Making fairy dust of the mortgage

1235710

Comments

  • 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?
    Thanks. We’ve shared since her dad and I separated, she’s loves it atm and it doesn’t bother me tbh. She’s also only with me half the time. By the time she’s 12 though she really needs private space so thats the limit so need to start looking in about a year. I hope to have £100k equity by then which means paying off £25k in the next 18 months plus Saving £10k for moving 😳
    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: 1,821 Forumite
    First Anniversary First Post Name Dropper Photogenic
    Well done on being debt free and fingers crossed on the policy! 😀
    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
  • savingholmes
    savingholmes Posts: 27,259 Forumite
    Name Dropper First Anniversary Photogenic First Post
    Good luck with the Pru -let's hope they have a windfall for you. I was reunited with a pension I didn't know I had worth £2.8k last year (total pot). Better than nothing.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26% (lower post move compensated by EF) plus spent £10K+ on home improvements/emergency repairs
    2) Mortgage neutral by June 2030 AVC £8.063/£127,466 AVC target 6.32%
    3) FI Age 60 annual income target £12,500/30,000 41.66%
    Achievements: CC free since April 22. 1 year EF from Jan 24 & dedicated pot for home improvements
  • Sistergold
    Sistergold Posts: 2,028 Forumite
    First Anniversary First Post Name Dropper Photogenic
    Hey there @Accountant_Kerry
    wave 👋🏾 
    Another single mom here juggling 🤹‍♀️ it all. Enjoying reading your diary and hooting for you all the way! 
    Xx

    Initial mortgage bal £487.5k, current £266.8k, target £243,750(halfway!)
    Mortgage start date first week of July 2019,
    Mortgage term 23yrs(end of June 2042🙇🏽♀️), 
    Target is to pay it off in 10years(by 2030🥳). 
    MFW#10 (2022/23 mfw#34)(2021 mfw#47)(2020 mfw#136)
    £12K in 2021 #54 (in 2020 #148)
    MFiT-T6#27
    To save £100K in 48months start 01/07/2020 Achieved 30/05/2023 👯♀️
    Am a single mom of 4. 
    Do not wait to buy a property, Buy a property and wait. 🤓
  • Thanks All.

    Wednesday this week I find out what my annual bonus is. Fingers crossed it wont be terrible but given the current climate anything is better than nothing. It could be anything up to 15% of salary but if its more than 5% I'll be pleased. Whatever it is will be going straight off the mortgage.

    DD started horse riding lessons back at the weekend so that £30 a week I've been saving in lockdown is now out of the window but its much cheaper than having a pony I guess.
    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: 27,259 Forumite
    Name Dropper First Anniversary Photogenic First Post
    Much cheaper than a pony. .Hope you get a good bonus.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26% (lower post move compensated by EF) plus spent £10K+ on home improvements/emergency repairs
    2) Mortgage neutral by June 2030 AVC £8.063/£127,466 AVC target 6.32%
    3) FI Age 60 annual income target £12,500/30,000 41.66%
    Achievements: CC free since April 22. 1 year EF from Jan 24 & dedicated pot for home improvements
  • advice appreciated here, I have £5000 left of my 10% allowable overpayment for this year and hope to have used this up in the next 3 months, meaning until the end of Jan any more overpayments would have a 2% early repayment fee. so what should I do with any additional funds any recommendations? I don't want to be tempted to spend it :smile:
    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

  • Sistergold
    Sistergold Posts: 2,028 Forumite
    First Anniversary First Post Name Dropper Photogenic
    Hey there
    I guess add all extras to emergency fund? At remortgage all extras can OP then remortgage on a lower balance? Remortgage time is always a chance to make bigger OP I think. 
    Xx
    Initial mortgage bal £487.5k, current £266.8k, target £243,750(halfway!)
    Mortgage start date first week of July 2019,
    Mortgage term 23yrs(end of June 2042🙇🏽♀️), 
    Target is to pay it off in 10years(by 2030🥳). 
    MFW#10 (2022/23 mfw#34)(2021 mfw#47)(2020 mfw#136)
    £12K in 2021 #54 (in 2020 #148)
    MFiT-T6#27
    To save £100K in 48months start 01/07/2020 Achieved 30/05/2023 👯♀️
    Am a single mom of 4. 
    Do not wait to buy a property, Buy a property and wait. 🤓
  • So not bad news on the bonus this means I will have £4k to overpay this month taking me below £75k which is great, I am starting to think the target I had in my head of £65k when I remortgage in Jan might just be achievable. 

    I was also lucky enough to get an additional bonus in company shares, I am not sure when it will vest yet as need to get a letter apparently but all good as it was a few thousand £.
    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

Meet your Ambassadors

Categories

  • All Categories
  • 342.9K Banking & Borrowing
  • 250K Reduce Debt & Boost Income
  • 449.6K Spending & Discounts
  • 235K Work, Benefits & Business
  • 607.7K Mortgages, Homes & Bills
  • 172.9K Life & Family
  • 247.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards