Making fairy dust of the mortgage

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Comments

  • savingholmes
    savingholmes Posts: 27,345 Forumite
    Name Dropper First Anniversary Photogenic First Post
    Great bonus. I think if you have a specific plan for the money that always helps. Perhaps do a vision board of what you hope to be able to buy for you and your child once you have more money behind you. Perhaps one of those thermometer charts might help?
    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 a small update from the Pru this morning asking for a copy of my Dads death certificate, I am intrigued!
    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

  • wh_em
    wh_em Posts: 153 Forumite
    First Anniversary First Post Name Dropper
    Hi @Accountant_Kerry just finished reading your diary - now I'm so curious to know about this thing from Pru!
    Original settlement date: Dec-54 Projected: Jul-55 (due to 3 month mortgage holiday!)
  • wh_em said:
    Hi @Accountant_Kerry just finished reading your diary - now I'm so curious to know about this thing from Pru!
    welcome! me too. they wouldn't tell me anything on the phone but the letter asked for all his addresses from 1980 onwards so whatever it is (I think possibly a very small private pension) was probably taken out then, which would make sense as they were doing quite well about then I would have been very young, they hit financial trouble about 10 years later and policies and endowments etc got cashed in but I guess they would never have been able to cash in a pension....so we shall see 
    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: 27,345 Forumite
    Name Dropper First Anniversary Photogenic First Post
    Really hope it works out in your favour. 
    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%
  • Mortgage balance today is £78,191.60 and I have £4975.98 that I can overpay by 31/1 without incurring penalties. I might even be able to exhaust this in July if I am very careful. 
    After that the penalty is 2% of whatever I overpay so I shall be looking for a decent savings account to put future overpayments in until Feb.
    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

  • Couldn’t resist so paid £75.98 to leave a round number of £4900 I can overpay without penalty. 

    Also logged onto HMRC to tell them o don’t have my company car anymore so hopefully my tax code will now get adjusted, that should be worth nearly  £1000 as I handed the car back at the beginning of March.

    I wonder if I could clear this mortgage in 2.5 years...
    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: 27,345 Forumite
    Name Dropper First Anniversary Photogenic First Post
    Sounds an amazing target to aim for. Even if you didn't get all the way there - you would probably get further than if you set a lower target.
    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%
  • Sistergold
    Sistergold Posts: 2,030 Forumite
    First Anniversary First Post Name Dropper Photogenic
    You are making such good progress and 2.5years is not far off! I believe you can clear it in 2years! Well aim for the sky and all! 😜
    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. 🤓
  • Excellent news, I got my pay slip and my tax code has been corrected so alongside my bonus I can now pay £4900 off the mortgage when I get paid which means I've reached my 10% overpayment cap for the year and given the 2% early repayment fee is more than the annual interest rate it make no sense to pay anymore off at the moment, however I will be squirrelling it away now for a few months and treating it as if its an overpayment so that still counts right?? x
    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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