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  • longway2go
    longway2go Posts: 1,006 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Happy New year  :)
    We have had a lovely Christmas., it was quiet and we did miss the normal get togethers but have spent quality time as a family. 
    We have had a good year which saw Mortgage OPs totalling 3885.10 saving us 2166 in interest. Towards the end of the year we started to focus more on our EF situation which we had neglected previously. This now sits at 5592.10 and we want to get it to 12k but have a slight bump in the road as we have some expensive work that is needed to be completed in our BTL and may need to deal with quite a while with no income until it can be sold. Our main goal this year is to do the work on the BTL and sell it (fingers we'll and truly crossed). When it sells I want to ensure we are making the right choices about where the funds should go (we don't know the amount yet but would be extremely pleased if it was 50k).
    The other aim is to keep topping up the EF to replace the money the BTL needs and push it to our target of 12k. As for OPs to the mortgage I may make some payments here and there to keep me motivated but really don't think this will be the focus for the year... Although if we do sell the BTL I will be feeding the pig to make up for a bit of lost time. 
    Let's see what happens and see where the year takes us... Remaining positive, it could be a very positive year for us once we are through the pain. 

    Mortgage 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 swimming
  • MovingForwards
    MovingForwards Posts: 17,149 Forumite
    10,000 Posts Seventh Anniversary Name Dropper Photogenic
    Life throws these curve balls at us to show where something is missing. When the BTL is sold things will be clearer for you 🤗
    Mortgage started 2020, aiming to clear 31/12/2029.
  • savingholmes
    savingholmes Posts: 28,973 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Glad you had a good break. Happy 2021. Well done on your achievements last year.
    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 29/7/25
  • Grogged
    Grogged Posts: 866 Forumite
    Part of the Furniture 500 Posts Photogenic Name Dropper
    Happy New Year, glad you had a lovely Christmas.
    Sounds like this year will be an interesting year for you with lots of plans a foot.
    If it's not adding up, compound it!
  • longway2go
    longway2go Posts: 1,006 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Thought I would add a little update as I haven't ventured in these parts for a while.

    Mortgage overpayment os still suspended while we build the EF and do work on the BTL which we have decided not to sell due to an ERC.

    Mortgage has dipped under 140k which is nice to see. I still have aims in mind in relation to OP the mortgage as that is a massive goal for us but need some other things in place first.

    We have experienced a large dip in income so trying to adjust to that but we know that we must:

    Pay for remainder of BTL work (we have made good progress here but more to go)

    Protect and build our EF (this has been so important to my state of mind recently)

    Start bigger pension contributions.

    Clear the mortgage.


    Mortgage 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 swimming
  • savingholmes
    savingholmes Posts: 28,973 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Your EF is looking healthy. Good luck with your plans. Sorry about the income dip.
    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 29/7/25
  • longway2go
    longway2go Posts: 1,006 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Thank you SH, lovely to hear from you.. I hope you are doing well.

    I am keeping my fingers crossed that the income dip won't be for long and will be better or us in the long run. Positive thoughts hey 🙂
    Mortgage 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 swimming
  • savingholmes
    savingholmes Posts: 28,973 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Life has thrown me a curve ball recently in one area but the rest of my life is going okay I think. Hopefully it will all sort soon - uncomfortable while it lasts though. 

    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 29/7/25
  • longway2go
    longway2go Posts: 1,006 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Sorry to hear that SH, glad everything else OK and hope it sorts soon x
    Mortgage 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 swimming
  • Grogged
    Grogged Posts: 866 Forumite
    Part of the Furniture 500 Posts Photogenic Name Dropper
    Nice to see you again!
    As SH says your EF looks healthy, so I'd concentrate on the BTL.
    If for no other reason that it's one thing ticked off your list.
    I presume this will either protect or enhance your BTL returns?
    You then have the time to build up your EF without the pressures of trying to do everything at once.
    ATB and take care, G.
    If it's not adding up, compound it!
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