1% MF challenge

rara32

I have a feeling you may be going to smash your target again this year @pavlovs_dog

I am itching to get back to overpaying and even attempted a sneaky op yesterday but the online banking site said no 🙄

Still hoping to restart at beginning of Oct but for now will have to live vicariously through other 1%ers and cheer you all on from my sofa.

pavlovs_dog

paid today: £121
paid (cumulative): £821/951 (86%)
remaining: £130 (or £32.50/month for remainder of year)

A very good month, motivated by wanting to get the mortgage under £25k.  Now to break the £20k barrier!

turtlemoose

£225/£560

Still a little behind schedule but feeling confident I can catch up by the end of the year. 

rara32

Congratulations on reaching your 25k target @pavlovs_dog - that must feel good

Can't wait to join you all again next month when I will be trying to catch up too @turtlemoose

turtlemoose

A little bump, up to £315/£560, over halfway there now and more on track to hit the end of year target. 

I am saving mine in a Ll0yds account, as that is 6.15% interest when my mortgage is 1.77%, but I miss the sense of satisfaction of making a payment directly to the mortgage and seeing that transaction in my mortgage account. Even though I know this is the better way to do it! Silly I know  

twinklie

rara32 said:

@twinklie as we have the same target we can cheer each other on and it will be great to have another person to speak to when it comes to looking at the remortgaging options 🙂

@pavlovs_dog I hadn't thought about it in % over target and 17% sounds really good - thanks for that it has cheered me up no end on what is a very rainy day here!

I dropped off the grid for a bit there - how did you do with your remortgage in the end?
We ended up fixing at 4.64% and staying with our current provider. A bit disappointing, but could be worse.

twinklie

rara32 said:

Thanks Pavlov, it was a bit of a whopper as ops go. I was not sure about putting so much of our savings to the mortgage at first however it was in an account not earning much interest and it is nice to have the mortgage under 150k. 

Awww wow - congratulations. I remember we were aiming to both be below 180K - so you've definitely done better than me on that score. That's amazing. 

twinklie

My target for the year was - £1902.94. 
My figure to date is - £2,174.99/£1,902.94 (114%)

I'm happy with that as it's also more than I was aiming for last year. And there is still a few months left. I cannot complain all things being considered. 

rara32

Hello @twinklie 🤗 Good to see you back on the thread and smashing your target to boot. Congratulations.

My experience was not dissimilar to yours really. I had seen a rate of 3.8% but I dithered over whether to use the savings to reduce it, only for about 2 weeks, but in that time the best rate I could then get was 4.23%. However still glad I think we have both done well given how crazy it went.  I ended up staying with the same bank too.  

It is nice knowing I am below 150k however my monthly payment is almost exactly the same because of the rate increase but at least it's motivating me to want this mortgage gone! 

New deal starts on 3rd and then I can start overpaying again, still haven't decided on a plan yet. Maybe a countdown to the end of the year challenge, before starting properly again in Jan 🤔 How about you?

pavlovs_dog

must be such a kick in the teeth to see rates going up when you've worked so hard to get the balance down.  Hard not to feel like a step backwards.  Makes those overpayments all the more important to counteract the increased interest.  I'm so grateful that we went for a long fix and only track the BoE rates changes from a savings perspective.


paid today: £71
paid (cumulative): £892/951 (94%)
remaining: £59

I reckon we should be able to finish our 2023 challenge next month