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My Great Plan C.

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Comments

  • R1chP
    R1chP Posts: 26 Forumite
    Everything is OK, new balance is £6391.00.

    New shed ordered paid half, and paying the other half on 0% interest free credit. Can pay off the balance anytime without penalties.

    Six weeks until delivery and installation.
  • R1chP
    R1chP Posts: 26 Forumite
    Shed delivered and erected after nine week wait. Old shed given away via Freecycle.

    Mortgage balance is £4600, in the next month or two I should have enough savings to pay it off.

    I have my Flexi-Access Drawdown pension as emergency fund/pension.:j
  • savingholmes
    savingholmes Posts: 29,051 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Will be great when you are mortgage free. Well done on the over-payments and good luck with flexi retirement
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £172.5K Equity 36.11%
    2) £1.8K Net savings after CCs 13/9/25
    3) Mortgage neutral by 06/30 (AVC £26.8K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 32.6/£127.5K target 25.6% 13/9/25
    (If took bigger lump sum = 54.5K or 42.7%)
    4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise)
    (If bigger lump sum £15.8/30K 52.67%)
    5) SIPP £4.8K updated 13/9/25
  • R1chP
    R1chP Posts: 26 Forumite
    savingholmes wrote: »
    Will be great when you are mortgage free. Well done on the over-payments and good luck with flexi retirement

    Thanks, good luck to you too.
  • R1chP
    R1chP Posts: 26 Forumite
    Mortgage paid off last week, had the letter confirming mortgage account is closed.:j
  • LeighofMar
    LeighofMar Posts: 672 Forumite
    Fifth Anniversary 500 Posts Name Dropper
    :beer: Congratulations!!! :T Hope you have a nice way of congratulating yourself. A nice glass of wine, a holiday, perhaps a mortgage burning ritual :D? That is so awesome. I'm so happy for you.
    Mortgage start date Dec 2015 - $64,655.00
    Mortgage end date Dec 2045 - NOT!!!!
    Mortgage balance  - $4600.00
    Business Savings $43,310/100k
    Hope to be mortgage-free by end of 2023 
  • Mortgage_Minimiser
    Mortgage_Minimiser Posts: 341 Forumite
    Part of the Furniture 100 Posts Name Dropper
    How amazing, must feel fabulous! Well done, now you can relax.

    MM
    x
    Mortgage 1 - 01/2/2015 - £243,750 ; Mortgage 01/11/2024 - £132,576.55
    Mortgage 2 - 2019 - £76,600 ; Mortgage 01/10/2024 - £47,763.29
    MFit-T5 - reduce to £140,000 MFiT-T6 - reduce to £110,000

    01/10/2024 Daily Interest - M1 = £18.27 (!!); M2 = £7.41

    Debt at highest point in 24 -£21,344
    Debt 1st November 24 - £16,192.18 24% paid. Focusing on this in earnest!!!
  • glass_half_full
    glass_half_full Posts: 673 Forumite
    Ninth Anniversary 500 Posts Name Dropper Debt-free and Proud!
    Wow! Congratulations! :beer:
    Aiming to early retire December 31st 2026.
  • R1chP
    R1chP Posts: 26 Forumite
    Thanks folks, I've been lucky in some respects, with low interest rates etc.

    It does feel great not to pay rent or mortgage ever again. To start with I thought I'd be paying it into retirement.

    The only thing in way of celebrating was to order a new boiler with British Gas. Got it on 0% finance rather than wait to build my savings back up until I could afford one.

    So I have £1k to pay on Shed and £4k to pay on boiler. I have my Flexi-Access pension for emergency fund.

    Thanks for now.
  • R1chP
    R1chP Posts: 26 Forumite
    LeighofMar wrote: »
    :beer: perhaps a mortgage burning ritual :D?

    I did shred and compost all the annual statements.:D
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