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Mortgage-free by 33? (2023)
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Nearly 11 months on. We have a baby boy now - nearly 5 months old! Managed our usual overpayment still so mortgage balance is now 33,861.75. Unsure what happens next. I would like to return to work part-time, after we previously decided I'd be a SAHM for a few years. I think when you've been working full-time for so many years, it's hard to stop work completely - not just the financial side but the people you've worked alongside for so long. My current place is just not parent-friendly - if I go part-time I'm still required to do evening overtime and weekends (same as partner, so nobody to do childcare!) so I'm feeling a bit unsure of my options at the minute.Mortgage started 2015: £150,000 2016: £130,000 2017: £116,000 2018: £105,000 2019: £88,000 2020: £69,000 2021: £51,195 2023: MORTGAGE FREE!1
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Congratulations on your baby boy.
Well done on the OPs.
With regards to work - when do you have to decide? Do you have to go back for a while to avoid repaying maternity pay? Have you looked at other things you fancy doing?Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £167.4K Equity 38% 3/4/26
2) £2.5K Net savings after CCs 14/4/26 (but owed £1.1K) so £3.6K
3) Mortgage neutral by 06/30 (AVC £38.5K + Lump Sums DB £4.6K + (25% of SIPP 1.3K) = 44.4K of £127.5K target 34.8% 17/4/26 (If took bigger lump sum = 66.4K or 52%)
4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise) (If bigger lump sum £15.8/30K 52.67%)
5) SIPP £5.3K updated 17/4/260 -
Wow, realised I haven't updated in a year. Completely missed your post, savingholmes - sorry about that.
I did end up returning to my original company, part-time. Family help with childcare currently. It's only planned as being a short-term thing, so still not sure what I'll do next. I might stay until we are ready for another child (stopping at 2). So far I haven't been asked to work any evenings, but I do work every 3rd weekend.
In other news...
WE ARE MORTGAGE FREE!!
🥳Mortgage started 2015: £150,000 2016: £130,000 2017: £116,000 2018: £105,000 2019: £88,000 2020: £69,000 2021: £51,195 2023: MORTGAGE FREE!2
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