Quest for (mortgage) freedom

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  • ruby_eskimo
    ruby_eskimo Forumite Posts: 4,468
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    Tier 4 here too :( We'd also got everything in other than the veg and a couple of perishable things so also planning on not having to spend much between now and new year.  Also feeling very fortunate that our jobs seem to be ok *touch wood* and have tried to pay it forward by ordering all our Christmas gifts from small independent businesses as well as some theatre tickets for a couple of people for later on next year.  We'll get through this.
    Emergency Fund - £9561.13 / £10,000 :: Total Mortgage OP - £29,655.28
    LISA 22/23 - £4000 :: NSD 2023 - 55 / 180 :: Books Read: 30 / 52 :: Decluttering - 365 / 365 🏅⭐ and 42 / 100 🏅⭐
    Engaged 9th December 2010 :: Married 29th October 2015 :: Bought a House 13th January 2017
  • eat_that_frog
    eat_that_frog Forumite Posts: 216
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    Sorry to hear you're in tier 4 too @ruby_eskimo. Hoping 2021 is more positive for all of us!
    Original mortgage total: £250,000 (Feb 2019)   
    Current mortgage total: £149,000 (Nov 2023)
    Original mortgage end date: Feb 2044
    Current mortgage end date: Nov 2038
    Mortgage free start date: 13th July 2020


    https://forums.moneysavingexpert.com/discussion/6168574/quest-for-mortgage-freedom#latest 
    2023 MFW #40
    MFiT-T6 #16

    Goals for 2023

    Mortgage: £16k overpayments, £151k left owing on mortgage by end of 2023 (£16000/£16000 so far) - goal met!
    Decluttering: 2023 items decluttered by end of 2023 (1823/2023 items decluttered so far)
    Saving for remortgage: £30000 saved by end of December (£31900/£30000 so far) - goal met!
    Weight: 12lb lost by end of 2023 (0/12lbs so far)
    Energy usage: Reduce usage, from £120 per month average use to £100 per month average use - goal met!
  • savingholmes
    savingholmes Forumite Posts: 25,983
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    Just popping along to wish you good luck on your journey. £8K paid off already sounds like you've had a running start. Here's to a better 2021!
    Moving goals: Anticipated costs £6.5K (excluding new furniture or any post move renovations)
    1) Upfront house move costs Paid £1034/£3,197 (£448 for legal, £586 for mortgage, £76 post redirection, £1,500 removals - assumed may have to pay port and survey fees gain so roughly another £588)
    2) Balance of likely house move costs Paid £0/£3,272 (£1,772 legal, £1,500 land tax from equity - reduced land tax by £2.1K due to lower cost of house)
    Longer term financial goals
    3) £6,531/£10,000 Emergency/Freedom/Home/Moving Fund 65.31%
    4) MFW Nov 21 £201,999 with 264 240 payments to go - now £185,701 Equity 37.6%
    5) Mortgage neutral by June 2030 £6,289/£127,466 AVC target 4.93%
    6) FI Age 60 annual income target £12,500/30,000 41.66%
    7) CC Debt free April 22 (now stay that way!!)
  • eat_that_frog
    eat_that_frog Forumite Posts: 216
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    Hope everyone had a good Christmas. Ours was very quiet and unusual, but still nice in its own way.

    As predicted, it's been easy to not spend anything under tier 4 lockdown - it's the 10th NSD in a row for me. I never was a big shopper before this anyway, but I'm even less of one now; not sure if that's down to Covid or this mortgage overpayment challenge/MSE and Martin Lewis. Possibly all factors combined. 

    We received some money for Xmas plus my husband got his end of year bonus. Not a massive amount but hoping to get another OP on the mortgage this week to up my 2020 OP total a bit more, with a few days to spare...
    Original mortgage total: £250,000 (Feb 2019)   
    Current mortgage total: £149,000 (Nov 2023)
    Original mortgage end date: Feb 2044
    Current mortgage end date: Nov 2038
    Mortgage free start date: 13th July 2020


    https://forums.moneysavingexpert.com/discussion/6168574/quest-for-mortgage-freedom#latest 
    2023 MFW #40
    MFiT-T6 #16

    Goals for 2023

    Mortgage: £16k overpayments, £151k left owing on mortgage by end of 2023 (£16000/£16000 so far) - goal met!
    Decluttering: 2023 items decluttered by end of 2023 (1823/2023 items decluttered so far)
    Saving for remortgage: £30000 saved by end of December (£31900/£30000 so far) - goal met!
    Weight: 12lb lost by end of 2023 (0/12lbs so far)
    Energy usage: Reduce usage, from £120 per month average use to £100 per month average use - goal met!
  • twinklie
    twinklie Forumite Posts: 5,014
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    I’ve just gained online access to my mortgage and have started with my first OP this month. We’ve not been in a position to until now. 

    Exciting to follow your journey. I’m a tiny bit ahead of you in terms of how much we have left to pay on our mortgage, but you’ll leap frog me in no time - we are still building up an emergency fund so putting more money into that right now.

    Plus I’m due a restructure at work and I don’t feel very safe OPing too much right now. 
    Reduction in daily mortgage interest October 23 - £0.11 (started new mortgage)
    % of house owned/% of mortgage paid off. October 23 - 31.67%/23.67%
    MFiT-T6 #5
    MFW 2022 #6
    MF Date: Oct 37 May 37
  • powerspowers
    powerspowers Forumite Posts: 1,069
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    Hope everyone had a good Christmas. Ours was very quiet and unusual, but still nice in its own way.

    As predicted, it's been easy to not spend anything under tier 4 lockdown - it's the 10th NSD in a row for me. I never was a big shopper before this anyway, but I'm even less of one now; not sure if that's down to Covid or this mortgage overpayment challenge/MSE and Martin Lewis. Possibly all factors combined. 

    We received some money for Xmas plus my husband got his end of year bonus. Not a massive amount but hoping to get another OP on the mortgage this week to up my 2020 OP total a bit more, with a few days to spare...
    We’re similar in that covid means we are spending less money... i work with people in financial crisis so I don’t think my job is going anywhere but it’s something I’m very aware of- might be part of the reason why you are spending less I.e the world feels like it’s falling apart so why go shopping? I flip between that and spending loads as of I’m single handedly saving the economy 😂 maybe a balance is the way to go!
    well done on your year of overpayments 🙂
    MFW 2021 #76 £5,145
    MFW 2022 #27 £5,300 
    MFW 2023 #27 £2,070/ £2,023 target


  • FtbDreaming
    FtbDreaming Forumite Posts: 1,113
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    Well done! X
    Mortgage started August 2020 £69,700
    Mortgage ends Aug 2050 MFW: Aug 2027 
    Current Balance: £61,300
    MFW2020 #156 £723.13
    MFW2021 #26 £1184.71
    MFW2022 #11 £197.87
    MFW2023 £785
    Backup/ Neutral fund £1736/£1000

    Determined to make it! 
  • caeler
    caeler Forumite Posts: 2,605
    Part of the Furniture 1,000 Posts Mortgage-free Glee! Photogenic
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    Well done @eat_that_frog
    Great way to end the year and a great way to start the year!! 
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