We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The dream!
Comments
-
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: £120000 -
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: £120001 -
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: £120004 -
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!!
getting closer!
April 2021: Total debt £16016
Goal: Dec 21: £120004 -
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) £1.6K Net savings after CCs 14/8/25
3) Mortgage neutral by 06/30 (AVC £25.6K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 31.4/£127.5K target 24.6% 1/9/25
(If took bigger lump sum = 53.3K or 41.8%)
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 29/7/251 -
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- MFW 2022 #35 10,000
- MFW 2023 #3 10358.97
- MFW 2024 #3 10000
- MFW 2025 #3 7682.31/10000
- MFW 2024 #3 10000
- MFW 2023 #3 10358.97
2 - MFW 2022 #35 10,000
-
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!
April 2021: Total debt £16016
Goal: Dec 21: £120003 -
Brilliant news. Well done 👍Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £172.5K Equity 36.11%
2) £1.6K Net savings after CCs 14/8/25
3) Mortgage neutral by 06/30 (AVC £25.6K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 31.4/£127.5K target 24.6% 1/9/25
(If took bigger lump sum = 53.3K or 41.8%)
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 29/7/250 -
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
1 -
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!!!1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.5K Banking & Borrowing
- 253.3K Reduce Debt & Boost Income
- 453.9K Spending & Discounts
- 244.5K Work, Benefits & Business
- 599.8K Mortgages, Homes & Bills
- 177.2K Life & Family
- 258.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards