Martin Lewis
MoneySavingExpert Chair, Martin Lewis · Editor, Marcus Herbert

MSE Forum

Steps to FIRE

in Mortgage-free wannabe
121 replies 10K views
MyBestJumperMyBestJumper Forumite
77 Posts
in Mortgage-free wannabe
Time for a new diary!

Two mortgages to pay off as follows:
Home - mortgage outstanding is £84,999.99 (yes that is deliberate!) with 22 years left to run. House value approx £200k
BTL - mortgage outstanding is £83kish with 18 years to run but is interest only. House value approx £120k. No repayment vehicle in place (yet!)

Need to shift our home mortgage by summer 2021. Looking forward to the challenge!

First challenge is to pay off family loan - £7000 owing.
"What we're talking about here is money and the freedom it gives you... freedom from worry and freedom from most forms of BS" MMM
Mortgage 1: [STRIKE]£95,000[/STRIKE] £83,848.23 at 3.1%
Mortgage 2 (BTL): £83, 489.15 at 4.8% (I.O.)
Family loan: [STRIKE]£15,000[/STRIKE] £6,000
Long term savings/investments: FundCirc £100 7.1%, Saver account at 5% £500
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Replies

  • MyBestJumperMyBestJumper Forumite
    77 Posts
    FIRE = Financially independent, retire early or something like that. I love Mr Money Mustache but am UK based so need a UK based forum to record things on. I know the power of this place having already been here years under another name. Looking forward to getting stuck in again!
    "What we're talking about here is money and the freedom it gives you... freedom from worry and freedom from most forms of BS" MMM
    Mortgage 1: [STRIKE]£95,000[/STRIKE] £83,848.23 at 3.1%
    Mortgage 2 (BTL): £83, 489.15 at 4.8% (I.O.)
    Family loan: [STRIKE]£15,000[/STRIKE] £6,000
    Long term savings/investments: FundCirc £100 7.1%, Saver account at 5% £500
  • edited 10 May 2015 at 2:31PM
    edinburgheredinburgher Forumite
    13K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    Forumite
    edited 10 May 2015 at 2:31PM
    I like that you are prioritising a family loan - so many people seem to treat these as a last priority!

    Ps. This board is already well briefed on FI or FIRE, there are a few of us working towards it :beer:
  • MyBestJumperMyBestJumper Forumite
    77 Posts
    Thanks Edinburgher! Wasn't sure if it was an American term or not. Learnt it from MMM :-)
    "What we're talking about here is money and the freedom it gives you... freedom from worry and freedom from most forms of BS" MMM
    Mortgage 1: [STRIKE]£95,000[/STRIKE] £83,848.23 at 3.1%
    Mortgage 2 (BTL): £83, 489.15 at 4.8% (I.O.)
    Family loan: [STRIKE]£15,000[/STRIKE] £6,000
    Long term savings/investments: FundCirc £100 7.1%, Saver account at 5% £500
  • edinburgheredinburgher Forumite
    13K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    Forumite
    Very much so, but we're a well read bunch here at MFW towers :)
  • earthgirlearthgirl Forumite
    3.8K Posts
    Mortgage-free Glee!
    Forumite
    Hi MBJ,

    I am not very well read, so looking forward to your mmm inspired posts.
    Hope to learn a thing or two!

    x
    15/5/12 Paid off Mortgage 1 (£220k) Bought Dream House:www: Dec 13 - Mortage 2 -£116,508. 15/7/18 Mortgage Free Again :j

    Progress not Perfection
  • gallygirlgallygirl Forumite
    17.2K Posts
    Part of the Furniture 10,000 Posts Name Dropper Mortgage-free Glee!
    Forumite
    Another one pitching in to say good luck :T. FIRE rocks :j:j:j.
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
  • FiregirlFiregirl Forumite
    836 Posts
    Seventh Anniversary 500 Posts
    Forumite
    Welcome - looking forward to seeing your journey:0)
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022 — Target for May 2023 14 Year Target Balance MF50 = £106, 918 — Mortgage Balance £112000 —Target for May 2023! £100K
  • FiregirlFiregirl Forumite
    836 Posts
    Seventh Anniversary 500 Posts
    Forumite
    I hadn't even realised that I had chosen such an apt user name lol
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022 — Target for May 2023 14 Year Target Balance MF50 = £106, 918 — Mortgage Balance £112000 —Target for May 2023! £100K
  • gallygirlgallygirl Forumite
    17.2K Posts
    Part of the Furniture 10,000 Posts Name Dropper Mortgage-free Glee!
    Forumite
    Firegirl wrote: »
    Welcome - looking forward to seeing your journey:0)
    Too late - I've reached my destination smileys-car-racing-413876.gif:D.
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
  • FiregirlFiregirl Forumite
    836 Posts
    Seventh Anniversary 500 Posts
    Forumite
    Stole your FIRE idea for title of my new thread! Hope you don't mind:0)
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022 — Target for May 2023 14 Year Target Balance MF50 = £106, 918 — Mortgage Balance £112000 —Target for May 2023! £100K
This discussion has been closed.
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