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MF by 40!
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Lovely to have visitors to my diary, thank you for stopping by. I have enjoyed reading your inspirational diaries; especially @beanielou !
I’ve considered my options; my employment is relatively secure and I need a big push over the next year to get to 60% LTV in order to remortgage to a much better rate. To that end I have made a further OP of £700 from easy access savings. That is it in terms of very significant OPs for me, I will continue with the £170 pcm OP going forward as that is how my direct debit is set up. All other surplus income from here on out will go towards Remo costs.Current balance: £89,700
Cleared 25k from mortgage in 4 years - now I need to do it again!
Dec 2020 Balance: £127,000
Dec 2021: Balance £121,5002 -
That's an amazing OP
Be proud 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.2 -
After much refreshing of browsers the mortgage balance has updated: I’m officially in the 80’s for good
May 20: £89,700Cleared 25k from mortgage in 4 years - now I need to do it again!
Dec 2020 Balance: £127,000
Dec 2021: Balance £121,5004 -
Ugh, feeling a bit flat today; possibly the realisation that I have maxed out my chunky OPs and also received notification that I need to shield until 30th June as a minimum!Bit deflated as I thought I had fewer weeks to go than that
Living alone is tough in lockdown, miss friends and family but it won’t be forever!
Hope you’re all keeping safe and well!
xCleared 25k from mortgage in 4 years - now I need to do it again!
Dec 2020 Balance: £127,000
Dec 2021: Balance £121,5003 -
Keep plodding 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.2 -
Better to stay safe. Great that you can OP and that you have secure employment.Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £174.8K Equity 32.77%
2) £2.6K Net savings after CCs 6/7/25
3) Mortgage neutral by 06/30 (AVC £24.3K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 30.1/£127.5K target 23.6% 29/7/25
4) FI Age 60 income target £16.5/30K 55.1%
5) SIPP £4.8K updated 29/7/251 -
Hi All,
I had a very wobbly day yesterday and have spent today in bed.
Think it is an unfortunate combo of WFH burnout and missing important family birthdays due to lockdown 😕
The wobble has extended to financial matters and I recently contacted my mortgage provider to review the situation. They confirmed that my OPs to date have reduced my contractual monthly payment to £493. I have temporarily cancelled OPs and am cutting my budget to the bone for the next month to get a better idea of actual expenses and putting any surplus into savings.
This will feed into future EF revisions in that I will have an accurate idea of 3 months expenses as worst case scenario.
Also still have my eye on remortgage in 15 months, and if my calculations are correct I will still hit 60% LTV in time. I will revisit this more keenly once everything is more certain.
I hope you are all okay and staying safe.
xxCleared 25k from mortgage in 4 years - now I need to do it again!
Dec 2020 Balance: £127,000
Dec 2021: Balance £121,5001 -
Sorry that you have had a wee wobble.
I seem to be having them quite a lot & my mood is all over the place.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 -
Yes, I think it’s only natural for everyone to go through unpredictable moods at the moment, thank you for sharing. Please try to be kind to yourself, I’m going to treat myself to pizza and ice cream tonight; then do a bit of work tomorrow with a clear head in advance of Monday’s storm.
Enjoy your evening x
Cleared 25k from mortgage in 4 years - now I need to do it again!
Dec 2020 Balance: £127,000
Dec 2021: Balance £121,5001 -
Pizza sounds like a good remedy, what type? I'm in the camp of food is love!
It sounds like past overpayments have stood you in good stead for the current tricky times. Well done and good inspiration!
Also do you mean a literal or metaphorical storm on Monday? XJan update
2021 MFW #39 £228.76/£5000
Current mortgage @ 1/2/2021 £94 900.00
Mortgage end date Jan 2041. Current OP end date March 2039. Target June 2027.
2021 Personal savings £1 803.25/£5 880
2021 Personal Freetrade shares £102.81 (putting £50 per month in - love it!).
2021 Joint sinking fund £36.83/£500
2021 Summer holiday fund £330.35/£13502
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