1% MF challenge

rara32

It really was disheartening on the new monthly payment however makes me thankful for all the payments I did make and am determined to get this gone as soon as I can.

Fantastic result on your target though @pavlovs_dog nice to have the choice of either putting extra towards other areas like 🎄 or surpassing your target even more.

twinklie

I don’t actually know what our monthly payment will be yet. They gave us an estimated monthly figure based on what we owed in June, but we’ve paid more off since then so I’m not sure what it will be. But it’s going to be over £100 more than we pay now though. So we are thinking of rounding it up anyway to the next £100. 

So there will be a nice OP every month without me noticing it hopefully. It’s just a wait and see though. 

It does feel like a kick in the teeth. We dithered by a week and it then meant we lost the 3.99% rate wed seen. Very upsetting at the time but I’m at peace with it now. 

Wish I had a windfall to pay loads off, but it’s not happening unfortunately. 

We are still paying into our savings though so we can do work on the house, so I’m not going to complain too much if I’m honest. 

turtlemoose

oooh, £440/£560  - getting a bit closer now

rara32

Looks like you're definitely on target now turtlemoose. 

Finally our new rate has come through and the online banking is updated!

After mulling it over, we've decided to set up a regular payment of £500 per month to the mortgage rather than send it to savings. Which hopefully means in 5 years time when we renew we will be sub £100k. From Jan I will start my new 1% target too...it may be a bit of a stretch but I am giving myself permission to review and change approach if needed.

Am also going to try and finish my original 2023 target before Xmas. There is £151.13 left to find (and I will continue to neaten our remaining amount each month too, just because it annoys me). Will leave this as a  weekend treat to myself 😂.

pavlovs_dog

rara32 said:

Am also going to try and finish my original 2023 target before Xmas. There is £151.13 left to find (and I will continue to neaten our remaining amount each month too, just because it annoys me). Will leave this as a  weekend treat to myself 😂.

we know how to live!    but those whole numbers look so much prettier. 

doing the 1% challenge alongside built in OPs absolutely can be a stretch, but even if you don't meet your end goal, each £1 will save your £££s in compound interest so it all helps build that forward momentum.  Sub £100k is such a motivating target, it feels like a real milestone.

I've claimed some cashback and tidied the current account so that I could make an OP and bring our 2023 3% challenge to a close.  I'll keep track of my figures but once we get to £1k I may switch any extra money to my student loan, as I'm about 12 months away from clearing that (which will give us an extra £200 a month to bring the mortgage to an end a bit quicker.

paid today: £63
paid (cumulative): £955/951 (100%)
remaining: £0

rara32

They do look prettier @Pavlov's they really do 😂 Congratulations on making your target 🍾🎉 I love the idea of snowballing the money to the student loan it sounds like you're at the point where everything is accelerating towards your MF future.

Your so right about the extra payments too, sub 100k would be amazing and it all helps.

paid today: £29.26
paid (cumulative): £1744.13/1866 (93.46%)
remaining: £121.87

Have a great weekend all ☺️

rara32

First regular op has come out today and I've made a cheeky 11.87 op to get my numbers looking tidy.

We are on our first sun holiday since 2019 and having a very relaxing half term. Will check our spends when we are back and see if there is room to make another payment towards target.

paid today: £11.87
paid (cumulative): £1756/1866 (94.1%)
remaining: £111

Hope all is good with everyone else 😊

pavlovs_dog

so close to the end there @rara32!  Enjoy your break.  We break up on Friday - can't wait!

pavlovs_dog

1% mortgage challenge:
paid today: £69
paid (cumulative): £1024/951 (100%)
remaining: £0

Student Loan OP: £120 
aiming for £220 by xmas, which would be equivalent to an extra monthly payment.

turtlemoose

590/560 - target reached, woohoo!