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  • FIRST POST
    • Firegirl
    • By Firegirl 12th May 15, 8:29 AM
    • 721Posts
    • 2,888Thanks
    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 £198, 112
    Target for May 2018 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £205, 020
    14 Year Target Balance MF50= £191, 314
Page 19
    • Firegirl
    • By Firegirl 27th Aug 17, 8:47 AM
    • 721 Posts
    • 2,888 Thanks
    Firegirl
    I will call on Monday and get the end of my mortgage to have zeros!!!

    Lost the bet unfortunately but it's luck my husband put it on for me!!!! lol
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £198, 112
    Target for May 2018 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £205, 020
    14 Year Target Balance MF50= £191, 314
    • enthusiasticsaver
    • By enthusiasticsaver 27th Aug 17, 8:48 AM
    • 4,681 Posts
    • 8,870 Thanks
    enthusiasticsaver
    I have just read your diary, skimmed quickly I am afraid so apologies if I have missed something.

    We too prioritised paying off our mortgage from quite young when our daughters were small and for the same reason you are. Early retirement. Husband retired last year at 58 and I retire the end of this year at 57. We went a few years later than planned due to helping daughters through university, one through a PHD and both buying their first houses plus wedding, first grandchild etc. Now they are settled we decided it is time to give up the rat race last year.

    We did as you are doing and overpaid the mortgage, saved and invested but primarily prioritised pension savings as it gave us free money in form of tax relief (especially OH as a higher rate tax payer), employer contributions and I have a LGPS which I overpaid into as I worked part time for a good many years. I also have a personal SIPP. By the time we decided to retire we were investing 33% of our income in pensions and investments. We paid the mortgage off when my OH was 50 and I was 48 so 8 years mortgage free before retiring.

    I wonder if prioritising your pension rather than a BTL would be better especially with the now punitive stamp duty on BTLs? If you are focused on the dream of FIRE then it can be done. We also prioritised holidays with family over flashy cars, new houses and did not waste money (as I saw it) on loads of clothes, shoes, make up, coffees out etc. We budgeted and saved for holidays, replacement car and home improvements. No debt beyond a mortgage or the odd 0% for new furniture.

    It can be done and I hope you achieve it as you seem really focused.
    4 weeks to go until early retirement in December . Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • Firegirl
    • By Firegirl 27th Aug 17, 10:02 AM
    • 721 Posts
    • 2,888 Thanks
    Firegirl
    Thanks for popping by enthusiastic saver!! It's amazing to see your story there because you are exactly where I would like to be when I'm your age.....And the lifestyle we would like to live. I.e. Spending money on holidays and making memories rather than having stuff that we don't need. I do think you're right about the buy to let financially but you know when there is something you've always wanted to do and you know it's something you want to do in your lifetime. My husband is the same too. Saying that I don't want to put all my eggs in one basket so I am looking at pensions now too. I have a meeting set up next week with an IFA so hopefully that will get the ball rolling. Now I'm self employed I don't have the bonus of company matching. I need a financial makeover really!!!

    It's hard sometimes to decide.....to do what's financially sensible or do what makes you feel financially happy. E.g. My mortgage rate is very low and I have funds in my offset mortgage account. I know that's no the most sensible place for it to be but it makes me settled that it's there and specifically it's in my head untouchable!

    So looking forward to my first pay from the contract this Friday!!!! Work is starting to get major busy so the next few months are gonna be mental!!!! Brace myself!
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £198, 112
    Target for May 2018 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £205, 020
    14 Year Target Balance MF50= £191, 314
    • enthusiasticsaver
    • By enthusiasticsaver 27th Aug 17, 10:20 AM
    • 4,681 Posts
    • 8,870 Thanks
    enthusiasticsaver
    Exciting times indeed and I will pop by from time to time to see how you are doing. I agree keeping a lot in your mortgage offset fund is probably more for a "peace of mind" thing rather than being the most sound thing financially. It will probably get better returns being invested as I am sure an IFA will tell you. I can understand why you do it though as it is your home and my naturally risk averse investment style would prioritise paying off the mortgage over investing for future profit.

    All I would say is pensions are the most tax efficient way of saving but being self employed you will have to sort this out (rather than your employer) and don't forget NI contributions for state pension.

    My brother has MS too and if you have the same type of MS as him tiredness and being busy impacts on his health so watch that too
    4 weeks to go until early retirement in December . Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • Firegirl
    • By Firegirl 27th Aug 17, 2:43 PM
    • 721 Posts
    • 2,888 Thanks
    Firegirl
    Yes, I really have to watch my health and keep stress levels down and take holidays when I need them instead of being tempted to fight on for the cash! I have quite a lot in stocks and shares and I feel like that's me at my limit there. I know a pension will be stocks and shares too so I'm gonna save to a pension and also save to my offset mortgage. Then at some point if we decide to buy to let the money is there too.

    You must be really excited about retiring!!!
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £198, 112
    Target for May 2018 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £205, 020
    14 Year Target Balance MF50= £191, 314
    • Firegirl
    • By Firegirl 1st Sep 17, 3:20 PM
    • 721 Posts
    • 2,888 Thanks
    Firegirl
    Sig updated
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £198, 112
    Target for May 2018 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £205, 020
    14 Year Target Balance MF50= £191, 314
    • A Frayed Knot
    • By A Frayed Knot 1st Sep 17, 8:06 PM
    • 2,129 Posts
    • 9,575 Thanks
    A Frayed Knot
    Sig updated
    Originally posted by Firegirl
    Well done . . . but you know what that means . . . .

    You need to ebay more for . . . . . £45
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/£4000, 2015/£6294.69,2016/£3186.80
    2017 £2422.71 + Phantom o/ps 2017 -£1367.81 so far
    • Firegirl
    • By Firegirl 1st Sep 17, 9:15 PM
    • 721 Posts
    • 2,888 Thanks
    Firegirl
    I know AFK- my husband reckons I would sell him if I ran out of stuff!!!
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £198, 112
    Target for May 2018 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £205, 020
    14 Year Target Balance MF50= £191, 314
    • A Frayed Knot
    • By A Frayed Knot 2nd Sep 17, 3:35 PM
    • 2,129 Posts
    • 9,575 Thanks
    A Frayed Knot
    I know AFK- my husband reckons I would sell him if I ran out of stuff!!!
    Originally posted by Firegirl

    Hope you told DH, he is priceless
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/£4000, 2015/£6294.69,2016/£3186.80
    2017 £2422.71 + Phantom o/ps 2017 -£1367.81 so far
    • Firegirl
    • By Firegirl 3rd Sep 17, 10:06 PM
    • 721 Posts
    • 2,888 Thanks
    Firegirl
    Absolutely AFK! I told him he's a rare breed!
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £198, 112
    Target for May 2018 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £205, 020
    14 Year Target Balance MF50= £191, 314
    • Firegirl
    • By Firegirl 4th Sep 17, 2:55 AM
    • 721 Posts
    • 2,888 Thanks
    Firegirl
    Good news for MFW

    http://www.bbc.co.uk/news/business-41141453

    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £198, 112
    Target for May 2018 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £205, 020
    14 Year Target Balance MF50= £191, 314
    • Firegirl
    • By Firegirl 6th Sep 17, 8:57 PM
    • 721 Posts
    • 2,888 Thanks
    Firegirl
    Woho!!!! Letter for tax rebate!!! Hope it's not fake
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £198, 112
    Target for May 2018 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £205, 020
    14 Year Target Balance MF50= £191, 314
    • Firegirl
    • By Firegirl 8th Sep 17, 5:10 PM
    • 721 Posts
    • 2,888 Thanks
    Firegirl
    Feeling shattered!!!! I really want to buy PJs and a big fluffy dressing gown!
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £198, 112
    Target for May 2018 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £205, 020
    14 Year Target Balance MF50= £191, 314
    • phillw
    • By phillw 8th Sep 17, 5:19 PM
    • 945 Posts
    • 558 Thanks
    phillw
    I wonder if prioritising your pension rather than a BTL would be better especially with the now punitive stamp duty on BTLs?
    Originally posted by enthusiasticsaver
    It's only 3%. Pensions have yearly percentage fees, they even charge you when they've lost you money.
    • A Frayed Knot
    • By A Frayed Knot 9th Sep 17, 1:27 PM
    • 2,129 Posts
    • 9,575 Thanks
    A Frayed Knot
    Feeling shattered!!!! I really want to buy PJs and a big fluffy dressing gown!
    Originally posted by Firegirl
    Go on, you deserve a treat, that will last all winter.
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/£4000, 2015/£6294.69,2016/£3186.80
    2017 £2422.71 + Phantom o/ps 2017 -£1367.81 so far
    • Firegirl
    • By Firegirl 9th Sep 17, 6:20 PM
    • 721 Posts
    • 2,888 Thanks
    Firegirl
    I think I have to not put all my eggs in one basket. So some funds to pension and some towards a buy to let property is the long term goal. I can see that while I'm contracting that the motivation to look for a property is completely gone! So well just go with the flow and see how we get on! I will put funds to a pension to make the most of the tax savings from investing it before the limited company tax is calculated.

    PJs not bought and as a non essential item I'll try and resist. Spent a lot, £80, on work essentials so that'll keep me going for a while!
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £198, 112
    Target for May 2018 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £205, 020
    14 Year Target Balance MF50= £191, 314
    • Firegirl
    • By Firegirl 20th Sep 17, 1:27 AM
    • 721 Posts
    • 2,888 Thanks
    Firegirl
    Husbands alarm went off in the middle of the night and oh yes, he's snoring again and I'm still awake!!!
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £198, 112
    Target for May 2018 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £205, 020
    14 Year Target Balance MF50= £191, 314
    • Watty1
    • By Watty1 20th Sep 17, 11:22 AM
    • 2,863 Posts
    • 19,896 Thanks
    Watty1
    Husbands alarm went off in the middle of the night and oh yes, he's snoring again and I'm still awake!!!
    Originally posted by Firegirl
    oh no!! hope you got some rest
    Mortgage at start of diary Sept 2013: £132,995 Aug 2015 £0
    Overpaying next mortgage. £79,491 now £27152
    • Firegirl
    • By Firegirl 30th Sep 17, 10:21 PM
    • 721 Posts
    • 2,888 Thanks
    Firegirl
    Bad news for MFW!!! I'm buying a car!!!! I'm trying to work out the best way to do it! 0% credit cards or cash back card? Anyone any ideas for me?
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £198, 112
    Target for May 2018 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £205, 020
    14 Year Target Balance MF50= £191, 314
    • Firegirl
    • By Firegirl 5th Oct 17, 5:47 AM
    • 721 Posts
    • 2,888 Thanks
    Firegirl
    Got a sainsburys large purchase credit card. 30 months interest free!

    A car is a big buy but at least I found a good way to do it!
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £198, 112
    Target for May 2018 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £205, 020
    14 Year Target Balance MF50= £191, 314
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