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  • FIRST POST
    • pavlovs_dog
    • By pavlovs_dog 27th Dec 18, 2:51 PM
    • 9,797Posts
    • 24,008Thanks
    pavlovs_dog
    1% challenge 2019
    • #1
    • 27th Dec 18, 2:51 PM
    1% challenge 2019 27th Dec 18 at 2:51 PM
    When faced with a debt that ends in several 000s, overpayments can feel like a drop in the ocean.

    Maybe you've been OPing for a while and feel like there is little left to squeeze out of your budget. Maybe you've lost your mojo with OPing and need a new challenge. Perhaps you feel intimidated by how much others OP on the annual or MFi3 challenges, or are unable to commit to fixed monthly payments.

    1% of your mortgage balance is a far less daunting sum to aim towards whilst still chipping away at your debt. It turns the mortgage marathon into more of a sprint and helps make the impossible feel more achievable.

    To calculate 1%, simply divide your mortgage balance by 100 then post your target below. Don't forget to come back and share the little things you are doing to help you hit your target.

    1% for us is £735. Let the challenge commence!
    know thyself

    Nid wy'n gofyn bywyd moethus...
Page 2
    • Barny1979
    • By Barny1979 6th Jan 19, 1:42 PM
    • 4,711 Posts
    • 47,707 Thanks
    Barny1979
    Soon to be purchasing a property, so joining:
    1% of £180,900
    = £1,809.
    2013 - 313 AFDs, 2014 - 289 AFDs, 2015 - 321 AFDs, 2016 - 276 AFDs, 2017 - 276 AFDs, 2018 - 240 AFDs
    MFW Challenge 2019 - £200/£1809
    • buttons12
    • By buttons12 6th Jan 19, 8:14 PM
    • 5 Posts
    • 6 Thanks
    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
    • By luckofthe_irish 8th Jan 19, 10:27 AM
    • 191 Posts
    • 655 Thanks
    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.
    Trying to make my way on my MSE adventure.. Debt free since June 2018

    December GC £32.58/£130
    November GC £101.14/£135 :: another month under budget! :: another m
    Emergency Fund £104.77/£1000
    • MrsElliot
    • By MrsElliot 8th Jan 19, 12:07 PM
    • 34 Posts
    • 33 Thanks
    MrsElliot
    A Great Idea
    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
    • By beth25 8th Jan 19, 12:39 PM
    • 88 Posts
    • 143 Thanks
    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.
    currently working to save £2014 in 2014
    total so far £331
    selling on facebook
    overtime in work
    ebay sales and online surveys.
    Every little helps!!
    • Rachib
    • By Rachib 8th Jan 19, 6:37 PM
    • 23 Posts
    • 36 Thanks
    Rachib
    So far Iíve 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 itís still early days
    MFW 1% Challenge 2019 - £739.15/£1,530
    • iamsalt
    • By iamsalt 10th Jan 19, 9:56 PM
    • 285 Posts
    • 5,547 Thanks
    iamsalt
    Not a huge amount to spare until later in the month, but refund from train delay = £16.53 - almost 1% of 1%
    Last edited by iamsalt; 10-01-2019 at 9:58 PM. Reason: Percentages
    £175,999 starting Oct 17 (likely to be £200,000 in April 2019) current £168750 original end date October 2041 current end date Aug 2041 I would love the end date to be 2027 but will aim first for 2037.
    1% target £1687 for 2019 so far £67.48 paid
    • MoneyMission
    • By MoneyMission 11th Jan 19, 9:27 AM
    • 627 Posts
    • 3,119 Thanks
    MoneyMission
    Chipped away at the 1% today - first OP of the year sent across of £207 so 8.55% of our 1%!
    MFW Challenge 2019 - £732 / £2,420 - 30.25%
    • 5erge
    • By 5erge 11th Jan 19, 11:17 AM
    • 69 Posts
    • 119 Thanks
    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
    • By FTBlalala 11th Jan 19, 2:51 PM
    • 45 Posts
    • 111 Thanks
    FTBlalala
    YNAB for the WIN
    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.
    Originally posted by DD265
    AMAZING! Yes YNAB! I have definitely achieved more financially over the past couple years with YNAB :
    Bought First Home - June 2018 Starting £218,500 Mar 2019 £211,899.99 MFW 2019 #78 - Target £4000 - So far... £656.28/£4000
    Ultimate Goal MFW by 40! - 2033
    • pavlovs_dog
    • By pavlovs_dog 12th Jan 19, 5:13 PM
    • 9,797 Posts
    • 24,008 Thanks
    pavlovs_dog
    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.
    Originally posted by luckofthe_irish
    We're with First Direct and can make unlimited OPs. We transfer money by BACS
    know thyself

    Nid wy'n gofyn bywyd moethus...
    • Barny1979
    • By Barny1979 14th Jan 19, 5:15 PM
    • 4,711 Posts
    • 47,707 Thanks
    Barny1979
    Soon to be purchasing a property, so joining:
    1% of £180,900
    = £1,809.
    Originally posted by Barny1979
    Contracts exchanged today, completion on Friday
    2013 - 313 AFDs, 2014 - 289 AFDs, 2015 - 321 AFDs, 2016 - 276 AFDs, 2017 - 276 AFDs, 2018 - 240 AFDs
    MFW Challenge 2019 - £200/£1809
    • Barny1979
    • By Barny1979 18th Jan 19, 7:34 PM
    • 4,711 Posts
    • 47,707 Thanks
    Barny1979
    Got the keys this afternoon
    2013 - 313 AFDs, 2014 - 289 AFDs, 2015 - 321 AFDs, 2016 - 276 AFDs, 2017 - 276 AFDs, 2018 - 240 AFDs
    MFW Challenge 2019 - £200/£1809
    • DD265
    • By DD265 18th Jan 19, 8:28 PM
    • 1,743 Posts
    • 4,156 Thanks
    DD265
    Congrats Barny!
    Credit Cards 2019 - £1900/£8000 paid off - 23.75%
    1% Mortgage Over Payment 2019 - £28.85/£1500 - 1.92%
    • Rachib
    • By Rachib 24th Jan 19, 10:19 PM
    • 23 Posts
    • 36 Thanks
    Rachib
    So I think thats me done for January now!
    I've currently made overpayments of £281.68 against my target for the year of £1,530, so am at 18.4% !

    I don't think all months are going to be this positive (but you never know!), and I may have to realign my target higher
    MFW 1% Challenge 2019 - £739.15/£1,530
    • pavlovs_dog
    • By pavlovs_dog 25th Jan 19, 10:00 PM
    • 9,797 Posts
    • 24,008 Thanks
    pavlovs_dog
    In the past I have just started a new 1% challenge. The nice thing is that your 1% total will always be lower each time
    know thyself

    Nid wy'n gofyn bywyd moethus...
    • pavlovs_dog
    • By pavlovs_dog 26th Jan 19, 1:05 PM
    • 9,797 Posts
    • 24,008 Thanks
    pavlovs_dog
    £56.27 credit card cash back finishes off the month. January total £102.35.

    £632.65 to go!
    know thyself

    Nid wy'n gofyn bywyd moethus...
    • Barny1979
    • By Barny1979 1st Feb 19, 10:06 AM
    • 4,711 Posts
    • 47,707 Thanks
    Barny1979
    Soon to be purchasing a property, so joining:
    1% of £180,900
    = £1,809.
    Originally posted by Barny1979
    £100/£1,809 so far.
    2013 - 313 AFDs, 2014 - 289 AFDs, 2015 - 321 AFDs, 2016 - 276 AFDs, 2017 - 276 AFDs, 2018 - 240 AFDs
    MFW Challenge 2019 - £200/£1809
    • 5erge
    • By 5erge 1st Feb 19, 3:08 PM
    • 69 Posts
    • 119 Thanks
    5erge
    Jan £26.20
    Feb £46.33

    So £355.55 left to get to my 1% mark of £428.08, going well, so far.
    • Rachib
    • By Rachib 1st Feb 19, 6:19 PM
    • 23 Posts
    • 36 Thanks
    Rachib
    Well Done 5erge and Barney. Great progress!
    MFW 1% Challenge 2019 - £739.15/£1,530
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