interestrateripoff Posted July 7, 2009 Author Share Posted July 7, 2009 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. Quote Link to comment Share on other sites More sharing options...
gusset Posted July 7, 2009 Share Posted July 7, 2009 (edited) Gotta love Gumtree!http://dundee.gumtree.com/dundee/81/41321781.html Looked at feedback for rossystackle on ebay for example: That's genius. I only realised after I'd paid! SCAM SCAM SCAM SCAM SCAM BEWARE SCAM SCAM SCAM. NOT REAL BEWARE. JUST NORMAL 20P lol no 20p coin is datd on the queen side,it has to be undated on the tails side SCAM!! the ad is very deceiving ! BEWARE! normal 20p will be dispatched! 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 July 7, 2009 by gusset Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted July 14, 2009 Author Share Posted July 14, 2009 Just paid off another £1.27 in change, had £1 in 1p's this time to pay in. Do any recycling centres still buy drinks cans etc....? Quote Link to comment Share on other sites More sharing options...
crashologist Posted July 14, 2009 Share Posted July 14, 2009 (edited) Just paid off another £1.27 in change, had £1 in 1p's this time to pay in.Do any recycling centres still buy drinks cans etc....? You are Mr Burns and I claim my 5 pounds in rare 20p pieces http://en.wikipedia.org/wiki/The_Old_Man_and_the_Lisa Edited July 14, 2009 by crashologist Quote Link to comment Share on other sites More sharing options...
anteros Posted July 14, 2009 Share Posted July 14, 2009 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. Quote Link to comment Share on other sites More sharing options...
Crashman Begins Posted July 14, 2009 Share Posted July 14, 2009 Just paid off another £1.27 in change, had £1 in 1p's this time to pay in.Do any recycling centres still buy drinks cans etc....? And spent a quarter of it in electricity creating this thread ? Quote Link to comment Share on other sites More sharing options...
levoleurdefruits Posted July 14, 2009 Share Posted July 14, 2009 (edited) 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 July 14, 2009 by levoleurdefruits Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted July 24, 2009 Author Share Posted July 24, 2009 Just paid off another £7.48, paid in all the 5ps I've collected plus some other loose change. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted July 28, 2009 Author Share Posted July 28, 2009 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. Quote Link to comment Share on other sites More sharing options...
Victor_Broom Posted July 28, 2009 Share Posted July 28, 2009 (edited) 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 July 28, 2009 by Victor_Broom Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted July 28, 2009 Author Share Posted July 28, 2009 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.... Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted August 3, 2009 Author Share Posted August 3, 2009 Another 39p paid off today. 5p of that I found today. Quote Link to comment Share on other sites More sharing options...
Imp Posted August 3, 2009 Share Posted August 3, 2009 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. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted August 3, 2009 Author Share Posted August 3, 2009 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. Will banks cash cheques if your current account isn't with them? Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted September 1, 2009 Author Share Posted September 1, 2009 I think I've now paid off around £25 in money I've found on the floor plus the loose change in my pockets, since starting this thread about it. Found a £5 note in the gutter last week, which has helped boost the total. So far it's being a good year with the cash found. Quote Link to comment Share on other sites More sharing options...
Nugsson Posted September 1, 2009 Share Posted September 1, 2009 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. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted September 2, 2009 Author Share Posted September 2, 2009 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. Quote Link to comment Share on other sites More sharing options...
Potwalloper Posted September 2, 2009 Share Posted September 2, 2009 the wife found another 25p. In what denomination? Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted September 3, 2009 Author Share Posted September 3, 2009 In what denomination? A 20p and a 5p Why was it yours? Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted September 15, 2009 Author Share Posted September 15, 2009 Just paid off another £2.52, found 2x1p on the way to the bank. So far paid off around £27 in this way since the thread started. Hopefully should be well over the £30 mark by the end of the year. I hope this doesn't upset the BoE lending figures too much. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted September 19, 2009 Author Share Posted September 19, 2009 Had another good couple of days found £2.45 which I've just paid off. So far I've paid off just over £30 from the start of this thread. I many even manage to pay off £40 now by Christmas. Quote Link to comment Share on other sites More sharing options...
dr ray Posted September 19, 2009 Share Posted September 19, 2009 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. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted September 27, 2009 Author Share Posted September 27, 2009 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. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted September 29, 2009 Author Share Posted September 29, 2009 Another £2.40 paid off, although £1.10 was from my own pocket in 50p and 20p at the end of each month whatever loose change I've got left gets added into the pot. Quote Link to comment Share on other sites More sharing options...
Jason Posted September 29, 2009 Share Posted September 29, 2009 This reminds me of that 'extreme saving' thread! Quote Link to comment Share on other sites More sharing options...
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