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  • FIRST POST
    • Firegirl
    • By Firegirl 12th May 15, 8:29 AM
    • 608Posts
    • 2,457Thanks
    Firegirl
    FIRE Through The Mortgage - MF by 55 - LATEST
    • #1
    • 12th May 15, 8:29 AM
    FIRE Through The Mortgage - MF by 55 - LATEST 12th May 15 at 8:29 AM
    Hi Everyone,

    I've started a brand new diary!!!! I have decided I want to recalc my figures in line with retiring by 55.

    I'll keep you in suspense for now but I'll pop back later with some figures.

    19 Years - MF at 55
    May Year - Remaining debt
    May 2015 - £239,992
    May 2016 - £228,450
    May 2017 - £216,793
    May 2018 - £205,020
    May 2019 - £193,132
    May 2020 - £181,125
    May 2021 - £169,000
    May 2022 - £156, 754
    May 2023 - £144,388
    May 2024 - £131,898
    May 2025 - £119,286
    May 2026 - £106,548
    May 2027 - £93,684
    May 2028 - £80,693
    May 2029 - £67,574
    May 2030 - £54,324
    May 2031 - £40,943
    May 2032 - £27,430
    May 2033 - £13,783
    May 2034 - £0
    Last edited by Firegirl; 12-05-2015 at 10:21 AM. Reason: Adding Detail
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £226305
    Target for May 2017 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £216, 793
    14 Year Target Balance MF50= £207, 700
Page 13
    • Firegirl
    • By Firegirl 10th Sep 16, 4:49 PM
    • 608 Posts
    • 2,457 Thanks
    Firegirl
    Very true AFK
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £226305
    Target for May 2017 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £216, 793
    14 Year Target Balance MF50= £207, 700
    • Firegirl
    • By Firegirl 11th Sep 16, 9:51 PM
    • 608 Posts
    • 2,457 Thanks
    Firegirl
    Hating the redundancy process!

    It's never ending
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £226305
    Target for May 2017 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £216, 793
    14 Year Target Balance MF50= £207, 700
    • Firegirl
    • By Firegirl 30th Sep 16, 2:19 PM
    • 608 Posts
    • 2,457 Thanks
    Firegirl
    I want to be mortgage free!!!! This is a long slow road!!!
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £226305
    Target for May 2017 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £216, 793
    14 Year Target Balance MF50= £207, 700
    • Karmacat
    • By Karmacat 30th Sep 16, 3:40 PM
    • 26,541 Posts
    • 140,118 Thanks
    Karmacat
    Aww! You'll get there, we promise!
    Retired August 2016

    Goal: earnings of £25k from new opportunities from September 2016 to December 2020 when my state pension kicks in.
    Currently: 86.53/25,000
    Save
    • A Frayed Knot
    • By A Frayed Knot 30th Sep 16, 8:16 PM
    • 1,742 Posts
    • 7,989 Thanks
    A Frayed Knot
    I want to be mortgage free!!!! This is a long slow road!!!
    Originally posted by Firegirl

    What you need is a short term goal and forget about the bigger (mortgage) picture. What will you aim for this month 3 x 000's , 4 x 0000's or even 5 x 00000's

    Knot know what I'm talking about - see my signature
    Always have 00.00 at the end of your mortgage balance and someday it will all be 0's
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    o/p 2014/£4000, 2015/£6294.69 MFW2016 #27 £3101.03/£3000
    £1000/£1000 51.44/33.29=84.73
    • Firegirl
    • By Firegirl 2nd Oct 16, 1:39 PM
    • 608 Posts
    • 2,457 Thanks
    Firegirl
    I know I should set short term goals but I just can't bring myself to do it!!!

    Getting made redundant in December so I think once I get a new job I will settle into it again and hopefully smash my targets altogether!

    I really need to get my savings to work harder for me rather than sitting in the offset account because I have such a low interest rate but I need to put it somewhere I really can't touch it! I'm wondering about using the Life Time ISA for this 'mortgage' money. Really need to get organised!!!
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £226305
    Target for May 2017 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £216, 793
    14 Year Target Balance MF50= £207, 700
    • Watty1
    • By Watty1 3rd Oct 16, 9:05 AM
    • 2,486 Posts
    • 17,579 Thanks
    Watty1
    I want to be mortgage free!!!! This is a long slow road!!!
    Originally posted by Firegirl
    I can remember thinking I would never do it when I started out and yet it was achievable way quicker at the end. You will get there and sooner than you think The beginning parts are hard, the end starts to really fall away.
    Mortgage at start of diary Sept 2013: £132,995 Aug 2015 £0
    Overpaying next mortgage. £79,491 now £68801
    • Karmacat
    • By Karmacat 3rd Oct 16, 9:26 AM
    • 26,541 Posts
    • 140,118 Thanks
    Karmacat
    I know I should set short term goals but I just can't bring myself to do it!!!

    Getting made redundant in December so I think once I get a new job I will settle into it again and hopefully smash my targets altogether!

    I really need to get my savings to work harder for me rather than sitting in the offset account because I have such a low interest rate but I need to put it somewhere I really can't touch it! I'm wondering about using the Life Time ISA for this 'mortgage' money. Really need to get organised!!!
    Originally posted by Firegirl
    I hate to tell you, but "getting my savings to work harder for me" is a short term goal, even if there's no figures attached

    Also important - *why* is a short term goal so offputting? Any idea? Knowing that could be really helpful.
    Retired August 2016

    Goal: earnings of £25k from new opportunities from September 2016 to December 2020 when my state pension kicks in.
    Currently: 86.53/25,000
    Save
    • Firegirl
    • By Firegirl 6th Oct 16, 1:41 PM
    • 608 Posts
    • 2,457 Thanks
    Firegirl
    I think I can't plan at the moment because I HAD redundancy threat hanging over me!

    Now drum roll...... I know I'm getting made redundant, got the official letter and I'll finish up in Dec......woooohooooo! 3 years of waiting and it's finally arrived. So the good news is redundancy package will def keep me on target but can't get to excited about that until I get another job lined up!!!

    Looked up rates for making my savings work better and the rates are awful!!!

    Got a good eBay sale with £4 profit so that was a good wee earner!
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £226305
    Target for May 2017 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £216, 793
    14 Year Target Balance MF50= £207, 700
    • Karmacat
    • By Karmacat 6th Oct 16, 1:58 PM
    • 26,541 Posts
    • 140,118 Thanks
    Karmacat
    Then a redundancy is good news! Excellent! Money rates are awful, aren't they, lots of mse-type wiggles required. You'll do it
    Retired August 2016

    Goal: earnings of £25k from new opportunities from September 2016 to December 2020 when my state pension kicks in.
    Currently: 86.53/25,000
    Save
    • cookie9
    • By cookie9 6th Oct 16, 4:34 PM
    • 663 Posts
    • 3,354 Thanks
    cookie9
    Sorry about the redundancy Firegirl. Re savings I put £750 into my Nationwide Account for 3 months so qualified for their 5% reg saver account without having to switch main accounts. The good thing about it is that you can withdraw and then re pay in later that month. Good luck.
    MFW 91 op 2014 £410/1000
    MFW 91 op 2015 £4051/4000
    MFW 91 op 2016 £1720/4000
    • Watty1
    • By Watty1 6th Oct 16, 10:52 PM
    • 2,486 Posts
    • 17,579 Thanks
    Watty1
    Sorry about the redundancy but at least you know now.
    Mortgage at start of diary Sept 2013: £132,995 Aug 2015 £0
    Overpaying next mortgage. £79,491 now £68801
    • Firegirl
    • By Firegirl 8th Oct 16, 2:26 AM
    • 608 Posts
    • 2,457 Thanks
    Firegirl
    Thanks for all your lovely messages!

    I'm glad about the redundancy and I'll be even happier when I get a new job lined up!

    Thanks for the nationwide tip- I'll have look into that!

    Short term goal is to stop buying coffees again- slipped back into the way of that again!

    Also stop unnecessary spending. I thought about the silly things I was spending on this week and it's food and kids!

    Things I bought that I could do without:

    4x coffees
    1x toast
    1x croissant
    2x lunch
    2x vending machine drink at swimming
    2x mars bars
    mcDonalds trip

    I think I needed redundancy letter to kick me into action actually!

    So next week:
    2 days WFH so that's Bus fair saved
    Only 1 Mocha allowed this week- hopefully help waistline too
    Break after footy marsbar routine
    Be organised and remember drinks for swimming
    Don't buy kids any football cards!!!
    Use food in freezer and buy no food at all

    I think these changes will save me at least £20 a week! That's £80 a month- ok I'm back on track!! Determined!
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £226305
    Target for May 2017 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £216, 793
    14 Year Target Balance MF50= £207, 700
    • Karmacat
    • By Karmacat 8th Oct 16, 9:13 AM
    • 26,541 Posts
    • 140,118 Thanks
    Karmacat
    I'm glad you're glad - I was starting to think I'd misread the situation

    Interesting list bought of things you didn't need to buy - thats a brave thing to post, and really does act as a wakeup call, good for you.
    Retired August 2016

    Goal: earnings of £25k from new opportunities from September 2016 to December 2020 when my state pension kicks in.
    Currently: 86.53/25,000
    Save
    • gallygirl
    • By gallygirl 8th Oct 16, 9:36 AM
    • 16,026 Posts
    • 105,198 Thanks
    gallygirl

    Also stop unnecessary spending. I thought about the silly things I was spending on this week and it's food and kids!
    Originally posted by Firegirl
    Stop buying children!!!!! They'll cost you a fortune in the long term and I'm not even sure it's legal .

    January is a good time to be job hunting - good luck .
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    Mortgage Balance = £0
    "Do what others won't early in life so you can do what others can't later in life"
    • Firegirl
    • By Firegirl 11th Oct 16, 12:06 PM
    • 608 Posts
    • 2,457 Thanks
    Firegirl
    Gallygirl!! That gave me a good giggle!

    So this week has gone well. Weekend we had lunch at home and no coffee and toastie runs after footy and rugby. 7k walk by stepping outside our front door- did rebel and stop for a beer, wine and juice half way. Def cheaper than our usual weekend! Said no to choc fudge cake to our son and explained if we all got something like that it would cost £20. We went to local shop and got a desert for all of us for 20p

    First interview with agency went well!! Super excited about starting a new job at some point soon- hopefully! I asked for a high rate and they didn't laugh so see what comes up!

    I'm really trying to skip on the small things and hubby is up for being more sensible with money. He was talking about buying a cheap car rather than spending £15k!!! Think he's realising that stuff doesn't bring happiness after our family walk on Sunday. Maybe cause I was talking about spending 15k on a car ( don't worry just dreaming) and he realised he didn't want me spending that much! Not sure- what ever is going on it's a good thing!

    eBay success this week too! I think I'm getting back on track!
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £226305
    Target for May 2017 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £216, 793
    14 Year Target Balance MF50= £207, 700
    • Firegirl
    • By Firegirl 31st Oct 16, 2:46 AM
    • 608 Posts
    • 2,457 Thanks
    Firegirl
    Check out your new £5 notes. Look for misprints and early serial numbers!! You could have more than a fiver in your pocket without even realising!
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £226305
    Target for May 2017 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £216, 793
    14 Year Target Balance MF50= £207, 700
    • A Frayed Knot
    • By A Frayed Knot 31st Oct 16, 9:10 PM
    • 1,742 Posts
    • 7,989 Thanks
    A Frayed Knot
    I can't possibly save any more of these, I check all my coins and paper notes before I spend them

    I got 2 x new £5's in change and kept them, next morning went to the PO and got another new £5 - that went into the back of my purse as well, then low and behold next shop i went into gave me - yes - you've guessed it, another new £5, so that was me, £30 (I got 2 from before) down in 2 days - I couldn't possibly spend them, could I ? then I also have 4 x 50p Peter Rabbit, and other 50ps that are quite rare, at this rate I will have loads of money just none I can spend
    Always have 00.00 at the end of your mortgage balance and someday it will all be 0's
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    o/p 2014/£4000, 2015/£6294.69 MFW2016 #27 £3101.03/£3000
    £1000/£1000 51.44/33.29=84.73
    • Firegirl
    • By Firegirl 1st Nov 16, 2:52 PM
    • 608 Posts
    • 2,457 Thanks
    Firegirl
    I'm the same AFK- but sure it's good fun!

    So I've updated my signature again this month. Slowly slowly catchy monkey. I've done well on flea bay recently too and I have some nice dresses that would hopefully sell for Xmas doos. I'll list them tomorrow!
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £226305
    Target for May 2017 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £216, 793
    14 Year Target Balance MF50= £207, 700
    • Firegirl
    • By Firegirl 28th Nov 16, 6:29 PM
    • 608 Posts
    • 2,457 Thanks
    Firegirl
    Had an interview today! Fingers crossed! I've asked for flexibility to wfh- thought I'd chance my arm! Probably did myself out of a job with that question but let's see what happens!
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £226305
    Target for May 2017 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £216, 793
    14 Year Target Balance MF50= £207, 700
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