Tonight I’ve written out the mortgage overpayment cheque for £616. £600 normal overpayment and £16 from our Mortgage Pig.
The mortgage pig was an idea on The Money Saving Expert forums. You get yourself a piggy bank and place it in a prominent position in your house with a speech bubble over it encouraging people in the house to deposit all their loose change in it. You then use this loose change to overpay your mortgage with, working on the principle that every little helps. Our pig is in the dining room with a personal to our family message above it.
I’m sending our over payments by cheque every month with an accompanying letter stating that the money is a Capital Repayment and confirming the monthly amount should not be changed. I will also check that the money has been deducted correctly from the outstanding balance. This advice was given to me on the MSE forums (thank you) as it appears that the banks/building societies sometimes get it wrong!
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I love thid idea! I save my change in a plastic container at the minute, I’m going pig hunting!
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