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in Mortgage-free wannabe
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I will be following your success
Solicitor/survey savings 300/1700
Emergency fund 0/1000
Buffer fund 0/200
Thanks for dropping by!
I’ve updated my spreadsheet and it’s looking like we should have somewhere around £1k a month to put towards savings. I’m considering increasing the mortgage direct debit to a round £3k making a regular OP of £435, then putting the rest, along with anything else I can scrape together into savings for EF / house renovations.
There are also a number of things we want / need to do to the house. So actually maybe this is the year to get on top of that. At least in terms of detailed prioritising, planning and costing.
We are on a 5 year fixed rate on the mortgage, due to expire March 2024. So that’s my target. By the time we refinance I want the mortgage to be below a) £500k, and b) 75% LTV. Both those should allow us to access a significantly better rate. Ideally we’d also then have headroom to access some additional lending to fund some more major work on the house (extension).
I thought I would drop in on your diary and see how you are getting along. Fantastic news on getting rid of your other debt. I would say get an ef to see you through a few months before op, I know that's frustrating but if you needed to fall back on it you will be glad you sorted it and once is at a level you are comfortable with you can focus everything on Ops. With my ef, I got it to a comfortable level, I set myself mini targets for my mortgage and am starting to tag in a small addition to the ef so that it's growing all be it gradually.
Best of luck
I have just submitted a request to increase dd to make a monthly overpayment of £435 - our first OP :-)
Still debt free. I keep getting notifications that my credit score is decreasing because I'm not using enough credit. That's a problem I'm happy to live with! We've mostly just been slowly plugging away at an EF. Currently have around £16k stashed away. Not earning any interest to speak of, but it does give some comfort that it's there.
Mortgage balance today: £547,082. Whilst it's still a very scary number, looking back that's nearly £20k down from where it was at the start of the year, even with no OP. Can't wait to see it moving down a little faster!
Mortgage end date Dec 2045 - NOT!!!!
Mortgage balance - $18,550.00
Business Savings $55,800/100k
Hope to be mortgage-free by end of 2023