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Busy Mee's Last Leg
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Brilliant news ๐๐๐!Mortgage start: ยฃ65,495 (March 2016)
Cleared ๐งโโ๏ธ๐งโโ๏ธ๐งโโ๏ธ!!! In 5 years, 1 month andย 29 days
Total amount repaid: ยฃ72,307.03. ยฃ1.10 repaid for every ยฃ1.00 borrowed
Finally earning interest instead of paying it!!!1 -
I feel very happy for you - do watch out with paying down that mortgage - it became my new obsession and I just kept tilly-ing away and then paying off a thousand here and there, and there it is gone!
49ย 48 days to go, and counting!!Save ยฃ12k in 2025 #2 I am at ยฃ4863.32 out of ยฃ6000 after May (81.05%)
OS Grocery Challenge in 2025 I am at ยฃ1286.68/ยฃ3000 or 42.89% of my annual spend so far
I also Reverse Meal Plan on that thread and grow much of our own premium price fruit and veg, joining in on the Grow your own thread
My new diary is here3 -
Wow such a fab position to be inAchieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 ยฃ202K now ยฃ174.8K Equity 32.77%
2) ยฃ2.6K Net savings after CCs 6/7/25
3) Mortgage neutral by 06/30 (AVC ยฃ24.3K + Lump Sums DB ยฃ4.6K + (25% of SIPP 1.2K) = 30.1/ยฃ127.5K target 23.6% 29/7/25
4) FI Age 60 income target ยฃ16.5/30K 55.1%
5) SIPP ยฃ4.8K updated 29/7/250 -
Good ย Morning. Pay day again and another month that has whizzed by.
April Updateย
Repayment Mortgage. ย ย ย ย ย ย ย ย ยฃ4875.47.ย
IO Mortgage. ย ย ย ย ย ย ย ย ย ย ย ย ย ย ยฃ150,000.00
Total Mortgage. ย ย ย ย ย ย ย ย ย ย ย ย ยฃ154,4875.47
Total Mortgage repaid April. ย ย ย ย ยฃ32,460.72. ย
Ring fenced savings ย ย ย ย ย ย ย ย ย ยฃ186,000
I am very pleased that we have made such a big dent in the mortgage. Obviously the ยฃ30k came from ring fenced savings, so no growth in overall wealth. It does however reduce our monthly contracted mortgage payment from ยฃ980 to ยฃ135, which is an important part of our retirement plan. The repayment mortgage will be clear by my 60th Birthday in 2024.
I was also pleased that we managed to chip another ยฃ1500 off the IO mortgage and I now intend to focus my efforts on reducing that down before the final repayment at the end of the mortgage term in 2024.
I am setting myself a target to chip ยฃ2k a month off the IO mortgage over the next five months, whilst I am still receiving full salary. This should mean the balance will be down to ยฃ140 k by the time I start receiving my pension.
I was also able to add an additional ยฃ1k to my S&S ISA ( interest from a maturing savings product) . We have a number of regular savers and fixed rate savings products maturing over May and June so I am hoping to increase this further.ยThere will be lots of movement of money over the next few months as I position funds for retirement. I am splitting our savings into a short term fluid pot ( funds for the period up to 2025 when Mr Mee gets his SRP). These shorter term funds will either offset the mortgage (0.79%) or sit in a Marcus account (0.45%)
The longer term investments for beyond 2025 are sat in fixed rate cash ISAs, S&S ISA and a SIPP.
Our finances are generally looking good, not only do we have the reduction in mortgage payment from May but my tax code has been changed to assume a ยฃ15k payment into my SiPP. This is why I have set a rather bold target of paying ยฃ2k per month off the IO mortgage for the last five months of full salaryย.
Retirement is now becoming very real eek ๐ฑ. I have started to make plans and we are already looking very busy through August and September. I can't wait and every day at work is becoming a bit of a struggle. The best thing though, is not having to get involved in all the corporate, jazz-hands leadership nonsense. It makes me feel very smug not having to get involved in yet another round of corporate values bullish!t ย.
Anyway a nice long weekend. We are going to the large M&S to look at new sofas, but obviously won't buy until they have their regular 20% off. A living room refresh is in the offing.
Have a lovely long weekendย4 -
All looking good as usual.
I bet that paying down the mortgage becomes your new savings challenge - I took to tracking the interest I was paying out (the bit I hated) and looking at yours - even at 0.79% going out and 0.45% coming in, you are out by 0.34% or ยฃ5,265.77 based on your total mortgage (not compounded reductions) or ยฃ146.27 flat-lined over 36 months. Some of my lump sum would be going that way to offset that and to increase disposable income in retirement.Save ยฃ12k in 2025 #2 I am at ยฃ4863.32 out of ยฃ6000 after May (81.05%)
OS Grocery Challenge in 2025 I am at ยฃ1286.68/ยฃ3000 or 42.89% of my annual spend so far
I also Reverse Meal Plan on that thread and grow much of our own premium price fruit and veg, joining in on the Grow your own thread
My new diary is here3 -
Suffolklass, you are absolutely right. Paying down the mortgage is going to be my new obsession.I am not actually going to be paying any interest on the mortgage as I will be offsetting the entire amount.ยI intend sitting the equivalent amount in my savings pot, so there shouldn't be any interest to pay at all. Any fluid short term funds excess to this will go in a Marcus account or maybe PBs.
As I pay down the mortgage, any excess funds will then become available for spending on holidays etc. It should work like this.
Mortgage outstanding ( current account) ย ย ย ย ย ย ย ยฃ150,000
Funds in savings pot. ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ยฃ150,000.ย
Chipped off mortgage ( month 1). ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ยฃ 2,000
Mortgage now ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ยฃ148,000
Available to spend savings pot. ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ยฃ2,000 ย ยChipped off mortgage (month 2). ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ยฃ 2,000
Available to spend savings pot. ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ยฃ4,000 ย ยThis will continue for the next 35 months, until the end of the mortgage term. If our holiday spending doesn't keep pace with the amount I am paying off the mortgage and we end up with too much excess, this will be syphoned off into the Marcus account to earn interest.
You are probably wondering why we don't just pay the mortgage off and make life simpler, but I am slightly reluctant to do so because we may do another house project to downsize. Having easy access to these funds might be helpful, if we wanted to buy land for example. And anyway what would I have to focus on financially if there is no mortgage to pay down
The HSBC regular savings matured yesterday, so ยฃ6000 was added back into the savings pot and 2 x ยฃ44.49 sent to the odds and sods account ( aka the wedding dress account). Thanks to Suffolklass who gave me a kick up the bum last year when I was dithering about setting up the regular savers again for what seemed a paltry 2.75% interest, ย DD now has an extra ยฃ88.98 towards her wedding dressย ย
We had a rather spendy morning yesterday in M&S. We went to look at sofas but came out with a bed and oak console table. They were selling off ex display furniture and had reduced them to 70% off. We bought a beautiful forest green velvet bed for ยฃ299 (should have been ยฃ899) and an oak console table for the hall for ยฃ109 (should have been ยฃ399). They were delivered by lunchtime by a man with a van for ยฃ35 ! I am so pleased with them.ยThe bed is destined for DDs old room ( she took all her furniture). This will become our guest bedroom as it has an en-suite. I am pleased that the green bed will give me a starting point for the decor, rather than working from a blank piece of paper and it is gorgeous. Although I am seriously thinking about swopping our bedroom furniture to her room and keeping it for ourselves.
No plans for today other than a dog walk. It is quite sunny at the moment but rain is forcast. ย ย ย ย ย ย ย ย ย ย ย5 -
I think it sounds like you definitely need to swap the new furniture to your main bedroom. Makes sense too as you will be the ones who use it the most.ยAchieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 ยฃ202K now ยฃ174.8K Equity 32.77%
2) ยฃ2.6K Net savings after CCs 6/7/25
3) Mortgage neutral by 06/30 (AVC ยฃ24.3K + Lump Sums DB ยฃ4.6K + (25% of SIPP 1.2K) = 30.1/ยฃ127.5K target 23.6% 29/7/25
4) FI Age 60 income target ยฃ16.5/30K 55.1%
5) SIPP ยฃ4.8K updated 29/7/251 -
Busy_Mee said:And anyway what would I have to focus on financially if there is no mortgage to pay down
ย
Mortgage start: ยฃ65,495 (March 2016)
Cleared ๐งโโ๏ธ๐งโโ๏ธ๐งโโ๏ธ!!! In 5 years, 1 month andย 29 days
Total amount repaid: ยฃ72,307.03. ยฃ1.10 repaid for every ยฃ1.00 borrowed
Finally earning interest instead of paying it!!!2 -
Swapping sounds like a planยI 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.1 -
I know what you mean about financial focus. I've started bimbling around vegetable growing and beekeeping! I just have this image of an elderly Victorian lady in a head-veil when I write this. Hmm!Save ยฃ12k in 2025 #2 I am at ยฃ4863.32 out of ยฃ6000 after May (81.05%)
OS Grocery Challenge in 2025 I am at ยฃ1286.68/ยฃ3000 or 42.89% of my annual spend so far
I also Reverse Meal Plan on that thread and grow much of our own premium price fruit and veg, joining in on the Grow your own thread
My new diary is here2
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