Making fairy dust of the mortgage

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  • Aim for this month to get the mortgage balance under £254k. Fingers crossed. I have also switched my bank account ad shall be putting that bonus to the mortgage. Had to buy a new mattress and for £19.04 cashback so put that to the mortgage :-)
    Mar 24 - Mortgage Balance £249,794.45
    Credit Card - £8,182.23 + £4,731.65
    Goals: Mortgage Free by 2035, Give up full time work once Mortgage Free, Ensure I have a pension income of £20k per year from 2035

  • LeighofMar
    LeighofMar Posts: 672 Forumite
    First Anniversary First Post Name Dropper
    Great job adding bonus cash to the mortgage. I do the same. How are the renovations going on your home? 
    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 
  • Great job adding bonus cash to the mortgage. I do the same. How are the renovations going on your home? 
    Thank you. 
    We are doing well on the renovations, quite tortoise like but over the last 2 years without borrowing any money we have completed the smaller living room, the hallway, painted the house, downstairs bathroom, stairs, all the bedrooms and garden, we are just coming to an end on the bathroom. we have done the majority of the work ourselves which has saved probably around £20k. :-) Just left to do it is the kitchen, dining area, the main living room and I also want a driveway (that is probably a bit more future due to expense).
    Mar 24 - Mortgage Balance £249,794.45
    Credit Card - £8,182.23 + £4,731.65
    Goals: Mortgage Free by 2035, Give up full time work once Mortgage Free, Ensure I have a pension income of £20k per year from 2035

  • savingholmes
    savingholmes Posts: 27,305 Forumite
    Name Dropper First Anniversary Photogenic First Post
    You've managed to cashflow loads by the sound of things. Stunning progress.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26%
    2) Spend on handyman & external building works & new patio door £11.9K
    3) CC £3.7K on 0% spends card but offset by £34K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £9.6K/£127.5K AVC target 7.5% value @15/4
    5) FI Age 60 annual income target £13.7/30K 45.7%
  • LeighofMar
    LeighofMar Posts: 672 Forumite
    First Anniversary First Post Name Dropper
    That is fantastic. You've gotten a lot done. It's so great making the house your own, isn't it? 
    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 
  • I have just totted up the bathroom spend and I have managed to get a completely new bathroom, that comprises of a new window installed, an extractor fan installed as it didn't have one, a new heated towel rail, a shaver socket, all plaster skimmed, light switch moved from a pull cord to outside the room, new light fitting, new bath, new shower screen, new taps, new basin, new toilet, new floor, new skirting, new hexagon tiles (never again am I installing these) basically new everything the only thing I think that hasn't been replaced is the door and frame. for just under £3500. It looks amazing. biggest bargains were basin £5 from the local dump shop, was brand new in box from Ikea at £140, tiles from facebook where £110 for 10 boxes, would have been £60 a box. I made a vanity unit by upcycling a sideboard I got for free. All in all vary happy and I would estimate saved £4k over getting it all installed by a bathroom fitter. :-D
    Mar 24 - Mortgage Balance £249,794.45
    Credit Card - £8,182.23 + £4,731.65
    Goals: Mortgage Free by 2035, Give up full time work once Mortgage Free, Ensure I have a pension income of £20k per year from 2035

  • beanielou
    beanielou Posts: 90,176 Ambassador
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    That's great.
    I 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.
  • savingholmes
    savingholmes Posts: 27,305 Forumite
    Name Dropper First Anniversary Photogenic First Post
    Fantastic result. Well done you. Shows the importance in looking outside the shop window.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26%
    2) Spend on handyman & external building works & new patio door £11.9K
    3) CC £3.7K on 0% spends card but offset by £34K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £9.6K/£127.5K AVC target 7.5% value @15/4
    5) FI Age 60 annual income target £13.7/30K 45.7%
  • Accountant_Kerry
    Accountant_Kerry Posts: 628 Forumite
    Name Dropper First Post First Anniversary
    Small milestone! I now owe the bank less than quarter of a million!
    Mar 24 - Mortgage Balance £249,794.45
    Credit Card - £8,182.23 + £4,731.65
    Goals: Mortgage Free by 2035, Give up full time work once Mortgage Free, Ensure I have a pension income of £20k per year from 2035

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