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10K in one year
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Well tyhe £1300 a month has made a huge difference, today we're under 20k , £18.8 to be precise so I've estimated that by next Ausust we will be down to £6k - we may then just keep that running on a minimum payment as our daughter starts Uni then and we will need cash.
So to all of you doing the same its a brilliant feeling0 -
Just got balance 10025.41. Allowed to pay £1041 today, cheque ready, 3 payments £1027 to end of fixed rate ( SVR on 1/8 ) estimate 6-7k left - taking this amount from pension savings - should be MF by August!!!!!!!
Yipee
ps state pension starts 6/90 -
Amazing how far youv come in 4-5 years well done :]Mortgage--- [STRIKE]£67700 March 15[/STRIKE] [STRIKE]£65221 April 15[/STRIKE] [STRIKE]£64983 July 15[/STRIKE] [STRIKE]£64780 sept 15[/STRIKE] Remortgage [STRIKE]£67295 oct 15[/STRIKE] [STRIKE]£66599 Nov 15[/STRIKE] [STRIKE]£65878.73 Dec 15[/STRIKE][STRIKE] £64834 1st Jan 16[/STRIKE] [STRIKE]Feb 16 £64,511.89[/STRIKE][STRIKE] March 16 £64,056.40[/STRIKE] [STRIKE]April 16 £62550[/STRIKE] [STRIKE]May 16 £62,396.20[/STRIKE] Feb 17 £60.800
Emergency fund 23k0 -
August!!!!!!! Amazing......exciting times!!!Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022 — Target for May 2024 14 Year Target Balance MF50 = £89,535 — Mortgage Balance £106, 000—Target for May 2024! £89,535
Retirement Planning
Starting Position (Jan 2024) : Pension 1-£165,000/Pension 2-£50,000/Pension 3-£9,500/ISA-£87,000/Total-£311,5000 -
Last payment on 16/7 , about £7100 willbe left on 1/8 - going to get it out of pension savings the week before the end of July, then aim for a completion as soon as they can get the letter out.
Yippeee0 -
The fixed rate ended as predicted , and they SVR kicked in, unfortunately I had misunderstod when the period of our mortgage review was up and it is October16th , a full repayment would incur a £16o charge. So as I had already withdrawn the cash from our pension savings, I am paying the last few payments from that lump sum . Of course the SVR is costing us £23 ( approx) interest for 3 months so there will be a net saving in October as they have said that under 6 months the fee should be waived .
So in effect we are mortgage free but not on paper yet .
I thought I'd tell you as a cautionary tale that it is easy to misunderstand the terms sometimes .
Will post a huge thumbs up in October !0 -
Well we did it - yay ! and the papers of confirmation arrived today.
Hoping that this helps and inspires some of you to keep going, its a journey worth travelling!
Off to enjoy retirement0 -
Epic. Well done
Total Mortgage OP £61,000Outstanding Mortgage £27,971Emergency Fund £62,100I AM NOW MORTGAGE NEUTRAL!!!! <<Sep-20>>0 -
Massive congrats! 0
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