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Just Paid £1 Off My Mortgage With 2p I've Found On The Floor


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HOLA441
Just out of interest, anybody know what the saving is for every £1 you offset on a 25 year mortgage? Just pick an interest rate out of the air......

For me every £1 I pay off equates to roughly 6p a year in interest. Although you then have to factor in each month that's 0.5p a month, but then that 0.5p saves money as well so in a year it will actually save more than 6p.

It sorts of creates a snowball affect especially the earlier you start doing it.

All of those pounds soon add up and pretty soon your talking about saving hundreds of pounds a year in interest.

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Looked at feedback for rossystackle on ebay for example:

iconPos_16x16.gif That's genius. I only realised after I'd paid!

iconNeg_16x16.gif SCAM SCAM SCAM SCAM SCAM BEWARE

iconNeg_16x16.gif SCAM SCAM SCAM. NOT REAL BEWARE. JUST NORMAL 20P

iconNeg_16x16.gif lol no 20p coin is datd on the queen side,it has to be undated on the tails side

iconNeg_16x16.gif SCAM!! the ad is very deceiving ! BEWARE! normal 20p will be dispatched!

iconNeg_16x16.gif very sneaky; clearly played on the topic of 20p's i fell for it what a scam!!!

where these sellers go wrong, though, is by saying that the value of the 20p will undoubtedly rise in the future. Any HPCer knows that the opposite is true.

Edited by gusset
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HOLA445
You checked the back of your sofa yet? Easy money!

Also, when getting the bus (remember to pay in the petrol money you've saved!) check the gap between seats. Pubs are also excellent sources of shrapnel, but dangerous as I usual drink 50x the amount I find.

Ah, this takes me back to my youth.... "we were so poor, we 'ad t' eat gravel"

Just out of interest, anybody know what the saving is for every £1 you offset on a 25 year mortgage? Just pick an interest rate out of the air......

At 5% you would save potentially 5p every year so if you paid it at the beginning it could be worth an extra £1.25. I will be honest I did chuckle at this thread initially, but the OP could well be onto something. Double your loose change.

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HOLA447

OK stop right now

don't pay off any more. switch from repayment to IO. fix your rate for a minimum of 10yrs. Put all those pennies into an inflation-proof physical asset ( i would suggest another house but you'd need a lot of pennies) and sell it in a few years time, paying off all of your original mortgage.

i'm not a financial advisor and this is TIC. still, bet if you did you'd thank me in the long run

Edited by levoleurdefruits
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  • 2 weeks later...
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HOLA449

Just paid off another £2.36 in change today, included some loose change from my pocket but mostly found on the street. I'm adding all the 1p, 2p, 5p etc.... I get in change into the jar.

If you've heard the phase "if you look after the pennies the pounds will take care of themselves" he's an illustration why.

80

40

87

48

36

£2.91

The above is the end pennies that I paid in which didn't add up to a full pound at the time, however when you add them up it's another £2.91 paid off. Again not a huge amount in itself but the accumulative effect over time will be.

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HOLA4410
Just out of interest, anybody know what the saving is for every £1 you offset on a 25 year mortgage? Just pick an interest rate out of the air......

On a £100K mortgage @ 5% over 25 years, if you overpay by £1 you will save over £250 over the term.

Good idea I say.

http://www.mortgageintroducer.com/Apps/Cal...eximortgage.asp

Struth! Just by rounding mine up to the nearest £25, I will save £14153.90.

Edit: Add my info.

Edited by Victor_Broom
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HOLA4411
On a £100K mortgage @ 5% over 25 years, if you overpay by £1 you will save over £250 over the term.

Good idea I say.

http://www.mortgageintroducer.com/Apps/Cal...eximortgage.asp

Struth! Just by rounding mine up to the nearest £25, I will save £14153.90.

Edit: Add my info.

An interesting calculator, I've been trying to pay off £50 a month that should save nearly 5 years, providing of course I stay in employment etc....

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HOLA4413
They wouldn't accept my 5p as I hadn't got enough to fill a bag, and I was 2p off being able to give them another bag of 1ps.

Every little helps.

Simple, write a cheque for cash for the remaining amount, asking for it in 5ps and 2 1ps. Then top up your bags and hand them in. That should really confuse the cashier who refuses to accept unfilled bags.

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  • 4 weeks later...
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I love this thread. I don't know where you find all the cash, though.

A crisp tenner once flew straight into my hand in Trafalgar Square on a particularly windy day, but since that incredible stroke of luck circa 5 years ago I estimate I've probably found about 10p in total.

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HOLA4417
I love this thread. I don't know where you find all the cash, though.

A crisp tenner once flew straight into my hand in Trafalgar Square on a particularly windy day, but since that incredible stroke of luck circa 5 years ago I estimate I've probably found about 10p in total.

On the floor if you keep looking you'll find it, once you get into the habit you'll spot money all over the place.

Just found £1 walking home near a bus stop today and the wife found another 25p.

You also need the bottle to pick it up especially if there are loads of people around and it's just 1p, but it all mounts up.

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  • 2 weeks later...
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HOLA4422

I like this thread

Bought some old coins off someone and he told me his father had been in the house clearance business all his life and had amassed a huge horde of coins he had found which his son was selling off now. Lots of silver and even gold sovereigns.

I had a look down my mother-in-laws old sofa before it went on the skip but there wasn't even a broken biscuit. I think she must have got there first.

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HOLA4423

On Thurs I paid off another £5, £3 in 1p and £2 in 2p.

Mostly was change that my eldest couldn't be bothered to take to the bank and pay into his account so he decided that I could have it instead. I had no problems paying the money in.

So I've now paid off just over £35 and I've nearly got another £2 in 1p and 2p to pay in as well.

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