Making fairy dust of the mortgage

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  • BVic28
    BVic28 Posts: 97 Forumite
    First Anniversary First Post
    Sounds like you’ve had a busy year! Good luck with the MFW journey
    Mortgage balance as of end of Dec 19 - £120,675
    MFW 2020 challenge #35 £94.62/£750; Jan running total - £94.62
    Save 12k in 2020 challenge #34 £560.20/£6000; Jan running total - £560.20
  • Finally back on the forum since it updated, although I cant get it to work with MS Edge which is very frustrating.
    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

  • Well I reached the point of being debt free then I had to buy a car, so I have a car loan for £11,000 over 3 years. I am not worried about that and will let it run its course as my car allowance from works pays for it anyway.

    I have started overpaying in earnest now. £1600 overpayment this month, DD and I cant live in a 1 bed flat for much longer and I need to get the mortgage down before I move. Current balance around £82,000 after the overpayment. When I re-mortgage I definitely want to go somewhere that you can see the balance online!
    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

  • Could access my payslip online today for next Thursday, I got my acting up allowance payment backdated until Jan which is good, however I didn't get my car allowance, I handed my car back on 6th March and they still haven't processed it so I get the cash instead which is quite frustrating, however I should then get over £1k for this next month. All these means come Thursday is that I should be able to make £1500 overpayment. 

    My current fixed rate ends on 31st Jan and I am hoping to re-mortgage for £65k at that point.
    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

  • Jessy103
    Jessy103 Posts: 1,824 Forumite
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    Great progress, well done :smile:
    Mortgage Balance as of Jan 24 £36,500 Starting Mortgage Balance (June 2019) £72,000. 2024 Overpayment Challenge: Jan £558.40, Feb £588.11, Mar £497.32
  • jenni_fer
    jenni_fer Posts: 529 Forumite
    First Anniversary First Post Name Dropper
    Congrats in advance of being under £80k tomorrow!
  • savingholmes
    savingholmes Posts: 27,334 Forumite
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    Fab 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 £3.9K on 0% spends card but offset by £34.1K 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%
  • well the month has gone terribly slowly, I am lucky to still be working full time from home though so the current situation hasn't impacted my MF journey. Today I overpaid £1100 so this should being my total to about £78,700 which will be £78,200 tomorrow after my regular payment processes. and I am hoping to pay off another £250 this month later on to make it below £78k.
    My DD is 10 so there isn't that much time until she will need a room of her own and we can no longer share and with house prices here starting at £260k for the cheapest reasonable 2 bed its going to be a big jump so the more I can get paid off in the intervening period the better!
    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: 27,334 Forumite
    Name Dropper First Anniversary Photogenic First Post
    Well done on the OP. I can't imagine sharing a room with a parent/child - it sounds tough for both of you. How long is your timescale for trying to get a new place?
    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 £3.9K on 0% spends card but offset by £34.1K 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%
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