Someday Soon is back in the game!

someday_soon

Copied from the MFiT3 thread, and my last post in this diary

That's it for me. Five years of hard work with the odd interruption and I've achieved mortgage freedom.
I came from the debt free wannabee boards once I had rid myself of several years of built up credit card, loans and poor decisions debt. That was pretty exhilarating, but this ride has been something else!
I bought an endowment mortgage. The bloke said it would payback my mortgage and then some, everyone was doing it, get on the train to wealth and security Sir, That didn't end well. Five years in and the projection was that I would need to find at least a third of a payment more each month, but not to worry, the bank had other 'products' which would help. I ditched, remortgaged and determined that I would rid myself of the hyenas once and for all, and someday soon.
The MFiT challenge was just about to start, 3 years? Really?? I got the calculator out and got to work.
I read diary after diary, took inspiration from others, switched, ditched, meal plannned slow cookered, EBay'd and here I am, it took 5 years in the end. So that was me, Today is my Someday Soon.

FB, Thanks man.

So, off to think of a new name or regenerate as the Doctor would say...any suggestions?...

gallygirl

someday_soon wrote: »

So, off to think of a new name or regenerate as the Doctor would say...any suggestions?...

Massive congrats (again ) :T:T:T.

Well, what are your plans now? Why not go for early retirement - then you can keep your user name .

in_need_of_direction

I'm truly inspired. While I want rid of my mortgage, I can be a bit half hearted. Seeing what you've achieved has prompted yet another rethink. Thanks for sharing. Re savings versus pension, have you an emergency fund?

someday_soon

In need of direction, Hello.

I opted for an offset mortgage following the endowment. So for example with a 100,000 mortgage if I had paid 20,000 off then that amount would in theory have been my emergency fund. I 'could' have access to that money back if ever I had needed. Comfort blanket. Secondly, with interest rates being what they were, I would have had to work really hard to outstrip the amount saved in mortgage interest payments in a savings account.
For people who look at the bank balance and think that is what they have to spend (me years ago), this is the wrong product. For those who understand what the money they have is actually doing for them in relation to their future goals and are disciplined, this product works.

I wish you luck.