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The dream!

12346

Comments

  • Miss_money_penny
    Miss_money_penny Posts: 79 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Quick up date, overpayments for Jan £364.30 :) on the 2020 challenge and it's keeping me going and focusing the mind! Itching to smash the 30k mark!
    April 2021: Total debt £16016

    Goal: Dec 21: £12000
  • Miss_money_penny
    Miss_money_penny Posts: 79 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    So after nearly a year of being locked out of my account I finally got back in!!!

    Delighted to announce that I smashed my target for this year and the total debt is now just over £20000. :) 
    April 2021: Total debt £16016

    Goal: Dec 21: £12000
  • Miss_money_penny
    Miss_money_penny Posts: 79 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Another update.

    Over Christmas and the New Year I had a good look at the finances (something about that time of year that always makes me take stock of the mortgage) and I realised we would be able to pay more and clear it in under two years.

    So I remortgaged and reduced the term to 18 months putting our payments up to £1000 a month!!! (But it is short term)

    So now the mortgage stands at just over 8k and the loan just under 8k making the total debt stand at just over 16k. I can feel freedom inching closer 😀
    April 2021: Total debt £16016

    Goal: Dec 21: £12000
  • Miss_money_penny
    Miss_money_penny Posts: 79 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Wow, another year has slipped by since I last posted. I have since paid off our loan and have now just over 2K left on mortgage. ERC ends at the end of June and then I will be MF!! :smiley: getting closer! 
    April 2021: Total debt £16016

    Goal: Dec 21: £12000
  • savingholmes
    savingholmes Posts: 29,051 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Congratulations - so close you can practically taste it.
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £172.5K Equity 36.11%
    2) £1.8K Net savings after CCs 13/9/25
    3) Mortgage neutral by 06/30 (AVC £26.8K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 32.6/£127.5K target 25.6% 13/9/25
    (If took bigger lump sum = 54.5K or 42.7%)
    4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise)
    (If bigger lump sum £15.8/30K 52.67%)
    5) SIPP £4.8K updated 13/9/25
  • smetf
    smetf Posts: 364 Forumite
    Part of the Furniture 100 Posts Name Dropper Photogenic
    Wow Miss money penny. Just read through your diary, brilliant effort and so close now. 

    Emergency fund 14k Home/ holiday fund 7k Mortgage £44,592
  • Miss_money_penny
    Miss_money_penny Posts: 79 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    edited 30 June 2022 at 4:27PM
    And that's a wrap!

    Paid off the remaining balance today. I think the interest will have to update and then I can have confirmation.

    I am now mortgage free! :smiley:
    April 2021: Total debt £16016

    Goal: Dec 21: £12000
  • savingholmes
    savingholmes Posts: 29,051 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Brilliant news. Well done 👍
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £172.5K Equity 36.11%
    2) £1.8K Net savings after CCs 13/9/25
    3) Mortgage neutral by 06/30 (AVC £26.8K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 32.6/£127.5K target 25.6% 13/9/25
    (If took bigger lump sum = 54.5K or 42.7%)
    4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise)
    (If bigger lump sum £15.8/30K 52.67%)
    5) SIPP £4.8K updated 13/9/25
  • Moneyminded
    Moneyminded Posts: 289 Forumite
    Fifth Anniversary 100 Posts Name Dropper
    Congratulations! Does it feel real yet? 
    • Original mortgage end date: March 2041
    • Current mortgage end date: Dec 2032 
    • MFW 2025 #15 £628.00/ £2,400 /// MFW 2024 #15 £1,608.85/ £2500 /// MFW 2023 #15 £8,617.84/ £10,000 /// 2022 #15 £7,315.24/ £7250 /// MFW 2021 #15 £8,530.07/ £8500
    • Daily interest is currently £4.48
  • South_coast
    South_coast Posts: 5,967 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper Photogenic
    Excellent work 😀😀😀!!!
    Mortgage start: £65,495 (March 2016)
    Cleared 🧚‍♀️🧚‍♀️🧚‍♀️!!! In 5 years, 1 month and 29 days
    Total amount repaid: £72,307.03. £1.10 repaid for every £1.00 borrowed

    Finally earning interest instead of paying it!!!
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