£40 in my hand, do i overpay it?

clarew

Ok, just counted up my collection of 20p/50p and £1. Have bagged them into cash bags, and it makes £40. So, do i pay it into nationwide off the mortgage?

Have remortgaged 2yrs ago, was £171k over 22yrs repayment at 5.18%. Have checked out the egg calculator but can't work out what £40 difference would do to the mortgage-not much i guess! Anyone able to work out my daily interest for me?-would love to know if maybe this would save me 1 days interest etc

Thanks

*jobags*

If it's Nationwide the surely you just go into a branch with your account number and pay it.

Having said that, I bank with Nationwide and sometimes it is difficult to get them to take cash - especially when trying to pay bills in cash over the counter - they said they would only take cheques to pay bills

Jo

ailuro2

Put the £40 into the savings box on Egg calculator and is says you'll save nearly £85

The minimum amount of £500 saves you a month on your mortgage, so just under a tenth of that might save you more than a day?

If you keep the £40 will you fritter it away, find something to spend it on?:p

clarew

yeah your right, if i keep the £40 it will probably go on a load of rubbish i don't need! I think i just wanted you all to be my conscience and tell me to add it in the mortgage mix!

Its money i never "had" so to speak, ok i will pay it into my bank account and do online transfer to mortgage now!
Thanks

gallygirl

The financial effect of paying £40 off a 171k mortgage is negligable, it wouldn't even knock one one month off your MFD. But, to quote a well known advert, the psychological effect of making an overpayment - priceless . Make it the first of many - then you will see an effect :T :T :T :T

Welshlassie

I've wondered how much very small OPs actually have an affect on my mortgage as well.

Captain_Mainwaring_2

I would tend to increase the mortgage on the renter so that you have no tax liability, and use the surplus for your primary residence.

I personally wouldn't bother with the savings accounts per se, but reduce the capital if your aren't penalized for doing so, keep the repayments the same and you will soon make a hole in it.