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Making fairy dust of the mortgage
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Decided to treat myself. Booked a holiday, 2 people flights and accommodation to Gran Canaria in Jan for £300 for both
Aug 24 - Mortgage Balance £242,040.19
Credit Card - £8,141.63 + £4,209.83
Goals: Mortgage Free by 2035, Give up full time work once Mortgage Free, Ensure I have a pension income of £20k per year from 20351 -
OP'd £4900 leaving the balance at £73,200 ish, there will be another £500 off once my regular payment comes out in a few days.
The need to move sooner rather than later is becoming more urgent, there are some very dubious characters started hanging round my flat communal area which my daughter finds upsetting.
I was trying to hang on until all this leaseholder major works is done in a couple of years but that's looking increasingly less likely which will mean taking a hit of around £15,000.
Aug 24 - Mortgage Balance £242,040.19
Credit Card - £8,141.63 + £4,209.83
Goals: Mortgage Free by 2035, Give up full time work once Mortgage Free, Ensure I have a pension income of £20k per year from 20351 -
HI well done on the OP. The holiday sounds fab. I would rather live somewhere I felt safe - and it sounds like this place has served you well but perhaps no longer does...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 10/10/251 -
The problem is a few years ago now the freeholder gave notice of doing major works, new roof, electrics etc probably around £20k per flat unfortunately its a major local authority programme and mine is not due for another 18 months, then I will have a firm cost, until then buyers are understandably very wary as they are worried they are signing up to give the freeholder and blank cheque. This situation means its very difficult to sell and I would have to take a large financial hit.savingholmes said:HI well done on the OP. The holiday sounds fab. I would rather live somewhere I felt safe - and it sounds like this place has served you well but perhaps no longer does...
Aug 24 - Mortgage Balance £242,040.19
Credit Card - £8,141.63 + £4,209.83
Goals: Mortgage Free by 2035, Give up full time work once Mortgage Free, Ensure I have a pension income of £20k per year from 20351 -
So my balance is now at £72,700 and I have hit my OP maximum of 10% this year, so from now until I re-mortgage in Jan I will be putting the money away into a savings pot but still classing it as an overpayment.
Aug 24 - Mortgage Balance £242,040.19
Credit Card - £8,141.63 + £4,209.83
Goals: Mortgage Free by 2035, Give up full time work once Mortgage Free, Ensure I have a pension income of £20k per year from 20353 -
Well done on the over payments. I must admit I have always steered clear of flats. I don't like someone else dictating when I have to spend money doing the place up.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 10/10/251 -
OP of £200 today into the new savings account I have set up for this purpose. Making current balance £72,500.
Aug 24 - Mortgage Balance £242,040.19
Credit Card - £8,141.63 + £4,209.83
Goals: Mortgage Free by 2035, Give up full time work once Mortgage Free, Ensure I have a pension income of £20k per year from 20352 -
Congrats on the OP. Hope life is treating you wellAchieve 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 10/10/251 -
Thanks sh, it all feels a bit flat atm but I think most people are like that, nothing to say as there is nothing to do etc etc.savingholmes said:Congrats on the OP. Hope life is treating you well
although I am off to wales for a few days in a couple of weeks with DD so looking forward to that.
Hope you are keeping well.
Aug 24 - Mortgage Balance £242,040.19
Credit Card - £8,141.63 + £4,209.83
Goals: Mortgage Free by 2035, Give up full time work once Mortgage Free, Ensure I have a pension income of £20k per year from 20351 -
We are well thankfully. Hope your stay in Wales goes well.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 10/10/250
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