MF by 40!

Gem2889

Mortgagefreegonnabe said:

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? X

Pepperoni for me 😁 Big time comfort eater here! 

Yes, I built up a head of steam with overpayments after playing with the OP calculator! 

I will definitely get back on the wagon, provisional payments at 60% LTV will be even less so more scope for OPs. At this stage I don’t think I will reduce the term as I like the flexibility of reducing payments in tougher times.
x

Gem2889

Mortgagefreegonnabe said:

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? X

P.S. Apologies, very much a metaphorical storm, a crazy few work weeks ahead and I’m already behind on work 🤦🏻‍♀️🤦🏻‍♀️ x

Youthgonewild

Sorry to hear about your wobble Gem. You are doing really well on your OPs. Good luck on the MF journey. You will get there. 

Gem2889

Okay, it turns out I’m more MF addicted than I thought, as previously mentioned I cut my cloth and set everything at a minimum but the numbers after mortgage payment cleared today hurt my head - £99.60 OP sent to leave a balance of: £89,300 👍🏻😁

Gem2889

😬😬😬

so with another anxiety spike came another impromptu OP, £300 to take balance to an even £89k 

Gem2889

Well, it’s been an eye-opening few days for me; I’ve realised that the MF journey for me is about control.
In these crazy, upside down times I know the logical thing to do is to save for emergencies, but whenever I think about the current situation I feel compelled to OP 🤷🏻‍♀️🤷🏻‍♀️Does anyone else find this?

The upside of this is that I am well on track for sub 60% LTV in Aug 21; I’m reasonably confident of the valuation as a couple of flats in my block are up for sale for approx £150k and current balance £89k. I originally aimed for 50% but that is just too much of a stretch at the moment. 

Incredibly stressful time at work also which is probably not helping overall wellbeing.
After 11 (I think?!don’t really know any more?!) weeks of solo shielding I had hoped to visit my parents garden this weekend but the forecast doesn’t look great! Duvet day for now in the hope that I haven’t been a spectator to the summer 😑
Hope you’re all keeping safe and well 
x

longway2go

Wow Gem some good OPs there. I am definitely more drawn to make OPs than increase the EF but know I should probably be doing the opposite its just somehow not as exciting and I don't want to stop the OPs and loose momentum. In order to help this I set mini targets where I aim to do a bit of both to hit the target. 

LeighofMar

"I know the logical thing to do is to save for emergencies, but whenever I think about the current situation I feel compelled to OP 🤷🏻‍♀️🤷🏻‍♀️Does anyone else find this?"

Yes, definitely. I am still doing both, but for me, the impetus seems to be paying off the mortgage for the same reasons. I don't want
to lose momentum either. And this COVID situation makes me feel that if the mortgage was paid off, we could worry less about work slowing down and the economy in general. Keep up the good work. 

HornetSaver

Going mortgage free is about well-being. Speaking personally, there's a balance between immediate need, and the toll that not hitting my longer term goals would have, that I've had trouble reconciling in my quite similar situation. My goal is also MF by 40, I owe £83k at this point on a property which is worth somewhere around the £120-125k mark. Based on the OP I think I'm a little bit older.

I think the best way to view this year so far is that it's an exceptional situation, and there was no right way to tackle it. Spending over the past two months that at any other time I would have considered frivilous and been furious with myself about, in this instance I'm telling myself "that was a good enough reason to break the rule" and not dwelling on it. But now that small socially distanced meetings are up and running, I'm starting to bring the self discipline back in - though still with a bit more wiggle-room than usual. Knowing myself, at some point down the line, if 2020 has clearly cost me the chance to go MF before 40 I will definitely be kicking myself about it. Hopefully it won't happen, my sums say I can still do it. But if it did, I reckon I'll have more mental ability to deal with that and either accept the delay or work harder to get back on track post-pandemic, than I would if I came to that conclusion right now.

Delighted to see you're on track - as someone in a similar situation definitely rooting for you.

Gem2889

longway2go said:

Wow Gem some good OPs there. I am definitely more drawn to make OPs than increase the EF but know I should probably be doing the opposite its just somehow not as exciting and I don't want to stop the OPs and loose momentum. In order to help this I set mini targets where I aim to do a bit of both to hit the target. 

LeighofMar said:

"I know the logical thing to do is to save for emergencies, but whenever I think about the current situation I feel compelled to OP 🤷🏻‍♀️🤷🏻‍♀️Does anyone else find this?"

Yes, definitely. I am still doing both, but for me, the impetus seems to be paying off the mortgage for the same reasons. I don't want
to lose momentum either. And this COVID situation makes me feel that if the mortgage was paid off, we could worry less about work slowing down and the economy in general. Keep up the good work. 

HornetSaver said:

Going mortgage free is about well-being. Speaking personally, there's a balance between immediate need, and the toll that not hitting my longer term goals would have, that I've had trouble reconciling in my quite similar situation. My goal is also MF by 40, I owe £83k at this point on a property which is worth somewhere around the £120-125k mark. Based on the OP I think I'm a little bit older.

I think the best way to view this year so far is that it's an exceptional situation, and there was no right way to tackle it. Spending over the past two months that at any other time I would have considered frivilous and been furious with myself about, in this instance I'm telling myself "that was a good enough reason to break the rule" and not dwelling on it. But now that small socially distanced meetings are up and running, I'm starting to bring the self discipline back in - though still with a bit more wiggle-room than usual. Knowing myself, at some point down the line, if 2020 has clearly cost me the chance to go MF before 40 I will definitely be kicking myself about it. Hopefully it won't happen, my sums say I can still do it. But if it did, I reckon I'll have more mental ability to deal with that and either accept the delay or work harder to get back on track post-pandemic, than I would if I came to that conclusion right now.

Delighted to see you're on track - as someone in a similar situation definitely rooting for you.

Thank you all for popping in; lovely to have virtual visitors!
Thank you also for the encouragement- have been ‘in my head’ about lots of things and my friends are really people I can talk to about finances...so thank you x