Mortgage neutral in 8 years!!!

Retireyoung

Bit late updating for November, again markets were down which has impacted our investments again down just over £4k, the suspended company has still not started trading again. It’s nice to see the cash in the bank figure up (this is due to a small tax rebate) and mortgage balance coming down. We will have to re mortgage soon as nearly been in this house two years in Feb, thinking about going for a ten year fix.

Figures to date:
Mortgage = £371,100
S&I = £213,900
Cash in bank = £29,200
Need to save = £128,000

Retireyoung

There seems to be a bit of a theme developing with these updates, with our investments falling every month. The markets have been brutal in December well in fact our investments have been falling since the summer. End of year bonus was received in December which is why the cash in bank figure is so high. I will most likely transfer a good chunk of that to my SIPP not sure how much yet. Once we know where we are going with Brexit I will start to invest some of the cash.

We started out on this journey nearly two years ago the progress has been much better than I ever expected, the original target was to save £225k in eight years that figure is now £105k so if we can maintain the same level of saving over the next two years we will be mortgage neutral in half the time we had expected.

Figures to date:
Mortgage = £370,100
S&I = £205,200
Cash in bank = £59,250
Need to save = £105,650

Retireyoung

Two steps forward and one big step back sums up January. The investment that had been suspended finally went bust which means that our savings and investments took a £20k hit but as the market recovered some of Decembers losses down £17k for the month in the end. Cash in bank figure is still high but this will change next month as I will be making a contribution to my SIPP.

Figures to date:
Mortgage = £369,200
S&I = £188,300
Cash in bank = £57,900
Need to save = £123,000

Retireyoung

Nothing major to worry about in Feb, we have now been in this house two years so re-mortgaged to a 10-year fix at 2.4% which I felt was a decent rate and I know what we will be paying for 10 years.

Two years ago, we needed to save £225k so reduced the target the best part of £80k in two years not sure if the next two years will be able to repeat this but would be over the moon if it did.

The need to save figure looks like it went backwards but this is not actually the case, I transferred some cash to my pension for the end of the tax year so overall really £5.2k better position than January.

Figures to date:
Mortgage = £368,400
S&I = £188,000
Cash in bank = £34,600
Need to save = £145,800

Retireyoung

Well I missed March’s updated, guess I must have been busy or maybe nothing to update. April was a very good month on the investments front up a fraction under £10k which I’m very happy with. Cash is down a bit which is down for no other reason other than we have been spending a lot recently on trips away and our summer holiday is now booked. Since we are now into the new tax year I may use some of this cash to top up pensions or ISA’s have not decided which yet.

Spreadsheet, if correct shows that we will be mortgage neutral in early 2024 nearly two years ahead of the original plan.


Figures to date:
Mortgage = £366,800
S&I = £197,800
Cash in bank = £31,000
Need to save = £138,000