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1% MF challenge
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£60.00 OP today, £1134.78 for October and £4934.78 for 2021
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£66.00 OP today, £1200.78 for October and £5000.78 for 2021
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£6.23 OP today, £1207.01 for October and £5036.41 for 2021
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I've just joined as I'm very much a MFW
This is my first day and first post on MSE.
My wife and I moved to our forever home last December. We have 2 morts against the house, and the 1%'s are as follows:
Main mort: £1514.79
2nd mort: £700.00
Having read this thread I went back to my overpayment spreadsheet and realised we were underpaying towards a potential 1% pa target. That has now been amended going forward to ensure that we hit the 1% mark (at least) by the time the year anniversaries roll around for each mort.
This is the first time in our near 20 years together that we have committed to overpaying our house debt. Neither of us likes the idea of the morts running until 2036 and want both morts gone, way before then. We're sick of being mortgage slaves.
This is the most mortgage debt we have ever had in our lives so far. Our hope is that it'll be our last.3 -
Just a quick post to say that I've been joining in from the shadows! Really enjoying the challenge of finding 1% from TT's, payment round ups and any other bit and bobs that crop up.
Currently at £599.38, chasing a total of £705... It's going to be tight
MFW: Was: £136,000.......Now: £47,736.58......2 -
So my target for 0.5% was £1,067.50 and I've currently paid off £1,357.74. I'm well happy with that. I genuinely didn't think I'd be able to achieve that.Reduction in daily mortgage interest since October 23 (new mortgage) - £2.36 July 25
% of house owned/% of mortgage paid off. July 25 - 38.82%/31.66%
MFiT-T7 #21
MFW 2025 #2
MF Date: Oct 37 Feb 373 -
Getting closer...made an op of 88.60 today. Total ops now 1836.30/2033 and hoping to pay the remaining 196.70 from solar money in November.Mortgage @ 2018 £225000
Mortgage @ 1 Jan 24 £142600
Current Mortgage £114520
1% challenge 2025: 8779/2300 (completed)
1% challenge 2024: 3158.76/1426 (completed)
1% challenge 2023: 1914.96/1866 (completed)
1% challenge 2022: 1962.27/1949 (completed)
1% challenge 2021: 2377.36/2033 (completed)2 -
£2.48 OP today, £2.48 for November and £5038.89 for 2021
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Have a rotten cold at the moment so have cheered myself up by overpaying another £200. Solar money not in yet but have used extra that was left in this years holiday pot - don't think we'll be venturing anywhere else before 2022. This means I am now 2036.30/2033 so 1% challenge completed
and have a nice round balance of 196100 on the mortgage.
Looking forward to doing this again in 2022 it's been a great motivator.Mortgage @ 2018 £225000
Mortgage @ 1 Jan 24 £142600
Current Mortgage £114520
1% challenge 2025: 8779/2300 (completed)
1% challenge 2024: 3158.76/1426 (completed)
1% challenge 2023: 1914.96/1866 (completed)
1% challenge 2022: 1962.27/1949 (completed)
1% challenge 2021: 2377.36/2033 (completed)2 -
£11.11 OP today, £13.59 for November and £5050.00 for 2021
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