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House Renovated now to Over Pay
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Comments
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That's incredible. Well done.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 -
It's been another few months, up to £45k overpayments with the Mortgage down below £100k to £93k.I've got just over a year until my fix rate comes to an end, not ideal timing as interest rates are likely to go up but oh well. I've looked at trying to lock in a new rate but the ERC is too much to make it worth it.1
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You are doing well on the mortgage OPs. How much do you plan to pay off before your fix comes to an end?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 29/7/250 -
Probably about £20k - so not sure if it's worth it.
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Sounds like you will be able to weather any interest rate rises then.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 29/7/250 -
Yeah agreed - I was just thinking is it worth trying to lock in a lower rate now for longer, as interest rates look like they will carry on rising
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You might be getting to the point where you don't meet the minimum threshold for it to be a mortgage anyway. Sometimes you can get free balance transfers to credit cards - and they might work out cheaper / free cf mortgage anyway - or a one off fee for 2-3 years...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 29/7/250 -
Mortgage is now down to £85k, with OP up to around £50k. Wish I had locked in a new 5 year dear back in June, I'm sure it would have been worth while but we don't have a crystal ball!If I carry on going as I am, then I should be MF in 3 1/2 years.2
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It's been a while now but doing well on the overpayments, down to £38k. Although as im sure, most people are as well, I'm on a much higher rate now. Hopefully less than 2 years now.
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Such great progress! Well doneDON'T BUY STUFF (from Frugalwoods)
No seriously, just don’t buy things. 99% of our success with our savings rate is attributed to the fact that we don’t buy things... You can and should take advantage of discounts.... But at the end of the day, the only way to truly save money is to not buy stuff. Money doesn’t walk out of your wallet on its own accord.
https://forums.moneysavingexpert.com/discussion/6289577/future-proofing-my-life-deposit-saving-then-mfw-journey-in-under-13-years#latest1
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