1% challenge 2019

buttons12

Mine is 1835
I currently overpay £25 a week but have adjusted the standing order now so I can chip away at the 1%

luckofthe_irish

Oh I would love to join too! I got my first ever mortgage in December and will make my first payment to it at the end of January. I have always wanted to overpay any mortgage I got as much as possible but moving is so expensive (especially around Christmas) so I had put any thoughts of overpaying out of my head - however a 1% challenge is a perfect focus.

1% for me is £1139.99.

How do you all usually make overpayments? Do you transfer extra money or do you need to ring the bank each time? I am with Halifax if that matters.

MrsElliot

Thank you so much for the idea, I am so gonna do this!

Hubby and I are with Halifax and currently use a tilly tidy to overpay our mortgage online (just a few quid that we can afford here and there without sacrificing savings). Last year we OPed £632.42 using this method. I have motivated a few of my close friends and family to have a go at overpaying even a little OP each month makes a difference and we will hopefully be down to the next LTV level when we remortgage when our current fixed deal ends in the Summer.

This year we hope to join the 1% challenge which means our goal is £809.23.

Already started with a £20.88 OP so we have £788.35 to go!.

Good luck everyone

beth25

I'd like to join this. 1% of mortgage would be £446. Just set up a direct debit for £50 each 4 weeks(payday) starting February.

Rachib

So far I’ve completed overpayments of £107.54 against my target of £1530.... so 7% of my annual target.
More overpayments are needed in the month to stay on track...... but it’s still early days

iamsalt

Not a huge amount to spare until later in the month, but refund from train delay = £16.53 - almost 1% of 1%

MoneyMission

Chipped away at the 1% today - first OP of the year sent across of £207 so 8.55% of our 1%!

5erge

1% for me is £428.08

I OP by £26.20, so £401.88 to go. I have been overpaying for a while but only as and when I remember and I always round down to the next £100 or £50.

FTBlalala

DD265 wrote: »

We haven't got our mortgage yet, hoping to complete at the end of the month, but I've just put 1% of my 1% into a savings pot called 'Mortgage 1%'.

It's only £15 that I've transferred, but this month is gonna be tight. YNAB tells me that if I put £15 a month into the pot, I'll reach my £1500 goal in 99 months - I think I'll try and speed that up a bit.

I do have a question: lets say the mortgage kicks in and we have £100 of over payments set aside already. Are we best paying that off immediately, or doing a lump sum at the end of the 1st year? The interest is calculated daily and applied monthly so I'm guessing we're best making the over payments each time we have the funds available.

AMAZING! Yes YNAB! I have definitely achieved more financially over the past couple years with YNAB ::beer::beer:

pavlovs_dog

luckofthe_irish wrote: »

How do you all usually make overpayments? Do you transfer extra money or do you need to ring the bank each time? I am with Halifax if that matters.

We're with First Direct and can make unlimited OPs. We transfer money by BACS