And Baby Makes Three....

clarew

We are similar to you...hubby turns 40 this year and we would love to be MF at 50. Currently have roughly 116k left and due to end 2028...but I want it gone by 2025 at least.
Hubby ft and I work pt as have 4 little ones so it's a tall order but we keep chipping away as best we can!

Following your progress with interest (luckily not the financial kind of interest..!)

gallygirl

gallygirl wrote: »

Am on the case

Assuming interest rates stay the same:

You're aiming for June 26.

£825 a month gives Feb 28

£900 a month gives Sept 26.

£925 a month gives April 26....... let's split it

£912.50 a month gives doh...... July 26

£920 a month gives double doh May 26

£915 a month gives June 26 :T:T:T

So basically, £915 a month if rates stay the same, so anything extra you can pay over and above that will build a buffer for when the rates rise.

FunLovinCriminal

Hi Gallygirl
Many thanks for your fast response!!
So, bear with me - I used to be good at all things excel, but I have been out of the game too long it seems.
My current payment should be £663 per month, but we have been paying £703 for two months, are you saying my payments need to be £915 per month to achieve MF by June 2026?
Where did you get this from?
Many thanks
FLC

FunLovinCriminal

Hi ClareW
Thanks for your comment. Yeah scary time, I dream of what it would be like to be MF with a ten year old - and all the financial freedom it would give us.
£700 extra a month would be a nice holiday somewhere for the family, or a large proportion of it.
But it daunts me seeing I would have to find potentially another £200 per month from somewhere.

gallygirl

FunLovinCriminal wrote: »

Hi Gallygirl
Many thanks for your fast response!!
So, bear with me - I used to be good at all things excel, but I have been out of the game too long it seems.
My current payment should be £663 per month, but we have been paying £703 for two months, are you saying my payments need to be £915 per month to achieve MF by June 2026?
Where did you get this from?
Many thanks
FLC

£915 a month, yes. I have a spreadsheet I've knocked up, it's a bit clunky but happy to send over if you message me your email address? What date does your mortgage come out and I'll tailor it and send some destructions with it .

FunLovinCriminal

Cheers Gallygirl
I have just sent you a PM - my first ever one!
I have no idea where I am likely to find about £215 per month - currently I pay in to a share save scheme, which as the company isn't doing particularly well is only giving me the £900 that I save, so I was planning on using some of that for an OP, and some as spending money for little FLC's first holiday!

gallygirl

FunLovinCriminal wrote: »

Cheers Gallygirl
I have just sent you a PM - my first ever one!
I have no idea where I am likely to find about £215 per month - currently I pay in to a share save scheme, which as the company isn't doing particularly well is only giving me the £900 that I save, so I was planning on using some of that for an OP, and some as spending money for little FLC's first holiday!

Whanging it over now.

If you can afford the £703 a month you only need an extra £212, not £215 so that's you £3 better off already .

gallygirl

Mr GG pointed out that 2015 + 10 years is 2025, not 2026 , recalculating now :rotfl:.

Combined with an error on the interest calc, also fixed (was coming out too high). For a payoff by June 2125 you need to overpay by £225 a month so not that different really.

FunLovinCriminal

Thanks again gallygirl
Feel a little more lost than before.
I cannot see where I am gonna make enough savings for £225 EVERY month for the next ten years.
...maybe back to the drawing board,
sigh...

FunLovinCriminal

Update

So, its being whispered that my level is being removed from the management structure.
We are all to be informed in the next few weeks.
What this means to me....
The offer is apparently
Lump Sum of £7k, and dropped down a level - meaning a wage decrease of £1.70 per hour - equating to £200 per month wage drop.
Or redundancy - so the £200 OP looks near impossible.

FLC