1% challenge 2023

craftingmad

Good morning.

Quick check in from me to declare another £30 added into the OP savings account.
This was made up of a NSD yesterday (£5) and cashing out a £25 Amazon voucher from Mistplay  

My total now stands at £38245.23/£40506 = 94.19% 

craftingmad

It's payday for hubby today and despite having a very spendy month we have managed to have some money left at the end of it so I have transferred over £1265.13 into the OP savings pot.

This means my total now stands at £39,510.36/£40506 = 97.31% 

This means I have less than £1k (£995.64 to be precise) to find to be able to pay off our first BTL mortgage in full 

craftingmad

Morning all.
February is off to a good start hopefully as I have managed to add £151.79 into our OP savings pot today made up of £100 from my Paypal account (business earnings), £21.15 from a cheque for a lost order and £30.64 from a website order. 

This brings my total to £39,662.15/£40504 = 97.68% 

I'm getting closer to that next 1% 

craftingmad

Today is a very good day  

Hubby has just received a tax rebate of £1475.43 for tax overpaid so that has gone straight into our OP pot and means we now have enough to pay off our first BTL mortgage when the fixed rate ends on 1st July 2025 

My total is now £41137.58/£40500 = 101.32% 

The news gets better because as of today our mortgage balance is actually £39,667.32 so we are over our target by £1470.26. This will be rolled over to our next BTL mortgage which as of today stands at £81,664.71.

This means my new 1% is a whopping £817    but I am going to try my hardest to get this debt paid off asap Wish me luck - I'm going to need it!!! 

So my NEW total is £1470.26/£81700 = 1.79% 

Here we go for round two

Strap in - its going to be a bumpy ride I think x

NeverendingDMP

Well done and in your next percents already!!

craftingmad

NeverendingDMP said:

Well done and in your next percents already!!

Thank you. I'm so chuffed   but a little daunted by the next amount to clear  
I will just have to focus on every 1% being a good achievement I think  

craftingmad

Back again to add some more into the savings pot - BTL mortgage 2 is going to be cleared whatever it takes  

£613.94 has just been transferred made up of £5.94 from a cheque compensation for a lost order by Royal Mail and £608.00 is made up of monthly savings made from haggling subscription costs, the money we used to pay for our own mortgage (which we cleared last year) and additional rent we are charging tenants  

So my total is now £2084.20/£81700 = 2.55% 

That's the first 2 and a half percent crossed off - I've got this (she says somewhat optimistically!!!!) 

NeverendingDMP

x_raphael_xx said:

NeverendingDMP said:

x_raphael_xx said:

NeverendingDMP said:

x_raphael_xx said:

#5 Here!

£32.69 paid to the bf today, to drop what I owe him below the 10k mark. Now I owe him £9,999.99 Dropped a digit!

£275.09 / £1200 (5th 1%)

Yay so good to drop below 10k isn't it. Well done

We're aiming to drop a digit on the mortgage this year too hopefully before the remortgage in September

Good luck with that too. Our remortgage is August. We will remortgage via our current provider. If I remember I'll tell you what rates we are being offered to give you an idea of what people are being offered.

We did think it was due last September, so we thankfully had another year. Things seem to be settling a little so we're hoping it's not gunna be too bad. We can afford to overpay by quite a bit, so if our payment does go up, we know we'll be able to afford it, which is a relief. We just won't be able to make such a chunky overpayment.

Hiya just to let you know. Our remortgage rates offered today with our current provider (defaults so we won't be looking to move) were 3 year fix of 4.64 or 4.44 with a 999 fee or five year fix of 4.14 or 3.89 with a 999 fee. We have 50 or 60 LTV depending on which site we use to work out house value. No where near as good as what we are on now but far better than it would have been if this happened last year. And we have the option to change up until 14 days of the fix ending so I can check again if rated have dropped. Think we are going five year fix no fee.

craftingmad

NeverendingDMP said:

x_raphael_xx said:

NeverendingDMP said:

x_raphael_xx said:

NeverendingDMP said:

x_raphael_xx said:

#5 Here!

£32.69 paid to the bf today, to drop what I owe him below the 10k mark. Now I owe him £9,999.99 Dropped a digit!

£275.09 / £1200 (5th 1%)

Yay so good to drop below 10k isn't it. Well done

We're aiming to drop a digit on the mortgage this year too hopefully before the remortgage in September

Good luck with that too. Our remortgage is August. We will remortgage via our current provider. If I remember I'll tell you what rates we are being offered to give you an idea of what people are being offered.

We did think it was due last September, so we thankfully had another year. Things seem to be settling a little so we're hoping it's not gunna be too bad. We can afford to overpay by quite a bit, so if our payment does go up, we know we'll be able to afford it, which is a relief. We just won't be able to make such a chunky overpayment.

Hiya just to let you know. Our remortgage rates offered today with our current provider (defaults so we won't be looking to move) were 3 year fix of 4.64 or 4.44 with a 999 fee or five year fix of 4.14 or 3.89 with a 999 fee. We have 50 or 60 LTV depending on which site we use to work out house value. No where near as good as what we are on now but far better than it would have been if this happened last year. And we have the option to change up until 14 days of the fix ending so I can check again if rated have dropped. Think we are going five year fix no fee.

That's reassuring to know thank you. I am dreading when our fixed rates end as our highest one is only 2.1% at the moment!

NeverendingDMP

Yea I was relieved although it if goes better I will be grabbing it with both hands. It's the top end of affordable whilst still allowing swim lessons, occasional treats etc. any higher ie 5 percent or more and we would have been culling everything and living a very boring life 😂