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Baby steps to mortgage freedom for beanielou.

beanielou · 2014-11-04 14:19:49

My first thread on the MFW board!! My mortgage has 6 & 1/2 years left to run. My income seems to decrease more & more & it becomes more & and more of a challange to pay my hefty(to me) mortgage. I have managed an overpayment last month as I got some £££'s unexpectedly. My biggest fear is not being able to pay my mortgage &…

Comments

Sun_Addict Posts: 24,227 Forumite

25 May 2023 at 7:56PM

Great news 😀

I get knocked down but I get up again (Chumbawamba, Tubthumping)
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savingholmes Posts: 29,046 Forumite

25 May 2023 at 10:35PM

Congratulations to DS.

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 29/7/25
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skint_spice Posts: 13,465 Forumite

25 May 2023 at 11:18PM

Delighted for DS🎉🎉🎉

Mortgage OP 2025 £6750/7000
Mortgage OP 2024 £7700/7000

Mortgage balance: £35,463

Declutter 12/244

Money making challenge £58/400

”Do what others won’t early in life so you can do what others can’t later in life” (stolen from Gally Girl)
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jwil Posts: 22,211 Forumite

26 May 2023 at 5:10PM

Congratulations to DS!

"Good financial planning is about not spending money on things that add no value to your life in order to have more money for the things that do". Eoin McGee

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beanielou Posts: 96,058 Ambassador

26 May 2023 at 8:00PM

Thanks everyone

I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.
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Seasidegal58 Posts: 6,081 Forumite

27 May 2023 at 9:00AM

Oh well done DS! He must be so chuffed!😀👍

Finally Debt Free! - July 2016 🌟
Finished Emergency Fund- £10,000 April 2017
🌟
RETIRED: MAY 2021!!!!😀🎆
My diary: “Seasidegal's Scrimpy Retirement Diary!”
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24ta Posts: 268 Forumite

27 May 2023 at 9:31AM

Congratulations to DS

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Sunshine_girl2 Posts: 3,122 Forumite

27 May 2023 at 9:45AM

Well done DS .

Life is an adventure, never stop exploring.

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RosaBernicia Posts: 4,909 Forumite

27 May 2023 at 11:19AM

Good news, congratulations DS

Debt free May 2016... DFW#2 in progress
Campervan paid off summer '21... MFW progress tbc
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sashybo Posts: 4,595 Forumite

27 May 2023 at 12:52PM

Well done to your DS, it's not easy! 😊

Success is not final, failure is not fatal: it is the courage to continue that counts. Car loan 1 £11,174, Car loan 2 £5,532, CC 0% BT £780. Debt Free Diary to try & keep spending in check.
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