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Baby steps to mortgage freedom for beanielou.
Comments
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How was the physio today?KKAs at 15.10.25:
- When bought house £315,995 mortgage debt and end date at start = October 2039 - now £229,702
- OPs to mortgage = £12,345 Estd. interest saved = £5,863 to date
Fixed rate 3.85% ends October 2030
Read 59books of target 52 in 2025, as @ 18th October
Produce tracker: £426 of £300 in 2025
Watch your thoughts, they become your words.
Watch your words, they become your actions.Watch your actions, they become your reality.3 -
Thank you Kk
I am pondering making a furthur OP to my loan.
By the same token I don't want to leave myself sort.
Am pondering!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.5 -
Wrong time of year to leave yourself short Beanie. Perhaps split the OP you were going to make so you have a little flex in your budget but still feel you are making progress.Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £171.8K Equity 36.37%
2) £2.6K Net savings after CCs 10/10/25
3) Mortgage neutral by 06/30 (AVC £27.9K + Lump Sums DB £4.6K + (25% of SIPP 1.25K) = 34/£127.5K target 26.6% 10/10/25
(If took bigger lump sum = 60.35K or 47.6%)
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 £5K updated 10/10/255 -
I’d put th OP to one side ready to pay but not pay it until you’re next lot of income when you’re sure you don’t need it. I fell for paying big chunks of ccs then ended up short of cash and getting myself in a mess by putting more back on the cc.
Sorry you’re struggling with pain. It’s great doing lots of lovely things and a pity the pay off for doing too much is extra pain.January spends - £587.585 -
I agree maybe split it or set it aside for a bit."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 McGee4
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I tend to work on a three way split for larger windfalls: OP / fun fund / savings.
KKAs at 15.10.25:
- When bought house £315,995 mortgage debt and end date at start = October 2039 - now £229,702
- OPs to mortgage = £12,345 Estd. interest saved = £5,863 to date
Fixed rate 3.85% ends October 2030
Read 59books of target 52 in 2025, as @ 18th October
Produce tracker: £426 of £300 in 2025
Watch your thoughts, they become your words.
Watch your words, they become your actions.Watch your actions, they become your reality.4 -
I would just send a small amount then hold on to the rest just in case. Then if it turns out you don’t need it after all send it to the OP.I get knocked down but I get up again (Chumbawamba, Tubthumping)4
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Much common sense being spoken about overpayments -v- the risk of leaving yourself short. wait until you are sure that you are not going to miss the money before sending it, but equally, "park" it somewhere that means you will be less inclined to spend it on things that aren't needed?🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
Balance as at 31/08/25 = £ 95,450.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her4 -
Good advice EH.In any case I think I only have 3 years left on the home improvement loan.Considering I supported DS in part through his PGDE I am pleased with where it is.Was out for afternoon tea today & it was lush.@milann. You would have loved it. 🥰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.8 -
Glad afternoon tea was good.
It's great that you were able to support DS with his PGCE"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 McGee4
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