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The impossible dream
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Cheers Savings. My £125 from Co-op has arrived, so nearly at my £500. Will pay it into the mortgage before the end of the month. Really good start to the month considering.
With all the hoo-ha with EPC's and them not being fit for purpose, I have decided to get mine done. I don't have one as I bought the house before they existed. They last for 10 years and I believe the Gov't will make a change shortly, that will push my score downwards because the house isn't energy efficient in their opinion. So, as they can't change the rules retrospectively, if I have one for the unexpected eventuality I have to sell, then my old one will be more positive than a new one under the new rules. Crazy I know, but I don't have a lot of faith in this current administration - any to be fair. Add to it the fact that Banks/Building Societies can only give mortgages to a certain percentage of their customers with properties with an EPC below C, then getting to that level is more important than ever. So, will I get anywhere near a C under the new scheme? No as I am not about to fit an ASHP or Solar Panels. But, I might be able to climb to a C under the current rules once I know where my gaps are.
Money out I could do without, but occasionally, you have to try to get ahead of the curve.What I do not give, you must never take by force.
Mortgage outstanding - 30/12/22 - £25,900. 31/01/23 - £22,300. 28/02/23 - £20,500. 31/03/23 - £17,500. 30/04/23 - £15,800. 30/05/23 - £13,800. 31/06/23 - £11,300. 31/07/23 - £9,800. 31/08/23 - £8,300. 30/09/23 - £6,000. 31/10/23 - £3,000. 30/11/23 - £1,200. 06/12/23 - £00.00
God save us everyone, As we burn inside the fire of a thousand suns, For the sins of our hands, The sins of our tongues, The sins of our fathers, The sins of our young. Linkin Park1 -
Best of luck with it. No idea what this property would come out as.Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £174.8K Equity 32.77%
2) £3K Net savings after CCs 6/7/25
3) Mortgage neutral by 06/30 (AVC £22.5K + Lump Sums DB £4.6K + (25% of SIPP 1.1K) = 28.2/£127.5K target 22;12% updated 6/7
4) FI Age 60 income target £16.5/30K 55.1%
5) SIPP £4.6K updated 6/7/251 -
Focused on pulling the switch incentive out of NW so I can make a payment to the mortgage, but I can't do it until I have make my normal payment in to that account. I will need to use the acc. for this BH weekend, I don't want to leave myself without holiday spending money, just so I can overpay the mortgage. So, wait for the normal payment to go in, go on my campervan trip for the weekend and then, see if I still have the £200 available to transfer. The money shuffle begins again.
Happy with my progress. In 1 year, I have managed to reduce the mortgage by £25k. £16,500 to go. I was thinking forward. I always wanted to clear the mortgage and have it removed, expunged from my bank accounts. But now, I am thinking it may be sensible to leave £10 owing in the account, as it gives me access to borrowing in the event of an emergency.
I am disciplined enough not to borrow from it, but perhaps leaving it whilst I build up my savings buffer? As I have decimated my savings to get to this point, I think waiting a few months until I have at least £5k saved, seems like a good idea. Right, that is my next cunning plan. I will still declare myself mortgage free with owing £10, as I will be mortgage neutral, and I will be able to close this diary. Good times are coming...What I do not give, you must never take by force.
Mortgage outstanding - 30/12/22 - £25,900. 31/01/23 - £22,300. 28/02/23 - £20,500. 31/03/23 - £17,500. 30/04/23 - £15,800. 30/05/23 - £13,800. 31/06/23 - £11,300. 31/07/23 - £9,800. 31/08/23 - £8,300. 30/09/23 - £6,000. 31/10/23 - £3,000. 30/11/23 - £1,200. 06/12/23 - £00.00
God save us everyone, As we burn inside the fire of a thousand suns, For the sins of our hands, The sins of our tongues, The sins of our fathers, The sins of our young. Linkin Park4 -
You’re so close now £25k in a year is amazing. Enjoy your Easter breakSave £12k in 25 No 49
PB Win 21 £225, 22 £275, 23 £900, 24 £750 Balance Dec 25 £32.7K
Plan to move to Denmark for FIRE by Autumn 2025 “May your decisions reflect your hopes not your fears”
New diary aiming for fire https://forums.moneysavingexpert.com/discussion/6414795/mortgage-free-now-aiming-for-fire#latest2 -
Your payments are brill, not long now
Enjoy your easter break2 -
Thanks Skye and TG. I hope you both have a relaxing Easter break.What I do not give, you must never take by force.
Mortgage outstanding - 30/12/22 - £25,900. 31/01/23 - £22,300. 28/02/23 - £20,500. 31/03/23 - £17,500. 30/04/23 - £15,800. 30/05/23 - £13,800. 31/06/23 - £11,300. 31/07/23 - £9,800. 31/08/23 - £8,300. 30/09/23 - £6,000. 31/10/23 - £3,000. 30/11/23 - £1,200. 06/12/23 - £00.00
God save us everyone, As we burn inside the fire of a thousand suns, For the sins of our hands, The sins of our tongues, The sins of our fathers, The sins of our young. Linkin Park1 -
That is fantastic progress! Good going.Mortgage start date Dec 2015 - $64,655.00
Mortgage end date Dec 2045 - NOT!!!!
Mortgage balance - $4600.00
Business Savings $43,310/100k
Hope to be mortgage-free by end of 20231 -
You are doing really well. Keeping some access to borrowing sounds good too.Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £174.8K Equity 32.77%
2) £3K Net savings after CCs 6/7/25
3) Mortgage neutral by 06/30 (AVC £22.5K + Lump Sums DB £4.6K + (25% of SIPP 1.1K) = 28.2/£127.5K target 22;12% updated 6/7
4) FI Age 60 income target £16.5/30K 55.1%
5) SIPP £4.6K updated 6/7/250 -
So, EPC on the house has come out as an F!! The good news is I am not trying to sell, to rent it out and nor is it a G. Bad news is the level of work required to get to a C so someone would wish to buy it in the future. The only way forward is solar panels says the man. Dont waste my money on ASHP because it wont work in the house and the Calor Gas heating will always score low, so solar is the only way to lift it. But some suggestions I would never do, such as retrofitting internal wall insulation into the living room, which would mean covering the exposed original stonework. He openly admitted he didn't like it, so this was the way to go. But we aren't all the same and I would not wish to live in a house with no character and no period features, which is what he suggested I do to this 130 year old house.
Oh well, now I know where I stand in the future. I either try to do some of the many changes he suggested, or I accept that when I do come to sell, it will probably be to someone who is a cash buyer and doesn't need a mortgage, so no-one local.
But, the process was worth the money, to see where you are now, so you can prepare for the future.What I do not give, you must never take by force.
Mortgage outstanding - 30/12/22 - £25,900. 31/01/23 - £22,300. 28/02/23 - £20,500. 31/03/23 - £17,500. 30/04/23 - £15,800. 30/05/23 - £13,800. 31/06/23 - £11,300. 31/07/23 - £9,800. 31/08/23 - £8,300. 30/09/23 - £6,000. 31/10/23 - £3,000. 30/11/23 - £1,200. 06/12/23 - £00.00
God save us everyone, As we burn inside the fire of a thousand suns, For the sins of our hands, The sins of our tongues, The sins of our fathers, The sins of our young. Linkin Park2 -
Impressive how you have made such sustainable progress in a way that works for you. We are cheering you on to the finishing line!Aiming to early retire December 31st 2026.1
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