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Twinklie returns to the property ladder

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Comments

  • twinklie
    twinklie Posts: 5,184 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    January update

    DEBT 
    Made up of car loan and DH's phone.
    I've decided to take this off because I have to rely on DH for updates on these and it drives me potty. But I'll keep a check on it separately. 
    Start of year total debt = £5,432 

    SAVINGS
    Aim to save £400 per month to build emergency fund and for rainy day expenses (car, house maintenance etc.).  DONE (with a bit extra). 
     
    MORTGAGE 
    Current daily interest - £14.08
    We now own 23.39% of the house - current rough valuation actually puts us as 33.62%.
    3 rooms owned (5 if I go with the higher valuation).
    Paid off 14.42% of the mortgage. 
    Current MF date - Oct  Sept 2037.

    I'm not sure given what's happening with cost of living if we will be able to keep up the pace (although I didn't OP anything in January - but that was because I was ill with covid more than anything). 

    We are planning on doing the patio in April so that should eat away at some of our funds as well. Not sure how I feel about having the puppy and kids at home whilst it's being done, but needs must I guess. I was sort of hoping to take the kids away so I didn't have to deal with it all. But DH is less than impressed with that idea. Partly due to the money and partly due to not wanting to miss out I think.  
    Reduction in daily mortgage interest since October 23 (new mortgage) - £2.36 July 25
    % of house owned/% of mortgage paid off. July 25 - 38.82%/31.66%
    MFiT-T7 #21
    MFW 2025 #2
    MF Date: Oct 37 Feb 37
  • twinklie
    twinklie Posts: 5,184 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Oh and annoyingly, the boys bed has been delayed until the end of March! 
    Reduction in daily mortgage interest since October 23 (new mortgage) - £2.36 July 25
    % of house owned/% of mortgage paid off. July 25 - 38.82%/31.66%
    MFiT-T7 #21
    MFW 2025 #2
    MF Date: Oct 37 Feb 37
  • twinklie
    twinklie Posts: 5,184 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    First OP of the year £250. :smiley:
    Reduction in daily mortgage interest since October 23 (new mortgage) - £2.36 July 25
    % of house owned/% of mortgage paid off. July 25 - 38.82%/31.66%
    MFiT-T7 #21
    MFW 2025 #2
    MF Date: Oct 37 Feb 37
  • Alchemilla
    Alchemilla Posts: 6,276 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    That is a decently big op.
  • earthgirl2
    earthgirl2 Posts: 528 Forumite
    Part of the Furniture 500 Posts Photogenic Name Dropper
    That's a great OP! Sorry to hear about the bed, so annoying!
    Save £20,000 in 2025. April 2k, May 3.5k
  • savingholmes
    savingholmes Posts: 29,070 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Great OP!! Well done
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £171.8K Equity 36.37%
    2) £2.6K Net savings after CCs 10/10/25
    3) Mortgage neutral by 06/30 (AVC £27.9K + Lump Sums DB £4.6K + (25% of SIPP 1.25K) = 34/£127.5K target 26.6% 10/10/25
    (If took bigger lump sum = 60.35K or 47.6%)
    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 £5K updated 10/10/25
  • becky170
    becky170 Posts: 879 Forumite
    Part of the Furniture 500 Posts Photogenic Name Dropper
    Hey twinkle, sorry to hear that you still aren't 100% after COVID. Well done on your first overpayment of the year! 
    Mortgage-free wannabe 2025 £571/3000
  • twinklie
    twinklie Posts: 5,184 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Managed 2 weeks back at work and am now on leave for a week! Yay me!
    Reduction in daily mortgage interest since October 23 (new mortgage) - £2.36 July 25
    % of house owned/% of mortgage paid off. July 25 - 38.82%/31.66%
    MFiT-T7 #21
    MFW 2025 #2
    MF Date: Oct 37 Feb 37
  • savingholmes
    savingholmes Posts: 29,070 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Enjoy your time off
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £171.8K Equity 36.37%
    2) £2.6K Net savings after CCs 10/10/25
    3) Mortgage neutral by 06/30 (AVC £27.9K + Lump Sums DB £4.6K + (25% of SIPP 1.25K) = 34/£127.5K target 26.6% 10/10/25
    (If took bigger lump sum = 60.35K or 47.6%)
    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 £5K updated 10/10/25
  • Alchemilla
    Alchemilla Posts: 6,276 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Happy half term!
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