £476.06, projected term reduction = 2 years 10months! :T

sportyjd

Hi everyone,

We would like to join this post.

We are purchasing a new house and have a new mortgage. We had a starter mortgage of £190K and have already got it down to £180K selling things and paying off things quicker than expected.

Our goal from July 2008 will be paying off at least £5K off our £180K mortgage over the next two years. So I guess that is £1250 approximately every six months!! Ahhh! If we can do more we will! Top tips welcome :-)

gfiford

Hi Everyone,

Just sent a PM to join the '2008 MFW overpayment challenge' i am aiming to pay overpay 10k this yaer, have already paid off 5k, just got to keep disciplined for the rest of this year.

good luck to everyone.

today is the first day of my new budget, everything is done in cash now so £110 for the whole family for the week, food, cigs, travel.

i have incentivised the wife saying anything left overfrom that money goes into the holiday fund!!

Sosh

Managed to overpay £389.83 this month which leaves me just over halfway through my £4000 target.

newmoneysaver_2

Another £100 overpaid for May, but have had a new kitchen fitted so extra money spent there.

bellsbells

torbrex wrote: »

Hi all, back from my non-moneysaving holiday and after 2 weeks of constantly spending I am ready to get back into the groove. I have some cash left but I have still to work out how much I put on the credit card then I can put the balance of my holiday fund (if there is one) towards my mortgage.
Great to see so many new members and I wish you all well in your chase of your targets.

Bells,
I pm'd you my May figures but have noticed that first post has not been updated, do you need them again?

yes please!