My MF Mission 2015

lippy1923
lippy1923 Posts: 1,374
First Anniversary Combo Breaker First Post
Forumite
edited 23 December 2020 at 5:08PM in Mortgage-free wannabe
Hi all,

I've threatened a diary for a while now. Here goes.

Option 1 -Pay off in less than 10 years with intention to rent out
Option 2 -Pay off AMAP to gain higher equity to use for up-sizing

Option 2 is most likely IMO as we may have another child in the next 10 years which will mean up-sizing is almost inevitable.

MORTGAGE STARTING BALANCE- £140K

Mini targets-

Dec 2016 - Balance below £100k - COMPLETE
Dec 2017 - OP £6k- COMPLETE
Dec 2018 - Balance below £75k - MISSED - £76,285
Dec 2019 - Balance below £65k - COMPLETE
Dec 2020 - OP £11.5K in May COMPLETE/ OP £14K in June COMPLETE/ Mortgage Neutral Dec 2020 COMPLETE - September 2020!!!!!
Dec 2021 - OP £14k in June/ Balance below £10k

Lets see how I do :)

Mortgage Term Reduced by 10 Yr 3 mth
Total Mortgage OP £61,000
Outstanding Mortgage £27,971
Emergency Fund £62,100
I AM NOW MORTGAGE NEUTRAL!!!! <<Sep-20>>

«13456755

Comments

  • Good Luck with your journey. Looking at your signature, we have similar mortgage balances, although my term doesn't finish until 2035 :O
  • shangaijimmy
    shangaijimmy Posts: 3,796
    Name Dropper First Anniversary First Post
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    Hi lily, great to see you've a diary started. We too have similar figures, and whilst you speak about another child, we have 1 due in January! Fingers crossed we'll keep each other company for the next 10yrs!
    MFW: Was: £136,000.......Now: £61,892.24......
    Mortgage Neutral Deficit: £43,082.90... Mortgage Neutral Savings: £18,809.34

    MFiT-T6 #13 - £3,517 of £15,500 (22.69%)
    1% Mortgage Challenge 2022 - £157.59 of £650
  • Luckyinlife
    Luckyinlife Posts: 1,613 Forumite
    You must feel really good having a house worth 200k+ and a mortgage of half that :]

    Great EF as well if you had say 20k left of the mortgage would would you use the EF to pay it off ?
    Mortgage--- [STRIKE]£67700 March 15[/STRIKE] [STRIKE]£65221 April 15[/STRIKE] [STRIKE]£64983 July 15[/STRIKE] [STRIKE]£64780 sept 15[/STRIKE] Remortgage [STRIKE]£67295 oct 15[/STRIKE] [STRIKE]£66599 Nov 15[/STRIKE] [STRIKE]£65878.73 Dec 15[/STRIKE][STRIKE] £64834 1st Jan 16[/STRIKE] [STRIKE]Feb 16 £64,511.89[/STRIKE][STRIKE] March 16 £64,056.40[/STRIKE] [STRIKE]April 16 £62550[/STRIKE] [STRIKE]May 16 £62,396.20[/STRIKE] Feb 17 £60.800
    Emergency fund 23k
  • lippy1923
    lippy1923 Posts: 1,374
    First Anniversary Combo Breaker First Post
    Forumite
    lol we can be MFW buddies. My son was born in January and I warn you now, with Christmas and a birthday shortly after you will be strapped for cash and space in the house from all the toys :rotfl:
    Total Mortgage OP £61,000
    Outstanding Mortgage £27,971
    Emergency Fund £62,100
    I AM NOW MORTGAGE NEUTRAL!!!! <<Sep-20>>

  • lippy1923
    lippy1923 Posts: 1,374
    First Anniversary Combo Breaker First Post
    Forumite
    You must feel really good having a house worth 200k+ and a mortgage of half that :]

    Great EF as well if you had say 20k left of the mortgage would would you use the EF to pay it off ?

    Yes I am def happy with our LTV.

    I am in 2 minds what to do with the EF. I am thinking of using it in 2017 when my fixed deal comes to an end and making a bulk OP. In the meantime I will need to save another EF as I don't want to never have anything readily available, just in case!

    I might edit my original post and include that as a mini challenge. I recon I would need at least £6k in a new EF. I will aim to save this and see where I am in 2017.
    Total Mortgage OP £61,000
    Outstanding Mortgage £27,971
    Emergency Fund £62,100
    I AM NOW MORTGAGE NEUTRAL!!!! <<Sep-20>>

  • Luckyinlife
    Luckyinlife Posts: 1,613 Forumite
    Ya great ltv

    Ya the EF is great to have in place. i think its a good idea to pay a lump off after every fixed term ends
    Mortgage--- [STRIKE]£67700 March 15[/STRIKE] [STRIKE]£65221 April 15[/STRIKE] [STRIKE]£64983 July 15[/STRIKE] [STRIKE]£64780 sept 15[/STRIKE] Remortgage [STRIKE]£67295 oct 15[/STRIKE] [STRIKE]£66599 Nov 15[/STRIKE] [STRIKE]£65878.73 Dec 15[/STRIKE][STRIKE] £64834 1st Jan 16[/STRIKE] [STRIKE]Feb 16 £64,511.89[/STRIKE][STRIKE] March 16 £64,056.40[/STRIKE] [STRIKE]April 16 £62550[/STRIKE] [STRIKE]May 16 £62,396.20[/STRIKE] Feb 17 £60.800
    Emergency fund 23k
  • lippy1923
    lippy1923 Posts: 1,374
    First Anniversary Combo Breaker First Post
    Forumite
    If I manage to get the balance to £100k I think the thought of bulk overpaying to make it £80k will tempt me.

    *Updating my original post to show new mini goal.
    Total Mortgage OP £61,000
    Outstanding Mortgage £27,971
    Emergency Fund £62,100
    I AM NOW MORTGAGE NEUTRAL!!!! <<Sep-20>>

  • Ali-OK
    Ali-OK Posts: 4,073
    First Anniversary Debt-free and Proud!
    Forumite
    Followed you from SJ's diary and tagging along if I may.

    You're doing so well and congratulations on the upcoming nuptials :)
    Back on the DFW Wagon:

    CC - £3,300 on 0% til 04/2020
    CC - £4,500 on 0% til 02/2019
    Loan - £12,063.84 as at 4/1/18
  • lippy1923
    lippy1923 Posts: 1,374
    First Anniversary Combo Breaker First Post
    Forumite
    Feel free to tag along. The more the merrier :D

    Am I right in reading your signature? In 2013 you had £133k and now you have £116k? If so well done, that's a big reduction in so little time!

    And we are at similar balances :)
    Total Mortgage OP £61,000
    Outstanding Mortgage £27,971
    Emergency Fund £62,100
    I AM NOW MORTGAGE NEUTRAL!!!! <<Sep-20>>

  • Ali-OK
    Ali-OK Posts: 4,073
    First Anniversary Debt-free and Proud!
    Forumite
    Yes, that's right and I'm aiming for below £100k by the end of next year :j

    We're on similar timescales, though my savings pot is half the size of yours and if I carry on paying close on £1k a month to mortgage, I won't be saving much I suspect, but let's see how it goes. :) Half the fun is looking back and seeing how far we've come.
    Back on the DFW Wagon:

    CC - £3,300 on 0% til 04/2020
    CC - £4,500 on 0% til 02/2019
    Loan - £12,063.84 as at 4/1/18
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