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The impossible dream
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Hope you get to zoom forward soonAchieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £174.8K Equity 32.77%
2) £2.6K Net savings after CCs 6/7/25
3) Mortgage neutral by 06/30 (AVC £24.3K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 30.1/£127.5K target 23.6% 29/7/25
4) FI Age 60 income target £16.5/30K 55.1%
5) SIPP £4.8K updated 29/7/252 -
Finally, good news! The balustrade on the decking is now completed. So pleased. It matches the Juliette Balcony above. Fantastic. I am pleased. So, the last thing to complete of the big jobs now is the outside of the chimney. Lets see if it gets finished this side of Christmas.
I could do with a quick break now. A weekend away in the campervan is calling at some point. Perhaps around Halloween...
Very pleased with the financials of all this work. Still within my mortgage buffer and my savings are still in tact. Yes, the mortgage hasn't finished going up from the work on the chimney and the rest to be done, but I currently have enough there to cover it - I hope! It just means that the time frame I have to clear the mortgage is getting shorter whilst the amount owed is increasing. I now only have 3.5 years left to clear the mortgage before I retire, so I need to start focusing on mortgage reducing again.
Assuming the work is completed by Christmas, and I have paid the bills, pushing me to my maximum, that leaves 44 months to clear the mortgage. I would have to pay £1250 every month to meet the target. This should be doable. And will be easier if I start the term owing less than £55k.
OK, this is going to be my new target for next year. Between now and January, I will aim to bring the mortgage down as much as I reasonably can so that the chimney bill doesn't take me to my maximum. I genuinely believe this may be possible, as by then I will hopefully have spent all I need to on the house for a long time.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 Park3 -
It must be a relief to be nearly finished
any chance of a picture of you balustrade? I was thinking of one for my raised patio.Mortgage restart June 2018 £119950Re mortgage August 19 £110470, … Mortgage November 22 £85600 final 0% CC 3300Home renovations - £65000, mid 2018 - mid 20222 -
Glad that the builders made some progress. Love your new plan too.Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £174.8K Equity 32.77%
2) £2.6K Net savings after CCs 6/7/25
3) Mortgage neutral by 06/30 (AVC £24.3K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 30.1/£127.5K target 23.6% 29/7/25
4) FI Age 60 income target £16.5/30K 55.1%
5) SIPP £4.8K updated 29/7/250 -
Cheers Savings. And MFD, I have sent some photos as requested. The bad news for the day, I checked and found that my Life Assurance, which runs alongside my mortgage, expires next year. I have had this mortgage for 20 years next March! Yes, right now, it is less than I borrowed, but I still have a mortgage!!! I am so annoyed with myself! Anyway, should I take out another policy, to clear the mortgage in case of death/ill health to cover going forward, or should I just let it end and accept whatever will be will be? Decisions, decisions. I know insurance is for those 'just in case' moments, but on calculation, by the end of the term, I will have paid out £3.5k for no reason. Oh well small numbers for security over the years I guess. But do I really need it now? Not so sure.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 -
The question is who benefits / loses by your life insurance decision? Are you covered by work for the difference or a pension?Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £174.8K Equity 32.77%
2) £2.6K Net savings after CCs 6/7/25
3) Mortgage neutral by 06/30 (AVC £24.3K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 30.1/£127.5K target 23.6% 29/7/25
4) FI Age 60 income target £16.5/30K 55.1%
5) SIPP £4.8K updated 29/7/250 -
Life insurance is pointless really if you don't have true dependents to leave it, or a fully paid off house to.
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Thanks Savings and badmemory. I had a good think and just thought it would be a good idea to put cover back in place for that just in case thing. That's what insurance is isn't it? Just in case? Anyway, will have another search and perhaps start the new policy now rather than waiting for the old one to expire. I will see how I feel about that.
The original builder finally showed up requesting his final bill be met. Not a problem as I had the money put aside for just in case. His bill was less than I anticipated, so all good. It does mean that I now only have 2 bills to pay - the external chimney and the scaffolding. But I think I have them all under control and the most important thing is that my PB savings have remained untouched. I just hope there are no more catastrophises that need paying for. Feeling ok about everything as my plan to start the new year afresh with my mortgage free goal in place is on track.
Just one fly in the ointment - I don't have a permanent job...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 -
When is your contract up until? You have weathered this before.
Glad original bill less than expected. I know you were worried you might have a battle on your hands.
Hope you get the rest of the work sorted soonAchieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £174.8K Equity 32.77%
2) £2.6K Net savings after CCs 6/7/25
3) Mortgage neutral by 06/30 (AVC £24.3K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 30.1/£127.5K target 23.6% 29/7/25
4) FI Age 60 income target £16.5/30K 55.1%
5) SIPP £4.8K updated 29/7/251 -
Cheer Savings Yes, it was good not to have a fight. I am anticipating the next 2 bills to be around £4k. Anything les, then I will be happy.
I don't have an end date on the contract, it's just rolling until they feel they no longer need me. That will be when the decide to advertise the position I am covering and they fill it. The question is whether I will apply. Probably, but would I get it? No idea. There are a lot of really good people out there all looking for jobs. I find it safer not to make any assumptions about whether I would get a job or not at interview.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
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