So I keep my eyes peeled for new 0% interest offers on my various credit cards, to refinance my existing balances. I feel like I should defend myself here - these are not credit card debt I just didn't repay! - these were to save myself interest on my main, painful loan. Anyway.
Nationwide has offered me 9.9% with no transfer fee. Insert shock here. It's not what I would call low, but it's less than my actual LOAN with them. The most bizarre part is that I tried extending my actual loan and was rejected. So they won't allow me to borrow at 11.5% but they will allow me to "borrow" at 9.9.
Banks be crazy. Like Zopa, who cheerfully informed me that my borrowing power was so much improved that they would kindly offer me a personal loan at 33%. 😱 I mean, I know I'm doing a good job at chipping away at those debts, but you're too kind, Zopa, too kind.
I did some quick maths and since I have bought my flat 16 months ago, the total cost has been somewhere around £57.000. I still owe just under £27,000. Although I did come into this with savings, by my best estimate I've still paid off £19,000 since buying. I am really quite shocked and also insanely proud of those amounts. I think I have proven to myself that I can focus on financial priorities. Self-pat on the back for me, but the marathon isn't finished yet, there is still work to be done. I won't reach that kind of level from here on - I'm not paying much more than minimums on everything. Still, I am going forwards and not backwards.
While I would have liked to flip within two years, it isn't realistic in my current health and financial situation, not to mention, it's taking time to get this building sorted out. So I will be patient and aim to upsize to a bigger flat around 2025. It would be even nicer if I have paid this one off at that point - but I can't predict the future!
Yesterday: 5x 1-minute runs in my "walk". Although it really took it out of me, I am almost ready to try the Couch to 5k again. I am hopeful.
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