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Hello all, have followed Martin for a few years and recently after some good changes in circumstances clearing other loans decided to target being mortgage free.
I started my mission in September last year and the mortgage was at £121,500 (opening balance was £147,000 in 2014). Started with a swap to a lower interest rate (2.85 to 1.75) and better OP arrangements. Target to OP by £700 a month. Balance at the moment is around £111,000 - since going into lockdown and everyone being less certain about job security I've been putting the £700 OP a month in savings instead, my plan is as soon as I'm 100% sure (as much as you can be!) my job is "safe" which should be around October for reasons specific to the industry I work in, I'll whack what I've saved up as a massive OP all within what I'm allowed to each year. So my target balance by the 1st Jan is around £99k.
My tactic is just to pretend I don't have the extra money but having standing orders set up to take the £700 a month out! Can't miss it or spend it then.
Overall my projection if my circumstances don't change is to hit mortgage free by the middle of 2025.
Has lockdown changed anyone else's approach to mortgage clearing?
I started my mission in September last year and the mortgage was at £121,500 (opening balance was £147,000 in 2014). Started with a swap to a lower interest rate (2.85 to 1.75) and better OP arrangements. Target to OP by £700 a month. Balance at the moment is around £111,000 - since going into lockdown and everyone being less certain about job security I've been putting the £700 OP a month in savings instead, my plan is as soon as I'm 100% sure (as much as you can be!) my job is "safe" which should be around October for reasons specific to the industry I work in, I'll whack what I've saved up as a massive OP all within what I'm allowed to each year. So my target balance by the 1st Jan is around £99k.
My tactic is just to pretend I don't have the extra money but having standing orders set up to take the £700 a month out! Can't miss it or spend it then.
Overall my projection if my circumstances don't change is to hit mortgage free by the middle of 2025.
Has lockdown changed anyone else's approach to mortgage clearing?
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"Has lockdown changed anyone else's approach to mortgage clearing?"
It probably should, but I would say I'm guilty of frantically doing all I can to put extra on the mortgage instead of being sensible and keeping enough liquid cash during these crazy times
Mortgage end date Dec 2045 - NOT!!!!
Mortgage balance - $19,300.00
Business Savings $55,800/100k
Hope to be mortgage-free by end of 2023
Mortgage start date first week of July 2019,
Mortgage term 23yrs(end of June 2042🙇🏽♀️),
£12K in 2021 #54 (in 2020 #148)
MFiT-T6#27
To save £100K in 48months start 01/07/2020 @£90k SoFar
Am a single mom of 4.
Thanks for reading and best of luck to you all.
Mortgage end date Dec 2045 - NOT!!!!
Mortgage balance - $19,300.00
Business Savings $55,800/100k
Hope to be mortgage-free by end of 2023