Need to be MF so I can retire

Hard_Up_Hester

I often read these threads but I don't post on them.
I'm getting desperate to retire as my job involves a fair amount of lifting and shifting.
This year hubby & I have decided to go all out to pay off our mortgage asap.
I'm 64, hubby is 60, we are both if relatively low paid jobs, our joint income is under £30k and we live in Berkshire, a fairly expensive area.
Our mortgage currently stands at £49,726
There is no penalty if we pay it off early though the mortgage company do make it as difficult as possible by constantly changing the rules on how much we can pay off at any one time.
Currently we have to pay it off in increments of £500, or get involved it copious amounts of paperwork.
However every £500 paid reduces the term by one month.
It has taken a long time and some hard work but we currently have £3000 in savings, £1000 of this will be paid off the mortgage this month.
We will keep £2000 in savings as a buffer, the joy and relief of having savings is incredible. It means that when something breaks it is an inconvenience and not the disaster it was a few years ago.
In the two weeks before Christmas I needed a new tyre on my car and it needed a service, both were done without affecting our Christmas plans.
Hubby and I both have our own bank accounts, we both pay into a joint account from which all the bills are paid. Hubby & I both pay in the same amount even though he earns almost double my salary. Hubby isn't happy about this but it is my choice, I'm a bit obsessive about paying my way.
I'm sure I have bored everyone to tears by now, so I'll shut up!
Hester

pavlovs_dog

lovely to see you on this part of the forum, HHH :wave:

£500 chunks seems a much more manageable target to chip away at than almost £50k doesn't it?

Best of luck with your journey

bexster1975

Hello HH!

Best of luck on your MF journey!

Bexster

McKneff

You will love it, being mortgage free and retired is brilliant.


No debt, minimal outgoings,


The feeling when you pay that last mortgage payment to clear it is priceless.

Lexi-lu

Hello HHH

Good luck on your MF journey

Goldiegirl

McKneff wrote: »

You will love it, being mortgage free and retired is brilliant.


No debt, minimal outgoings,


The feeling when you pay that last mortgage payment to clear it is priceless.

Hear hear!


Good luck with your quest, Hester

SueP19

Hi HH welcome to this great board

Well done on taking your future in your hands I am a recent joinee too

Secret_Saving_Squirrel

Very good luck on your journey. Sounds like you have excellent reasons for wanting to get rid of the mortgage asap so you should be really motivated. But.... Do you really need a £2000 emergency fund? A 0% credit card would be just as effective and you would be saving the interest on the £2k. Just a thought. All the best X

Hard_Up_Hester

We spent an enjoyable couple hours at DD's, with her in laws, SIL laid on a buffet lunch and we played a few rounds of Articulate, it was great fun.
Once home I went through the food cupboard, fridge & freezer and made a meal plan, I have enough food to feed a small army for at least two weeks, all I need to buy is bread, so I'm hoping for a few NSD's.
I should explain that I took out a mortgage when I was over 50 after a very acrimonious divorce, I had already paid off one mortgage with my ex husband.
Hester

LisaLou1982

Good luck on your journey HH - all the very best for 2016!

ecoelle

Hi HHH I wish you luck on your MF journey. I am also on the journey to MF freedom and will be subscribing to your thread to keep up with your progress. Meal planning is my next big task, how did you find it easiest to plan yours?