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MF by 40!
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I was mortgage free at 30 and then 48. I never really felt mortgage free at 30 though because it wasn't my 'forever house'. I just knew there was another mortgage on it's way. I always wonder on this forum how many people paying their mortgage off early expect to live in that house for the rest of their lives and how many will take on another mortgage. The house I paid off at 48 cost 7x as much as the one I paid off at 30.1
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Thanks for stopping by and apologies for the delay in updating!
Started my new job on monday and really enjoying it so far! I am saving £50pcm on travel and in another boost my energy company reduced my payments based on usage so thats another £20 saved.
I'm not committing these funds to anything else yet as I need the final pay from previous role due 19th Aug to last until end of Sep! I have emergency funds to use but will try my best not to touch these.
Nothing above my usual o/p sent to the mortgage yet this month as I rec'd a surprise £800+ maintenance bill for lift repairs from the management company for my flat - I realised there was no point fighting this and fortunate to have it saved but has seriously made me consider other property options e.g. bungalow. This is not realistic atm but is another goal to work towards.
Hope you're all doing ok xCleared 25k from mortgage in 4 years - now I need to do it again!
Dec 2020 Balance: £127,000
Dec 2021: Balance £121,5002 -
Glad the new job is going well. Ouch to the lift fee. It's what's always put me off flats - you are at the mercy of someone else's timetable for repairs and to a degree associated billsAchieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £174.8K Equity 32.77%
2) £3K Net savings after CCs 6/7/25
3) Mortgage neutral by 06/30 (AVC £22.5K + Lump Sums DB £4.6K + (25% of SIPP 1.1K) = 28.2/£127.5K target 22;12% updated 6/7
4) FI Age 60 income target £16.5/30K 55.1%
5) SIPP £4.6K updated 6/7/251 -
Welcome!
Congratulations on the start of your MF journey
sorry to hear about the lift maintenance bill 
to potentially ward off this sort of thing in the future, is there a resident's management company that all the flats can pay into on a monthly basis and save up a repair and maintenance fund? 1 -
Ooh a shiny new diary. Best of luck on your mortgage-free journey, I'll be following with interest.
MGx:jMortgage free 08.08.19 :j
2018: £19410.25 / £9,300 2017: £7646.64 / £11,000 2016: 4557.98 / £11,000 2015: £10,230.37 / £11,000 2014 =£6703.26 / £11,000 2013 = £4288.51 / £8000 2012 = £1600/£5000 2011 = £2579/£3000
MF date was Nov 2041 - mortgage neutral 23.07.18
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Oh dear, failed miserably with the regular updates!Hope you are all keeping well in these strange times; I’m a third of the way through 12 week isolation and fortunately able to WFH. Whilst it has its own challenges I appreciate how lucky I am to be in a relatively secure position.Following Base rate cuts have had a tidy of accounts and paid £1K to the mortgage over the past couple of weeks. Am (Im)patiently waiting for balances to update and genuinely thrilled at the prospect of being in the 80s by June!!
Stay safe all
xxCleared 25k from mortgage in 4 years - now I need to do it again!
Dec 2020 Balance: £127,000
Dec 2021: Balance £121,5003 -
Good news on the mortgage reduction I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.1 -
Glad you can work safely at home. Great too that you have continued to reduce your mortgageAchieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £174.8K Equity 32.77%
2) £3K Net savings after CCs 6/7/25
3) Mortgage neutral by 06/30 (AVC £22.5K + Lump Sums DB £4.6K + (25% of SIPP 1.1K) = 28.2/£127.5K target 22;12% updated 6/7
4) FI Age 60 income target £16.5/30K 55.1%
5) SIPP £4.6K updated 6/7/251 -
Well done in the overpayments.the next 10k bracket is a fab milestoneMortgage Aug 2019 161,000 :eek::eek::eek:Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823, Dec 2021 136,120🙂EF 0/12,000 (0%)😕 (5062.44 was ERC), Jan 2023 128,650. Our Mortgage is never going to be as high as it is today. :jOnwards and downwards to a better life for our family. :jJust keep swimming2
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Well done on the overpayments! We just got to 5 figures and that was an amazing feeling, getting under each next £10k is fab!2
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