Welshlassies MF quest by 40

setmefree2

Totally annoying - it's no wonder we've all got soooooo fed up with banks. Can't wait until I'm freeeee:A

Welshlassie

B*gger have just checked my key facts and they are can charge the 5% for the first year, then 4%, 3% and 2% for the last 2 years. What it doesn't say is from what level the charge kicks in from, I've made OP upto £95 at a time before now and they haven't charged 5% so will need to call tomorrow to check when the early repayment charge kicks in at.

Very disappointed in myself for not realising this, but at least I knew before I sent the £7k over, although I'm still considering sending that anyway as the £325 charge would still be less that the interest we would save over the course of the mortgage.

Oh decisions, decisions!!

StuartGMC

See if you can get away with the Colditz approach; drop a bit in every month as an OP above the required amount. If they haven't charged previously maybe this is acceptable to them rather than lump sum?

Good luck

Welshlassie

StuartGMC wrote: »

See if you can get away with the Colditz approach; drop a bit in every month as an OP above the required amount. If they haven't charged previously maybe this is acceptable to them rather than lump sum?

Good luck

Thanks Stuart, that's what I was going to try, to the point that I was considering calling them to ask at what point the amount is classed as a lump sum and will get early repayment charges applied, on the other hand don't want to alert them to the fact they haven't taken a charge and back date the charges!!

Welshlassie

Well I bit the bullet and phoned them and they have said that all OPs should incurr a charge, but because they are such small amounts they aren't worth charging for, so I'm going to stick to the basis that I can OP directly onto the mortgage upto £95 and then find a nice high interest saving account for the rest of it in DH name (as he is currently a non-tax payer) and stick the rest in there, especially as there seem to be some 7%+ accounts out there presently.

Welshlassie

I have just sent £49.14 (£11 Mystery shop and £38.14 Qudico)

I have another £30+ in my pureprofile account which I think I will cash in now, as it usually takes a month or so to receive.

I need to open a couple of new savings accounts for my OP fund and other savings. Will be opening them in DH name as have just realised he is actually a non-taxpayer so will be cashing in of the 7+% interests rates out there and will actually be better off not paying it off the mortgage.

StuartGMC

Seems you have resolved things a little. Lesson learned for the remortgage, but hope you don't lose out too much.

evab_2

Great extra pennies coming in, well done. My pureprofile account is really slow to build up, I hardly ever get a survey - how often do you get one? Ev x

Welshlassie

evab wrote: »

Great extra pennies coming in, well done. My pureprofile account is really slow to build up, I hardly ever get a survey - how often do you get one? Ev x

I had around £60+ this year, I don't tend to wait for the emails to come through, but check the site everytime I log onto interest sometimes there's a survey sometimes there isn't but I found that was the best way to get them, especially as I wouldn't get an email for all the surveys I actually completed.

I also completed regardless how less they were offering as I usually complete them within a couple of minutes and the 20p here and 40p there add up quite quickly. Hope you manage to find a few more now.

evab_2

thanks I'll have to do that, both me and dh have an account so hopefully I can get them moving.