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Monday, February 25, 2008
Saving money on your mortgage
Shopping around for mortgages is so popular these days that many people can be excused for thinking that switching lenders is the only way to save money on your home loan. But there is a much easier way that does not require phone calls, computers connected to the internet, or trips to your bank or building society.
Did you know, for instance, that making overpayments on your mortgage can slash thousands of pounds off your interest bill? Additionally, it will cut the length of time taken to repay your home loan so you get to own your home sooner.
Imagine, say, that you have a 100,000 repayment mortgage, with a 25-year term and an interest rate of 6%. Your monthly payments will be 644, and after 25 years you will have paid back a total of 193,290. In other words you will have paid back 1.93 for every pound borrowed.
If, however, you were to overpay your mortgage by just 50 each month, your total payment would be reduced to 177,279 -- a saving of over sixteen grand in interest. Furthermore, this overpayment shortens the length of the mortgage by 45 months, which means almost four extra years of bliss.
Its is worth being prudent though and ensuring that your will not be penalised by your lender for changing your standing order or making overpayment. In the main, most flexible mortgage lenders will allow you to make overpayments of up to 10% each year. But if your lender doesn't allow this, you have another trick up your sleeve!
Lessening the term of your mortgage from 25 years to 21 years would increase your payments in exactly the same way as overpaying by 50 each month. Mind you, this is a much harsher way to do it because payments are fixed. However, it doesn't prevent you from increasing your term again, should you need to, by simply writing to your provider.
At the end of the day, paying off your mortgage early is simply the best and least risky ways of saving money. By making overpayments to your mortgage of around 6%, your money would be working harder than if you had invested it into a savings account with 7% earnings.5% for a basic-rate taxpayer. For a higher-rate taxpayer, this risk-free and tax-free rate is equivalent to 10%, which is practically unbeatable!
Many people forget that even though we sign up for a 25-year mortgage term there is no earthly reason why we have to stick to this. If you have any extra cash each month, using it against your mortgage can make a huge difference and it can save you thousands of pounds in interest each year.
Good luck on removing that mortgage millstone from around your neck!
Peter Spyr
¶ 6:23 PM 0 comments
Did you know, for instance, that making overpayments on your mortgage can slash thousands of pounds off your interest bill? Additionally, it will cut the length of time taken to repay your home loan so you get to own your home sooner.
Imagine, say, that you have a 100,000 repayment mortgage, with a 25-year term and an interest rate of 6%. Your monthly payments will be 644, and after 25 years you will have paid back a total of 193,290. In other words you will have paid back 1.93 for every pound borrowed.
If, however, you were to overpay your mortgage by just 50 each month, your total payment would be reduced to 177,279 -- a saving of over sixteen grand in interest. Furthermore, this overpayment shortens the length of the mortgage by 45 months, which means almost four extra years of bliss.
Its is worth being prudent though and ensuring that your will not be penalised by your lender for changing your standing order or making overpayment. In the main, most flexible mortgage lenders will allow you to make overpayments of up to 10% each year. But if your lender doesn't allow this, you have another trick up your sleeve!
Lessening the term of your mortgage from 25 years to 21 years would increase your payments in exactly the same way as overpaying by 50 each month. Mind you, this is a much harsher way to do it because payments are fixed. However, it doesn't prevent you from increasing your term again, should you need to, by simply writing to your provider.
At the end of the day, paying off your mortgage early is simply the best and least risky ways of saving money. By making overpayments to your mortgage of around 6%, your money would be working harder than if you had invested it into a savings account with 7% earnings.5% for a basic-rate taxpayer. For a higher-rate taxpayer, this risk-free and tax-free rate is equivalent to 10%, which is practically unbeatable!
Many people forget that even though we sign up for a 25-year mortgage term there is no earthly reason why we have to stick to this. If you have any extra cash each month, using it against your mortgage can make a huge difference and it can save you thousands of pounds in interest each year.
Good luck on removing that mortgage millstone from around your neck!
Peter Spyr
¶ 6:23 PM 0 comments
Is It Really Possible To Make Money For Free Online? Yes It Is!
Many people out there struggle to make money online through affiliate schemes and MLM etc. This is a fact, it is something that none of us can deny. It seems that the people who make the most money have plenty of money to advertise through Google Adwords etc. For those of us who cannot afford to promote our websites this way we are left trying to scrape up visitors and convert them into sales. In this article, I am going to teach you why you should swap from affiliate marketing to a new form of money making that is just starting online. The program I am going to tell you about today is called Edownline. By the end of this article you will realise that it is possible to make money online without spending much money and that affiliate advertising is not the only way to make money.
EDownline -
EDownline is a great new website where you earn money for completing offers, viewing websites and refering others. Membership to EDownline is free and it is a great way to earn money online. Currently, EDownline is in pre launch as it needs 20,000 members before it can function properly. However, you can still sign up for free and refer others (if those referals then purchase a platinum membership which costs money you get a commision on this) Refering people is also easy especially as EDownline is currently giving away free gold memberships and standard memberships are also free. Remember, they key to making money for free online is to refer people to websites they do not have to pay for (EDownline meets this profile perfectly) Another great thing about EDownline is the site's payment options. Rather than being sent a check in the post you can get paid through your choice of online payment processors (Paypal, AlertPay, StormPay etc) This means you get your money quicker and you can cash out more easily.
What are the benefits of getting a gold or platinum account?
The benefits of signing up for a gold account (currently free if you sign up before the 20,000 member mark is reached) or a platinum account are massive. Firstly, in both account types you earn far more than standard members for viewing websites etc. The biggest benefit for gold and platinum (especially platinum members) is that you earn extra money for every referral that you make. This means that referring people suddenly becomes a very profitable business because you earn more money. Also, gold and platinum members have access to a download database that includes website submission software, ebooks on increasing your profits and great scripts for your website. If you want to make the most possible on EDownline then you really do need a gold or platinum account, with a platinum account being the best way to make money.
So how much can you earn off EDownline?
This depends, for those of you who will just take offers and view websites then you can earn between $5-100 depending on how much time you spend on EDownline. However, the real money is in refering people to EDownline so you can earn even more money. By doing this you can earn good money and also it is easy to refer people as a standard account is free (gold accounts are free at the moment as well) EDownline are adding an additional service that they claim will make you large amounts of money but this service is yet to begin until 2007 so keep a look our for that.
If you would like to know more about EDownline then please visit my "EDownline Information Page" at http://emoney.110mb.com/edownline.htm
If you would like to sign up to EDownline for free then please visit http://emoney.110mb.com/edownlinesignup.html (remember, if you sign up before the 20,000 member mark you get a free gold account, a $50 value)
I hope after reading this article you have realised that it is possible to make money online for free. I hope that you have also realised that there are alternatives to the often difficult business of affiliate marketing.
IMPORTANT - You may redistribute this article as you see fit, you may even charge for it. However, you MUST retain the links featured in this article and the information box below.
This article was written by Sam Frost, the administrator of e-Money. If you would like to find out about the best scam-free ways to make money online for free then please visit http://emoney.110mb.com
¶ 4:41 PM 0 comments
EDownline -
EDownline is a great new website where you earn money for completing offers, viewing websites and refering others. Membership to EDownline is free and it is a great way to earn money online. Currently, EDownline is in pre launch as it needs 20,000 members before it can function properly. However, you can still sign up for free and refer others (if those referals then purchase a platinum membership which costs money you get a commision on this) Refering people is also easy especially as EDownline is currently giving away free gold memberships and standard memberships are also free. Remember, they key to making money for free online is to refer people to websites they do not have to pay for (EDownline meets this profile perfectly) Another great thing about EDownline is the site's payment options. Rather than being sent a check in the post you can get paid through your choice of online payment processors (Paypal, AlertPay, StormPay etc) This means you get your money quicker and you can cash out more easily.
What are the benefits of getting a gold or platinum account?
The benefits of signing up for a gold account (currently free if you sign up before the 20,000 member mark is reached) or a platinum account are massive. Firstly, in both account types you earn far more than standard members for viewing websites etc. The biggest benefit for gold and platinum (especially platinum members) is that you earn extra money for every referral that you make. This means that referring people suddenly becomes a very profitable business because you earn more money. Also, gold and platinum members have access to a download database that includes website submission software, ebooks on increasing your profits and great scripts for your website. If you want to make the most possible on EDownline then you really do need a gold or platinum account, with a platinum account being the best way to make money.
So how much can you earn off EDownline?
This depends, for those of you who will just take offers and view websites then you can earn between $5-100 depending on how much time you spend on EDownline. However, the real money is in refering people to EDownline so you can earn even more money. By doing this you can earn good money and also it is easy to refer people as a standard account is free (gold accounts are free at the moment as well) EDownline are adding an additional service that they claim will make you large amounts of money but this service is yet to begin until 2007 so keep a look our for that.
If you would like to know more about EDownline then please visit my "EDownline Information Page" at http://emoney.110mb.com/edownline.htm
If you would like to sign up to EDownline for free then please visit http://emoney.110mb.com/edownlinesignup.html (remember, if you sign up before the 20,000 member mark you get a free gold account, a $50 value)
I hope after reading this article you have realised that it is possible to make money online for free. I hope that you have also realised that there are alternatives to the often difficult business of affiliate marketing.
IMPORTANT - You may redistribute this article as you see fit, you may even charge for it. However, you MUST retain the links featured in this article and the information box below.
This article was written by Sam Frost, the administrator of e-Money. If you would like to find out about the best scam-free ways to make money online for free then please visit http://emoney.110mb.com
¶ 4:41 PM 0 comments
