£70k - 2 years and counting - NOW PAID 08/04/22!!!!!

longway2go

MrsLovely said:May be this is a cheat, but in Feb 2022 my husband is going to be 55 (I'm a bit younger! 🤗), so can take some pension out. So the more we pay now, the less we have to take out of his pension, so I think that'll be about £15k to take out by then. Thanks for taking the time to read my post longwaytogo. xx

Definitely not cheating 😊

MrsLovely

Sub £50k! Lovely. £49,347 to be exact. Cannot make any more OP's now unfortunately. Feel quite disappointed the balance will only go down based on normal monthly payments 🙄, oh well. 
Of course, the savings will ramp up instead, ready to make a lump sum payment in December when OP new year starts again. Savings have increased to £2.6k now, getting there. 
In other news, waiting to see what happens to my 2 booked holidays, what a nightmare hanging around not knowing, may just cancel.
DH and I are discussing the possibility of buying a buy-to-let property.  Thinking we should bite the bullet whilst I'm earning a decent salary, to get the lending we need. Dont want another mortgage, but in 10-15 years if it can give us a later life/pension income, we should consider this now. It's really part of FIRE approach. Not really fully into this , but if an investment can work for us  why not. Bit of a challenge for us, especially as we are not risk takers!! Any landlords with advice on how to start out is gratefully appreciated! 
Take care. Mrs Lovely x

kaycastle

Hiya MrsLovely - you've done really well and getting so close. 
I've been wondering what to do when I get to that point - I'm a long way off but I know there will come a time when I'm not allowed to make the overpayments I can afford. Which will be sad But at least will boost the savings. 

Buy to let property sounds interesting  - I'd be keen on not just relying on traditional pension. I'm interested to hear more of your thoughts on this and see what you land up doing. 

MrsLovely

kaycastle said:

Hiya MrsLovely - you've done really well and getting so close. 
I've been wondering what to do when I get to that point - I'm a long way off but I know there will come a time when I'm not allowed to make the overpayments I can afford. Which will be sad But at least will boost the savings. 

Buy to let property sounds interesting  - I'd be keen on not just relying on traditional pension. I'm interested to hear more of your thoughts on this and see what you land up doing. 

Thanks Kaycastle. Thanks for the comments.  I just think that once the mortgage is done, we will have quite a bit surplus. Now, I could give up work, but I do think, knowing I could resign, IF I wanted to, I'll probably end up working in my current job for a while, post MF. So, what do we do with that money. I'm not one for splashing the cash! So my sensible head says I should invest in BTL. The BTL mortgage would be done by the time I'm late fifties. Will keep you posted!! Xx

LeighofMar

Congrats on making it sub 50k. That's amazing work. 

Tropically

BTL can be a good idea. Just make sure that you buy the right property. No BTL is better than one which causes stress and doesn't make money.

SpoonKat

good luck to you , that time will fly by!

MrsLovely

SpoonKat said:

good luck to you , that time will fly by!

You are so right spoonkat. I look back just 10 years when first OP'ing and cannot believe how fast it's gone, but also, that I took the decision to invest in my and my husbands future life. Now is the time to do that again now we are almost MF. X

kaycastle

That's a very interesting point you make - I'd be the same. For me, simply knowing I can quit my high stress job without worrying that much would be so empowering that I probably wouldn't quit immmediately. I want to know what that feels like too much.

MrsLovely

Its felt like a long month but when next payment goes in (1st july) we'll be at £48.5k. No overpayments can be made until December which means progress seems a bit slower. Still plodding through covid at work, my sector has been one of the most affected and it's been the most stressful, hard 4 months personally. But, on the positive i can look back and know I've worked my absolute socks off, and it has proved dividends career wise as the company owners have been able to see me at my best. The result has been a nice pay increase, entry into the bonus scheme and officially on the SMT. The last one being not easy my place! I know at times I just want out the rat race of a stressful job, but there are positives   and as I have no choice at the moment I may as well make the most of it!!
On other news,  while money saving during covid has been great, we threw caution to the wind and bought a new car!! Broke my money saving heart parting with quite a bit of money (😪😂!) but it is lovely, exactly what we were looking for spec wise and a real treat for us both!! £18k Financed through savings (which MUST be 'paid back' and 0% credit card. Total cost of finance about £250!! So that makes me feel better!! The aim is to pay this off by March 2022, the same month as the mortgage. What that does mean is my overpayments on the mortgage won't be so big. Never mind. Its only our 3rd family car in 21 years so not like we waste money on  cars.
Holiday wise,  finally managed to move our holiday at the end of july to July 2021 instead, a relief. Not feeling hoingabtoad quite yet. We have another one in Sept and think we will go on that one. 
Anyway, that's the update for now,  the highlight of next week is  4 day week and all bills and mortgage go out on the 1st so will enjoy monthly money tidy up and shuffle!!! 
Bye for now. Mrs Lovely xx